Financials Advanced Micro-Fabrication Equipment Inc. China

Equities

688012

CNE100003MM9

Semiconductor Equipment & Testing

End-of-day quote Shanghai S.E. 23:00:00 25/04/2024 BST 5-day change 1st Jan Change
135 CNY -0.54% Intraday chart for Advanced Micro-Fabrication Equipment Inc. China +0.89% -12.08%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 49,421 84,289 78,017 60,398 95,121 83,735 - -
Enterprise Value (EV) 1 48,476 83,157 69,370 53,585 88,541 77,768 76,509 75,444
P/E ratio 250 x 171 x 71.9 x 51.6 x 53.3 x 45.2 x 33.3 x 24.4 x
Yield - - - - 0.2% - - -
Capitalization / Revenue 25.4 x 37.1 x 25.1 x 12.7 x 15.2 x 10.1 x 7.73 x 5.94 x
EV / Revenue 24.9 x 36.6 x 22.3 x 11.3 x 14.1 x 9.42 x 7.06 x 5.35 x
EV / EBITDA 215 x 139 x 59.9 x 38.5 x 41.3 x 36.4 x 26.4 x 19.1 x
EV / FCF 549 x 140 x 133 x -60.5 x -48 x 103 x 29.3 x 41.9 x
FCF Yield 0.18% 0.71% 0.75% -1.65% -2.08% 0.97% 3.42% 2.39%
Price to Book 13.2 x 19.3 x 5.6 x 3.9 x 5.34 x 4.29 x 3.85 x 3.32 x
Nbr of stocks (in thousands) 534,862 534,862 616,244 616,244 619,279 620,073 - -
Reference price 2 92.40 157.6 126.6 98.01 153.6 135.0 135.0 135.0
Announcement Date 16/04/20 24/02/21 23/02/22 27/02/23 28/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,947 2,273 3,108 4,740 6,264 8,258 10,839 14,100
EBITDA 1 225.7 598.6 1,159 1,392 2,142 2,134 2,895 3,957
EBIT 1 197.9 514.8 1,133 1,263 1,980 1,914 2,719 3,714
Operating Margin 10.17% 22.65% 36.46% 26.64% 31.62% 23.17% 25.09% 26.34%
Earnings before Tax (EBT) 1 198.4 512.7 1,133 1,259 2,010 2,237 2,774 3,832
Net income 1 188.6 492.2 1,011 1,170 1,786 1,849 2,503 3,358
Net margin 9.69% 21.65% 32.54% 24.68% 28.51% 22.38% 23.09% 23.82%
EPS 2 0.3700 0.9200 1.760 1.900 2.880 2.990 4.052 5.525
Free Cash Flow 1 88.36 594.5 520.4 -886.3 -1,844 753.2 2,615 1,802
FCF margin 4.54% 26.15% 16.74% -18.7% -29.43% 9.12% 24.12% 12.78%
FCF Conversion (EBITDA) 39.15% 99.31% 44.91% - - 35.29% 90.31% 45.55%
FCF Conversion (Net income) 46.86% 120.79% 51.45% - - 40.75% 104.48% 53.67%
Dividend per Share 2 - - - - 0.3000 - - -
Announcement Date 16/04/20 24/02/21 23/02/22 27/02/23 28/02/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2021 S2 2022 Q1 2022 Q2 2022 S1 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 1,035 1,770 949.1 1,023 - 1,071 1,697 1,223 1,303 1,515 2,222 1,605 1,806 2,010 2,788 2,718 2,718
EBITDA 1 - - - - - - - - - - - - 463.9 528.7 758 834 834
EBIT 1 497.4 658.5 107.9 401.5 - 300.1 406.2 307.4 275.9 254.7 679 254.4 356.8 419.6 642.9 641.3 641.3
Operating Margin 48.04% 37.21% 11.37% 39.26% - 28.01% 23.94% 25.14% 21.16% 16.81% 30.55% 15.85% 19.76% 20.87% 23.06% 23.59% 23.59%
Earnings before Tax (EBT) 1 497.4 658.5 107.1 401.2 - 346.7 403.6 308.5 820.4 175.3 706.2 256.8 460.7 512 788.8 778 778
Net income 1 469.6 614.8 117.2 350.6 467.8 325.2 376.8 275.4 727.6 156.9 626.1 249.1 417.1 459.7 698.3 700.6 700.6
Net margin 45.35% 34.74% 12.35% 34.28% - 30.35% 22.21% 22.51% 55.82% 10.36% 28.17% 15.52% 23.1% 22.86% 25.05% 25.78% 25.78%
EPS 2 0.8000 1.020 0.1900 0.5700 - 0.5200 0.6200 0.4500 1.170 0.2500 1.010 0.4000 0.6712 0.7324 1.122 0.9399 0.9849
Dividend per Share 2 - - - - - - - - - - - - - - 0.6606 - -
Announcement Date 23/02/22 23/02/22 27/04/22 10/08/22 10/08/22 27/10/22 27/02/23 28/04/23 24/08/23 26/10/23 28/02/24 25/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 945 1,132 8,647 6,814 6,581 5,967 7,226 8,291
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 88.4 595 520 -886 -1,844 753 2,615 1,802
ROE (net income / shareholders' equity) 6.71% 12.1% 11% 7.94% 10.7% 9.97% 11.7% 13.9%
ROA (Net income/ Total Assets) - 9.31% 8.96% 6.36% 8.59% 7.73% 8.69% 10.9%
Assets 1 - 5,287 11,286 18,384 20,780 23,905 28,792 30,914
Book Value Per Share 2 7.010 8.170 22.60 25.10 28.80 31.50 35.00 40.60
Cash Flow per Share 2 0.2500 1.580 1.770 1.000 -1.580 3.780 2.720 4.780
Capex 1 44.9 252 496 1,504 867 1,143 1,102 1,133
Capex / Sales 2.31% 11.08% 15.95% 31.73% 13.84% 13.84% 10.17% 8.04%
Announcement Date 16/04/20 24/02/21 23/02/22 27/02/23 28/02/24 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
20
Last Close Price
135 CNY
Average target price
194.8 CNY
Spread / Average Target
+44.26%
Consensus
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