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Maker of silicon-carbide substrates used in power semiconductors for EVs, solar inverters and fast chargers.
Maker of silicon-carbide substrates used in power semiconductors for EVs, solar inverters and fast chargers.
Sells silicon carbide wafers to chip makers, which turn them into power chips for car inverters and chargers. Competition is a race to grow crystals at higher yield and larger wafer size, since that sets cost, against Wolfspeed and Chinese rivals. The Hong Kong line trades alongside the Shanghai-listed A shares.
In one line: A Chinese SiC-wafer maker akin to Wolfspeed.
Moat: narrow (process know-how, scale). Crystal-growth process yield and scale are hard to replicate quickly.
Headquarters: Jinan, China · Founded: 2014 · Employees: 1,303
Size SICC (2631.HK) is a Hong Kong Materials company (Industrial Specialties) with a market value of $4.61B, the 266th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$41.52 on 6 Nov 2026.
Performance Over six months the shares fell 40.8%, against -7.6% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 26.6% over the last twelve months (peer median +10.6%); the operating margin is -4.6% (peer median 12.4%).
Valuation It trades at 93.0× forward earnings against a peer median of 25.1× (2nd most expensive of 19).
Capital Return on invested capital runs 2.5 points below its cost of capital (5.3% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$2.18B | HK$1.59B | HK$1.92B | HK$1.38B | HK$485M |
| Revenue growth | — | -17% | +39% | +185% | — |
| Gross profit | HK$699M | HK$138M | HK$435M | HK$175M | -HK$65.5M |
| EBITDA | n/a | HK$136M | HK$479M | HK$92.1M | -HK$161M |
| Net income | -HK$196M | -HK$226M | HK$194M | -HK$50.5M | -HK$204M |
| Free cash flow | -HK$555M | -HK$187M | -HK$544M | -HK$1.53B | -HK$1.27B |
| Capital expenditure | HK$835M | HK$437M | HK$616M | HK$1.54B | HK$1.20B |
| Total debt | HK$2.54B | HK$1.52B | HK$911M | HK$432M | HK$14.3M |
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 |
|---|---|---|---|---|---|---|
| SICC 2631.HK | $4.61B | -41% | +27% | -5% | 93.0× | n/a |
| WOLF WOLF | $1.26B | -49% | -12% | -67% | n/a | n/a |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| SICC 688234.SS | $4.98B | -24% | +20% | -5% | 202.4× | n/a |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | 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 | 2631.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.1% | -2.9% | lowest of 20 |
| 6-month return | -40.8% | -7.6% | 2nd lowest of 20 |
| Distance from 52-week high | -70.1% | -28.8% | lowest of 20 |
| Revenue growth (TTM) | +26.6% | +10.6% | 4th highest of 21 |
| Operating margin | -4.6% | 12.4% | lowest of 21 |
| Forward P/E | 93.0× | 25.1× | 2nd most expensive of 19 |
| ROIC minus cost of capital | -2.5 pp | +1.0 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SICC 2631.HK | Hong Kong | $4.61B | -41% | +27% | -5% | 93.0× | n/a | n/a |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | n/a | 8.2% | +20.0% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |