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Shenzhen maker of MPO/MTP optical fibre connectors, splitters and other passive optical components for AI data centres and telecom.
Shenzhen maker of MPO/MTP optical fibre connectors, splitters and other passive optical components for AI data centres and telecom.
Makes passive fibre-optic parts, mainly MPO/MTP connectors, sold largely to one global fibre maker whose orders feed data-centre cabling. Earnings rise and fall with that customer's AI build-out volumes, and pricing power is limited by the customer concentration.
In one line: A Chinese communications-equipment component maker.
Moat: narrow (customer qualification, process know-how). High-density connector precision and long qualification within Corning-led data-centre supply chains.
Headquarters: Shenzhen, China · Founded: 2000 · Employees: 2,512
Size T&S Communications (300570.SZ) is a China Industrials company (Electrical Products) with a market value of $3.36B, the 773rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥101.64 on 6 Nov 2026.
Performance Over six months the shares fell 25.2%, against -38.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue grew 40.0% over the last twelve months (peer median +21.2%); the operating margin is 17.7% (peer median 7.4%).
Valuation It trades at 47.3× forward earnings against a peer median of 20.7× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +22 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 7.5 points above its cost of capital (13.3% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.34B | CN¥1.54B | CN¥1.37B | CN¥880M | CN¥928M |
| Revenue growth | — | +12% | +55% | -5% | — |
| Gross profit | CN¥770M | CN¥563M | CN¥468M | CN¥241M | CN¥287M |
| EBITDA | n/a | CN¥354M | CN¥286M | CN¥148M | CN¥164M |
| Net income | CN¥334M | CN¥299M | CN¥261M | CN¥155M | CN¥180M |
| Free cash flow | CN¥21.8M | CN¥116M | CN¥131M | CN¥111M | CN¥80.7M |
| Capital expenditure | CN¥77.6M | CN¥51.8M | CN¥56.3M | CN¥10.1M | CN¥24.5M |
| Total debt | CN¥440M | CN¥29.0M | CN¥37.1M | CN¥11.1M | CN¥24.7M |
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 |
|---|---|---|---|---|---|---|
| T&S Communications 300570.SZ | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% |
| Accelink Technologies 002281.SZ | $10.8B | -37% | +32% | 11% | 42.6× | n/a |
| Suzhou TFC Optical Communication 300394.SZ | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% |
| Fujikura 5803.T | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
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 | 300570.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.9% | -11.3% | lowest of 21 |
| 6-month return | -25.2% | -38.3% | 7th highest of 18 |
| Distance from 52-week high | -64.4% | -47.8% | 4th lowest of 21 |
| Revenue growth (TTM) | +40.0% | +21.2% | 4th highest of 21 |
| Operating margin | 17.7% | 7.4% | 5th highest of 21 |
| Forward P/E | 47.3× | 20.7× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 43.8% | 17.5% | 2nd most demanding of 7 |
| Growth delivered (Del g) | +21.8% | +16.3% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | +22.0 pp | -6.2 pp | most demanding of 6 |
| ROIC minus cost of capital | +7.5 pp | +0.5 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| T&S Communications 300570.SZ | China | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% | +21.8% |
| Taiyo 4626.T | Japan | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% | +11.2% |
| Harbin Electric 1133.HK | Hong Kong | $3.27B | -54% | +13% | 7% | 6.2× | n/a | n/a |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| Maruwa 5344.T | Japan | $3.12B | -46% | +26% | 36% | 19.5× | n/a | n/a |
| Zhefu 002266.SZ | China | $3.09B | -26% | +27% | 8% | 9.3× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| Shenzhen Woer Heat-Shrinkable Material 002130.SZ | China | $2.98B | -37% | +20% | 15% | 16.4× | 1.8% | +15.6% |
| TDG 600330.SS | China | $2.96B | -43% | +21% | -19% | 320.4× | n/a | n/a |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |