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Chinese maker of smart cards, SIM cards and financial IC cards, plus related security-printing and digital-identity products.
Chinese maker of smart cards, SIM cards and financial IC cards, plus related security-printing and digital-identity products.
Sells cards in large unit volumes to banks, mobile operators and ID programmes, mostly won through tenders, so price competition and card-replacement cycles drive results more than any single product advantage.
In one line: A Chinese Gemalto/IDEMIA for bank and SIM cards.
Moat: narrow (customer qualification, regulatory licence). Long-standing bank and telecom qualification in a maturing, price-competitive card market.
Headquarters: Beijing, China · Founded: 1994 · Employees: 978
Size Hengbao (002104.SZ) is a China Information Technology company (Semiconductors) with a market value of $977M, the 2338th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.30 on 6 Nov 2026.
Performance Over six months the shares fell 34.6%, against -26.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 17.4% over the last twelve months (peer median +5.8%); the operating margin is -8.7% (peer median 3.7%).
Valuation It trades at 8.0× enterprise value to sales against a peer median of 4.4× (7th most expensive of 21).
Capital Return on invested capital runs 12.6 points below its cost of capital (10.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥687M | CN¥862M | CN¥894M | CN¥1.25B | CN¥1.03B |
| Revenue growth | — | -4% | -29% | +22% | — |
| Gross profit | CN¥166M | CN¥226M | CN¥265M | CN¥360M | CN¥259M |
| EBITDA | n/a | CN¥80.5M | CN¥85.9M | CN¥190M | CN¥112M |
| Net income | -CN¥50.3M | CN¥58.7M | CN¥95.0M | CN¥158M | CN¥81.9M |
| Free cash flow | -CN¥38.6M | CN¥170M | CN¥207M | CN¥164M | -CN¥172M |
| Capital expenditure | CN¥53.0M | CN¥41.6M | CN¥36.1M | CN¥69.0M | CN¥24.2M |
| Total debt | CN¥28.3M | CN¥53.6M | CN¥19.9M | CN¥48.5M | CN¥63.8M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Hengbao 002104.SZ | $977M | -35% | -17% | -9% | 8.0× | n/a |
| Eastcompeace Technology 002017.SZ | $1.08B | -34% | +4% | 10% | 4.1× | 30.4% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 2.0× | -2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002104.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -19.0% | 7th highest of 21 |
| 6-month return | -34.6% | -26.5% | 7th lowest of 21 |
| Distance from 52-week high | -61.3% | -48.5% | 4th lowest of 21 |
| Revenue growth (TTM) | -17.4% | +5.8% | 4th lowest of 21 |
| Operating margin | -8.7% | 3.7% | 6th lowest of 21 |
| EV / Sales | 8.0× | 4.4× | 7th most expensive of 21 |
| ROIC minus cost of capital | -12.6 pp | -3.1 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengbao 002104.SZ | China | $977M | -35% | -17% | -9% | 8.0× | n/a | n/a |
| Shanghai Prisemi Electronics 688230.SS | China | $970M | -23% | +31% | 19% | 8.7× | 31.1% | +1.3% |
| Koh Young Technology 098460.KS | South Korea | $987M | -49% | +57% | 15% | 4.0× | 20.5% | +5.3% |
| Foshan Electrical and Lighting 000541.SZ | China | $967M | -8% | -3% | -2% | 1.1× | n/a | n/a |
| Guangdong Leadyo IC Testing 688135.SS | China | $990M | -23% | +28% | 6% | 9.9× | n/a | n/a |
| Jiangsu Zongyi 600770.SS | China | $961M | -35% | +64% | -4% | 9.7× | 43.6% | +4.7% |
| Suzhou Oriental Semiconductor 688261.SS | China | $994M | -27% | +18% | 0% | 3.5× | n/a | n/a |
| ELAN Microelectronics 2458.TW | Taiwan | $996M | -18% | -8% | 21% | 2.9× | -2.8% | -4.0% |
| Dioo Microcircuits Co., Ltd. Jiangsu 688381.SS | China | $948M | -15% | -18% | -46% | 11.1× | n/a | n/a |
| Hannstar Display 6116.TW | Taiwan | $1.01B | +43% | +4% | -25% | 2.6× | 14.9% | -10.2% |
| Ambiq Micro AMBQ | United States | $933M | -13% | +32% | -43% | 5.8× | n/a | n/a |
| Wuxi DK Electronic Materials 300842.SZ | China | $1.03B | -48% | +36% | 4% | 0.6× | n/a | n/a |
| Shanghai Fortune Techgroup 300493.SZ | China | $1.04B | -15% | +3% | 3% | 2.3× | 35.9% | +15.8% |
| Parade Technologies 4966.TWO | Taiwan | $915M | -31% | -3% | 14% | 1.9× | 3.8% | +1.6% |
| Beijing OnMicro Electronics 688790.SS | China | $1.04B | -51% | -10% | -16% | 2.8× | 41.4% | +26.8% |
| Beijing Jingyuntong Technology 601908.SS | China | $1.05B | -26% | -32% | -49% | 5.4× | -5.1% | -5.1% |
| Telink Semiconductor (Shanghai) 688591.SS | China | $1.05B | -15% | +7% | 4% | 4.8× | n/a | n/a |
| Guizhou Zhenhua Fengguang Semiconductor 688439.SS | China | $1.05B | -28% | -39% | 4% | 8.4× | 18.6% | +16.1% |
| GCS 4991.TWO | Taiwan | $1.06B | -61% | +52% | 20% | 11.6× | 39.2% | +8.2% |
| Zhejiang Chenfeng Science and Technology 603685.SS | China | $896M | -28% | -14% | 4% | 6.9× | n/a | n/a |
| Scientech 3583.TW | Taiwan | $1.07B | -46% | +9% | 14% | 2.4× | 10.4% | +26.0% |