| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 28.70 | -7 |
| Intrinsic value (DCF) | 14.96 | -51 |
| Graham-Dodd Method | 2.98 | -90 |
| Graham Formula | 0.19 | -99 |
Macmic Science & Technology Co., Ltd. is a specialized power semiconductor company founded in 2006 and headquartered in Taipei, Taiwan, with its shares listed on the Shanghai Stock Exchange STAR Market. The company focuses on the development, manufacturing, and sale of comprehensive power semiconductor solutions including MOSFET modules, fast recovery epitaxial diode chips and modules, IGBT discrete products and modules, rectifier diode modules, and thyristor modules. Operating in the critical semiconductor technology sector, Macmic's products serve diverse applications across inverter systems, welding equipment, SMPS, UPS, induction heating, renewable energy inverters for solar and wind power, transportation products, home appliances, electric vehicles, medical equipment, and motor drives. As a Taiwan-based company accessing China's capital markets, Macmic occupies a strategic position in the global semiconductor supply chain, leveraging regional manufacturing expertise while serving international markets. The company's focus on power semiconductors positions it at the forefront of energy efficiency technologies essential for electric vehicles, renewable energy infrastructure, and industrial automation—key growth areas in the global transition toward electrification and sustainable energy solutions.
Macmic Science & Technology presents a mixed investment profile with significant sector exposure but concerning financial metrics. The company operates in the strategically important power semiconductor space with applications in high-growth areas like electric vehicles and renewable energy, supported by a substantial market capitalization of approximately 5.92 billion CNY. However, the investment case is tempered by negative net income of -14.47 million CNY and negative diluted EPS of -0.0682 despite generating 1.33 billion CNY in revenue. Positive aspects include reasonable operating cash flow of 122 million CNY and a dividend payment of 0.09 CNY per share, suggesting some financial stability. The company's beta of 1.083 indicates higher volatility than the market, which may appeal to risk-tolerant investors seeking semiconductor sector exposure. Key risks include the net loss position, significant total debt of 803.56 million CNY relative to cash reserves of 225.55 million CNY, and competitive pressures in the global semiconductor industry. Investors should monitor the company's ability to return to profitability and manage its debt load while capitalizing on growth in its target end markets.
Macmic Science & Technology competes in the highly competitive global power semiconductor market, where it faces established international players with greater scale and technological resources. The company's competitive positioning is defined by its specialization in specific power semiconductor components rather than attempting to compete across the entire semiconductor value chain. Macmic's product portfolio focusing on MOSFET modules, IGBTs, and diode modules targets mid-range applications in industrial, automotive, and renewable energy sectors, potentially avoiding direct competition with premium-tier suppliers. The company's Taiwan-based operations provide advantages in semiconductor manufacturing expertise and supply chain integration within the Asia-Pacific region, while its Shanghai listing offers access to Chinese capital markets and domestic customer relationships. However, Macmic faces significant challenges against larger competitors with stronger R&D capabilities, broader product portfolios, and global distribution networks. The company's negative profitability in the latest reporting period suggests competitive pressures on pricing and margins, common in the semiconductor industry where scale advantages are significant. Macmic's ability to compete likely depends on maintaining technological relevance in specific application areas, controlling manufacturing costs, and developing customer relationships in growing markets like electric vehicles and renewable energy where specialized power semiconductor expertise is valued. The capital-intensive nature of semiconductor manufacturing and the cyclicality of the industry present ongoing challenges for mid-sized players like Macmic competing against well-funded multinational corporations.