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Chinese maker of wireless signal amplification and distributed antenna equipment for telecom operators, alongside a digital marketing subsidiary.
Chinese maker of wireless signal amplification and distributed antenna equipment for telecom operators, alongside a digital marketing subsidiary.
In one line: A telecom-equipment maker (in-building coverage systems) that diversified into digital adv.
Moat: narrow (customer qualification, process know-how). Telecom-equipment qualification with carriers gives some stickiness, though the added marketing business is more commoditized.
Headquarters: Hangzhou, China · Employees: 979
Size Sunwave Communications (002115.SZ) is a China Communication Services company (Advertising/Marketing Services) with a market value of $1.21B, the 1960th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.32 on 6 Nov 2026.
Performance Over six months the shares fell 35.3%, against -9.8% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 102.2% over the last twelve months (peer median +9.6%); the operating margin is 0.8% (peer median 0.6%).
Valuation It trades at 0.4× enterprise value to sales against a peer median of 2.3× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.7 points below its cost of capital (9.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.6B | CN¥11.9B | CN¥10.9B | CN¥12.5B | CN¥10.3B |
| Revenue growth | — | +9% | -12% | +21% | — |
| Gross profit | CN¥779M | CN¥493M | CN¥503M | CN¥550M | CN¥514M |
| EBITDA | n/a | CN¥201M | CN¥125M | CN¥205M | CN¥209M |
| Net income | CN¥29.2M | -CN¥13.2M | -CN¥271M | CN¥55.4M | CN¥137M |
| Free cash flow | CN¥27.4M | -CN¥239M | -CN¥69.3M | CN¥62.5M | -CN¥184M |
| Capital expenditure | CN¥94.3M | CN¥104M | CN¥217M | CN¥236M | CN¥154M |
| Total debt | CN¥984M | CN¥915M | CN¥526M | CN¥642M | CN¥669M |
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 |
|---|---|---|---|---|---|---|
| Sunwave Communications 002115.SZ | $1.21B | -35% | +102% | 1% | 0.4× | 26.1% |
| Comba Telecom Systems 2342.HK | $352M | -44% | +4% | 5% | 0.3× | -7.5% |
| Guangdong Advertising 002400.SZ | $1.72B | -27% | +11% | 0% | 0.6× | n/a |
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 | 002115.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | +1.6% | 10th highest of 21 |
| 6-month return | -35.3% | -9.8% | 2nd lowest of 21 |
| Distance from 52-week high | -55.6% | -37.5% | 2nd lowest of 21 |
| Revenue growth (TTM) | +102.2% | +9.6% | 4th highest of 21 |
| Operating margin | 0.8% | 0.6% | 10th highest of 20 |
| EV / Sales | 0.4× | 2.3× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 26.1% | 9.8% | 4th most demanding of 12 |
| Growth delivered (Del g) | +6.5% | +5.5% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | +19.7 pp | -7.7 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -0.7 pp | -5.6 pp | 8th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sunwave Communications 002115.SZ | China | $1.21B | -35% | +102% | 1% | 0.4× | 26.1% | +6.5% |
| ANYCOLOR 5032.T | Japan | $1.23B | +16% | +10% | 35% | 3.1× | -8.9% | +48.8% |
| QuinStreet QNST | United States | $1.18B | +58% | +18% | 3% | 0.9× | 9.8% | +17.5% |
| CheilWorldwide 030000.KS | South Korea | $1.26B | -2% | -4% | 7% | 0.4× | -17.6% | +10.6% |
| Trump Media & Technology DJT | United States | $1.11B | -55% | +22% | -4,052% | 253.7× | n/a | n/a |
| Three's Company Future Technology 605168.SS | China | $1.32B | -12% | +11% | 6% | 2.1× | 33.3% | +5.5% |
| InMyShow Digital Technology (Group) 600556.SS | China | $1.33B | -17% | +25% | -2% | 1.9× | n/a | n/a |
| New Guomai Digital Culture 600640.SS | China | $1.35B | -8% | -11% | -2% | 4.2× | 57.0% | -16.4% |
| Sharplink SBET | United States | $1.36B | -16% | +1,497% | -19% | 25.9× | n/a | n/a |
| Hunan TV & Broadcast Intermediary 000917.SZ | China | $1.43B | -23% | -2% | 3% | 2.5× | 17.1% | -6.1% |
| Marketingforce Management 2556.HK | Hong Kong | $1.53B | +10% | +128% | 6% | 2.5× | 16.6% | +38.8% |
| China Tourism And Culture Investment 600358.SS | China | $911M | -11% | +125% | n/a | 7.6× | n/a | n/a |
| Inly Media 603598.SS | China | $865M | +4% | +9% | 0% | 0.7× | n/a | n/a |
| Guangdong Advertising 002400.SZ | China | $1.72B | -27% | +11% | 0% | 0.6× | n/a | n/a |
| Guangdong Yowant Technology 002291.SZ | China | $786M | -15% | -22% | -15% | 2.2× | 36.3% | +9.0% |
| Hubei Century Network Technology 300494.SZ | China | $766M | -5% | -7% | -6% | 3.6× | n/a | n/a |
| Criteo CRTO | United States | $756M | -6% | -7% | 8% | 0.3× | -19.8% | -1.3% |
| Apg Sga APGN.SW | Switzerland | $745M | +13% | +5% | 10% | 1.7× | -2.7% | +4.5% |
| Guangdong Guangzhou Daily Media 002181.SZ | China | $1.96B | -32% | 0% | -6% | 22.0× | n/a | n/a |
| Lecron Industrial Development 300343.SZ | China | $738M | -29% | +46% | 1% | 3.7× | n/a | n/a |
| Havas HAVAS.AS | Netherlands | $1.99B | +10% | +1% | 9% | 0.7× | -8.4% | +1.8% |