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Chinese MEMS (micro-electro-mechanical systems) chip foundry making silicon and GaN-based MEMS devices for industrial, consumer and aerospace-adjacent uses.
Chinese MEMS (micro-electro-mechanical systems) chip foundry making silicon and GaN-based MEMS devices for industrial, consumer and aerospace-adjacent uses.
In one line: A Chinese pure-play MEMS foundry, akin to a smaller X-FAB.
Moat: narrow (process know-how, scale). MEMS fabrication requires specialized process expertise and capital-intensive foundry capacity, limiting competitors.
Headquarters: Beijing, China · Employees: 1,035
Size Sai MicroElectronics (300456.SZ) is a China Industrials company (Aerospace & Defense) with a market value of $2.75B, the 931st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.03 on 6 Nov 2026.
Performance Over six months the shares fell 45.4%, against -12.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 59.0% over the last twelve months (peer median -0.5%); the operating margin is -98.6% (peer median 1.2%).
Valuation It trades at 65.9× forward earnings against a peer median of 36.0× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +40 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 13.5 points below its cost of capital (11.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥434M | CN¥824M | CN¥1.20B | CN¥1.30B | CN¥785M |
| Revenue growth | — | -32% | -7% | +66% | — |
| Gross profit | CN¥119M | CN¥140M | CN¥283M | CN¥276M | CN¥158M |
| EBITDA | n/a | -CN¥548M | -CN¥28.6M | CN¥89.6M | -CN¥235M |
| Net income | CN¥1.75B | CN¥1.47B | -CN¥170M | CN¥104M | -CN¥73.4M |
| Free cash flow | CN¥216M | -CN¥112M | -CN¥110M | -CN¥417M | -CN¥1.33B |
| Capital expenditure | CN¥13.4M | CN¥135M | CN¥483M | CN¥592M | CN¥1.32B |
| Total debt | CN¥1.81B | CN¥1.38B | CN¥986M | CN¥1.07B | CN¥685M |
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 |
|---|---|---|---|---|---|---|
| Sai MicroElectronics 300456.SZ | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% |
| X-FAB Silicon Foundries XFAB.PA | $709M | -38% | -8% | 2% | n/a | n/a |
| Tower Semiconductor TSEM | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% |
| Vanguard International Semiconductor 5347.TWO | $6.82B | -22% | +10% | 17% | 17.7× | 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 | 300456.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.3% | +0.2% | lowest of 21 |
| 6-month return | -45.4% | -12.4% | 3rd lowest of 21 |
| Distance from 52-week high | -63.5% | -38.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -59.0% | -0.5% | lowest of 20 |
| Operating margin | -98.6% | 1.2% | 3rd lowest of 21 |
| Forward P/E | 65.9× | 36.0× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 41.7% | 22.6% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +1.5% | +8.1% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +40.2 pp | +13.1 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -13.5 pp | -4.8 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | n/a | n/a | n/a |
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% | +26.0% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 64.0× | n/a | n/a |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |