Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to CN¥59.05, the stock trades at a trailing P/E ratio of 63.2x. Average trailing P/E is 93x in the Semiconductor industry in China. Negligible returns to shareholders over past three years. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings have declined by 5.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (8.6% net profit margin). Reported Earnings • Apr 03
Full year 2025 earnings released: EPS: CN¥0.63 (vs CN¥1.12 in FY 2024) Full year 2025 results: EPS: CN¥0.63 (down from CN¥1.12 in FY 2024). Revenue: CN¥1.69b (down 5.6% from FY 2024). Net income: CN¥145.0m (down 44% from FY 2024). Profit margin: 8.6% (down from 14% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • Apr 03
Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, Apr 27, 2026 Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, Apr 27, 2026, at 14:30 China Standard Time. Location: 6F, Building 2, No. 717, Yishan Road, Xuhui District, Shanghai China Announcement • Mar 31
Shanghai Fullhan Microelectronics Co., Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Announcement • Dec 31
Shanghai Fullhan Microelectronics Co., Ltd. to Report Fiscal Year 2025 Results on Apr 03, 2026 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report fiscal year 2025 results on Apr 03, 2026 New Risk • Oct 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.5% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.5% net profit margin). Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: CN¥0.26 (vs CN¥0.35 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.26 (down from CN¥0.35 in 3Q 2024). Revenue: CN¥452.5m (down 9.8% from 3Q 2024). Net income: CN¥59.0m (down 27% from 3Q 2024). Profit margin: 13% (down from 16% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Sep 30
Shanghai Fullhan Microelectronics Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Aug 21
Second quarter 2025 earnings released: EPS: CN¥0.039 (vs CN¥0.30 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.039 (down from CN¥0.30 in 2Q 2024). Revenue: CN¥369.5m (down 17% from 2Q 2024). Net income: CN¥8.38m (down 88% from 2Q 2024). Profit margin: 2.3% (down from 16% in 2Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
Shanghai Fullhan Microelectronics Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Declared Dividend • Jun 16
Dividend of CN¥0.12 announced Dividend of CN¥0.12 is the same as last year. Ex-date: 20th June 2025 Payment date: 20th June 2025 Dividend yield will be 0.3%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 12% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 29
Shanghai Fullhan Microelectronics Co., Ltd. Approves Cash Dividend for the Year 2024 Shanghai Fullhan Microelectronics Co., Ltd. at its AGM held on 26 May 2025, approved Cash dividend/10 shares (tax included): CNY 1.20000000 for the year 2024. Announcement • Apr 24
Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, May 26, 2025 Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, May 26, 2025, at 14:30 China Standard Time. Location: 6F, Building 2, No. 717, Yishan Road, Xuhui District, Shanghai China New Risk • Apr 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Large one-off items impacting financial results. Announcement • Apr 15
Shanghai Fullhan Microelectronics Co., Ltd. Proposes Final Dividend for the Year 2024 Shanghai Fullhan Microelectronics Co., Ltd. proposed final cash dividend of CNY 1.20000000 per 10 shares (tax included) for the year 2024. Reported Earnings • Apr 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: CN¥1.12 (up from CN¥1.10 in FY 2023). Revenue: CN¥1.79b (down 1.8% from FY 2023). Net income: CN¥257.6m (up 2.0% from FY 2023). Profit margin: 14% (in line with FY 2023). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to CN¥43.83, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 38x in the Semiconductor industry in China. Total loss to shareholders of 26% over the past three years. Announcement • Mar 31
Shanghai Fullhan Microelectronics Co., Ltd. to Report Q1, 2025 Results on Apr 24, 2025 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report Q1, 2025 results on Apr 24, 2025 Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CN¥72.93, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 35x in the Semiconductor industry in China. Total returns to shareholders of 23% over the past three years. New Risk • Feb 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CN¥53.37, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 32x in the Semiconductor industry in China. Total loss to shareholders of 31% over the past three years. Announcement • Dec 31
Shanghai Fullhan Microelectronics Co., Ltd. to Report Fiscal Year 2024 Results on Apr 22, 2025 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report fiscal year 2024 results on Apr 22, 2025 Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to CN¥65.46, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 37x in the Semiconductor industry in China. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥54.40, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 36x in the Semiconductor industry in China. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥55.99, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 40x in the Semiconductor industry in China. Total loss to shareholders of 30% over the past three years. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.35 (vs CN¥0.22 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.35 (up from CN¥0.22 in 3Q 2023). Revenue: CN¥501.8m (up 7.7% from 3Q 2023). Net income: CN¥80.5m (up 57% from 3Q 2023). Profit margin: 16% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. New Risk • Sep 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risk Large one-off items impacting financial results. Announcement • Sep 30
Shanghai Fullhan Microelectronics Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Buy Or Sell Opportunity • Sep 30
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to CN¥42.90. The fair value is estimated to be CN¥33.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 80% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥36.49, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 27x in the Semiconductor industry in China. Total loss to shareholders of 60% over the past three years. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.30 (vs CN¥0.31 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.30 (down from CN¥0.31 in 2Q 2023). Revenue: CN¥442.6m (down 5.4% from 2Q 2023). Net income: CN¥69.0m (down 1.4% from 2Q 2023). Profit margin: 16% (in line with 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CN¥41.80, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 32x in the Semiconductor industry in China. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥50.81 per share. New Risk • Jul 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Jul 23
Now 23% undervalued Over the last 90 days, the stock has risen 7.7% to CN¥34.31. The fair value is estimated to be CN¥44.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 2.6%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Announcement • Jun 29
Shanghai Fullhan Microelectronics Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CN¥34.46, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 31x in the Semiconductor industry in China. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥43.22 per share. Buy Or Sell Opportunity • May 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to CN¥34.46. The fair value is estimated to be CN¥43.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 2.6%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Major Estimate Revision • Apr 22
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥2.53b to CN¥2.05b. EPS estimate fell from CN¥2.07 to CN¥1.42 per share. Net income forecast to grow 30% next year vs 56% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥71.00 to CN¥43.00. Share price fell 3.6% to CN¥31.72 over the past week. Announcement • Apr 16
Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, May 17, 2024 Shanghai Fullhan Microelectronics Co., Ltd., Annual General Meeting, May 17, 2024, at 14:30 China Standard Time. Location: 6F, Building 2, No. 717, Yishan Road, Xuhui District, Shanghai China Agenda: To consider 2023 annual report and its summary; to consider 2023 work report of the board of directors; to consider 2023 work report of the supervisory committee; and to transact such other business matters. Reported Earnings • Apr 16
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥1.10 (down from CN¥1.74 in FY 2022). Revenue: CN¥1.82b (down 14% from FY 2022). Net income: CN¥252.5m (down 37% from FY 2022). Profit margin: 14% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Shanghai Fullhan Microelectronics Co., Ltd. to Report Q1, 2024 Results on Apr 25, 2024 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report Q1, 2024 results on Apr 25, 2024 Announcement • Mar 09
Shanghai Fullhan Microelectronics Co., Ltd. (SZSE:300613) announces an Equity Buyback for CNY 100 million worth of its shares. Shanghai Fullhan Microelectronics Co., Ltd. (SZSE:300613) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its shares. The repurchase price will not more than CNY 49 per Share. The repurchased shares will be used for employee stock ownership plan or equity incentives. The repurchases will be funded using company's own funds. The repurchase period will be not more than 3 months. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CN¥30.34, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 25x in the Semiconductor industry in China. Total loss to shareholders of 42% over the past three years. Announcement • Dec 29
Shanghai Fullhan Microelectronics Co., Ltd. to Report Fiscal Year 2023 Results on Apr 15, 2024 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report fiscal year 2023 results on Apr 15, 2024 New Risk • Oct 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 20% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: CN¥0.22 (vs CN¥0.46 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.22 (down from CN¥0.46 in 3Q 2022). Revenue: CN¥465.8m (down 17% from 3Q 2022). Net income: CN¥51.3m (down 51% from 3Q 2022). Profit margin: 11% (down from 19% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: CN¥0.31 (vs CN¥0.61 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.31 (down from CN¥0.61 in 2Q 2022). Revenue: CN¥467.8m (down 28% from 2Q 2022). Net income: CN¥70.0m (down 50% from 2Q 2022). Profit margin: 15% (down from 22% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jul 01
Shanghai Fullhan Microelectronics Co., Ltd. to Report First Half, 2023 Results on Aug 22, 2023 Shanghai Fullhan Microelectronics Co., Ltd. announced that they will report first half, 2023 results on Aug 22, 2023 New Risk • Jun 09
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • May 27
Shanghai Fullhan Microelectronics Co., Ltd. Announces 2022 Final Profit Distribution Plan to Be Implemented (A Shares), Payment Date of 02 June 2023 Shanghai Fullhan Microelectronics Co., Ltd. announced 2022 final profit distribution plan to be implemented (A shares): Cash dividend/10 shares (tax included): CNY 1.80000000. Record date: 01 June 2023, Ex-date: 02 June 2023 Payment date: 02 June 2023 10% withholding tax on cash dividend will be deducted in CNY within the cash dividend receivable. Please refer to below details: Tax on cash dividend/10 shares: CNY0.18000000(10% x CNY1.80000000) Net cash dividend/10 shares after tax: CNY1.62000000(CNY1.80000000- CNY0.18000000). Announcement • May 23
Shanghai Fullhan Microelectronics Co., Ltd. Approves Cash Dividend for 2022 Shanghai Fullhan Microelectronics Co., Ltd. announced that at the Annual General Meeting of 2022 held on 19 May 2023 approved Cash dividend/10 shares (tax included) of CNY 1.80000000 for 2022. Price Target Changed • May 18
Price target decreased by 60% to CN¥55.00 Down from CN¥137, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CN¥56.81. Stock is down 13% over the past year. The company is forecast to post earnings per share of CN¥2.39 for next year compared to CN¥1.74 last year. Board Change • May 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Wenjun Zhang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CN¥60.69, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 35x in the Semiconductor industry in China. Total returns to shareholders of 73% over the past three years. Reported Earnings • Apr 16
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥1.74 (up from CN¥1.60 in FY 2021). Revenue: CN¥2.11b (up 23% from FY 2021). Net income: CN¥398.1m (up 9.4% from FY 2021). Profit margin: 19% (down from 21% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥74.95, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 37x in the Semiconductor industry in China. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥130 per share. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CN¥68.15, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 38x in the Semiconductor industry in China. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥131 per share. Price Target Changed • Nov 16
Price target decreased to CN¥73.10 Down from CN¥137, the current price target is an average from 2 analysts. New target price is 23% above last closing price of CN¥59.29. Stock is down 25% over the past year. The company is forecast to post earnings per share of CN¥2.28 for next year compared to CN¥1.59 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Director Wenjun Zhang was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥0.46 (vs CN¥0.57 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.46 (down from CN¥0.57 in 3Q 2021). Revenue: CN¥557.9m (flat on 3Q 2021). Net income: CN¥105.2m (down 19% from 3Q 2021). Profit margin: 19% (down from 23% in 3Q 2021). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.61 (vs CN¥0.46 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.61 (up from CN¥0.46 in 2Q 2021). Revenue: CN¥649.2m (up 28% from 2Q 2021). Net income: CN¥140.6m (up 35% from 2Q 2021). Profit margin: 22% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 37%, compared to a 47% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 17% share price gain to CN¥71.30, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 36x in the Semiconductor industry in China. Total returns to shareholders of 315% over the past three years. Board Change • Jun 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Deputy General Manager, Chief Engineer & Non-Independent Director Jian Jun Wan was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • May 21
Shanghai Fullhan Microelectronics Co., Ltd. Announces Cash Dividend, Payable on May 26, 2022 Shanghai Fullhan Microelectronics Co., Ltd. announced 2021 final profit distribution plan to be implemented (A shares) as Cash dividend/10 shares (tax included): CNY 3.10000000. Record date is 25 May 2022, ex-date is 26 May 2022 and Payment date is 26 May 2022. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improved over the past week After last week's 31% share price gain to CN¥114, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 31x in the Semiconductor industry in China. Total returns to shareholders of 268% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: CN¥0.85 (up from CN¥0.29 in 1Q 2021). Revenue: CN¥514.6m (up 143% from 1Q 2021). Net income: CN¥101.6m (up 193% from 1Q 2021). Profit margin: 20% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the next year, revenue is forecast to grow 26%, compared to a 44% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 16
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥3.03 (up from CN¥0.73 in FY 2020). Revenue: CN¥1.72b (up 181% from FY 2020). Net income: CN¥363.9m (up 315% from FY 2020). Profit margin: 21% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 9.0%. Over the next year, revenue is forecast to grow 46%, compared to a 46% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥163, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 46x in the Semiconductor industry in China. Total returns to shareholders of 390% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improved over the past week After last week's 27% share price gain to CN¥189, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 51x in the Semiconductor industry in China. Total returns to shareholders of 445% over the past three years. Reported Earnings • Oct 25
Third quarter 2021 earnings released: EPS CN¥1.09 (vs CN¥0.027 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CN¥561.9m (up 466% from 3Q 2020). Net income: CN¥130.5m (up CN¥133.3m from 3Q 2020). Profit margin: 23% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS CN¥2.64 (vs CN¥0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CN¥505.9m (up 304% from 2Q 2020). Net income: CN¥104.0m (up CN¥90.4m from 2Q 2020). Profit margin: 21% (up from 11% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 11
Tibet Dongfang Qihui Investment Co., Ltd. completed the acquisition of additional 5.22% stake in Shanghai Fullhan Microelectronics Co., Ltd. (SZSE:300613) from Jiezhi Holdings Co., Ltd. Tibet Dongfang Qihui Investment Co., Ltd. entered into a Share Transfer Agreement to acquire an additional 5.22% stake in Shanghai Fullhan Microelectronics Co., Ltd. (SZSE:300613) from Jiezhi Holdings Co., Ltd. for approximately CNY 490 million on March 17, 2021. Under the terms, Tibet Dongfang will pay CNY 116.47 per share. The consideration will be settled from Legend Holdings' internal cash. Following the transaction, Tibet Dongfang will own 15.94% stake in Shanghai Fullhan.
Tibet Dongfang Qihui Investment Co., Ltd. completed the acquisition of additional 5.22% stake in Shanghai Fullhan Microelectronics Co., Ltd. (SZSE:300613) from Jiezhi Holdings Co., Ltd. on June 9, 2021. Post completion, Tibet Dongfang Qihui Investment Co., Ltd. will hold 15.92% stake and Jiezhi Holdings Co., Ltd. will hold 5.98% stake. Announcement • May 22
Shanghai Fullhan Microelectronics Co., Ltd. Approves Cash Dividend for the Year 2020 Shanghai Fullhan Microelectronics Co., Ltd. at its annual general meeting held on May 20, 2021, approved cash dividend per ten shares (tax included) of CNY 1.10000000 for the year 2020. Reported Earnings • Apr 30
First quarter 2021 earnings released: EPS CN¥0.43 (vs CN¥0.38 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: CN¥211.9m (up 35% from 1Q 2020). Net income: CN¥34.7m (up 14% from 1Q 2020). Profit margin: 16% (down from 19% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 09
New 90-day high: CN¥170 The company is up 22% from its price of CN¥139 on 09 December 2020. The Chinese market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is down 5.0% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: CN¥165 The company is up 40% from its price of CN¥118 on 04 November 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 20
New 90-day high: CN¥152 The company is up 1.0% from its price of CN¥151 on 21 September 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day low: CN¥115 The company is down 22% from its price of CN¥149 on 19 August 2020. The Chinese market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 01
New 90-day low: CN¥119 The company is down 5.0% from its price of CN¥125 on 03 August 2020. The Chinese market is down 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Semiconductor industry, which is down 9.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥45.8m, down 45% from the prior year. Total revenue was CN¥530.3m over the last 12 months, up 8.8% from the prior year. 
