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Chinese maker of TFT-LCD glass substrates and display modules, expanding into large-size G8.5+ glass.
Chinese maker of TFT-LCD glass substrates and display modules, expanding into large-size G8.5+ glass.
Sells glass substrate and display modules to Chinese panel makers, and has been building to supply large-size G8.5 lines. A former maker of TV picture tubes, it shifted to flat-panel materials, and China Electronics Corporation, a state-owned group, controls it.
In one line: A China-focused, smaller Corning in display glass.
Moat: narrow (scale, process know-how). One of few domestic large-size substrate glass makers, reducing panel makers' reliance on Corning/AGC/NEG.
Headquarters: Xianyang, China · Founded: 1992 · Employees: 4,667
Size Caihong Display Devices (600707.SS) is a China Information Technology company (Electronic Components) with a market value of $3.70B, the 700th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.87 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -15.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 2.9% over the last twelve months (peer median +18.7%); the operating margin is 4.2% (peer median 13.7%).
Valuation It trades at 11.6× forward earnings against a peer median of 30.7× (2nd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +1 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 2.5 points below its cost of capital (9.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.9B | CN¥11.3B | CN¥11.6B | CN¥11.4B | CN¥8.97B |
| Revenue growth | — | -2% | +2% | +27% | — |
| Gross profit | CN¥3.88B | CN¥1.57B | CN¥1.91B | CN¥1.31B | -CN¥2.22B |
| EBITDA | n/a | CN¥3.85B | CN¥4.38B | CN¥3.69B | CN¥129M |
| Net income | CN¥119M | CN¥374M | CN¥1.24B | CN¥661M | -CN¥2.66B |
| Free cash flow | CN¥2.61B | CN¥852M | CN¥1.05B | CN¥433M | -CN¥1.36B |
| Capital expenditure | CN¥2.39B | CN¥3.34B | CN¥3.31B | CN¥2.62B | CN¥4.13B |
| Total debt | CN¥12.1B | CN¥11.7B | CN¥12.3B | CN¥14.2B | CN¥17.9B |
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 |
|---|---|---|---|---|---|---|
| Caihong Display Devices 600707.SS | $3.70B | -15% | -3% | 4% | 11.6× | 2.9% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Agc 5201.T | $6.33B | -15% | +6% | 6% | 12.6× | 4.8% |
| Nippon Electric Glass 5214.T | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% |
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 | 600707.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.9% | -24.9% | 11th highest of 21 |
| 6-month return | -15.1% | -15.4% | 10th highest of 20 |
| Distance from 52-week high | -62.6% | -45.7% | 4th lowest of 21 |
| Revenue growth (TTM) | -2.9% | +18.7% | 3rd lowest of 21 |
| Operating margin | 4.2% | 13.7% | 4th lowest of 21 |
| Forward P/E | 11.6× | 30.7× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 27.8% | least demanding of 12 |
| Growth delivered (Del g) | +1.7% | +9.6% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +1.2 pp | +7.3 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | -2.5 pp | -0.0 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Caihong Display Devices 600707.SS | China | $3.70B | -15% | -3% | 4% | 11.6× | 2.9% | +1.7% |
| Hamamatsu Photonics K.K 6965.T | Japan | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% | +8.6% |
| Walsin Technology 2492.TW | Taiwan | $3.79B | +74% | +8% | 8% | 37.6× | 36.0% | +0.5% |
| Suntak Technology 002815.SZ | China | $3.61B | +2% | +31% | 10% | n/a | n/a | n/a |
| Xiamen Faratronic 600563.SS | China | $3.58B | -10% | +10% | 23% | 18.4× | 8.0% | +23.1% |
| Guizhou Space Appliance 002025.SZ | China | $3.56B | -29% | +22% | 3% | 63.7× | n/a | n/a |
| Shenzhen Jpt Opto-Electronics 688025.SS | China | $3.97B | -22% | +69% | 18% | 43.3× | 44.7% | +19.4% |
| Pantum Technology 002180.SZ | China | $3.39B | -16% | -59% | 0% | 69.9× | 30.6% | -4.8% |
| Optics Technology 300489.SZ | China | $4.07B | +101% | +40% | 11% | 125.0× | n/a | n/a |
| Isupetasys 007660.KS | South Korea | $3.36B | -59% | +42% | 20% | 16.4× | n/a | n/a |
| Delton Technology (Guangzhou) 1989.HK | Hong Kong | $4.09B | -73% | +86% | 25% | 10.6× | n/a | n/a |
| Castech 002222.SZ | China | $3.28B | -46% | +40% | 32% | 56.7× | n/a | n/a |
| Shanghai Precilasers Technology 688826.SS | China | $3.27B | n/a | +43% | 40% | n/a | n/a | n/a |
| Hirose Electric 6806.T | Japan | $4.23B | -4% | +21% | 22% | 17.5× | 8.4% | +9.6% |
| Nantong Jianghai Capacitor 002484.SZ | China | $4.28B | -15% | +17% | 14% | 27.6× | 23.2% | +15.9% |
| VisEra Technologies 6789.TW | Taiwan | $3.16B | -46% | -5% | 14% | 49.7× | 44.5% | +5.2% |
| Camtek CAMT | United States | $4.53B | -53% | +12% | 23% | 19.6× | 29.7% | +26.1% |
| Silergy 6415.TW | Taiwan | $4.58B | -11% | +13% | 12% | 30.5× | n/a | n/a |
| China Zhenhua (Group) Science & Technology 000733.SZ | China | $2.93B | -17% | -1% | 14% | 23.3× | 4.0% | +7.8% |
| Guangdong Kingshine Electronic Technology 300903.SZ | China | $4.69B | +45% | +36% | 4% | 276.3× | n/a | n/a |
| Citizen Watch 7762.T | Japan | $2.90B | +3% | +17% | 10% | 12.8× | 10.1% | +10.9% |