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Major Chinese ODM designing and manufacturing smartphones, laptops and IoT hardware for global brands.
Major Chinese ODM designing and manufacturing smartphones, laptops and IoT hardware for global brands.
Designs devices to a brand's specification, builds them and sells them to the brand at a price per unit, so revenue follows the brand's shipment volumes while margins stay thin. The brand, not Huaqin, owns the end customer and the label. It is the same company as its Shanghai-listed A shares.
In one line: A Chinese electronics ODM akin to a bigger Compal/Wingtech, building devices for name-bran.
Moat: narrow (scale, process know-how, customer qualification). Large-scale design and manufacturing capability qualified across many global device brands.
Headquarters: Shanghai, China · Founded: 2005 · Employees: 70,029
Size Huaqin (3296.HK) is a Hong Kong Information Technology company (Telecommunications Equipment) with a market value of $12.7B, the 134th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$54.35 on 6 Nov 2026.
Performance Over six months the shares fell 30.2%, against -33.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 35.1% over the last twelve months (peer median +7.6%); the operating margin is 1.9% (peer median 8.3%).
Valuation It trades at 12.3× forward earnings against a peer median of 21.8× (cheapest of 20).
Capital Return on invested capital runs 1.1 points above its cost of capital (6.9% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$238B | HK$186B | HK$119B | HK$94.1B | HK$108B |
| Revenue growth | — | +56% | +26% | -13% | — |
| Gross profit | HK$19.4B | HK$13.9B | HK$10.2B | HK$9.90B | HK$10.0B |
| EBITDA | n/a | HK$5.49B | HK$3.68B | HK$3.66B | HK$2.50B |
| Net income | HK$6.02B | HK$4.40B | HK$3.17B | HK$2.99B | HK$2.98B |
| Free cash flow | -HK$2.17B | -HK$3.68B | -HK$590M | HK$2.70B | HK$420M |
| Capital expenditure | HK$4.44B | HK$3.72B | HK$2.24B | HK$1.62B | HK$2.75B |
| Total debt | HK$51.9B | HK$34.8B | HK$21.7B | HK$14.1B | HK$14.3B |
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 |
|---|---|---|---|---|---|---|
| Huaqin 3296.HK | $12.7B | -30% | +35% | 2% | 12.3× | n/a |
| Wingtech Technology 600745.SS | $2.26B | -59% | -93% | -30% | n/a | n/a |
| Compal Electronics 2324.TW | $4.15B | +8% | -4% | 1% | 12.9× | n/a |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | 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 | 3296.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -5.2% | 7th lowest of 21 |
| 6-month return | -30.2% | -33.3% | 11th highest of 21 |
| Distance from 52-week high | -46.2% | -46.4% | 9th highest of 21 |
| Revenue growth (TTM) | +35.1% | +7.6% | 3rd highest of 21 |
| Operating margin | 1.9% | 8.3% | 7th lowest of 21 |
| Forward P/E | 12.3× | 21.8× | cheapest of 20 |
| ROIC minus cost of capital | +1.1 pp | -0.4 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huaqin 3296.HK | Hong Kong | $12.7B | -30% | +35% | 2% | 12.3× | n/a | n/a |
| Shenzhen Transsion 688036.SS | China | $11.6B | +13% | -1% | 5% | 21.8× | n/a | n/a |
| TCL Technology 000100.SZ | China | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% | +19.1% |
| China Spacesat 600118.SS | China | $9.75B | -46% | +6% | 1% | 531.4× | n/a | n/a |
| ViaSat VSAT | United States | $8.81B | -9% | +1% | 2% | n/a | 42.8% | +15.5% |
| ZTE 000063.SZ | China | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% | +5.6% |
| ZTE 0763.HK | Hong Kong | $19.0B | -27% | +20% | 1% | 14.6× | 17.5% | +4.9% |
| Yealink Network Technology 300628.SZ | China | $7.50B | +8% | +17% | 46% | 16.2× | 4.3% | +17.0% |
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
| Zhejiang Dahua Technology 002236.SZ | China | $7.04B | -21% | +7% | 7% | 12.3× | n/a | n/a |
| Shenzhen Sunway Communication 300136.SZ | China | $6.14B | -54% | +2% | 9% | 47.1× | 30.6% | +6.9% |
| Fiberhome Telecommunication Technologies 600498.SS | China | $5.50B | -42% | +16% | 1% | 21.5× | 12.8% | +3.4% |
| Jiang Su Etern 600105.SS | China | $4.82B | -48% | +49% | 12% | 24.4× | n/a | n/a |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| QuantumCTek 688027.SS | China | $4.60B | -48% | -19% | -33% | 4,259.0× | n/a | n/a |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Ohb OHB.DE | Germany | $4.45B | -61% | +18% | 5% | 60.7× | n/a | n/a |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Huber + Suhner HUBN.SW | Switzerland | $3.49B | -44% | -4% | 9% | 30.9× | 11.1% | +3.2% |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |