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Maker of high-speed optical transceivers that connect servers and switches inside AI and cloud data centers.
Maker of high-speed optical transceivers that connect servers and switches inside AI and cloud data centers.
Sells optical modules, the plug-in parts that carry data between servers and switches, in large volumes to a small number of cloud and networking customers that qualify suppliers over many months. Sales follow cloud companies' AI spending, and each new speed generation resets which suppliers win share.
In one line: China's Coherent/Lumentum for optical networking.
Moat: narrow (scale, process know-how, customer qualification). Early mover and scale leader in ultra-high-speed transceivers for AI clusters, a tightly qualified supply chain.
Headquarters: Zhuhai, Guangdong, China · Founded: 2008 · Employees: 11,625
Size Zhongji Innolight (300308.SZ) is a China Information Technology company (Semiconductors) with a market value of $79.4B, the 23rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥448.00 on 6 Nov 2026.
Performance Over six months the shares fell 47.8%, against -16.2% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 162.3% over the last twelve months (peer median +21.6%); the operating margin is 40.6% (peer median 21.1%).
Valuation It trades at 15.4× forward earnings against a peer median of 22.3× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 34.6 points above its cost of capital (16.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥82.8B | CN¥38.2B | CN¥23.9B | CN¥10.7B | CN¥9.60B |
| Revenue growth | — | +60% | +123% | +11% | — |
| Gross profit | CN¥38.8B | CN¥15.8B | CN¥7.79B | CN¥3.26B | CN¥2.59B |
| EBITDA | n/a | CN¥14.3B | CN¥6.52B | CN¥2.60B | CN¥1.72B |
| Net income | CN¥25.9B | CN¥10.8B | CN¥5.17B | CN¥2.17B | CN¥1.22B |
| Free cash flow | CN¥3.24B | CN¥8.21B | CN¥319M | CN¥235M | CN¥1.69B |
| Capital expenditure | CN¥10.3B | CN¥2.76B | CN¥2.87B | CN¥1.70B | CN¥792M |
| Total debt | CN¥2.54B | CN¥2.12B | CN¥3.27B | CN¥1.35B | CN¥2.20B |
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 |
|---|---|---|---|---|---|---|
| Zhongji Innolight 300308.SZ | $79.4B | -48% | +162% | 41% | 15.4× | 23.2% |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Lumentum LITE | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% |
| Eoptolink Technology 300502.SZ | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% |
| Accelink Technologies 002281.SZ | $10.8B | -37% | +32% | 11% | 42.6× | 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 | 300308.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.8% | -23.9% | 4th lowest of 21 |
| 6-month return | -47.8% | -16.2% | lowest of 21 |
| Distance from 52-week high | -68.4% | -47.7% | lowest of 21 |
| Revenue growth (TTM) | +162.3% | +21.6% | 3rd highest of 21 |
| Operating margin | 40.6% | 21.1% | 4th highest of 21 |
| Forward P/E | 15.4× | 22.3× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | 27.8% | 7th least demanding of 16 |
| Growth delivered (Del g) | +40.3% | +7.9% | highest of 16 |
| Hurdle (Req g minus delivered) | -17.1 pp | +12.6 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +34.6 pp | +1.4 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhongji Innolight 300308.SZ | China | $79.4B | -48% | +162% | 41% | 15.4× | 23.2% | +40.3% |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| Coherent COHR | United States | $38.0B | -42% | +23% | 14% | 16.6× | n/a | n/a |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |