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Chinese network-security vendor selling content-filtering, deep-packet-inspection and cybersecurity appliances to carriers and government.
Chinese network-security vendor selling content-filtering, deep-packet-inspection and cybersecurity appliances to carriers and government.
Sells security and traffic-inspection appliances and software to telecom carriers, government and education networks, usually through tenders and project contracts, so revenue arrives in batches tied to customers' budget cycles and regulation. Deep packet inspection, equipment that reads the content of network traffic, carries sales.
In one line: A small, filtering-focused Chinese network-security vendor.
Moat: narrow (regulatory licence, customer qualification). Content-filtering products require regulatory approval and carrier qualification, limiting new entrants.
Headquarters: Fuzhou, China · Founded: 2000 · Employees: 863
Size Surfilter Network Technology (300311.SZ) is a China Information Technology company (Computer Peripherals) with a market value of $488M, the 3916th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.83 on 6 Nov 2026.
Performance Over six months the shares fell 10.9%, against -10.6% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +5.1%); the operating margin is 7.0% (peer median 4.4%).
Valuation It trades at 6.2× enterprise value to sales against a peer median of 1.5× (2nd most expensive of 21).
Capital Return on invested capital runs 3.0 points below its cost of capital (11.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥483M | CN¥486M | CN¥471M | CN¥607M | CN¥726M |
| Revenue growth | — | +3% | -22% | -16% | — |
| Gross profit | CN¥337M | CN¥312M | CN¥238M | CN¥314M | CN¥378M |
| EBITDA | n/a | CN¥42.5M | -CN¥25.5M | -CN¥75.7M | -CN¥8.27M |
| Net income | CN¥35.4M | CN¥23.0M | -CN¥39.6M | -CN¥124M | -CN¥1.00M |
| Free cash flow | -CN¥34.1M | CN¥23.4M | CN¥98.8M | CN¥49.2M | -CN¥65.0M |
| Capital expenditure | CN¥7.05M | CN¥24.1M | CN¥26.7M | CN¥9.47M | CN¥23.6M |
| Total debt | CN¥10.0M | CN¥20.4M | CN¥46.3M | CN¥26.2M | CN¥65.8M |
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 |
|---|---|---|---|---|---|---|
| Surfilter Network Technology 300311.SZ | $488M | -11% | +15% | 7% | 6.2× | n/a |
| Venustech 002439.SZ | $2.58B | -9% | 0% | -16% | 6.4× | 19.0% |
| Topsec Technologies 002212.SZ | $1.01B | -18% | -9% | -14% | 3.3× | 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 | 300311.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.4% | -17.1% | 10th lowest of 21 |
| 6-month return | -10.9% | -10.6% | 11th highest of 21 |
| Distance from 52-week high | -32.5% | -37.3% | 6th highest of 21 |
| Revenue growth (TTM) | +15.0% | +5.1% | 4th highest of 21 |
| Operating margin | 7.0% | 4.4% | 9th highest of 21 |
| EV / Sales | 6.2× | 1.5× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -3.0 pp | -3.4 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Surfilter Network Technology 300311.SZ | China | $488M | -11% | +15% | 7% | 6.2× | n/a | n/a |
| Huasu 000509.SZ | China | $502M | -13% | -23% | -2% | 5.0× | n/a | n/a |
| Sato 6287.T | Japan | $508M | +19% | +10% | 7% | 0.5× | -11.3% | +8.4% |
| Shenzhen Fluence Technology 300647.SZ | China | $517M | +7% | +12% | -20% | 5.2× | n/a | n/a |
| Taiwan Semiconductor 5425.TWO | Taiwan | $520M | +7% | +5% | 9% | 1.2× | 7.6% | +11.6% |
| Buffalo 6676.T | Japan | $458M | +23% | -19% | 8% | 0.4× | -10.5% | -2.0% |
| Backblaze BLZE | United States | $523M | +10% | +17% | -4% | 3.5× | 12.7% | +22.1% |
| Alpha Networks 3380.TW | Taiwan | $437M | -23% | +11% | 1% | 0.9× | n/a | n/a |
| Shenzhen Emperor Technology 300546.SZ | China | $434M | -22% | +8% | 3% | 3.8× | 38.7% | +7.9% |
| Stratasys SSYS | United States | $565M | -25% | -3% | -14% | 0.7× | n/a | n/a |
| Newcapec Electronics 300248.SZ | China | $567M | -17% | +1% | 1% | 3.7× | 21.5% | +0.9% |
| Riso Kagaku 6413.T | Japan | $418M | +3% | +5% | 6% | 0.7× | -2.7% | +2.9% |
| Quantum QMCO | United States | $570M | +100% | +11% | 0% | 1.8× | n/a | n/a |
| Wacom 6727.T | Japan | $570M | -6% | -3% | 13% | 0.7× | -6.0% | +0.3% |
| Quanta Storage 6188.TWO | Taiwan | $409M | -45% | +3% | 7% | 1.2× | n/a | n/a |
| IEI Integration 3022.TW | Taiwan | $405M | +1% | +3% | 6% | 1.2× | n/a | n/a |
| Hanwang Technology 002362.SZ | China | $596M | -12% | -2% | -13% | 2.2× | n/a | n/a |
| Chengdu Jiafaantai Education Technology 300559.SZ | China | $602M | -26% | -26% | 0% | 10.8× | 35.7% | -6.0% |
| AAEON Technology 6579.TW | Taiwan | $633M | -10% | +30% | 9% | 2.1× | n/a | n/a |
| Gallant Precision Machining 5443.TWO | Taiwan | $374M | -44% | +12% | 12% | 3.3× | 12.4% | +6.2% |
| Apacer Technology 8271.TW | Taiwan | $655M | -28% | +182% | 31% | 0.8× | n/a | n/a |