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National Silicon Industry Group Co Ltd Class A 688126

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Stock XSHG Rating as of
CNY 13.24 +0.35 (2.72%)
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As of Delayed Price Closed
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Company Report

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National Silicon Earnings: Abysmal Quarter and Investment Losses Limit Options for Expansion

Phelix Lee

We maintain our fair value estimate for no-moat National Silicon Industry Group, or NSIG, at CNY 3.70 per share after the firm reported disappointing first-quarter results. The letdown is a reminder that aggressive capital expenditure is not enough to chip away leaders’ market share in faster-growing high-performance computing and artificial intelligence applications. 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 592% premium.
Price
CNY 12.89
Fair Value
CNY 4.90
Uncertainty
High
1-Star Price
CNY 8.64
5-Star Price
CNY 1.93
Economic Moat
Vjty
Capital Allocation
Dpb

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
CNY 12.89
Day Range
CNY 12.84–13.25
52-Week Range
CNY 12.22–22.40
Bid/Ask
CNY 13.23 / CNY 13.24
Market Cap
CNY 36.37 Bil
Volume/Avg
5.6 Mil / 9.7 Mil

Key Statistics

Price/Earnings (Normalized)
466.08
Price/Sales
11.35
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

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
SOI
6488
Price/Earnings (Normalized)
 466.0817.2814.22
Price/Book Value
 2.662.753.43
Price/Sales
 11.353.983.39
Price/Cash Flow
 —13.1110.99
Price/Earnings
688126
SOI
6488

Financial Strength

Metric
688126
SOI
6488
Quick Ratio
 2.642.721.20
Current Ratio
 3.403.511.39
Interest Coverage
 −2.7714.5831.01
Quick Ratio
688126
SOI
6488

Profitability

Metric
688126
SOI
6488
Return on Assets (Normalized)
 −0.48%9.76%8.73%
Return on Equity (Normalized)
 −0.89%17.64%25.08%
Return on Invested Capital (Normalized)
 −0.71%12.11%12.25%
Return on Assets
688126
SOI
6488
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