Financials Shennan Circuit Company Limited

Equities

002916

CNE100003373

Semiconductors

End-of-day quote Shenzhen S.E. Other stock markets 06:00:00 2024-05-07 pm EDT			5-day change	1st Jan Change
90.8 ^CNY	-1.58%		-2.80%	+27.91%

Apr. 16	Shennan Circuits' Q1 Profit Surges 84% as Revenue Rises 42%	MT
Apr. 15	Shennan Circuit Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,223	52,876	59,595	37,004	36,409	46,569	-	-
Enterprise Value (EV) ¹	49,742	54,117	61,268	37,742	38,721	48,800	47,902	46,945
P/E ratio	38.9 x	36.3 x	40.5 x	22.5 x	26 x	27.8 x	22.9 x	18.8 x
Yield	0.81%	0.88%	0.78%	1.39%	1.27%	1.07%	1.25%	1.53%
Capitalization / Revenue	4.58 x	4.56 x	4.27 x	2.64 x	2.69 x	2.93 x	2.55 x	2.23 x
EV / Revenue	4.73 x	4.67 x	4.39 x	2.7 x	2.86 x	3.07 x	2.62 x	2.25 x
EV / EBITDA	26.4 x	23.3 x	24.9 x	13.6 x	14.5 x	15.5 x	12.3 x	10.3 x
EV / FCF	-54.1 x	-78.9 x	-194 x	-196 x	-58.8 x	91.3 x	40.3 x	27.1 x
FCF Yield	-1.85%	-1.27%	-0.52%	-0.51%	-1.7%	1.1%	2.48%	3.69%
Price to Book	9.64 x	7.11 x	7 x	3.02 x	2.76 x	3.21 x	2.92 x	2.61 x
Nbr of stocks (in thousands)	475,104	489,325	489,208	512,878	512,878	512,878	-	-
Reference price ²	101.5	108.1	121.8	72.15	70.99	90.80	90.80	90.80
Announcement Date	2/28/20	3/12/21	3/14/22	3/14/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,524	11,600	13,943	13,992	13,526	15,910	18,276	20,874
EBITDA ¹	1,885	2,321	2,464	2,785	2,670	3,152	3,903	4,538
EBIT ¹	1,417	1,625	1,617	1,723	1,398	1,737	2,151	2,639
Operating Margin	13.47%	14.01%	11.6%	12.31%	10.33%	10.92%	11.77%	12.64%
Earnings before Tax (EBT) ¹	1,403	1,606	1,609	1,720	1,398	1,763	2,159	2,596
Net income ¹	1,233	1,430	1,481	1,640	1,398	1,676	2,028	2,452
Net margin	11.71%	12.33%	10.62%	11.72%	10.34%	10.53%	11.09%	11.75%
EPS ²	2.607	2.980	3.010	3.210	2.730	3.267	3.970	4.841
Free Cash Flow ¹	-919.8	-686	-316.5	-192.2	-658.2	534.5	1,189	1,732
FCF margin	-8.74%	-5.91%	-2.27%	-1.37%	-4.87%	3.36%	6.51%	8.3%
FCF Conversion (EBITDA)	-	-	-	-	-	16.96%	30.47%	38.15%
FCF Conversion (Net income)	-	-	-	-	-	31.89%	58.64%	70.61%
Dividend per Share ²	0.8214	0.9500	0.9500	1.000	0.9000	0.9727	1.137	1.385
Announcement Date	2/28/20	3/12/21	3/14/22	3/14/23	3/14/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S2	2021 Q4	2021 S2	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	5,685	4,187	8,062	3,316	3,656	3,514	3,507	2,785	3,249	3,428	4,065	3,961	3,992	4,056	4,531	4,253	4,538
EBITDA ¹	-	506.7	-	-	543.8	865.8	-	-	-	-	-	-	724.7	883.5	-	-	-
EBIT ¹	-	495.3	-	380	439.5	467.3	436.4	209.6	239.1	437.9	510.9	407.6	427.1	508.6	418	514.3	-
Operating Margin	-	11.83%	-	11.46%	12.02%	13.3%	12.44%	7.53%	7.36%	12.77%	12.57%	10.29%	10.7%	12.54%	9.23%	12.09%	-
Earnings before Tax (EBT) ¹	-	492	-	-	438.2	466.4	436	208.6	241.3	438.3	510.1	406.8	419	483.5	552.5	-	-
Net income ¹	-	454.1	-	347.8	404.3	429.7	457.9	206.4	267.5	434.2	490	379.6	397	458.5	492	-	-
Net margin	-	10.84%	-	10.49%	11.06%	12.23%	13.06%	7.41%	8.23%	12.67%	12.05%	9.58%	9.94%	11.3%	10.86%	-	-
EPS ²	-	0.9200	-	0.7000	0.7800	0.8400	0.8900	0.4000	0.5200	0.8500	0.9600	0.7400	0.8172	0.8963	0.8705	1.070	-
Dividend per Share ²	-	0.9500	-	-	-	-	1.000	-	-	-	-	-	-	-	0.9756	-	-
Announcement Date	3/12/21	3/14/22	3/14/22	4/12/22	8/18/22	10/27/22	3/14/23	4/26/23	8/23/23	10/26/23	3/14/24	4/15/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,519	1,241	1,673	738	2,311	2,231	1,332	376
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.8061 x	0.5345 x	0.6789 x	0.2651 x	0.8658 x	0.7078 x	0.3414 x	0.0828 x
Free Cash Flow ¹	-920	-686	-317	-192	-658	535	1,189	1,732
ROE (net income / shareholders' equity)	29.1%	23.9%	18.7%	14.7%	11.1%	11.5%	12.8%	13.9%
ROA (Net income/ Total Assets)	11.9%	10.9%	9.61%	8.74%	6.45%	6.7%	7.25%	7.76%
Assets ¹	10,373	13,113	15,400	18,760	21,669	25,017	27,987	31,590
Book Value Per Share ²	10.50	15.20	17.40	23.90	25.70	28.30	31.10	34.80
Cash Flow per Share ²	2.660	3.680	4.760	6.200	5.050	5.230	6.260	7.170
Capex ¹	2,170	2,480	2,653	3,372	3,247	2,119	2,387	2,259
Capex / Sales	20.62%	21.38%	19.03%	24.1%	24.01%	13.32%	13.06%	10.82%
Announcement Date	2/28/20	3/12/21	3/14/22	3/14/23	3/14/24	-	-	-

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 Shennan Circuit Company Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

90.8 CNY

Average target price

88.01 CNY

Spread / Average Target

-3.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Circuits

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WUS PRINTED CIRCUIT (KUNSHAN) CO., LTD.	+46.43%	8.57B
UNIMICRON TECHNOLOGY CORP.	+7.39%	8.89B
UNIVERSAL DISPLAY CORPORATION	-8.42%	8.31B
GLOBALWAFERS CO., LTD.	-12.78%	6.89B
UNIGROUP GUOXIN MICROELECTRONICS CO., LTD.	-15.97%	6.61B
ALLEGRO MICROSYSTEMS, INC.	-3.01%	5.67B

Integrated Circuits