# Unigroup Guoxin Microelectronics (002049.SHE)

Canonical: https://gigainvestors.com/s/002049.SHE

Analysis as of: 2026-10-16T07:36:50.069Z. Financial observations: FY2002–FY2024.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 52.15 per share; close as of 2026-10-15.

Estimated value: low CNY 33.86 per share, central CNY 46.53 per share, high CNY 53.91 per share. Buy at or below the central value CNY 46.53 per share. Valuation as of 2026-10-16T07:36:50.069Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.39×

Chart: Operating margin; fiscal year observations.

- FY2015: 0.23×

- FY2016: 0.16×

- FY2017: 0.17×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: 0.29×

- FY2021: 0.40×

- FY2022: 0.40×

- FY2023: 0.36×

- FY2024: 0.23×

### moat: pass

- ROIC, median of available years: 17.4%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -8.3 pp

- Typical gross margin (annual median): 46.4%

- Recent gross margin (lower of latest and 3-year median): 54.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.7%

- ROIC including acquisitions, ten-year median: 10.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2015: 18.2%

- FY2016: 11.7%

- FY2017: 14.4%

- FY2018: 16.7%

- FY2019: 14.0%

- FY2020: 23.0%

- FY2021: 40.5%

- FY2022: 39.4%

- FY2023: 30.1%

- FY2024: 11.8%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.6B

- Net income, five-year total: CNY 9.1B

- Return on incremental invested capital: 12.7%

- Working capital / revenue, annual change: 3.7 pp

- Working capital / revenue, change between three-year averages: 26.8 pp

- Working capital / revenue, final three-year average: 99.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2020: 0.56×

- FY2021: 0.98×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.90×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2024 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.4% vs 30.1%

- Per-share earnings: 0.55 to 3.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.3%

- Ordinary dilution, 5-year annual growth: 6.8%

- Market cap gain: CNY 34B

- Cumulative retained earnings: CNY 9.1B

- Diluted shares, 10-year annual growth: 3.3%

- Diluted shares, 5-year annual growth: 6.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2024

- Per-share value growth: 23.6%

- Per-share value change: CNY 2.45

- Per-share value, starting three-year median: CNY 0.55

- Per-share value, ending three-year median: CNY 3.00

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.4B

- Cumulative net income, 10 years: CNY 11B

- ROIC, first three-year median: 14.4%

- ROIC, last three-year median: 30.1%

Chart: Earnings per share; fiscal year observations.

- FY2015: CNY 0.55

- FY2016: CNY 0.55

- FY2017: CNY 0.46

- FY2018: CNY 0.57

- FY2019: CNY 0.67

- FY2020: CNY 1.33

- FY2021: CNY 3.22

- FY2022: CNY 3.10

- FY2023: CNY 3.00

- FY2024: CNY 1.40

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.23×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2015: -1.6%

- FY2016: 4.6%

- FY2017: -5.8%

- FY2018: 0.5%

- FY2019: 2.2%

- FY2020: 5.1%

- FY2021: 6.6%

- FY2022: 5.9%

- FY2023: 4.2%

- FY2024: -1.7%

## Holders

## Price story

Down 77% since Nov 2021 · sales -27.3%

Story as of 2026-10-16T10:00:08.202Z; price observation 2026-10-15.

Price needs cash profits to grow 8.1% a year for ten years

### Sales · FY2023–2024

sales -27.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: CNY 1.2B 

- FY2016: CNY 1.4B 

- FY2017: CNY 1.8B 

- FY2018: CNY 2.5B 

- FY2019: CNY 3.4B 

- FY2020: CNY 3.3B 

- FY2021: CNY 5.3B 

- FY2022: CNY 7.1B 

- FY2023: CNY 7.6B 

- FY2024: CNY 5.5B 

### Gross margin · FY2024

gross margin 54.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2015: 41.2% 

- FY2016: 38.0% 

- FY2017: 33.1% 

- FY2018: 29.5% 

- FY2019: 32.9% 

- FY2020: 51.6% 

- FY2021: 59.2% 

- FY2022: 63.0% 

- FY2023: 60.1% 

- FY2024: 54.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are CNY 5.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2024: revenue 5511073894; grossProfit 3012257956; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002049.SHE: Unigroup Guoxin Microelectronics Co., Ltd. designs and develops integrated circuit (IC) chips in China and internationally. It operates through Crystal Business, Smart Security Chip Business, and Specialty Integrated Circuit Business segments. The company offers smart card IC products comprising contact and dual-interface chips; special integrated circuits; memory chips; FPGAs; power transistors; semiconductor power devices, such as super junction power MOSFETs, multi EPI super junction power MOSFETs, trench power MOSFETs, double trench power MOSFETs, PLANA VDMOS, IGBTs, IGTOs, and high-voltage half-bridge driver ICs; and quartz oscillator products, including quartz crystal resonators and sapphire materials on LED substrates. It also provides AI+ visual perception, processors, programmable devices networks and interfaces, and analog devices; smart card security chips comprising SIM and financial IC card chips, and electronic certificate chips; smart terminal security chips consisting of eSIM and anti-counterfeiting chips, POS machine security and contactless reader/writer chips, and USBKey chips; automotive electronic chips, such as automotive-grade security chips and automotive-grade domain control chips; and clock crystal oscillators, voltage-controlled crystal oscillators, temperature-compensated crystal oscillators, and oven-controlled crystal oscillators. The company's products are used in communication, financial payment, smart government, public utilities, Internet of Things, aerospace, intelligent vehicles, electronics, power and energy, and artificial intelligence applications. In addition, it is involved in housing rental; property management; investment; testing; and technical consultation activities. The company was formerly known as Unigroup Guoxin Co., Ltd. and changed its name to Unigroup Guoxin Microelectronics Co., Ltd. in June 2018. Unigroup Guoxin Microelectronics Co., Ltd. was founded in 1991 and is based in Tangshan, China.

### Why customers stay

Margins ranged from 54.7% to 63% during 2022–24; it earns 17.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2022: grossProfit / revenue = 63%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2023: grossProfit / revenue = 60.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2024: grossProfit / revenue = 54.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); 10-year return on capital observations [[2015,0.1819817249132096],[2016,0.11722957949832917],[2017,0.14354825092850146],[2018,0.16658047234979184],[2019,0.1396336775387119],[2020,0.22955281626628504],[2021,0.40541464280735545],[2022,0.3943041576972139],[2023,0.30122955878310564],[2024,0.11764749468215079]]; median 0.1742810986315007. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2015: growth capex 82624653.99391681; upkeep 166209877.0060832; owner earnings 247168407.9939168. Growth capex / owner earnings = 0.3342848492026955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2016: growth capex 60639636.696401894; upkeep 212176822.3035981; owner earnings 227620234.6964019. Growth capex / owner earnings = 0.26640705637300904.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2017: growth capex 112685459.45900708; upkeep 190734426.14099294; owner earnings 220595710.85900706. Growth capex / owner earnings = 0.5108234381357921.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2018: growth capex 137926566.0696494; upkeep 166302119.9303506; owner earnings 339896102.0696494. Growth capex / owner earnings = 0.40579037308696864.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2019: growth capex 173107191.06035948; upkeep 339960276.9396405; owner earnings 164202230.06035948. Growth capex / owner earnings = 1.0542316690627564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2020: growth capex 0; upkeep 550669148; owner earnings 448168433. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2021: growth capex 215483424.0195379; upkeep 208097381.9804621; owner earnings 1921016446.019538. Growth capex / owner earnings = 0.11217156649857557.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2022: growth capex 3808578.300000012; upkeep 303496930; owner earnings 2629551853.604. Growth capex / owner earnings = 0.0014483754312660032.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2023: growth capex 37298812.697808504; upkeep 212994814.3021915; owner earnings 2522119692.9698086. Growth capex / owner earnings = 0.014788676684051011.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); FY2024: growth capex 0; upkeep 316587888; owner earnings 1062326362.326. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); Dividend observations: [[2015,60990236.8],[2016,38243564],[2017,43682456],[2018,38513991],[2019,35195442],[2020,79903808],[2021,114938871],[2022,215063158],[2023,19281797],[2024,590274635]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002049.SHE SharesStats.PercentInsiders = 31.535000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.1% yearly over ten years; actual growth was 10.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.069Z); Ten-year compound average after fade. Initial solved rate 0.10273287347582871. Price 52.15; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2014 owner earnings/share 0.4815422502612609 → FY2024 1.2598543978963337. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 36.36 per share

- 2016-11: CNY 35.77 per share

- 2016-12: CNY 32.94 per share

- 2017-01: CNY 30.90 per share

- 2017-02: CNY 30.88 per share

- 2017-03: CNY 30.88 per share

- 2017-04: CNY 30.88 per share

- 2017-05: CNY 30.88 per share

- 2017-06: CNY 30.88 per share

- 2017-07: CNY 24.87 per share

- 2017-08: CNY 28.20 per share

- 2017-09: CNY 37.18 per share

- 2017-10: CNY 32.48 per share

- 2017-11: CNY 47.93 per share

- 2017-12: CNY 47.99 per share

- 2018-01: CNY 36.59 per share

- 2018-02: CNY 42.60 per share

- 2018-03: CNY 51.97 per share

- 2018-04: CNY 53.15 per share

- 2018-05: CNY 48.48 per share

- 2018-06: CNY 44.12 per share

- 2018-07: CNY 44.53 per share

- 2018-08: CNY 43.45 per share

- 2018-09: CNY 37.70 per share

- 2018-10: CNY 30.88 per share

- 2018-11: CNY 31.99 per share

- 2018-12: CNY 28.90 per share

- 2019-01: CNY 30.13 per share

- 2019-02: CNY 37.84 per share

- 2019-03: CNY 45.03 per share

- 2019-04: CNY 42.08 per share

- 2019-05: CNY 45.11 per share

- 2019-06: CNY 44.11 per share

- 2019-07: CNY 48.55 per share

- 2019-08: CNY 53.40 per share

- 2019-09: CNY 51.09 per share

- 2019-10: CNY 50.96 per share

- 2019-11: CNY 44.80 per share

- 2019-12: CNY 50.84 per share

- 2020-01: CNY 55.84 per share

- 2020-02: CNY 57.95 per share

- 2020-03: CNY 49.98 per share

- 2020-04: CNY 61.60 per share

- 2020-05: CNY 68.76 per share

- 2020-06: CNY 72.75 per share

- 2020-07: CNY 126.89 per share

- 2020-08: CNY 126.35 per share

- 2020-09: CNY 118.79 per share

- 2020-10: CNY 107.34 per share

- 2020-11: CNY 100.45 per share

- 2020-12: CNY 133.81 per share

- 2021-01: CNY 120.86 per share

- 2021-02: CNY 111.00 per share

- 2021-03: CNY 106.99 per share

- 2021-04: CNY 117.11 per share

- 2021-05: CNY 139.16 per share

- 2021-06: CNY 154.19 per share

- 2021-07: CNY 191.07 per share

- 2021-08: CNY 223.70 per share

- 2021-09: CNY 206.80 per share

- 2021-10: CNY 202.65 per share

- 2021-11: CNY 230.89 per share

- 2021-12: CNY 225.00 per share

- 2022-01: CNY 214.50 per share

- 2022-02: CNY 221.31 per share

- 2022-03: CNY 204.54 per share

- 2022-04: CNY 183.00 per share

- 2022-05: CNY 177.40 per share

- 2022-06: CNY 189.72 per share

- 2022-07: CNY 210.97 per share

- 2022-08: CNY 156.01 per share

- 2022-09: CNY 144.00 per share

- 2022-10: CNY 164.11 per share

- 2022-11: CNY 131.49 per share

- 2022-12: CNY 131.82 per share

- 2023-01: CNY 125.80 per share

- 2023-02: CNY 110.90 per share

- 2023-03: CNY 111.13 per share

- 2023-04: CNY 106.00 per share

- 2023-05: CNY 92.15 per share

- 2023-06: CNY 93.25 per share

- 2023-07: CNY 93.28 per share

- 2023-08: CNY 92.73 per share

- 2023-09: CNY 87.20 per share

- 2023-10: CNY 75.30 per share

- 2023-11: CNY 72.45 per share

- 2023-12: CNY 67.45 per share

- 2024-01: CNY 52.32 per share

- 2024-02: CNY 71.59 per share

- 2024-03: CNY 64.90 per share

- 2024-04: CNY 58.50 per share

- 2024-05: CNY 55.36 per share

- 2024-06: CNY 52.60 per share

- 2024-07: CNY 53.92 per share

- 2024-08: CNY 47.60 per share

- 2024-09: CNY 62.37 per share

- 2024-10: CNY 66.98 per share

- 2024-11: CNY 65.98 per share

- 2024-12: CNY 64.37 per share

- 2025-01: CNY 59.12 per share

- 2025-02: CNY 61.65 per share

- 2025-03: CNY 65.74 per share

- 2025-04: CNY 63.98 per share

- 2025-05: CNY 63.97 per share

- 2025-06: CNY 65.86 per share

- 2025-07: CNY 69.54 per share

- 2025-08: CNY 81.57 per share

- 2025-09: CNY 90.31 per share

- 2025-10: CNY 81.74 per share

- 2025-11: CNY 76.06 per share

- 2025-12: CNY 78.81 per share

- 2026-01: CNY 84.11 per share

- 2026-02: CNY 79.70 per share

- 2026-03: CNY 66.04 per share

- 2026-04: CNY 77.32 per share

- 2026-05: CNY 79.30 per share

- 2026-06: CNY 88.75 per share

- 2026-07: CNY 65.02 per share

- 2026-08: CNY 63.87 per share

- 2026-09: CNY 57.88 per share

- 2026-10: CNY 55.38 per share

## Annual estimated value (CNY per share)

- FY2015: low CNY 8.35 per share, central CNY 10.93 per share, high CNY 12.60 per share

- FY2016: low CNY 8.29 per share, central CNY 10.63 per share, high CNY 12.26 per share

- FY2017: low CNY 9.65 per share, central CNY 13.01 per share, high CNY 14.99 per share

- FY2018: low CNY 10.78 per share, central CNY 14.57 per share, high CNY 16.77 per share

- FY2019: low CNY 12.13 per share, central CNY 15.86 per share, high CNY 18.26 per share

- FY2020: low CNY 12.38 per share, central CNY 16.68 per share, high CNY 19.19 per share

- FY2021: low CNY 21.44 per share, central CNY 28.47 per share, high CNY 32.56 per share

- FY2022: low CNY 20.39 per share, central CNY 27.13 per share, high CNY 31.06 per share

- FY2023: low CNY 45.39 per share, central CNY 62.82 per share, high CNY 72.96 per share

- FY2024: low CNY 33.30 per share, central CNY 45.98 per share, high CNY 53.36 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations