Shanghai Fudan Microelectronics Group Co Ltd EBITDA surged on 30.0% in 2015 and EBITDA Margin increased slightly on 1.4 pp from 25.4% to 26.8%
22/03/2016 • About Shanghai Fudan Microelectronics Group Co Ltd (
$1385) • By InTwits
Shanghai Fudan Microelectronics Group Co Ltd reported 2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Shanghai Fudan Microelectronics Group Co Ltd is a fast growth stock: 2015 revenue growth was 23.2%, 5 year revenue CAGR was 16.3% at 2015 ROIC 20.9%
- Shanghai Fudan Microelectronics Group Co Ltd has medium CAPEX intensity: 5 year average CAPEX/Revenue was 9.4%. At the same time it's in pair with industry average of 12.3%.
- CAPEX is quite volatile: 90.0 in 2015, 119 in 2014, 90.0 in 2013, 33.4 in 2012, 50.5 in 2011
- The company has highly profitable business model: ROIC is at 20.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Shanghai Fudan Microelectronics Group Co Ltd ($1385) key annual financial indicators
| mln. CNY | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 610 | 704 | 817 | 844 | 1,040 | 23.2% |
| Gross Profit | 266 | 336 | 397 | 401 | 550 | 37.3% |
| SG&A | | 95 | 119 | 127 | 142 | 11.8% |
| EBITDA | 137 | 187 | 195 | 215 | 279 | 30.0% |
| Net Income | 106 | 140 | 159 | 168 | 159 | -5.4% |
Balance Sheet
|
|---|
| Cash | 148 | 216 | 191 | 161 | 121 | -24.7% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 50 | 33 | 90 | 119 | 90 | -24.7% |
Ratios
|
|---|
| Revenue growth | 24.6% | 15.5% | 16.0% | 3.3% | 23.2% | |
| EBITDA growth | -8.7% | 36.5% | 4.6% | 9.9% | 30.0% | |
| Gross Margin | 43.7% | 47.7% | 48.7% | 47.5% | 52.9% | 5.4% |
| EBITDA Margin | 22.4% | 26.5% | 23.9% | 25.4% | 26.8% | 1.4% |
| Net Income Margin | 17.5% | 19.9% | 19.5% | 19.9% | 15.3% | -4.6% |
| SG&A, % of revenue | | 13.5% | 14.6% | 15.1% | 13.7% | -1.4% |
| CAPEX, % of revenue | 8.3% | 4.7% | 11.0% | 14.2% | 8.7% | -5.5% |
| ROIC | 22.2% | 25.5% | 22.7% | 21.1% | 20.9% | -0.3% |
| ROE | 22.3% | 25.0% | 24.1% | 21.6% | 17.2% | -4.3% |
| Net Debt/EBITDA | -1.1x | -1.2x | -1.0x | -0.8x | -0.4x | 0.3x |
Revenue and profitability
Shanghai Fudan Microelectronics Group Co Ltd's Revenue surged on 23.2% in 2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 26.8 pp from 21.5% to -5.3% in 2015.
Gross Margin increased on 5.4 pp from 47.5% to 52.9% in 2015. SG&A as a % of Revenue decreased slightly on 1.4 pp from 15.1% to 13.7% in 2015.
Net Income marign decreased on 4.6 pp from 19.9% to 15.3% in 2015.
Capital expenditures (CAPEX) and working capital investments
In 2015 Shanghai Fudan Microelectronics Group Co Ltd had CAPEX/Revenue of 8.7%. Shanghai Fudan Microelectronics Group Co Ltd showed CAPEX/Revenue growth of 3.9 pp from 4.7% in 2012 to 8.7% in 2015. For the last three years the average CAPEX/Revenue was 11.3%.
Return on investment
The company operates at high and attractive ROIC (20.85%) while ROE is a bit lower (17.23%). ROIC showed almost no change in 2015. ROE decreased on 4.3 pp from 21.6% to 17.2% in 2015.
Leverage (Debt)
The company has no debt. Cash dropped on 24.7% in 2015.
Appendix 1: Peers in Semiconductors
Below we provide Shanghai Fudan Microelectronics Group Co Ltd benchmarking against other companies in Semiconductors industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Honbridge Holdings Ltd ($8137) | 3,428.4% | -76.4% | -97.5% | 608.9% | |
| Shunfeng International Clean Energy Ltd ($1165) | 216.5% | -46.3% | 44.4% | 275.6% | |
| Phoenitron Holdings Ltd ($8066) | -8.8% | -7.2% | 4.0% | 243.8% | |
| Hanergy Thin Film Power Group Ltd ($566) | -15.1% | 7.5% | 19.1% | 192.8% | |
| China Jinhai International Group Ltd ($139) | | | | 140.3% | -81.9% |
| |
|---|
| Median (21 companies) | -0.5% | -14.0% | 3.0% | 11.7% | -7.1% |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | | 15.5% | 16.0% | 3.3% | 23.2% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Heng Xin China Holdings Ltd ($8046) | 46.3% | 42.1% | 57.6% | 75.0% | |
| China Jinhai International Group Ltd ($139) | -92.8% | | -7.8% | 73.3% | -69.1% |
| PacMOS Technologies Holdings Ltd ($1010) | 68.1% | 68.8% | 65.7% | 65.7% | 57.5% |
| Intel Corp ($4335) | 62.5% | 62.1% | 59.8% | 63.7% | 62.6% |
| Hanergy Thin Film Power Group Ltd ($566) | 62.8% | 71.4% | 80.3% | 57.3% | |
| |
|---|
| Median (22 companies) | 18.0% | 22.1% | 23.7% | 29.5% | 31.0% |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 43.7% | 47.7% | 48.7% | 47.5% | 52.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 13.4% | 9.1% | 37.2% | 88.0% | |
| Hanergy Thin Film Power Group Ltd ($566) | 46.0% | 66.0% | 73.9% | 43.7% | |
| Intel Corp ($4335) | 43.6% | 41.5% | 38.6% | 42.8% | 41.0% |
| Shunfeng International Clean Energy Ltd ($1165) | 5.9% | -11.8% | 9.5% | 40.5% | |
| Semiconductor Manufacturing International Corp ($981) | 26.9% | 34.3% | 35.5% | 34.5% | 33.3% |
| |
|---|
| Median (22 companies) | 10.9% | 7.4% | 6.1% | -0.9% | 10.3% |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 22.4% | 26.5% | 23.9% | 25.4% | 26.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jun Yang Solar Power Investments Ltd ($397) | 390.5% | 671.1% | 25.9% | 78.9% | |
| Han Tang International Holdings Ltd ($1187) | 1.8% | | | 55.2% | 0.3% |
| Semiconductor Manufacturing International Corp ($981) | 70.6% | 23.5% | 35.1% | 33.2% | 55.0% |
| Comtec Solar Systems Group Ltd ($712) | 22.2% | | 30.2% | 18.7% | |
| Intel Corp ($4335) | 19.9% | 20.7% | 20.3% | 18.1% | 13.2% |
| |
|---|
| Median (22 companies) | 10.6% | 4.4% | 4.1% | 5.7% | 6.3% |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 8.3% | 4.7% | 11.0% | 14.2% | 8.7% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| ASM Pacific Technology Ltd ($522) | 52.1% | 12.3% | 9.2% | 21.9% | 13.7% |
| Intel Corp ($4335) | 32.4% | 23.7% | 17.1% | 20.6% | 17.7% |
| Hanergy Thin Film Power Group Ltd ($566) | 9.3% | 14.1% | 15.1% | 19.3% | |
| Shunfeng International Clean Energy Ltd ($1165) | 5.9% | -13.0% | 1.5% | 17.4% | |
| Applied Materials Inc ($4336) | 25.6% | 4.0% | 4.6% | 15.9% | 15.2% |
| |
|---|
| Median (22 companies) | 1.7% | -2.2% | -0.4% | -0.5% | 0.9% |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | 22.2% | 25.5% | 22.7% | 21.1% | 20.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| China Ruifeng Renewable Energy Ltd ($527) | 4.0x | 16.4x | 6.9x | 4.9x | |
| Solargiga Energy Holdings Ltd ($757) | 5.9x | | 13.8x | 4.4x | |
| Shunfeng International Clean Energy Ltd ($1165) | 8.2x | | 25.8x | 3.4x | |
| Phoenitron Holdings Ltd ($8066) | -1.2x | -0.8x | | 3.2x | |
| Semiconductor Manufacturing International Corp ($981) | 1.9x | 1.3x | 1.0x | 1.0x | 0.5x |
| |
|---|
| Median (11 companies) | 0.0x | 0.3x | 0.7x | 0.5x | 0.1x |
|---|
| Shanghai Fudan Microelectronics Group Co Ltd ($1385) | -1.1x | -1.2x | -1.0x | -0.8x | -0.4x |
