Loading…
Chinese maker of printed circuit boards, including flexible boards for phones and high-layer boards for AI servers.
Chinese maker of printed circuit boards, including flexible boards for phones and high-layer boards for AI servers.
Boards that wire together phones, cars and AI servers carry the business. Apple buys its flexible circuits through MFLEX, the US firm Dongshan bought in 2016, so orders follow phone launch cycles, while high-layer boards for AI servers are the newer growth line. Its Hong Kong share class listed in October 2026 beside its Shenzhen shares.
In one line: Like TTM Technologies, with Apple flexible-board exposure.
Moat: narrow (scale, customer qualification, process know-how). Apple-grade flexible-board qualification and scale in high-layer boards; peers are many and cyclical.
Headquarters: Suzhou, China · Founded: 1998 · Employees: 39,245
Size Suzhou Dongshan Precision Manufacturing (2384.HK) is a Hong Kong Information Technology company (Electronic Components) with a market value of $29.3B, the 53rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$75.80 on 6 Nov 2026.
Growth Revenue grew 56.4% over the last twelve months (peer median +33.1%); the operating margin is 4.0% (peer median 13.5%).
Valuation It trades at 14.5× forward earnings against a peer median of 21.2× (3rd cheapest of 21).
Capital Return on invested capital runs 4.0 points below its cost of capital (6.8% WACC).
| TTM | FY2025 | |
|---|---|---|
| Revenue | n/a | HK$43.4B |
| Revenue growth | — | — |
| Gross profit | n/a | HK$5.73B |
| EBITDA | n/a | HK$4.94B |
| Net income | n/a | HK$1.50B |
| Free cash flow | n/a | HK$1.02B |
| Capital expenditure | n/a | HK$4.75B |
| Total debt | HK$32.1B | HK$23.0B |
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 |
|---|---|---|---|---|---|---|
| Suzhou Dongshan Precision Manufacturing 2384.HK | $29.3B | n/a | +56% | 4% | 14.5× | 45.3% |
| 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 |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Victory Giant Technology (HuiZhou) 300476.SZ | $18.3B | -62% | +38% | 26% | 17.2× | n/a |
| TTM Technologies TTMI | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% |
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 | 2384.HK | Peer median | Rank in peer set |
|---|---|---|---|
| Revenue growth (TTM) | +56.4% | +33.1% | 5th highest of 21 |
| Operating margin | 4.0% | 13.5% | 3rd lowest of 21 |
| Forward P/E | 14.5× | 21.2× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 45.3% | 23.7% | 3rd most demanding of 14 |
| ROIC minus cost of capital | -4.0 pp | +2.0 pp | 4th lowest of 21 |
| EV / EBITDA | 50.7× | 15.6× | most expensive of 12 |
| Net debt / EBITDA | 4.2× | -0.7× | most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suzhou Dongshan Precision Manufacturing 2384.HK | Hong Kong | $29.3B | n/a | +56% | 4% | 14.5× | 45.3% | n/a |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Chaozhou Three-Circle (Group) 300408.SZ | China | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% | +17.7% |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Luxshare Precision Industry 2475.HK | Hong Kong | $55.2B | n/a | +33% | 4% | 15.7× | 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 |
| 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% |
| Corning GLW | United States | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% | +6.7% |
| 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% |