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Major Chinese AMOLED display maker supplying flexible and rigid OLED panels for smartphones and wearables.
Major Chinese AMOLED display maker supplying flexible and rigid OLED panels for smartphones and wearables.
Sells panels by the piece to phone and wearable makers, qualified product by product, so volume follows customers' model launches and how many of its panel lines are running full. Display fabs carry large fixed costs, so utilisation matters.
In one line: A China-focused Samsung Display.
Moat: narrow (scale, customer qualification, process know-how). OLED fabs are capital-intensive with long OEM qualification cycles; Samsung still dominates high end.
Headquarters: Kunshan, Jiangsu, China · Founded: 2012 · Employees: 6,010
Size Visionox Technology (002387.SZ) is a China Information Technology company (Computer Peripherals) with a market value of $1.35B, the 1799th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.43 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 1.0% over the last twelve months (peer median +7.9%); the operating margin is -35.1% (peer median 2.0%).
Valuation It trades at 4.9× enterprise value to sales against a peer median of 4.0× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +32 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 6.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.05B | CN¥8.14B | CN¥7.93B | CN¥5.92B | CN¥7.48B |
| Revenue growth | — | +3% | +34% | -21% | — |
| Gross profit | CN¥1.14B | -CN¥569M | -CN¥1.07B | -CN¥2.60B | -CN¥843M |
| EBITDA | n/a | CN¥487M | CN¥122M | -CN¥1.60B | -CN¥33.0M |
| Net income | -CN¥3.20B | -CN¥2.39B | -CN¥2.51B | -CN¥3.73B | -CN¥2.07B |
| Free cash flow | CN¥123M | CN¥1.86B | -CN¥594M | CN¥707M | CN¥1.70B |
| Capital expenditure | CN¥2.27B | CN¥456M | CN¥960M | CN¥1.46B | CN¥1.15B |
| Total debt | CN¥32.9B | CN¥29.7B | CN¥22.3B | CN¥20.0B | CN¥18.3B |
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 |
|---|---|---|---|---|---|---|
| Visionox Technology 002387.SZ | $1.35B | -20% | -1% | -35% | 4.9× | 50.6% |
| BOE Technology 000725.SZ | $25.3B | +9% | -4% | 2% | 1.5× | -3.9% |
| Tianma Microelectronics 000050.SZ | $2.05B | -27% | -3% | -1% | 1.2× | -6.2% |
| LG Display Co., Ltd Sponsored ADR LPL | $2.72B | -42% | -10% | 2% | 0.2× | -8.6% |
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 | 002387.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | -8.8% | 6th highest of 21 |
| 6-month return | -20.4% | -22.1% | 10th highest of 21 |
| Distance from 52-week high | -43.0% | -41.6% | 10th lowest of 21 |
| Revenue growth (TTM) | -1.0% | +7.9% | 8th lowest of 21 |
| Operating margin | -35.1% | 2.0% | 2nd lowest of 21 |
| EV / Sales | 4.9× | 4.0× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 50.6% | 5.6% | most demanding of 13 |
| Growth delivered (Del g) | +18.9% | +4.4% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | +31.8 pp | -7.7 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -6.8 pp | -3.9 pp | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | 4.9× | 50.6% | +18.9% |
| Scantech (Hangzhou) 688583.SS | China | $1.31B | -20% | +4% | 1% | 21.7× | n/a | n/a |
| NSFOCUS Technologies 300369.SZ | China | $1.29B | +45% | +8% | -4% | 3.4× | 38.1% | +4.9% |
| Hua Ying Technology (Group) 000536.SZ | China | $1.27B | -23% | -13% | -54% | 9.4× | 47.9% | -8.6% |
| FIH Mobile 2038.HK | Hong Kong | $1.24B | -51% | +17% | 1% | 0.0× | -11.2% | -5.6% |
| Toyou Feiji Electronics 300302.SZ | China | $1.49B | -24% | +5% | -15% | 25.6× | n/a | n/a |
| Nancal Technology 603859.SS | China | $1.49B | -5% | +10% | 12% | 5.6× | n/a | n/a |
| InfoVision Optoelectronics (Kunshan) 688055.SS | China | $1.56B | -23% | -24% | -19% | 5.8× | n/a | n/a |
| Global Brands Manufacture 6191.TW | Taiwan | $1.09B | -28% | +49% | 8% | 1.2× | n/a | n/a |
| Elecom 6750.T | Japan | $1.07B | +14% | +15% | 12% | 0.8× | -9.4% | +4.3% |
| Chengdu Galaxy Magnets 300127.SZ | China | $1.06B | -30% | +29% | 21% | 6.2× | 25.3% | +7.4% |
| Plover Bay Technologies 1523.HK | Hong Kong | $959M | -22% | +16% | 42% | 6.5× | 3.8% | +19.9% |
| Hitevision 002955.SZ | China | $928M | +2% | -2% | 3% | 1.6× | n/a | n/a |
| Mirle Automation 2464.TW | Taiwan | $928M | +19% | -4% | 1% | 4.2× | n/a | n/a |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 0.6× | -9.6% | +0.1% |
| Beijing Certificate Authority 300579.SZ | China | $912M | -15% | -11% | -11% | 6.6× | 29.0% | -0.4% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | 3.9× | 7.4% | +29.2% |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 1.2× | -6.2% | +4.4% |
| Ai Holdings Corporation 3076.T | Japan | $885M | +10% | +28% | 13% | 1.0× | -6.9% | +13.0% |
| ShunSin Technology 6451.TW | Taiwan | $866M | -53% | +8% | 4% | 4.2× | n/a | n/a |
| Shandong New Beiyang Information Technology 002376.SZ | China | $794M | -9% | +21% | 0% | 1.9× | 23.8% | +3.1% |