$Silicon Motion Technology (SIMO.US)$Since only a single rec...

Launched in 2005, mainly for storage-related business, global market, current price 69.95.

Revenue increased in the middle of the past 5 years, and declined in the first and last two years, with an average growth rate of 3.8%. Operating profit declined sharply in the past two years due to a sharp increase in expenses in 2022. 2023 is far below the level of 2018, and net profit is similar. Since the debt ratio has always been low, there is no interest burden. Gross margin remained around 49% in the first 4 years, fell sharply to 14.1% in 2023, and the return on net assets reached a high of 32.9% in 2021 and 7.2% in 2023.

The current price-earnings ratio is 44.3, and the five-year average net profit of 110 million yuan corresponds to a price-earnings ratio of 21. The valuation is not attractive.