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Foxconn (Hon Hai) subsidiary that designs and manufactures smartphones and handsets on contract for global brands.
Foxconn (Hon Hai) subsidiary that designs and manufactures smartphones and handsets on contract for global brands.
Assembles phones to other brands' designs for a thin mark-up over the cost of parts, so earnings depend on orders from a small number of handset customers. As part of Foxconn (Hon Hai), it draws on the group's parts buying and factory scale, and is moving into electronics for cars.
In one line: Foxconn's smartphone-ODM arm.
Moat: none (scale, customer qualification). Backed by Foxconn's scale, but a low-margin, highly competitive contract handset manufacturer.
Headquarters: Shenzhen, China · Founded: 2003 · Employees: 32,142
Size FIH Mobile (2038.HK) is a Hong Kong Information Technology company (Computer Peripherals) with a market value of $1.24B, the 541st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$13.08 on 6 Nov 2026.
Performance Over six months the shares fell 50.6%, against -20.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 17.3% over the last twelve months (peer median +7.9%); the operating margin is 1.0% (peer median 2.0%).
Valuation It trades at 0.0× enterprise value to sales against a peer median of 4.5× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (10.1% WACC).
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$53.6B | HK$51.9B | HK$44.5B | HK$50.5B | HK$73.6B |
| Revenue growth | — | +17% | -12% | -31% | — |
| Gross profit | HK$1.72B | HK$1.58B | HK$1.03B | HK$829M | HK$1.46B |
| EBITDA | HK$774M | HK$689M | HK$148M | -HK$1.67B | -HK$949M |
| Net income | HK$436M | HK$411M | -HK$159M | -HK$945M | -HK$565M |
| Free cash flow | HK$458M | -HK$812M | HK$1.44B | -HK$370M | HK$1.87B |
| Capital expenditure | HK$1.60B | HK$1.46B | HK$975M | HK$729M | HK$1.12B |
| Total debt | n/a | HK$924M | HK$2.69B | HK$5.53B | HK$5.31B |
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 |
|---|---|---|---|---|---|---|
| FIH Mobile 2038.HK | $1.24B | -51% | +17% | 1% | 0.0× | -11.2% |
| BYD Electronic 0285.HK | $6.15B | -24% | +4% | 1% | 0.2× | -0.8% |
| Wingtech Technology 600745.SS | $2.26B | -59% | -93% | -30% | 5.5× | n/a |
| Luxshare Precision Industry 002475.SZ | $57.7B | -25% | +27% | 4% | 1.2× | n/a |
| Pegatron 4938.TW | $7.52B | +14% | -6% | 1% | 0.2× | 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 | 2038.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.5% | -7.6% | 10th lowest of 21 |
| 6-month return | -50.6% | -20.4% | 2nd lowest of 21 |
| Distance from 52-week high | -58.4% | -40.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +17.3% | +7.9% | 6th highest of 21 |
| Operating margin | 1.0% | 2.0% | 9th lowest of 21 |
| EV / Sales | 0.0× | 4.5× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -11.2% | 23.8% | least demanding of 12 |
| Growth delivered (Del g) | -5.6% | +4.9% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -5.6 pp | +17.9 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -0.5 pp | -4.9 pp | 8th highest of 20 |
| Net debt / EBITDA | -9.7× | -0.8× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FIH Mobile 2038.HK | Hong Kong | $1.24B | -51% | +17% | 1% | 0.0× | -11.2% | -5.6% |
| Hua Ying Technology (Group) 000536.SZ | China | $1.27B | -23% | -13% | -54% | 9.4× | 47.9% | -8.6% |
| NSFOCUS Technologies 300369.SZ | China | $1.29B | +45% | +8% | -4% | 3.4× | 38.1% | +4.9% |
| Scantech (Hangzhou) 688583.SS | China | $1.31B | -20% | +4% | 1% | 21.7× | n/a | n/a |
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | 4.9× | 50.6% | +18.9% |
| 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% |
| 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 |
| 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 |
| Beijing Certificate Authority 300579.SZ | China | $912M | -15% | -11% | -11% | 6.6× | 29.0% | -0.4% |
| 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% |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 0.6× | -9.6% | +0.1% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | 3.9× | 7.4% | +29.2% |
| Shenzhen Rapoo Technology 002577.SZ | China | $754M | +4% | +11% | -2% | 10.1× | n/a | n/a |