Financials Shanghai Fudan Microelectronics Group Company Limited Shanghai S.E.

Equities

End-of-day quote Shanghai S.E. Other stock markets 18:00:00 2024-06-13 EDT			5-day change	1st Jan Change
33.14 ^CNY	-2.84%		+4.54%	-14.21%

05-24	Fudan Microelectronics Declares Final Dividend For 2023	MT
05-24	Shanghai Fudan Microelectronics Group Company Limited Announces Final Dividend for the Year Ended 31 December 2023, Payable on 10 July 2024	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	9,723	39,982	50,399	26,766	22,821	-	-
Enterprise Value (EV) ¹	9,723	38,677	49,140	27,323	21,250	20,225	21,620
P/E ratio	61.8 x	-	19.7 x	14.6 x	8.65 x	6.94 x	-
Yield	-	0.32%	0.52%	0.77%	0.74%	0.74%	0.82%
Capitalization / Revenue	-	12.6 x	12.5 x	6.96 x	5.17 x	4.36 x	3.63 x
EV / Revenue	-	12.2 x	12.2 x	7.11 x	4.82 x	3.86 x	3.44 x
EV / EBITDA	-	47.1 x	32.9 x	25 x	17.6 x	11.7 x	14.9 x
EV / FCF	-	-	-93.9 x	-16.2 x	132 x	20.4 x	-
FCF Yield	-	-	-1.06%	-6.17%	0.76%	4.91%	-
Price to Book	-	5.45 x	4.66 x	2 x	1.72 x	1.52 x	1.37 x
Nbr of stocks (in thousands)	694,502	814,502	816,657	819,060	819,060	-	-
Reference price ²	14.00	25.40	29.50	14.10	13.16	13.16	13.16
Announcement Date	3/14/21	2/25/22	2/27/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	3,169	4,037	3,845	4,412	5,239	6,289
EBITDA ¹	-	820.5	1,491	1,094	1,206	1,730	1,447
EBIT ¹	-	705.1	1,279	809.7	903.5	1,126	1,367
Operating Margin	-	22.25%	31.69%	21.06%	20.48%	21.49%	21.73%
Earnings before Tax (EBT) ¹	-	705.2	1,279	810.2	903.5	1,127	1,367
Net income ¹	158.7	632.7	1,228	788	864.6	1,078	1,307
Net margin	-	19.96%	30.43%	20.5%	19.6%	20.58%	20.79%
EPS ²	0.2267	-	1.501	0.9678	1.522	1.897	-
Free Cash Flow ¹	-	-	-523.3	-1,687	160.8	993.6	-
FCF margin	-	-	-12.96%	-43.88%	3.64%	18.96%	-
FCF Conversion (EBITDA)	-	-	-	-	13.33%	57.43%	-
FCF Conversion (Net income)	-	-	-	-	18.6%	92.14%	-
Dividend per Share ²	-	0.0804	0.1540	0.1082	0.0980	0.0980	0.1080
Announcement Date	3/14/21	2/25/22	2/27/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	557	-	-	-
Net Cash position ¹	-	1,305	1,259	-	1,571	2,596	1,201
Leverage (Debt/EBITDA)	-	-	-	0.5089 x	-	-	-
Free Cash Flow ¹	-	-	-523	-1,687	161	994	-
ROE (net income / shareholders' equity)	-	20.3%	28.5%	14.8%	11.8%	12.8%	13.4%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	-	4.660	6.330	7.030	7.660	8.630	9.620
Cash Flow per Share	-	-	-	-	-	-	-
Capex ¹	-	693	890	921	136	149	165
Capex / Sales	-	21.88%	22.04%	23.95%	3.08%	2.84%	2.63%
Announcement Date	3/14/21	2/25/22	2/27/23	2/23/24	-	-	-

¹HKD in Million²HKD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

13.16 HKD

Average target price

13.7 HKD

Spread / Average Target

+4.10%

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