Financials Tongfu Microelectronics Co.,Ltd

Equities

002156

CNE1000006C3

Semiconductor Equipment & Testing

End-of-day quote Shenzhen S.E. Other stock markets 23:00:00 29/04/2024 BST			5-day change	1st Jan Change
20.98 ^CNY	-1.13%		-0.66%	-9.26%

04-26	Tongfu Microelectronics Co.,Ltd Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-26	A group of buyers agreed to acquire a 92.16% stake in Kinglong Technology Co., Ltd. from KYEC Microelectronics Co., Ltd for CNY 4.8 billion	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,881	33,395	25,708	21,805	34,928	31,776	-	-
Enterprise Value (EV) ¹	22,456	36,033	30,824	29,785	44,468	38,936	40,938	35,424
P/E ratio	823 x	87 x	27 x	44.5 x	210 x	32.5 x	23.2 x	17.1 x
Yield	-	0.1%	-	0.59%	0.05%	0.47%	1.01%	1.18%
Capitalization / Revenue	2.28 x	3.1 x	1.63 x	1.02 x	1.57 x	1.2 x	1.05 x	0.89 x
EV / Revenue	2.72 x	3.35 x	1.95 x	1.39 x	2 x	1.47 x	1.35 x	1 x
EV / EBITDA	18.7 x	18.8 x	10.4 x	8.67 x	11.8 x	7.94 x	7.11 x	6.15 x
EV / FCF	-32.4 x	-40.1 x	-8.91 x	-7.61 x	-66.4 x	-29.3 x	-42.6 x	-
FCF Yield	-3.08%	-2.49%	-11.2%	-13.1%	-1.51%	-3.41%	-2.35%	-
Price to Book	3.11 x	3.5 x	2.48 x	1.8 x	2.52 x	2.15 x	2 x	1.77 x
Nbr of stocks (in thousands)	1,147,784	1,323,117	1,323,117	1,323,117	1,510,714	1,514,576	-	-
Reference price ²	16.45	25.24	19.43	16.48	23.12	20.98	20.98	20.98
Announcement Date	28/02/20	30/03/21	10/03/22	29/03/23	12/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,270	10,769	15,812	21,429	22,269	26,458	30,395	35,522
EBITDA ¹	1,203	1,913	2,969	3,437	3,783	4,902	5,759	5,757
EBIT ¹	-19.29	361	945.6	471.3	243	956.1	1,416	2,018
Operating Margin	-0.23%	3.35%	5.98%	2.2%	1.09%	3.61%	4.66%	5.68%
Earnings before Tax (EBT) ¹	-13.99	366.7	950.9	468.7	241.7	1,175	1,650	2,417
Net income ¹	20.24	338.4	956.7	502	169.4	991.3	1,355	1,863
Net margin	0.24%	3.14%	6.05%	2.34%	0.76%	3.75%	4.46%	5.24%
EPS ²	0.0200	0.2900	0.7200	0.3700	0.1100	0.6455	0.9046	1.228
Free Cash Flow ¹	-692.5	-897.7	-3,459	-3,913	-669.3	-1,328	-961.5	-
FCF margin	-8.37%	-8.34%	-21.87%	-18.26%	-3.01%	-5.02%	-3.16%	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	0.0260	-	0.0970	0.0120	0.0984	0.2127	0.2485
Announcement Date	28/02/20	30/03/21	10/03/22	29/03/23	12/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,670	4,609	8,723	4,502	5,065	5,752	6,109	4,642	5,266	5,999	6,363	12,361	5,282	6,200	6,825	6,302
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	1,164	1,401	-
EBIT	-	199.5	-	140.4	177.4	84.97	68.59	-77.29	-238.7	173.6	385.3	-	126.4	-	-	-
Operating Margin	-	4.33%	-	3.12%	3.5%	1.48%	1.12%	-1.67%	-4.53%	2.89%	6.06%	-	2.39%	-	-	-
Earnings before Tax (EBT) ¹	-	198.7	-	141.1	178.2	82.51	66.86	-77.34	-238.7	173.5	384.2	-	125.9	140.9	256.5	239
Net income ¹	111.4	253.6	-	164.7	200.7	111.3	25.25	4.551	-192.2	124	233.1	-	98.49	122.3	227.4	200
Net margin	2.39%	5.5%	-	3.66%	3.96%	1.94%	0.41%	0.1%	-3.65%	2.07%	3.66%	-	1.86%	1.97%	3.33%	3.17%
EPS ²	-	0.1900	-	0.1250	0.1500	0.0800	0.0100	0.003000	-0.1200	0.0800	0.1500	-	0.0650	0.0923	0.1790	0.1335
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	21/08/20	10/03/22	10/03/22	27/04/22	24/08/22	30/10/22	29/03/23	26/04/23	30/08/23	25/10/23	12/04/24	12/04/24	26/04/24	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,575	2,638	5,116	7,980	9,540	7,160	9,162	3,648
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.973 x	1.379 x	1.723 x	2.322 x	2.522 x	1.461 x	1.591 x	0.6337 x
Free Cash Flow ¹	-692	-898	-3,459	-3,913	-669	-1,328	-962	-
ROE (net income / shareholders' equity)	0.31%	4.96%	9.53%	4.5%	1.22%	6.74%	8.58%	10.6%
ROA (Net income/ Total Assets)	0.13%	1.81%	3.95%	1.6%	-	2.11%	3.35%	-
Assets ¹	15,935	18,698	24,243	31,365	-	47,092	40,451	-
Book Value Per Share ²	5.300	7.210	7.850	9.140	9.180	9.750	10.50	11.80
Cash Flow per Share ²	1.230	2.050	2.160	2.110	2.830	3.170	3.060	3.730
Capex ¹	2,108	3,619	6,329	7,111	4,962	4,858	5,497	5,305
Capex / Sales	25.49%	33.61%	40.03%	33.19%	22.28%	18.36%	18.09%	14.93%
Announcement Date	28/02/20	30/03/21	10/03/22	29/03/23	12/04/24	-	-	-

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 Tongfu Microelectronics Co.,Ltd

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

20.98 CNY

Average target price

24.9 CNY

Spread / Average Target

+18.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Testing Equipment & Service

	1st Jan change	Capi.
TONGFU MICROELECTRONICS CO.,LTD	-9.26%	4.39B
KLA CORPORATION	+19.83%	93.79B
ADVANTEST CORPORATION	+6.46%	24.66B
LASERTEC CORPORATION	+9.42%	23.99B
TERADYNE INC.	+10.98%	18.42B
TIANSHUI HUATIAN TECHNOLOGY CO., LTD.	-3.87%	3.63B
KING YUAN ELECTRONICS CO., LTD.	+10.13%	3.54B
HANGZHOU CHANGCHUAN TECHNOLOGY CO.,LTD	-22.74%	2.54B
ISC CO., LTD.	-1.74%	1.19B
SIGURD MICROELECTRONICS CORPORATION	+17.18%	1.09B

Semiconductor Testing Equipment & Service