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Makes LED packaging products (SMD, chip-on-board) for general lighting and display-backlight applications.
Makes LED packaging products (SMD, chip-on-board) for general lighting and display-backlight applications.
In one line: A Chinese LED-packaging maker, similar niche to Nichia's packaging business.
Moat: none (scale). LED packaging is a commodity, capacity-driven business with thin, cyclical margins.
Headquarters: Zhongshan, China · Employees: 16,032
Size MLS (002745.SZ) is a China Information Technology company (Semiconductors) with a market value of $2.36B, the 1085th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.55 on 6 Nov 2026.
Performance Over six months the shares gained 11.2%, against -32.5% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 19.2% over the last twelve months (peer median +20.8%); the operating margin is -4.5% (peer median 11.3%).
Valuation It trades at 24.0× forward earnings against a peer median of 30.4× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +2 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 7.4 points below its cost of capital (7.3% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥20.1B | CN¥17.4B | CN¥16.9B | CN¥17.5B | CN¥16.5B |
| Revenue growth | — | +3% | -4% | +6% | — |
| Gross profit | CN¥6.07B | CN¥4.28B | CN¥4.48B | CN¥4.86B | CN¥4.15B |
| EBITDA | n/a | CN¥1.26B | CN¥1.77B | CN¥1.97B | CN¥1.63B |
| Net income | -CN¥792M | -CN¥1.48B | CN¥374M | CN¥430M | CN¥194M |
| Free cash flow | CN¥1.04B | CN¥386M | CN¥776M | CN¥1.39B | -CN¥322M |
| Capital expenditure | CN¥893M | CN¥525M | CN¥1.08B | CN¥562M | CN¥519M |
| Total debt | CN¥5.43B | CN¥3.93B | CN¥3.57B | CN¥3.25B | CN¥5.76B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MLS 002745.SZ | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% |
| Sanan Optoelectronics 600703.SS | $6.87B | -33% | -22% | -7% | n/a | n/a |
| Shenzhen Jieshun Science & Technology Industry 002609.SZ | $683M | -14% | +5% | 3% | 26.4× | 1.9% |
| Foshan Nationstar Optoelectronics 002449.SZ | $557M | -24% | -17% | -6% | n/a | n/a |
| Shenzhen Refond Optoelectronics 300241.SZ | $668M | -22% | +24% | 4% | n/a | 16.7% |
| Everlight Electronics 2393.TW | $807M | -17% | -3% | 10% | 13.3× | -11.7% |
| Seoul Semiconductor 046890.KS | $358M | -48% | 0% | 0% | 77.0× | 28.9% |
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 | 002745.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.9% | -21.4% | 5th highest of 21 |
| 6-month return | +11.2% | -32.5% | 3rd highest of 21 |
| Distance from 52-week high | -24.5% | -57.6% | highest of 21 |
| Revenue growth (TTM) | +19.2% | +20.8% | 11th highest of 21 |
| Operating margin | -4.5% | 11.3% | 4th lowest of 21 |
| Forward P/E | 24.0× | 30.4× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 29.5% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +0.1% | +20.3% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +2.4 pp | +11.8 pp | 6th least demanding of 13 |
| ROIC minus cost of capital | -7.4 pp | -2.3 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |