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China's largest LED-chip maker, also a compound-semiconductor foundry making GaN/SiC power and RF chips.
China's largest LED-chip maker, also a compound-semiconductor foundry making GaN/SiC power and RF chips.
LED chips, sold to packagers at commodity prices, remain the core, while growth is sought in compound-semiconductor foundry work, making GaN and SiC chips for other designers, and power devices. It announced a Chongqing silicon-carbide joint venture with STMicroelectronics in 2023 and is controlled by Fujian's Sanan group.
In one line: A larger, more diversified TSMC-for-compound-semiconductors plus Cree/Wolfspeed.
Moat: narrow (scale, process know-how, customer qualification). Largest LED-chip capacity in China plus growing compound-semiconductor foundry scale; commodity pricing limits pricing power.
Headquarters: Xiamen, China · Founded: 2000 · Employees: 15,919
Size Sanan Optoelectronics (600703.SS) is a China Information Technology company (Semiconductors) with a market value of $6.87B, the 361st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.18 on 6 Nov 2026.
Performance Over six months the shares fell 32.9%, against -18.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 21.6% over the last twelve months (peer median +21.9%); the operating margin is -6.5% (peer median 9.9%).
Valuation It trades at 3.6× enterprise value to sales against a peer median of 4.9× (7th cheapest of 21).
Capital Return on invested capital runs 7.6 points below its cost of capital (11.5% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.2B | CN¥17.9B | CN¥16.2B | CN¥14.1B | CN¥13.2B |
| Revenue growth | — | +10% | +15% | +7% | — |
| Gross profit | CN¥4.49B | CN¥1.69B | CN¥1.60B | CN¥1.07B | CN¥1.98B |
| EBITDA | n/a | CN¥3.80B | CN¥3.62B | CN¥2.80B | CN¥3.19B |
| Net income | -CN¥562M | -CN¥353M | CN¥253M | CN¥367M | CN¥685M |
| Free cash flow | -CN¥397M | CN¥473M | -CN¥91.3M | CN¥1.51B | -CN¥3.27B |
| Capital expenditure | CN¥2.00B | CN¥1.43B | CN¥2.71B | CN¥2.49B | CN¥4.09B |
| Total debt | CN¥9.97B | CN¥15.7B | CN¥14.4B | CN¥11.3B | CN¥12.7B |
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 |
|---|---|---|---|---|---|---|
| Sanan Optoelectronics 600703.SS | $6.87B | -33% | -22% | -7% | 3.6× | n/a |
| BOE HC SemiTek 300323.SZ | $1.81B | -38% | +23% | -8% | 2.7× | n/a |
| WOLF WOLF | $1.26B | -49% | -12% | -67% | 3.0× | n/a |
| Qorvo QRVO | n/a | +45% | n/a | n/a | n/a | n/a |
| STM STM | $41.0B | -29% | +16% | 7% | 2.9× | 38.6% |
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 | 600703.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.7% | -21.8% | 11th highest of 21 |
| 6-month return | -32.9% | -18.3% | 6th lowest of 21 |
| Distance from 52-week high | -60.4% | -49.6% | 4th lowest of 21 |
| Revenue growth (TTM) | -21.6% | +21.9% | 3rd lowest of 21 |
| Operating margin | -6.5% | 9.9% | 4th lowest of 21 |
| EV / Sales | 3.6× | 4.9× | 7th cheapest of 21 |
| ROIC minus cost of capital | -7.6 pp | -3.6 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | 3.6× | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 4.8× | n/a | n/a |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 0.8× | 10.8% | +11.0% |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 2.0× | n/a | n/a |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 4.5× | 23.1% | +42.7% |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | 1.3× | n/a | n/a |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 7.5× | 47.7% | +29.0% |
| Alchip Technologies Limitd 3661.TW | Taiwan | $7.35B | -32% | -51% | 23% | 8.2× | n/a | n/a |
| Silicon Laboratories SLAB | United States | $7.39B | +2% | +22% | -3% | 8.2× | n/a | n/a |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 6.9× | 24.4% | +13.5% |
| WAAREE Energies WAAREEENER.NS | India | $7.41B | -24% | +75% | 16% | 2.2× | n/a | n/a |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 6.1× | 22.4% | +2.5% |
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 30.8× | n/a | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 3.8× | 11.3% | +0.5% |
| Ingenic Semiconductor 300223.SZ | China | $7.59B | -15% | +89% | 35% | 5.0× | 21.3% | +16.9% |
| Tianshui Huatian Technology 002185.SZ | China | $7.74B | +10% | +33% | 4% | 3.1× | n/a | n/a |
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | 24.9× | n/a | n/a |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | 16.4× | n/a | n/a |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 4.4× | 18.1% | +22.3% |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 3.2× | n/a | n/a |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 9.1× | 24.5% | +23.5% |