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Major flexible and rigid PCB maker, part of the Foxconn/Zhen Ding group, supplying flex circuits mainly to Apple's supply chain.
Major flexible and rigid PCB maker, part of the Foxconn/Zhen Ding group, supplying flex circuits mainly to Apple's supply chain.
Makes circuit boards to the specifications of brand owners, with Apple the main customer, so production follows the build schedules for iPhones and wearables. It belongs to the Taiwanese Zhen Ding group. Flexible boards, thin bendable circuits, carry the company; rigid boards and chip substrates are smaller.
In one line: China's mainland arm of Taiwan's Zhen Ding Technology, serving Apple.
Moat: narrow (scale, customer qualification, process know-how). Deep Apple-qualified flex-PCB manufacturing scale within the Foxconn/Zhen Ding group, but thin component-supplier margins.
Headquarters: Shenzhen, China · Founded: 2006 · Employees: 47,573
Size Avary Holding (Shenzhen) (002938.SZ) is a China Information Technology company (Electronic Components) with a market value of $16.2B, the 141st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥46.68 on 6 Nov 2026.
Performance Over six months the shares fell 35.2%, against -27.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +35.8%); the operating margin is 10.4% (peer median 15.6%).
Valuation It trades at 22.4× forward earnings against a peer median of 18.9× (9th most expensive of 21).
Capital Return on invested capital runs 4.7 points above its cost of capital (8.4% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥41.5B | CN¥39.0B | CN¥35.0B | CN¥31.9B | CN¥36.1B |
| Revenue growth | — | +12% | +10% | -12% | — |
| Gross profit | CN¥12.4B | CN¥7.80B | CN¥6.70B | CN¥6.28B | CN¥8.17B |
| EBITDA | n/a | CN¥7.26B | CN¥6.28B | CN¥6.11B | CN¥8.36B |
| Net income | CN¥3.78B | CN¥3.74B | CN¥3.62B | CN¥3.29B | CN¥5.01B |
| Free cash flow | -CN¥4.11B | CN¥679M | CN¥4.26B | CN¥4.47B | CN¥6.62B |
| Capital expenditure | CN¥12.9B | CN¥6.63B | CN¥2.84B | CN¥3.51B | CN¥4.34B |
| Total debt | CN¥9.40B | CN¥4.52B | CN¥3.53B | CN¥4.23B | CN¥3.24B |
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 |
|---|---|---|---|---|---|---|
| Avary Holding (Shenzhen) 002938.SZ | $16.2B | -35% | +8% | 10% | 22.4× | n/a |
| Zhen Ding Technology Holding Lt 4958.TW | $12.8B | -12% | +5% | 9% | 18.4× | n/a |
| TTM Technologies TTMI | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | $26.9B | -57% | +56% | 11% | 18.0× | n/a |
| Flexium Interconnect 6269.TW | $617M | -5% | +1% | -34% | 52.0× | n/a |
| NOK 7240.T | n/a | +1% | n/a | n/a | n/a | n/a |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Compeq Manufacturing 2313.TW | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% |
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 | 002938.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.1% | -39.8% | 10th lowest of 21 |
| 6-month return | -35.2% | -27.1% | 9th lowest of 20 |
| Distance from 52-week high | -62.1% | -51.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +7.7% | +35.8% | 3rd lowest of 21 |
| Operating margin | 10.4% | 15.6% | 6th lowest of 21 |
| Forward P/E | 22.4× | 18.9× | 9th most expensive of 21 |
| ROIC minus cost of capital | +4.7 pp | +3.3 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Chaozhou Three-Circle (Group) 6951.HK | Hong Kong | $20.2B | n/a | +74% | 34% | 22.3× | 34.2% | +16.8% |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |