Financials Wuxi ETEK Microelectronics Co.,Ltd.

Equities

688601

CNE1000050Y5

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
39.88 ^CNY	-2.78%		-9.36%	-23.88%

29/04	Wuxi ETEK Microelectronics Co.,Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
25/02	Wuxi ETEK Microelectronics Co.,Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,715	5,053	7,004	5,332	-	-
Enterprise Value (EV) ¹	9,715	4,277	6,078	4,346	4,246	5,332
P/E ratio	53.5 x	34.6 x	34.9 x	19.8 x	16.1 x	14 x
Yield	0.53%	0.89%	1.15%	0.97%	1.34%	1.65%
Capitalization / Revenue	12.6 x	6.58 x	7.9 x	4.94 x	4.21 x	3.75 x
EV / Revenue	12.6 x	5.57 x	6.85 x	4.03 x	3.35 x	3.75 x
EV / EBITDA	-	25.2 x	26.6 x	20 x	16 x	-
EV / FCF	138 x	51.1 x	31.2 x	21.7 x	15.5 x	17.9 x
FCF Yield	0.72%	1.96%	3.21%	4.6%	6.45%	5.59%
Price to Book	10 x	4.59 x	5.56 x	3.63 x	3.12 x	2.96 x
Nbr of stocks (in thousands)	1,33,504	1,33,504	1,33,693	1,33,693	-	-
Reference price ²	72.77	37.85	52.39	39.88	39.88	39.88
Announcement Date	25/02/22	27/02/23	25/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	773.6	767.5	886.8	1,079	1,266	1,422
EBITDA ¹	-	-	169.8	228.2	217.7	265.1	-
EBIT ¹	-	169.9	159.5	217	264.1	326	416.5
Operating Margin	-	21.97%	20.78%	24.47%	24.49%	25.75%	29.29%
Earnings before Tax (EBT) ¹	-	172.9	159.5	217.6	293	362.5	417
Net income ¹	66.95	159.2	146	200.5	269	330.5	380.5
Net margin	-	20.59%	19.02%	22.61%	24.94%	26.11%	26.76%
EPS ²	-	1.361	1.094	1.500	2.010	2.470	2.845
Free Cash Flow ¹	-	70.39	83.73	195	200	274	298
FCF margin	-	9.1%	10.91%	21.99%	18.54%	21.64%	20.96%
FCF Conversion (EBITDA)	-	-	49.3%	85.46%	91.89%	103.34%	-
FCF Conversion (Net income)	-	44.21%	57.36%	97.27%	74.35%	82.9%	78.32%
Dividend per Share ²	-	0.3835	0.3356	0.6000	0.3850	0.5350	0.6600
Announcement Date	06/06/21	25/02/22	27/02/23	25/02/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Net sales ¹	264.9	207.1	143	152.5	178.4	195	261.7	251.6	220.5	249.4	277.4
EBITDA	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	72.74	71.07	30.18	-14.49	31.41	31.88	53.73	88.72	56.92	49.47	52.51
Operating Margin	27.46%	34.31%	21.1%	-9.51%	17.6%	16.35%	20.53%	35.26%	25.82%	19.83%	18.93%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	27/04/22	26/08/22	28/10/22	27/02/23	28/04/23	28/08/23	30/10/23	25/02/24	29/04/24	-	-

¹CNY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-
Net Cash position ¹	-	-	775	926	985	1,086	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow ¹	-	70.4	83.7	195	200	274	298
ROE (net income / shareholders' equity)	-	24.2%	14.1%	17%	18.3%	19.4%	21.5%
ROA (Net income/ Total Assets)	-	18.5%	-	-	16.3%	17.9%	21.2%
Assets ¹	-	860.9	-	-	1,650	1,846	1,795
Book Value Per Share ²	-	7.280	8.250	9.430	11.00	12.80	13.50
Cash Flow per Share ²	-	0.6200	-	-	1.560	2.090	2.570
Capex ¹	-	12.3	9.35	18.9	27	27	25
Capex / Sales	-	1.6%	1.22%	2.13%	2.5%	2.13%	1.76%
Announcement Date	06/06/21	25/02/22	27/02/23	25/02/24	-	-	-

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

Ratings for Wuxi ETEK Microelectronics Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

39.88 CNY

Average target price

38.4 CNY

Spread / Average Target

-3.71%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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