Unigroup Guoxin Microelectronics (XSEC:002049) - Share price, News & Analysis

Q: What is the Fair Price of 2049 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

002049 (CN¥188.78) is trading above our estimate of [[fair value]] (CN¥30.19)

2049 fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	6/6
Past Performance	5/6
Financial Health	5/6
Dividends	0/6

2049 Stock Overview

Unigroup Guoxin Microelectronics Co., Ltd.

Rewards

Price-To-Earnings ratio (53x) is below the Semiconductor industry average (54.1x)

Earnings are forecast to grow 31.86% per year

Earnings grew by 129.8% over the past year

Risk Analysis

High level of non-cash earnings

Unigroup Guoxin Microelectronics Competitors

Sanan Optoelectronics

SHSE:600703

CN¥110.1b

Trina Solar

SHSE:688599

CN¥141.4b

Will Semiconductor

SHSE:603501

CN¥151.7b

Jinko Solar

SHSE:688223

CN¥149.3b

Price History & Performance

Summary of all time highs, changes and price drops for Unigroup Guoxin Microelectronics
Historical stock prices
Current Share Price	CN¥188.78
52 Week High	CN¥248.85
52 Week Low	CN¥145.00
Beta	0.67
1 Month Change	6.42%
3 Month Change	-8.33%
1 Year Change	25.85%
3 Year Change	328.95%
5 Year Change	n/a
Change since IPO	456.05%

Shareholder Returns

	2049	CN Semiconductor	CN Market
7D	-1.4%	4.6%	2.3%
1Y	25.9%	-0.9%	-8.1%

Return vs Industry: 002049 exceeded the CN Semiconductor industry which returned -6.6% over the past year.

Return vs Market: 002049 exceeded the CN Market which returned -10.1% over the past year.

Price Volatility

Is 2049's price volatile compared to industry and market?
2049 volatility
2049 Average Weekly Movement	7.4%
Semiconductor Industry Average Movement	8.3%
Market Average Movement	7.3%
10% most volatile stocks in CN Market	10.2%
10% least volatile stocks in CN Market	5.1%

Stable Share Price: 002049 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: 002049's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1990	2,066	Dao Jie Ma	https://www.gosinoic.com

Unigroup Guoxin Microelectronics Co., Ltd. designs and develops integrated circuit (IC) chip in China. It also provides system integration solutions. The company offers intelligent secure chip for telecommunication SIM card, financial IC card, mobile payment card, USB-Key, social security card, citizen card, residential health card, residence permit and trusted computing TPM, non-contact read-write machine, etc.; memory chips; and quartz crystal components and sapphire substrate materials.

Unigroup Guoxin Microelectronics Fundamentals Summary

How do Unigroup Guoxin Microelectronics's earnings and revenue compare to its market cap?
2049 fundamental statistics
Market Cap	CN¥114.56b
Earnings (TTM)	CN¥2.16b
Revenue (TTM)	CN¥5.73b

53.0x

P/E Ratio

20.0x

P/S Ratio

Is 2049 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
2049 income statement (TTM)
Revenue	CN¥5.73b
Cost of Revenue	CN¥2.22b
Gross Profit	CN¥3.51b
Other Expenses	CN¥1.35b
Earnings	CN¥2.16b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	3.56
Gross Margin	61.25%
Net Profit Margin	37.70%
Debt/Equity Ratio	20.9%

How did 2049 perform over the long term?

See historical performance and comparison

Dividends

0.2%

Current Dividend Yield

9%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is 2049 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2049?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for 2049. This is calculated by dividing 2049's market cap by their current preferred multiple.
What is 2049's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CN¥114.56b

2049 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	19.8x
Enterprise Value/EBITDA	47.4x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does 2049's PE Ratio compare to its peers?

2049 PE Ratio vs Peers

The above table shows the PE ratio for 2049 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	80.3x
600703 Sanan Optoelectronics	92.9x	35.2%	CN¥110.1b
688599 Trina Solar	78.4x	30.3%	CN¥141.4b
603501 Will Semiconductor	35x	21.4%	CN¥151.7b
688223 Jinko Solar	114.7x	33.6%	CN¥149.3b
002049 Unigroup Guoxin Microelectronics	53x	31.9%	CN¥114.6b

Forward PE

Price-To-Earnings vs Peers: 002049 is good value based on its Price-To-Earnings Ratio (53x) compared to the peer average (80.3x).

Price to Earnings Ratio vs Industry

How does 2049's PE Ratio compare vs other companies in the CN Semiconductor Industry?

Price-To-Earnings vs Industry: 002049 is good value based on its Price-To-Earnings Ratio (53x) compared to the CN Semiconductor industry average (54.1x)

Price to Earnings Ratio vs Fair Ratio

What is 2049's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2049 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	53x
Fair PE Ratio	57x

Price-To-Earnings vs Fair Ratio: 002049 is good value based on its Price-To-Earnings Ratio (53x) compared to the estimated Fair Price-To-Earnings Ratio (57x).

Share Price vs Fair Value

What is the Fair Price of 2049 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 002049 (CN¥188.78) is trading above our estimate of fair value (CN¥30.19)

Significantly Below Fair Value: 002049 is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: 002049 is poor value based on its PEG Ratio (1.7x)

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Future Growth

How is Unigroup Guoxin Microelectronics forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

Future Growth Score

6/6

Future Growth Score 6/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

31.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 002049's forecast earnings growth (31.9% per year) is above the savings rate (3.2%).

Earnings vs Market: 002049's earnings (31.9% per year) are forecast to grow faster than the CN market (23.9% per year).

High Growth Earnings: 002049's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 002049's revenue (31% per year) is forecast to grow faster than the CN market (17.5% per year).

High Growth Revenue: 002049's revenue (31% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 002049's Return on Equity is forecast to be high in 3 years time (29.8%)

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Past Performance

How has Unigroup Guoxin Microelectronics performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

44.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 002049 has a high level of non-cash earnings.

Growing Profit Margin: 002049's current net profit margins (37.7%) are higher than last year (26.3%).

Past Earnings Growth Analysis

Earnings Trend: 002049's earnings have grown significantly by 44.5% per year over the past 5 years.

Accelerating Growth: 002049's earnings growth over the past year (129.8%) exceeds its 5-year average (44.5% per year).

Earnings vs Industry: 002049 earnings growth over the past year (129.8%) exceeded the Semiconductor industry 68.3%.

Return on Equity

High ROE: 002049's Return on Equity (27.9%) is considered high.

Discover strong past performing companies

Financial Health

How is Unigroup Guoxin Microelectronics's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: 002049's short term assets (CN¥9.2B) exceed its short term liabilities (CN¥2.4B).

Long Term Liabilities: 002049's short term assets (CN¥9.2B) exceed its long term liabilities (CN¥1.8B).

Debt to Equity History and Analysis

Debt Level: 002049 has more cash than its total debt.

Reducing Debt: 002049's debt to equity ratio has increased from 5.5% to 20.9% over the past 5 years.

Debt Coverage: 002049's debt is well covered by operating cash flow (65.9%).

Interest Coverage: 002049 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Unigroup Guoxin Microelectronics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

0.17%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 002049's dividend (0.17%) isn’t notable compared to the bottom 25% of dividend payers in the CN market (0.48%).

High Dividend: 002049's dividend (0.17%) is low compared to the top 25% of dividend payers in the CN market (1.94%).

Stability and Growth of Payments

Stable Dividend: 002049 is not paying a notable dividend for the CN market, therefore no need to check if payments are stable.

Growing Dividend: 002049 is not paying a notable dividend for the CN market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: 002049 is not paying a notable dividend for the CN market.

Cash Payout to Shareholders

Cash Flow Coverage: 002049 is not paying a notable dividend for the CN market.

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Management

How experienced are the management team and are they aligned to shareholders interests?

11.7yrs

Average management tenure

CEO

Dao Jie Ma (57 yo)

4.42yrs

Tenure

CN¥5,487,700

Compensation

Mr. Dao Jie Ma is the Chairman of Unigroup Guoxin Microelectronics Co., Ltd and is its Chef Executive Officer since January 17, 2018. Mr. Ma was Vice Chairman and President of Unigroup Guoxin Microelectron...

Leadership Team

Experienced Management: 002049's management team is seasoned and experienced (11.7 years average tenure).

Board Members

Experienced Board: 002049's board of directors are considered experienced (3.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/30 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31