SZSE: 300613 - Shanghai Fullhan Microelectronics Co Ltd

Yield per half year: -2.22%

Reporting Shanghai Fullhan Microelectronics Co Ltd

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	5 year average	CAGR 5
Капитализация, млрд ¥				664.88	11.63	19.03	19.65	12.97
Выручка, млрд ¥	0.3217	0.4492	0.412	0.5221	0.6102	1.72	2.11	1.82
Чистая прибыль, млрд ¥	0.1118	0.1061	0.0545	0.0817	0.0877	0.3639	0.3981	0.2525
EBIT, млрд ¥	0.1134	0.1078	0.0062	0.0103	0.0937	0.3683	0.3657
EBITDA, млрд ¥		0.1223	0.0303	0.1123	0.123	0.5373	0.5884
Баланс стоимость, млрд ¥	0.272	0.9447	1.03	1.14	1.34	1.84	2.27	2.55
FCF, млрд ¥		-0.0509	-0.0226	0.0266	0.1485	-0.1007	0.5215	0.3177
Операционный денежный поток, млрд ¥	0.0847	0.0709	0.1029	0.0509	0.191	-0.0181	0.6213	0.4532
Операционная прибыль, млрд ¥	0.106	0.1133	0.0237	0.023	0.0935	0.397	0.3819	0.2571
Операционные расходы, млрд ¥	0.2165	0.3408	0.4053	0.5109	0.5167	1.32	1.73	1.57
CAPEX, млрд ¥	0.0117	0.1217	0.1255	0.0243	0.0425	0.0826	0.0998	0.1355

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Капитализация, млрд ¥			22.37	19.14	15.38	21.59	15.66	12.63	14.25	14.81	12.19	10.69
Выручка, млрд ¥			0.5619	0.4373	0.5146	0.6492	0.5579	0.3888	0.4157	0.4678	0.4658	0.4731
Чистая прибыль, млрд ¥			0.1305	0.0947	0.1016	0.1406	0.1052	0.0507	0.0585	0.07	0.0513	0.0727
EV, млрд ¥				18.84	15.02	21.21	15.33	11.97	13.55	14.01	11.27	9.64
EBIT, млрд ¥	0.0304	0.1106	0.1518	0.0755	0.1001	0.126	0.1024	0.0373	0.0584	0.06
EBITDA, млрд ¥	0.0392	0.1194	0.1519	0.1127	0.1097	0.1504	0.1045	0.0707	0.0626	0.085
Баланс стоимость, млрд ¥			1.73	1.84	1.94	2.08	2.21	2.27	2.34	2.39	2.45	2.55
FCF, млрд ¥			0.1142	-0.0429	0.0777	0.0108	0.0807	0.3523	-0.0382	0.0557	0.1664	0.1338
Операционный денежный поток, млрд ¥	-0.1302	-0.0229	0.1494	-0.0143	0.099	0.0273	0.1134	0.3816	-0.0188	0.0832
Операционная прибыль, млрд ¥			0.1519	0.1014	0.1007	0.135	0.0939	0.0522	0.0586	0.0637	0.0527	0.0821
Операционные расходы, млрд ¥			0.4101	0.3359	0.4139	0.5142	0.464	0.3366	0.3571	0.4042	0.4131	0.3909
CAPEX, млрд ¥			0.0351	0.0286	0.0213	0.0165	0.0327	0.0293	0.0194	0.0275	0.0272	0.0613

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	5 year average	CAGR 5
Наличность, млрд ¥	0.1921	0.6657	0.3862	0.5915	0.77	0.7989	1.32	1.68
Short Term Investments ¥						0.1201	0.2118	0.1209
Total Receivables ¥	0.0829	0.1442	0.1554	0.2127	0.1345	0.4727	0.2747	0.4386
Total Current Assets ¥	0.3182	0.9561	0.9273	1.01	1.01	1.9	2.43	2.7
Чистые активы, млрд ¥	0.0127	0.1104	0.1869	0.1764	0.1808	0.2399	0.2694
Активы, млрд ¥	0.3342	1.08	1.19	1.28	1.45	2.91	3.45	3.68
Long Term Debt ¥						0.4744	0.4968	0.521
Задолженность, млрд ¥	0.0592	0.131	0.1552	0.143	0.1195	0.8164	0.9388	0.8931
Interest income ¥	0.00079	0.0048	0.017	0.0154	0.0101	0.0216	0.0207	0.0296
Расходы на обслуживание долга ¥			0.0263	0.0036	0.000194	0.0158	0.0306	0.034
Чист. проц. доходы, млрд ¥	0.000737	0.0048	0.0169	0.0118	0.0099	0.0056	-0.01	-0.0045
Goodwill ¥			0.0072			0.2718	0.2718	0.2718
Себестоимость, млрд ¥	0.1385	0.2354	0.2392	0.3281	0.368	0.9882	1.31	1.12
Товарно материальные запасы ¥	0.0392	0.0408	0.0539	0.1103	0.0742	0.4483	0.5042	0.3531

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			0.9585	0.7989	0.8506	0.8679	1.05	1.32	1.35	1.5	1.57	1.68
Short Term Investments ¥				0.1201	0.0901	0.07	0.22	0.2118	0.1501	0.09	0.1412	0.1209
Total Receivables ¥			0.5033	0.5239	0.5326	0.7256	0.687	0.3987	0.4978	0.4944	0.4576	0.5446
Total Current Assets ¥			1.77	1.9	1.91	2.09	2.42	2.43	2.49	2.58	2.6	2.7
Чистые активы, млрд ¥	0.1776	0.2221	0.2374	0.2399	0.2357	0.2489	0.2618	0.2694	0.2712	0.2568
Активы, млрд ¥			2.8	2.91	2.94	3.11	3.44	3.45	3.49	3.57	3.57	3.68
Short Term Debt ¥		0.1042		0.026	0.0038	0.0034	0.229	0.1584	0.1499	0.1951	0.1293	0.1153
Long Term Debt ¥			0.469	0.4744	0.4796	0.4851	0.491	0.4968	0.5024	0.5081	0.514	0.521
Задолженность, млрд ¥			0.8135	0.8164	0.7503	0.7888	1.01	0.9388	0.9139	0.9396	0.88	0.8931
Чистый долг, млрд ¥			-0.476	-0.2885	-0.3573	-0.3701	-0.3135	-0.6481	-0.687	-0.7848	-0.9176	-1.04
Долг, млрд ¥				0.5005	0.4835	0.4885	0.72	0.6552	0.6523	0.7033	0.6433	0.6363
Interest income ¥			0.0033	0.0044	0.0059	0.0071	0.0049	0.0386	0.0057	0.0179	0.0296	0.0471
Расходы на обслуживание долга ¥			0.0019	0.0111	0.0071	0.0067	0.0076	0.0092	0.0077	0.0082	0.01	0.0081
Чист. проц. доходы, млрд ¥			-0.003	-0.0022	-0.0042	0.0034	0.007	-0.0162	-0.0046	0.000756	0.0039	-0.0046
Goodwill ¥			0.2731	0.2718	0.2718	0.2718	0.2718	0.2718	0.2718	0.2718	0.2718	0.2718
Себестоимость, млрд ¥			0.3028	0.2741	0.3206	0.396	0.3479	0.2421	0.2539	0.289	0.2757	0.2972
Товарно материальные запасы ¥			0.3079	0.4483	0.4292	0.4257	0.455	0.5042	0.492	0.4956	0.4332	0.3531

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
EPS	0.4653	0.239	0.3777	1.02	1.88	1.7	1.06
Цена акции ао	209.88	89.98	162.18	120.52	163.05	50.13	42.44	36.49	36.49
Число акций ао, млн			80	80	120.23	229.62	230.59
FCF/акцию			0.3329	1.86	-0.8374	2.27	1.38

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	5 quarters average	CAGR 5
EPS	0.57	0.4145	0.42	0.6	0.46	0.2208	0.22	0.3038	0.2226	0.3153
Цена акции ао	186.04	159.22	127.94	94.2	68.21	55.02	61.97	64.29	52.91	46.34
Число акций ао, млн	120.22	120.23	120.23	229.19	229.55	229.62	229.97	230.35	230.48	230.59
FCF/акцию	0.9502	-0.3568	0.6459	0.0472	0.3517	1.53	-0.1661	0.2416	0.7221	0.5804

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	41.11	11.23	5.29	7.17	6.57	19.82	17.54	9.92
ROA, %	33.47	9.84	4.58	6.38	6.03	12.5	11.55	6.87
ROS, %		23.61	13.23	15.64	14.37	21.19	18.86	13.86	0	0	0
ROCE, %	41.24	11.38	0.5949	0.9079	7.02	17.59	14.58
Рентаб EBITDA, %		27.23	7.35	21.51	20.15	31.29	27.88
Чистая рентаб, %	34.77	23.61	13.23	15.64	14.37	21.19	18.86	13.86
Operation Margin, %		25.22	5.75	4.4	15.33	23.12	18.09	14.11	0	0	0
Доходность FCF, %				0.004	1.28	-0.5292	2.65	2.45

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
ROE, %			7.54	5.16	5.24	6.76	4.76	2.23	2.5	2.93	2.09	2.86
ROA, %			4.66	3.25	3.46	4.52	3.06	1.47	1.68	1.96	1.44	1.98
ROIC, %				4.06	4.24	7.08	3.62	1.84	1.99	3.65	1.85	2.32
ROS, %			23.22	21.65	19.74	21.66	18.85	13.04	14.07	14.96	11.01	15.37
ROCE, %	2.21	6.33	7.63	3.6	4.57	5.42	4.21	1.49	2.27	2.28
Рентаб EBITDA, %	18.5	23.59	27.03	25.76	21.31	23.17	18.73	18.18	15.05	18.16
Чистая рентаб, %			23.22	21.65	19.74	21.66	18.85	13.04	14.07	14.96	11.01	15.37
Operation Margin, %			27.03	23.18	19.57	20.8	16.83	13.43	14.09	13.61	11.31	17.36
Доходность FCF, %			0.5107	-0.2241	0.5048	0.0501	0.5156	2.79	-0.268	0.3758	1.36	1.25

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	8140.57	132.7	52.29	49.37	51.38
P/BV	583.42	8.71	10.37	8.66	5.1
P/S	1273.52	19.07	11.08	9.31	7.12
P/FCF	24964.61	78.34	-188.98	37.69	40.83	0	0	0
E/P	0.000123	0.0075	0.0191	0.0203	0.0195	0	0	0
EV/Ebit						0	0	0
EV/S						0	0	0
EV/FCF						0	0	0
Debt/EBITDA						0	0	0
Netdebt/Ebitda						0	0	0
Debt/Ratio						0	0	0
Debt/Equity						0	0	0
Debt/Net Income						0	0	0
Бета						2.16	-0.282	-0.282
Индекс Альтмана						0	0	0

	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
P/E			171.42	202.18	151.4	153.51	148.84	249.21	243.58	211.62	237.69	146.97
P/BV			12.93	10.43	7.93	10.37	7.09	5.57	6.08	6.2	4.98	4.2
P/S			39.8	43.77	29.89	33.25	28.06	32.49	34.28	31.66	26.18	22.59
P/FCF			195.8	-446.29	198.1	1996.24	193.94	35.86	-373.17	266.12	73.27	79.84
E/P			0.0058	0.0049	0.0066	0.0065	0.0067	0.004	0.0041	0.0047	0.0042	0.0068
EV/EBITDA				167.26	136.9	141.01	146.68	169.42	216.59	164.96
EV/S				43.09	29.18	32.67	27.48	30.79	32.6	29.96	24.19	20.38
EV/FCF				-439.34	193.37	1961.16	189.9	33.98	-354.84	251.83	67.7	72.02
Debt/EBITDA				4.44	4.41	3.25	6.89	9.27	10.43	8.28
Netdebt/Ebitda	-9.39	-2.16	-3.13	-2.56	-3.26	-2.46	-3	-9.17	-10.98	-9.24
Debt/Ratio				0.172	0.1645	0.157	0.2094	0.1901	0.1869	0.1971	0.1803	0.173
Debt/Equity				0.2727	0.2493	0.2347	0.3261	0.2886	0.2784	0.2944	0.2626	0.2499
Debt/Net Income				5.29	4.76	3.47	6.84	12.93	11.15	10.05	12.54	8.75
Индекс Альтмана	8.7	9.58	9.72	7.72	6.23	8.35	5.27	4.35	4.86	5.02

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.0112	0.0112	0.0106	0.0056	0.0084	0.0109	0.0464	0.0513
Дивиденд		0.0491	0.0458	0.0244	0.0361	0.0386	0.31	0.18
Див доход, ао, %		0.001	0.0338	0.000293	0.0248	0.0244	0.3622	0.3199
Дивиденды / прибыль, %	10.01	10.56	19.51	6.8	9.6	2.98	11.66	20.32

	2017Q2	2018Q2	2019Q2	2020Q2	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд						0.0011	0.000195	0.001	0.0414	0.000898	0.0031	0.0011	0.0429	0.006	0.0012
Дивиденд	0.0491	0.0458	0.0244	0.0361	0.0386				0.31				0.18
Див доход, ао, %	0.028	0.0296	7.3E-5	0.0244	0.027				0.3291				0.28
Дивиденды / прибыль, %						0.8766	0.2061	0.9926	29.44	0.8536	6.14	1.91	61.35	11.76	1.7

	Industry average	5 quarters average	CAGR 5

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