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Makes LED epitaxial wafers and chips for general lighting, backlighting and display applications.
Makes LED epitaxial wafers and chips for general lighting, backlighting and display applications.
In one line: A Chinese LED-chip maker, in the same low-margin niche as HC SemiTek/Sanan.
Moat: none (scale). LED chips are a commodity, capacity-driven business with structural overcapacity in China.
Headquarters: Xiamen, China · Employees: 2,233
Size Xiamen Changelight (300102.SZ) is a China Information Technology company (Semiconductors) with a market value of $2.26B, the 1126th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.40 on 6 Nov 2026.
Performance Over six months the shares fell 50.0%, against -30.8% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 38.2% over the last twelve months (peer median +19.8%); the operating margin is -2.3% (peer median 3.9%).
Valuation It trades at 71.3× forward earnings against a peer median of 33.5× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +14 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 5.8 points below its cost of capital (10.5% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.03B | CN¥3.40B | CN¥2.43B | CN¥2.38B | CN¥1.69B |
| Revenue growth | — | +40% | +2% | +41% | — |
| Gross profit | CN¥652M | CN¥330M | CN¥355M | CN¥258M | CN¥222M |
| EBITDA | n/a | CN¥458M | CN¥440M | CN¥344M | CN¥296M |
| Net income | CN¥119M | CN¥115M | CN¥96.1M | CN¥31.6M | -CN¥50.4M |
| Free cash flow | CN¥380M | CN¥420M | CN¥297M | CN¥34.2M | CN¥265M |
| Capital expenditure | CN¥212M | CN¥151M | CN¥255M | CN¥248M | CN¥223M |
| Total debt | CN¥1.18B | CN¥1.34B | CN¥1.75B | CN¥1.67B | CN¥2.25B |
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 |
|---|---|---|---|---|---|---|
| Xiamen Changelight 300102.SZ | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% |
| Sanan Optoelectronics 600703.SS | $6.87B | -33% | -22% | -7% | n/a | n/a |
| BOE HC SemiTek 300323.SZ | $1.81B | -38% | +23% | -8% | 53.6× | n/a |
| Visual Photonics Epitaxy 2455.TW | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% |
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 | 300102.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.1% | -21.8% | 4th highest of 21 |
| 6-month return | -50.0% | -30.8% | 3rd lowest of 21 |
| Distance from 52-week high | -65.0% | -55.2% | 4th lowest of 21 |
| Revenue growth (TTM) | -38.2% | +19.8% | lowest of 21 |
| Operating margin | -2.3% | 3.9% | 7th lowest of 21 |
| Forward P/E | 71.3× | 33.5× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 34.6% | 31.8% | 6th most demanding of 12 |
| Growth delivered (Del g) | +21.1% | +19.1% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | +13.5 pp | +11.0 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -5.8 pp | -6.7 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 180.7× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% | +3.2% |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 56.1× | 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% |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | n/a | 39.4% | +19.1% |
| 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% |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 16.2× | 12.9% | +20.2% |