Morningstar

National Silicon Industry Group Co Ltd Class A 688126

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Stock XSHG Rating as of
¥18.98 +3.16 (19.97%)
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As of Delayed Price Closed

Company Report

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National Silicon Earnings: Profitability Bottoms; Colossal Investments Haunt Outlook

Phelix Lee

We maintain our fair value estimate for National Silicon Industry Group of CNY 3.70 per share after the firm reported disappointing second-quarter results. Our long-term view of the stock being overvalued has not changed as the company plans to spend heavily on expansions to build a self-sufficient wafer supply for Chinese semiconductor manufacturers, regardless of short-term profitability. Taiwan peers GlobalWafers and its parent Sino-American Silicon Products remain our picks in the sector.

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Price vs Fair Value

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688126 is trading at a 181% premium.
Price
¥18.98
Fair Value
¥6.80
Uncertainty
High
1-Star Price
¥7.65
5-Star Price
¥2.64
Economic Moat
Mdt
Capital Allocation
Bjywy

Bulls Say, Bears Say

Bulls

NSIG will win market share in China due to improving product quality and home market advantage.

Bears

Chipmakers have little incentive to go beyond qualification with NSIG if wafer supply is sufficient.

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Trading Information

Previous Close Price
¥15.82
Day Range
¥16.90–18.98
52-Week Range
¥12.22–19.96
Bid/Ask
¥18.98 / ¥0.00
Market Cap
¥52.14 Bil
Volume/Avg
40.5 Mil / 10.2 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
16.46
Dividend Yield (Trailing)
0.21%
Dividend Yield (Forward)
0.21%
Total Yield
0.21%

Company Profile

National Silicon Industry Group was founded in 2015 after reorganizing several smaller silicon producers. Its major subsidiaries are Zing Semiconductor and Simgui domestically, and Okmetic in Finland. The company had an annual production capacity of 13 million wafers at the end of 2023. NSIG holds a 9% stake in France-based Soitec, which is a supplier and a customer. NSIG is headquartered in Shanghai, China and employs about 2,400 people.
Sector
Technology
Industry
Semiconductor Equipment & Materials
Stock Style Box
Large Core
Total Number of Employees
2,377
Website
http://www.nsig.com

Competitors

Valuation

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Metric
688126
3436
6488
Price/Earnings (Normalized)
 —21.5813.33
Price/Book Value
 3.960.972.37
Price/Sales
 16.461.433.16
Price/Cash Flow
 142.285.429.67
Price/Earnings
688126
3436
6488

Financial Strength

Metric
688126
3436
6488
Quick Ratio
 2.101.241.19
Current Ratio
 2.772.441.35
Interest Coverage
 −4.1824.1524.65
Quick Ratio
688126
3436
6488

Profitability

Metric
688126
3436
6488
Return on Assets (Normalized)
 −2.14%4.08%7.76%
Return on Equity (Normalized)
 −4.12%7.71%21.52%
Return on Invested Capital (Normalized)
 −2.33%4.98%10.33%
Return on Assets
688126
3436
6488

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