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Chinese fabless chipmaker of NOR/NAND flash memory and general-purpose microcontrollers.
Chinese fabless chipmaker of NOR/NAND flash memory and general-purpose microcontrollers.
Hong Kong-listed H shares of the same company as 603986.SS. It designs memory and microcontroller chips and has outside foundries make them, so it carries no factory cost, and sells mainly to makers of consumer, industrial and car electronics, with Chinese customers a large part of sales.
In one line: China's Winbond/Macronix for flash, with an ST-like MCU line.
Moat: narrow (scale, process know-how). Leading Chinese NOR flash supplier with broad process-node coverage, but memory is a commodity, cyclical business.
Headquarters: Beijing, China · Founded: 2005 · Employees: 2,333
Size GigaDevice Semiconductor (3986.HK) is a Hong Kong Information Technology company (Semiconductors) with a market value of $25.1B, the 66th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$297.80 on 6 Nov 2026.
Performance Over six months the shares fell 42.6%, against -13.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 181.3% over the last twelve months (peer median +24.4%); the operating margin is 50.3% (peer median 19.2%).
Valuation It trades at 11.6× forward earnings against a peer median of 28.0× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.4 points above its cost of capital (5.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$26.0B | HK$9.95B | HK$7.95B | HK$6.35B | HK$9.38B |
| Revenue growth | — | +25% | +25% | -32% | — |
| Gross profit | HK$16.9B | HK$3.65B | HK$2.65B | HK$1.78B | HK$4.12B |
| EBITDA | n/a | HK$2.05B | HK$1.16B | HK$592M | HK$2.76B |
| Net income | HK$13.4B | HK$1.79B | HK$1.20B | HK$178M | HK$2.39B |
| Free cash flow | HK$10.3B | HK$1.47B | HK$1.80B | HK$1.07B | HK$529M |
| Capital expenditure | HK$2.00B | HK$1.14B | HK$541M | HK$385M | HK$641M |
| Total debt | HK$105M | HK$331M | HK$1.17B | HK$339M | HK$466M |
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 |
|---|---|---|---|---|---|---|
| GigaDevice Semiconductor 3986.HK | $25.1B | -43% | +181% | 50% | 11.6× | -8.8% |
| Winbond Electronic 2344.TW | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% |
| Macronix International 2337.TW | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| Nuvoton Technology 4919.TW | $1.22B | -46% | 0% | -5% | n/a | 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 | 3986.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.9% | -21.7% | 6th lowest of 21 |
| 6-month return | -42.6% | -13.4% | 4th lowest of 20 |
| Distance from 52-week high | -76.1% | -52.7% | lowest of 21 |
| Revenue growth (TTM) | +181.3% | +24.4% | 4th highest of 20 |
| Operating margin | 50.3% | 19.2% | 3rd highest of 18 |
| Forward P/E | 11.6× | 28.0× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -8.8% | 29.5% | least demanding of 13 |
| Growth delivered (Del g) | +14.6% | +6.5% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -23.3 pp | +11.6 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +11.4 pp | +0.3 pp | 7th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GigaDevice Semiconductor 3986.HK | Hong Kong | $25.1B | -43% | +181% | 50% | 11.6× | -8.8% | +14.6% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| Montage Technology 688008.SS | China | $25.5B | -13% | +33% | 42% | 43.7× | 39.7% | +24.5% |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| STMicroelectronics STMPA.PA | France | $37.7B | -32% | +10% | 7% | 31.4× | 34.0% | +3.1% |