National Silicon Industry Group Co Ltd Class A

688126: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥6.90	Xgbx	Fcph

National Silicon: Net Profit Decline No Surprise, New Site in Northern China Adds Cash Drain

Phelix Lee

Jan 29, 2024

After National Silicon Industry Group, or NSIG, announced 2023 GAAP and adjusted net profit figures that bear little surprise, we hold our fair value estimate at CNY 4.10 per share pending the company’s release of complete full-year results. We still find NSIG extremely overvalued even after its share price declined over 20% since our initiation, as the market continues to overlook the vast capital spending required for it to reach its aim of 15%-20% of global market share by revenue from its current 4%.

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