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Chinese maker of fine metal masks (FMM) and precision materials used in OLED display manufacturing.
Chinese maker of fine metal masks (FMM) and precision materials used in OLED display manufacturing.
Sells fine metal masks, thin etched metal stencils that pattern the coloured dots on an OLED panel; masks wear out and must be replaced, so sales recur with panel output and with each new panel line ramping up. Japanese firms have long supplied this part, so domestic panel makers offer local suppliers an opening.
In one line: A niche OLED-supply-chain materials maker.
Moat: narrow (process know-how, customer qualification). FMM precision manufacturing is a hard-to-qualify step in OLED production with few domestic suppliers.
Headquarters: Hefei, China · Employees: 2,090
Size Highbroad Advanced Material (Hefei) (301321.SZ) is a China Information Technology company (Electronic Components) with a market value of $902M, the 2515th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.68 on 6 Nov 2026.
Performance Over six months the shares gained 28.2%, against -20.2% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 22.4% over the last twelve months (peer median +22.7%); the operating margin is -0.3% (peer median 10.4%).
Valuation It trades at 2.3× enterprise value to sales against a peer median of 3.2× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +30 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 6.4 points below its cost of capital (9.2% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.78B | CN¥3.27B | CN¥2.34B | CN¥2.16B | CN¥2.20B |
| Revenue growth | — | +40% | +9% | -2% | — |
| Gross profit | CN¥609M | CN¥260M | CN¥177M | CN¥290M | CN¥273M |
| EBITDA | n/a | CN¥102M | CN¥13.0M | CN¥68.9M | CN¥34.0M |
| Net income | -CN¥76.6M | -CN¥96.8M | -CN¥215M | CN¥52.9M | -CN¥54.4M |
| Free cash flow | CN¥102M | -CN¥88.2M | CN¥77.5M | -CN¥619M | -CN¥644M |
| Capital expenditure | CN¥377M | CN¥376M | CN¥347M | CN¥782M | CN¥689M |
| Total debt | CN¥3.45B | CN¥3.12B | CN¥2.29B | CN¥1.92B | CN¥1.19B |
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 |
|---|---|---|---|---|---|---|
| Highbroad Advanced Material (Hefei) 301321.SZ | $902M | +28% | +22% | 0% | 2.3× | 35.6% |
| Dai Nippon Printing 7912.T | $6.96B | -14% | +4% | 7% | 0.8× | 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 | 301321.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.3% | -17.0% | 8th lowest of 21 |
| 6-month return | +28.2% | -20.2% | 4th highest of 21 |
| Distance from 52-week high | -40.6% | -45.3% | 8th highest of 21 |
| Revenue growth (TTM) | +22.4% | +22.7% | 11th highest of 21 |
| Operating margin | -0.3% | 10.4% | 2nd lowest of 21 |
| EV / Sales | 2.3× | 3.2× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 35.6% | 23.0% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +5.8% | +12.9% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | +29.8 pp | +10.8 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -6.4 pp | -1.3 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Highbroad Advanced Material (Hefei) 301321.SZ | China | $902M | +28% | +22% | 0% | 2.3× | 35.6% | +5.8% |
| Shenzhen Click Technology 002782.SZ | China | $903M | -36% | +10% | 3% | 1.0× | 18.2% | +34.0% |
| Qingdao NovelBeam Technology 688677.SS | China | $904M | -54% | +11% | 28% | 9.0× | 22.1% | +17.0% |
| Bafang Electric (Suzhou) 603489.SS | China | $906M | -31% | +18% | 13% | 2.9× | 13.8% | -0.8% |
| Shenzhen Q&D Circuits 301628.SZ | China | $917M | -26% | +37% | 13% | 4.7× | n/a | n/a |
| Japan Aviation Electronics Industry 6807.T | Japan | $922M | -13% | +10% | 3% | 0.6× | n/a | n/a |
| Pegavision 6491.TW | Taiwan | $926M | +41% | +18% | 28% | 3.5× | -4.5% | +12.1% |
| Prosperity Dielectrics 6173.TWO | Taiwan | $927M | +131% | +12% | 20% | 6.7× | 35.6% | -4.9% |
| HannStar Board 5469.TW | Taiwan | $937M | -25% | +32% | 8% | 1.0× | n/a | n/a |
| Kingsignal Technology 300252.SZ | China | $941M | -38% | +21% | 0% | 2.6× | n/a | n/a |
| Juneway Electronic Technology 301458.SZ | China | $946M | -25% | +24% | 20% | 6.1× | 36.2% | +13.7% |
| Dynamic 3715.TW | Taiwan | $846M | -50% | +43% | 5% | 1.1× | n/a | n/a |
| Shenzhen Jingquanhua Electronics 002885.SZ | China | $840M | -34% | +9% | 4% | 1.5× | 27.6% | +20.6% |
| Officina Stellare OS.MI | Italy | $969M | +47% | +239% | -11% | 15.3× | n/a | n/a |
| Zhejiang Zuch Technology 301280.SZ | China | $971M | -24% | +25% | 13% | 2.9× | n/a | n/a |
| WCON Electronics 301328.SZ | China | $986M | -3% | +34% | 16% | 6.8× | n/a | n/a |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 2.9× | 23.8% | +5.7% |
| Hexatronic HTRO.ST | Sweden | $821M | -17% | +7% | 6% | 1.2× | 12.9% | +28.3% |
| Jiangsu Allfavor Intelligent Circuits Technology 300964.SZ | China | $821M | +1% | +78% | 8% | 4.1× | n/a | n/a |
| Shenzhen Xunjiexing Technology 688655.SS | China | $810M | -13% | +70% | 0% | 6.3× | n/a | n/a |
| Jutze Intelligent Technology 300802.SZ | China | $801M | -6% | +18% | 12% | 5.4× | 32.6% | +10.0% |