Financials Advanced Micro-Fabrication Equipment Inc. China

Equities

688012

CNE100003MM9

Semiconductor Equipment & Testing

End-of-day quote Shanghai S.E. 06:00:00 2024-05-09 pm EDT 5-day change 1st Jan Change
133 CNY -3.68% Intraday chart for Advanced Micro-Fabrication Equipment Inc. China -6.09% -13.39%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 49,421 84,289 78,017 60,398 95,121 82,495 - -
Enterprise Value (EV) 1 48,476 83,157 69,370 53,585 88,541 75,046 74,338 73,076
P/E ratio 250 x 171 x 71.9 x 51.6 x 53.3 x 43.8 x 32.8 x 24.3 x
Yield - - - - 0.2% - - -
Capitalization / Revenue 25.4 x 37.1 x 25.1 x 12.7 x 15.2 x 9.77 x 7.55 x 5.82 x
EV / Revenue 24.9 x 36.6 x 22.3 x 11.3 x 14.1 x 8.89 x 6.81 x 5.16 x
EV / EBITDA 215 x 139 x 59.9 x 38.5 x 41.3 x 35.6 x 25.8 x 18.5 x
EV / FCF 549 x 140 x 133 x -60.5 x -48 x 61.6 x 29.9 x 40.6 x
FCF Yield 0.18% 0.71% 0.75% -1.65% -2.08% 1.62% 3.35% 2.46%
Price to Book 13.2 x 19.3 x 5.6 x 3.9 x 5.34 x 4.2 x 3.79 x 3.26 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 98.01 153.6 133.0 133.0 133.0
Announcement Date 4/16/20 2/24/21 2/23/22 2/27/23 2/28/24 - - -
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 8,445 10,924 14,166
EBITDA 1 225.7 598.6 1,159 1,392 2,142 2,109 2,883 3,943
EBIT 1 197.9 514.8 1,133 1,263 1,980 1,996 2,689 3,607
Operating Margin 10.17% 22.65% 36.46% 26.64% 31.62% 23.63% 24.62% 25.46%
Earnings before Tax (EBT) 1 198.4 512.7 1,133 1,259 2,010 2,120 2,765 3,784
Net income 1 188.6 492.2 1,011 1,170 1,786 1,882 2,505 3,327
Net margin 9.69% 21.65% 32.54% 24.68% 28.51% 22.28% 22.93% 23.49%
EPS 2 0.3700 0.9200 1.760 1.900 2.880 3.039 4.054 5.471
Free Cash Flow 1 88.36 594.5 520.4 -886.3 -1,844 1,218 2,489 1,799
FCF margin 4.54% 26.15% 16.74% -18.7% -29.43% 14.42% 22.78% 12.7%
FCF Conversion (EBITDA) 39.15% 99.31% 44.91% - - 57.72% 86.33% 45.62%
FCF Conversion (Net income) 46.86% 120.79% 51.45% - - 64.71% 99.35% 54.07%
Dividend per Share 2 - - - - 0.3000 - - -
Announcement Date 4/16/20 2/24/21 2/23/22 2/27/23 2/28/24 - - -
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 1,841 2,231 2,931 2,397 2,718
EBITDA 1 - - - - - - - - - - - - 463.9 528.7 758 834 834
EBIT 1 497.4 658.5 107.9 401.5 - 300.1 406.2 307.4 275.9 254.7 679 254.4 406.5 509.7 699.3 641.3 641.3
Operating Margin 48.04% 37.21% 11.37% 39.26% - 28.01% 23.94% 25.14% 21.16% 16.81% 30.55% 15.85% 22.08% 22.85% 23.86% 26.75% 23.59%
Earnings before Tax (EBT) 1 497.4 658.5 107.1 401.2 - 346.7 403.6 308.5 820.4 175.3 706.2 256.8 482 573.3 825.4 778 778
Net income 1 469.6 614.8 117.2 350.6 467.8 325.2 376.8 275.4 727.6 156.9 626.1 249.1 430.4 514.7 731.6 700.6 700.6
Net margin 45.35% 34.74% 12.35% 34.28% - 30.35% 22.21% 22.51% 55.82% 10.36% 28.17% 15.52% 23.38% 23.07% 24.96% 29.23% 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 0.6867 0.8114 1.117 0.9233 0.9849
Dividend per Share - - - - - - - - - - - - - - - - -
Announcement Date 2/23/22 2/23/22 4/27/22 8/10/22 8/10/22 10/27/22 2/27/23 4/28/23 8/24/23 10/26/23 2/28/24 4/25/24 - - - - -
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 7,449 8,156 9,419
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 88.4 595 520 -886 -1,844 1,218 2,489 1,799
ROE (net income / shareholders' equity) 6.71% 12.1% 11% 7.94% 10.7% 9.95% 11.7% 13.6%
ROA (Net income/ Total Assets) - 9.31% 8.96% 6.36% 8.59% 8.24% 8.59% 10.3%
Assets 1 - 5,287 11,286 18,384 20,780 22,843 29,171 32,253
Book Value Per Share 2 7.010 8.170 22.60 25.10 28.80 31.70 35.10 40.80
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 1,062 933 1,034
Capex / Sales 2.31% 11.08% 15.95% 31.73% 13.84% 12.57% 8.54% 7.3%
Announcement Date 4/16/20 2/24/21 2/23/22 2/27/23 2/28/24 - - -
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
21
Last Close Price
133 CNY
Average target price
195.2 CNY
Spread / Average Target
+46.70%
Consensus
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