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Chinese maker of automated test equipment (ATE) and handlers used to test chips after they are fabricated.
Chinese maker of automated test equipment (ATE) and handlers used to test chips after they are fabricated.
Sells test machines per unit to chip designers and to subcontractors that package and test chips, so orders follow their capacity spending, with spare parts and software upgrades following on installed tools. It is positioned as a lower-cost domestic alternative to US and Japanese test-equipment suppliers such as Teradyne and Advantest.
In one line: A smaller, China-based Teradyne/Advantest.
Moat: narrow (customer qualification, process know-how). Test programs are qualified per chip; switching testers mid-production is costly and slow.
Headquarters: Hangzhou, China · Employees: 4,457
Size Hangzhou Changchuan Technology (300604.SZ) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $17.3B, the 132nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥180.95 on 6 Nov 2026.
Performance Over six months the shares gained 3.9%, against -24.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 52.8% over the last twelve months (peer median +14.9%); the operating margin is 26.8% (peer median 20.4%).
Valuation It trades at 46.1× forward earnings against a peer median of 24.9× (4th most expensive of 21).
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 +46%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points above its cost of capital (12.9% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.45B | CN¥5.26B | CN¥3.61B | CN¥1.76B | CN¥2.56B |
| Revenue growth | — | +46% | +105% | -31% | — |
| Gross profit | CN¥4.21B | CN¥2.78B | CN¥1.89B | CN¥935M | CN¥1.41B |
| EBITDA | n/a | CN¥1.30B | CN¥418M | -CN¥78.5M | CN¥412M |
| Net income | CN¥2.23B | CN¥1.33B | CN¥458M | CN¥45.2M | CN¥461M |
| Free cash flow | CN¥797M | CN¥8.58M | CN¥332M | -CN¥1.07B | -CN¥97.0M |
| Capital expenditure | CN¥719M | CN¥555M | CN¥294M | CN¥332M | CN¥222M |
| Total debt | CN¥4.91B | CN¥3.50B | CN¥2.26B | CN¥1.43B | CN¥998M |
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 |
|---|---|---|---|---|---|---|
| Hangzhou Changchuan Technology 300604.SZ | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Cohu COHU | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% |
| ACM Research ACMR | $3.11B | -25% | +27% | 13% | 16.0× | 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 | 300604.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.8% | -10.8% | 9th lowest of 21 |
| 6-month return | +3.9% | -24.5% | 5th highest of 20 |
| Distance from 52-week high | -54.2% | -34.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +52.8% | +14.9% | 4th highest of 20 |
| Operating margin | 26.8% | 20.4% | 6th highest of 20 |
| Forward P/E | 46.1× | 24.9× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 43.8% | 21.3% | most demanding of 17 |
| Growth delivered (Del g) | +45.8% | +9.9% | highest of 17 |
| Hurdle (Req g minus delivered) | -2.0 pp | +6.5 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | +2.8 pp | +2.6 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Keysight Technologies KEYS | United States | $46.3B | -24% | +26% | 24% | 20.3× | 20.9% | +5.0% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |