Zhuhai Aerospace Microchips Science & Technology Co Ltd

The company maintains a conservative capital structure with a debt-to-equity ratio of 0.18 and a current ratio of 1.38, indicating adequate short-term liquidity coverage. Total equity stands at 1.43 billion CNY against total liabilities of 780 million CNY, with long-term debt comprising 265 million CNY. However, liquidity risk is assessed as medium due to negative net cash positions after subtracting total debt, and free cash flow is significantly negative at -260 million CNY, driven by operating cash flow of 45.7 million CNY being insufficient to cover capital expenditures of 43.5 million CNY and other outflows.

Profitability metrics are deeply negative, with a return on equity of -38.88% and return on assets of -25.17%, reflecting substantial operational losses. The company reported an operating income of -286 million CNY and a net income of -341 million CNY on revenue of 277 million CNY, resulting in a gross profit of only 67.7 million CNY. These figures indicate a severe margin compression or high fixed-cost burden relative to current sales volume, with no positive earnings to support valuation multiples based on earnings.

Segment and geographic revenue concentration data is absent from the provided input, preventing a detailed analysis of revenue mix or regional exposure. The company’s activity is broadly defined as Aerospace & Defense, but without specific segment breakdowns, the diversity of its customer base or product lines cannot be quantified.

Growth trajectory analysis is limited by the absence of historical period data in the input. While the latest financial snapshot shows revenue of 277 million CNY, there is no year-over-year or quarterly trend data provided to assess momentum. Analyst estimates reference a last actual revenue of 868 million CNY, which contrasts sharply with the 277 million CNY in the latest snapshot, suggesting either a significant recent decline, a difference in reporting periods, or a data discrepancy that requires further verification.

Risk factors include medium liquidity risk and low dilution risk, with a key flag noting negative net cash after debt subtraction. The negative free cash flow of -260 million CNY poses a sustainability challenge if not offset by equity financing or debt restructuring, although the low debt-to-equity ratio provides some buffer. The absence of historical data limits the ability to assess cyclicality or long-term structural risks.

Recent observations include analyst estimates citing a last actual EPS of 0.15 CNY and last actual revenue of 868 million CNY, which diverge from the latest financial snapshot figures. No specific filing, news, or transcript observations are provided in the input to detail recent corporate actions or market events.

Revenue grew 30.7% year-over-year in 2021, signaling a potential turnaround after years of significant contraction.

Free cash flow improved by 7.3% year-over-year, indicating better cash generation despite ongoing operational losses.

The debt-to-equity ratio of 0.11 is above the semiconductor cohort median, suggesting a conservative leverage profile.

Dilution risk is assessed as low, providing some protection for existing shareholders against equity erosion.

Net loss narrowed slightly in percentage terms compared to the prior year, suggesting stabilizing operational dynamics.

The company posted a net loss of 341 million CNY in 2021, reflecting persistent unprofitability.

Credit risk is flagged as high, indicating significant concerns regarding the company's financial stability and debt obligations.

Return on equity of -1.55% is below the cohort median, demonstrating poor capital efficiency compared to peers.

Revenue ¥60.0M, −32,3% YoY; Operating income −977,7% YoY.

• ▍Revenue ¥60.0M, −32,3% YoY
• ▍Operating income −977,7% YoY
• ▍Net income −1 611,5% YoY
• ▍Net margin -31.2%

Revenue ¥73.8M, +840,1% YoY; Operating income −4,2% YoY.

• ▍Revenue ¥73.8M, +840,1% YoY
• ▍Operating income −4,2% YoY
• ▍Net income −15,4% YoY
• ▍Net margin -364.0%

Revenue ¥7.9M; Operating income -¥204.6M.

• ▍Revenue ¥7.9M
• ▍Operating income -¥204.6M
• ▍Net margin -2966.0%

Revenue ¥58.4M; Operating income -¥36.5M.

• ▍Revenue ¥58.4M
• ▍Operating income -¥36.5M
• ▍Net margin -62.9%

Revenue ¥68.3M; Operating income -¥33.6M.

• ▍Revenue ¥68.3M
• ▍Operating income -¥33.6M
• ▍Net margin -46.5%

Revenue ¥277.1M, +30,7% YoY; Operating income −6,7% YoY.

• ▍Revenue ¥277.1M, +30,7% YoY
• ▍Operating income −6,7% YoY
• ▍Net income −16,0% YoY
• ▍Free cash flow +7,3% YoY
• ▍Net margin -123.1%

Revenue ¥212.1M, −39,9% YoY; Operating income +36,1% YoY.

• ▍Revenue ¥212.1M, −39,9% YoY
• ▍Operating income +36,1% YoY
• ▍Net income +30,8% YoY
• ▍Free cash flow +47,5% YoY
• ▍Net margin -138.7%

Revenue ¥352.7M, −17,1% YoY; Operating income +35,8% YoY.

• ▍Revenue ¥352.7M, −17,1% YoY
• ▍Operating income +35,8% YoY
• ▍Net income +25,7% YoY
• ▍Free cash flow −1,8% YoY
• ▍Net margin -120.6%

Revenue ¥425.5M, −38,9% YoY; Operating income −1 474,9% YoY.

• ▍Revenue ¥425.5M, −38,9% YoY
• ▍Operating income −1 474,9% YoY
• ▍Net income −1 442,0% YoY
• ▍Free cash flow −829,2% YoY
• ▍Net margin -134.5%

Revenue ¥696.0M; Operating income ¥47.5M.

• ▍Revenue ¥696.0M
• ▍Operating income ¥47.5M
• ▍Net margin 6.1%