Loading…
Chinese maker of advanced ceramic components: MLCC chips, ceramic packages for chips, fiber-optic ceramic ferrules and fuel-cell ceramics.
Chinese maker of advanced ceramic components: MLCC chips, ceramic packages for chips, fiber-optic ceramic ferrules and fuel-cell ceramics.
Sells fine-ceramic parts into several unrelated end markets, from capacitors and chip packages to fibre-optic connectors, all drawn from one body of ceramic-materials know-how, and is based in Chaozhou, Guangdong.
In one line: A materials/components maker akin to a smaller Kyocera.
Moat: narrow (process know-how, IP / patents, scale). Fine-ceramics manufacturing know-how across several niches, competing with larger Japanese ceramics makers on quality/cost.
Headquarters: Chaozhou, China · Founded: 1970 · Employees: 17,352
Size Chaozhou Three-Circle (Group) (300408.SZ) is a China Information Technology company (Electronic Components) with a market value of $21.6B, the 95th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥72.89 on 6 Nov 2026.
Performance Over six months the shares fell 14.9%, against -27.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 64.7% over the last twelve months (peer median +33.1%); the operating margin is 33.8% (peer median 12.3%).
Valuation It trades at 28.1× forward earnings against a peer median of 19.3× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +6 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 9.8 points above its cost of capital (11.5% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.0B | CN¥8.94B | CN¥7.33B | CN¥5.68B | CN¥5.11B |
| Revenue growth | — | +22% | +29% | +11% | — |
| Gross profit | CN¥7.10B | CN¥3.61B | CN¥3.02B | CN¥2.14B | CN¥2.17B |
| EBITDA | n/a | CN¥3.16B | CN¥2.63B | CN¥1.76B | CN¥1.70B |
| Net income | CN¥4.53B | CN¥2.62B | CN¥2.19B | CN¥1.58B | CN¥1.50B |
| Free cash flow | CN¥3.44B | CN¥2.57B | CN¥1.83B | CN¥1.28B | CN¥1.05B |
| Capital expenditure | CN¥1.19B | CN¥580M | CN¥639M | CN¥546M | CN¥1.12B |
| Total debt | CN¥3.80B | CN¥1.96B | CN¥1.22B | CN¥1.17B | CN¥358M |
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 |
|---|---|---|---|---|---|---|
| Chaozhou Three-Circle (Group) 300408.SZ | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% |
| Kyocera 6971.T | $23.4B | +3% | +7% | 6% | 22.5× | 21.3% |
| Murata Manufacturing 6981.T | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% |
| Yageo 2327.TW | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% |
| Walsin Technology 2492.TW | $3.79B | +74% | +8% | 8% | 37.6× | 36.0% |
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 | 300408.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.3% | -39.2% | 10th highest of 21 |
| 6-month return | -14.9% | -27.1% | 8th highest of 20 |
| Distance from 52-week high | -59.6% | -49.6% | 5th lowest of 21 |
| Revenue growth (TTM) | +64.7% | +33.1% | 2nd highest of 21 |
| Operating margin | 33.8% | 12.3% | 2nd highest of 21 |
| Forward P/E | 28.1× | 19.3× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 23.7% | 18.2% | 6th most demanding of 12 |
| Growth delivered (Del g) | +17.7% | +7.7% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | +6.0 pp | +10.8 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +9.8 pp | +2.9 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chaozhou Three-Circle (Group) 300408.SZ | China | $21.6B | -15% | +65% | 34% | 28.1× | 23.7% | +17.7% |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| 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 |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| 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 |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| 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% |
| 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% |
| Luxshare Precision Industry 2475.HK | Hong Kong | $55.2B | n/a | +33% | 4% | 15.7× | n/a | n/a |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |