Financials Hangzhou Silan Microelectronics Co.,Ltd

Equities

600460

CNE000001DN1

Semiconductors

End-of-day quote Shanghai S.E. 03:30:00 30/04/2024 am IST 5-day change 1st Jan Change
19.18 CNY -1.99% Intraday chart for Hangzhou Silan Microelectronics Co.,Ltd +4.01% -15.99%

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,802 76,751 46,433 37,991 31,917 - -
Enterprise Value (EV) 1 34,840 77,889 49,646 38,154 35,907 36,040 35,905
P/E ratio 500 x 48 x 44.3 x -1,142 x 34.2 x 26.9 x 21.9 x
Yield 0.06% 0.18% 0.3% - 0.64% 0.89% 1.03%
Capitalization / Revenue 7.66 x 10.7 x 5.61 x 4.07 x 2.85 x 2.39 x 2.1 x
EV / Revenue 8.14 x 10.8 x 5.99 x 4.09 x 3.21 x 2.7 x 2.37 x
EV / EBITDA 81 x 34.4 x 25.8 x 44 x 17.2 x 13.5 x 11.2 x
EV / FCF - 3,903 x -36.9 x -47.8 x -131 x -206 x 90.7 x
FCF Yield - 0.03% -2.71% -2.09% -0.77% -0.49% 1.1%
Price to Book - 12 x 6.3 x 3.16 x 3.09 x 2.98 x 2.56 x
Nbr of stocks (in thousands) 13,12,062 14,16,072 14,16,072 16,64,072 16,64,072 - -
Reference price 2 25.00 54.20 32.79 22.83 19.18 19.18 19.18
Announcement Date 12/03/21 28/03/22 30/03/23 08/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 4,281 7,194 8,282 9,340 11,186 13,346 15,172
EBITDA 1 429.9 2,265 1,926 866.2 2,082 2,660 3,204
EBIT 1 -35.77 1,735 1,194 -48.78 1,089 1,438 1,714
Operating Margin -0.84% 24.11% 14.41% -0.52% 9.74% 10.77% 11.3%
Earnings before Tax (EBT) 1 - 1,731 1,192 -56.88 841 1,297 1,521
Net income 1 67.6 1,518 1,052 -35.79 675.3 1,100 1,390
Net margin 1.58% 21.1% 12.71% -0.38% 6.04% 8.24% 9.16%
EPS 2 0.0500 1.130 0.7400 -0.0200 0.5612 0.7143 0.8758
Free Cash Flow 1 - 19.96 -1,346 -797.7 -275 -175 396
FCF margin - 0.28% -16.26% -8.54% -2.46% -1.31% 2.61%
FCF Conversion (EBITDA) - 0.88% - - - - 12.36%
FCF Conversion (Net income) - 1.31% - - - - 28.5%
Dividend per Share 2 0.0160 0.1000 0.1000 - 0.1236 0.1709 0.1969
Announcement Date 12/03/21 28/03/22 30/03/23 08/04/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,972 2,001 2,184 2,059 2,038 2,066 2,409 2,424 2,440 2,465 2,846 2,934 3,063 3,120 3,527
EBITDA 1 - - - - - - - - - - 532.6 516.7 517.1 610 655.5
EBIT 1 932.4 303.5 384.1 189.5 316.5 233.7 -293.6 -184.6 195.7 - 286.1 287.3 266.3 349.3 394.9
Operating Margin 47.28% 15.17% 17.59% 9.2% 15.53% 11.31% -12.18% -7.62% 8.02% - 10.05% 9.79% 8.7% 11.2% 11.2%
Earnings before Tax (EBT) 1 927.6 303.1 383.7 190.2 315.3 233 -293.6 -188.7 192.5 -85.62 254.1 246.9 244.2 306.3 346.3
Net income 1 790.1 268.4 330.9 175 278 213.6 -254.8 -148 153.5 -15.28 222.3 219.4 216.7 268.2 303.2
Net margin 40.07% 13.42% 15.15% 8.5% 13.64% 10.34% -10.58% -6.11% 6.29% -0.62% 7.81% 7.48% 7.08% 8.6% 8.6%
EPS 2 0.5800 0.1900 0.2300 0.1300 0.1900 0.1500 -0.1800 -0.1000 0.1100 -0.009000 0.1461 0.1512 0.1561 0.1597 0.1970
Dividend per Share 2 - - - - - - - - - - 0.0500 - 0.1542 - -
Announcement Date 28/03/22 29/04/22 22/08/22 28/10/22 30/03/23 28/04/23 18/08/23 26/10/23 08/04/24 29/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,038 1,138 3,213 163 3,990 4,124 3,988
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) 4.741 x 0.5026 x 1.668 x 0.188 x 1.917 x 1.55 x 1.245 x
Free Cash Flow 1 - 20 -1,346 -798 -275 -175 396
ROE (net income / shareholders' equity) - 30.8% 15.3% -0.47% 6.32% 10.2% 10.4%
ROA (Net income/ Total Assets) - 12.8% 6.85% - 3.5% 3.8% 5.3%
Assets 1 - 11,823 15,364 - 19,295 28,956 26,220
Book Value Per Share 2 - 4.530 5.210 7.220 6.200 6.430 7.500
Cash Flow per Share 2 - 0.7100 0.1400 0.1900 0.5200 0.6600 1.330
Capex 1 - 940 1,550 1,115 1,443 1,252 1,295
Capex / Sales - 13.06% 18.72% 11.93% 12.9% 9.38% 8.54%
Announcement Date 12/03/21 28/03/22 30/03/23 08/04/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
19.18 CNY
Average target price
22.15 CNY
Spread / Average Target
+15.48%
Consensus
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