Financials Will Semiconductor Co., Ltd.

Equities

603501

CNE100002XM8

Semiconductors

End-of-day quote Shanghai S.E. Other stock markets 06:00:00 2024-05-16 pm EDT			5-day change	1st Jan Change
99.42 ^CNY	-0.77%		-3.84%	-6.83%

Apr. 26	Will Semiconductor Co., Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Apr. 26	Will Semiconductor Co., Ltd. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	123,849	200,502	271,880	91,299	129,706	119,156	-	-
Enterprise Value (EV) ¹	125,717	201,269	273,652	99,921	131,596	121,655	124,062	109,401
P/E ratio	196 x	72.4 x	60.5 x	91.8 x	227 x	39.3 x	27.5 x	21.6 x
Yield	0.05%	0.14%	0.17%	0.11%	0.13%	0.36%	0.56%	0.71%
Capitalization / Revenue	9.09 x	10.1 x	11.3 x	4.55 x	6.17 x	4.5 x	3.82 x	3.26 x
EV / Revenue	9.22 x	10.2 x	11.4 x	4.98 x	6.26 x	4.6 x	3.98 x	2.99 x
EV / EBITDA	92.2 x	54.1 x	46.6 x	44.1 x	75.6 x	27 x	19.8 x	14.3 x
EV / FCF	-	90.8 x	255 x	-23.5 x	20.3 x	44.2 x	50.7 x	24.7 x
FCF Yield	-	1.1%	0.39%	-4.25%	4.94%	2.26%	1.97%	4.05%
Price to Book	15.6 x	17.8 x	17 x	5.14 x	6.11 x	4.97 x	4.36 x	3.56 x
Nbr of stocks (in thousands)	1,165,945	1,171,260	1,181,060	1,184,311	1,215,504	1,198,516	-	-
Reference price ²	106.2	171.2	230.2	77.09	106.7	99.42	99.42	99.42
Announcement Date	4/9/20	3/8/21	4/18/22	4/7/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	13,632	19,824	24,104	20,078	21,021	26,464	31,174	36,544
EBITDA ¹	1,363	3,722	5,879	2,267	1,741	4,506	6,269	7,670
EBIT ¹	785.1	2,956	5,000	1,298	666.8	3,583	5,150	6,459
Operating Margin	5.76%	14.91%	20.74%	6.47%	3.17%	13.54%	16.52%	17.67%
Earnings before Tax (EBT) ¹	784.5	2,991	5,002	1,301	691.4	3,469	5,095	6,418
Net income ¹	465.6	2,706	4,476	990.1	555.6	3,071	4,271	5,602
Net margin	3.42%	13.65%	18.57%	4.93%	2.64%	11.61%	13.7%	15.33%
EPS ²	0.5407	2.363	3.807	0.8400	0.4700	2.532	3.615	4.601
Free Cash Flow ¹	-	2,217	1,073	-4,245	6,495	2,751	2,445	4,430
FCF margin	-	11.19%	4.45%	-21.14%	30.9%	10.4%	7.84%	12.12%
FCF Conversion (EBITDA)	-	59.58%	18.25%	-	373.06%	61.06%	38.99%	57.76%
FCF Conversion (Net income)	-	81.94%	23.97%	-	1,168.98%	89.58%	57.24%	79.08%
Dividend per Share ²	0.0518	0.2333	0.3852	0.0840	0.1400	0.3582	0.5539	0.7094
Announcement Date	4/9/20	3/8/21	4/18/22	4/7/23	4/26/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	8,043	11,781	5,789	5,538	5,533	4,311	4,695	9,006	4,335	4,523	6,223	5,939	5,644	6,295	7,106	7,316	6,722	7,504
EBITDA ¹	-	-	1,213	1,385	871.9	777	-	-	-	-	-	-	-	959.1	1,280	1,417	1,197	1,470
EBIT ¹	-	1,908	1,088	932.5	880.4	-121.5	-1,061	-1,183	259.5	-71.49	284.5	194.2	575.7	833.5	1,111	1,173	1,041	1,283
Operating Margin	-	16.19%	18.79%	16.84%	15.91%	-2.82%	-22.6%	-13.13%	5.99%	-1.58%	4.57%	3.27%	10.2%	13.24%	15.64%	16.03%	15.48%	17.09%
Earnings before Tax (EBT) ¹	-	1,916	1,092	933.3	1,547	-116.8	-1,063	-1,179	260.9	-72	289	213.5	583.7	788.9	1,019	1,067	1,009	1,252
Net income ¹	990.1	1,716	957.7	896.2	1,373	-120	-1,159	-1,279	198.9	-45.74	215.3	187.2	557.8	684	898	932.7	859.6	1,040
Net margin	12.31%	14.57%	16.54%	16.18%	24.81%	-2.78%	-24.68%	-14.2%	4.59%	-1.01%	3.46%	3.15%	9.88%	10.87%	12.64%	12.75%	12.79%	13.86%
EPS ²	-	1.481	0.8222	0.7556	1.170	-0.1000	-0.9800	-1.080	0.1700	-0.0400	0.1800	0.1600	0.4600	0.5604	0.7448	0.7634	0.7467	0.9054
Dividend per Share ²	-	-	0.3900	-	-	-	-	-	-	-	-	-	-	0.0767	-	0.2886	-	-
Announcement Date	8/20/20	3/8/21	4/18/22	4/26/22	8/11/22	10/28/22	4/7/23	4/7/23	4/18/23	8/14/23	10/27/23	4/26/24	4/27/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,868	766	1,772	8,623	1,890	2,499	4,906	-
Net Cash position ¹	-	-	-	-	-	-	-	9,755
Leverage (Debt/EBITDA)	1.371 x	0.206 x	0.3014 x	3.804 x	1.085 x	0.5547 x	0.7825 x	-
Free Cash Flow ¹	-	2,217	1,073	-4,245	6,495	2,751	2,445	4,430
ROE (net income / shareholders' equity)	10.2%	29.1%	33.1%	5.8%	2.98%	12.9%	16.3%	17.9%
ROA (Net income/ Total Assets)	2.82%	13.5%	16.4%	-	-	7.82%	9.95%	11.5%
Assets ¹	16,535	20,062	27,364	-	-	39,260	42,937	48,522
Book Value Per Share ²	6.800	9.600	13.50	15.00	17.50	20.00	22.80	27.90
Cash Flow per Share ²	0.6900	2.860	1.850	-1.680	6.200	4.070	4.250	3.910
Capex ¹	727	1,127	1,120	2,252	1,042	1,173	1,588	1,506
Capex / Sales	5.33%	5.69%	4.64%	11.22%	4.95%	4.43%	5.09%	4.12%
Announcement Date	4/9/20	3/8/21	4/18/22	4/7/23	4/26/24	-	-	-

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 Will Semiconductor Co., Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

99.42 CNY

Average target price

128.5 CNY

Spread / Average Target

+29.24%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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