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Chinese PCB maker supplying multilayer circuit boards for consumer electronics, automotive and industrial customers.
Chinese PCB maker supplying multilayer circuit boards for consumer electronics, automotive and industrial customers.
In one line: A smaller, diversified Chinese peer to TTM Technologies.
Moat: none (process know-how). Fragmented, price-competitive multilayer PCB manufacturing without a distinct technology edge.
Headquarters: Shenzhen, China · Founded: 1996 · Employees: 20,680
Size Shenzhen Kinwong Electronic (603228.SS) is a China Information Technology company (Electronic Components) with a market value of $8.38B, the 296th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥53.76 on 6 Nov 2026.
Performance Over six months the shares fell 23.4%, against -13.5% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 32.7% over the last twelve months (peer median +28.8%); the operating margin is 12.1% (peer median 11.2%).
Valuation It trades at 22.6× forward earnings against a peer median of 25.9× (10th cheapest of 20).
Capital Return on invested capital runs 2.6 points above its cost of capital (9.1% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.5B | CN¥15.3B | CN¥12.6B | CN¥10.7B | CN¥10.5B |
| Revenue growth | — | +21% | +18% | +2% | — |
| Gross profit | CN¥5.64B | CN¥3.15B | CN¥2.73B | CN¥2.34B | CN¥2.21B |
| EBITDA | n/a | CN¥2.27B | CN¥2.05B | CN¥1.87B | CN¥1.75B |
| Net income | CN¥1.90B | CN¥1.23B | CN¥1.17B | CN¥936M | CN¥1.07B |
| Free cash flow | -CN¥4.40B | -CN¥836M | CN¥443M | CN¥678M | -CN¥331M |
| Capital expenditure | CN¥6.02B | CN¥2.77B | CN¥1.85B | CN¥1.45B | CN¥1.89B |
| Total debt | CN¥9.61B | CN¥4.48B | CN¥3.35B | CN¥4.58B | CN¥3.75B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Kinwong Electronic 603228.SS | $8.38B | -23% | +33% | 12% | 22.6× | n/a |
| Shennan Circuit 002916.SZ | $20.4B | -36% | +51% | 18% | 22.6× | n/a |
| Dynamic Electronics 603175.SS | $5.37B | -15% | +15% | 5% | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% |
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 | 603228.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -45.1% | -34.6% | 2nd lowest of 21 |
| 6-month return | -23.4% | -13.5% | 10th lowest of 21 |
| Distance from 52-week high | -52.7% | -49.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +32.7% | +28.8% | 10th highest of 21 |
| Operating margin | 12.1% | 11.2% | 10th highest of 21 |
| Forward P/E | 22.6× | 25.9× | 10th cheapest of 20 |
| ROIC minus cost of capital | +2.6 pp | -1.5 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Shenzhen Everwin Precision Technology 300115.SZ | China | $5.95B | -12% | +19% | 2% | 124.0× | n/a | n/a |
| Compeq Manufacturing 2313.TW | Taiwan | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% | +4.7% |
| Founder Technology 600601.SS | China | $5.70B | -27% | +73% | 19% | 47.6× | n/a | n/a |
| Taiyo Yuden 6976.T | Japan | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% | +3.4% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| ITEQ 6213.TW | Taiwan | $5.45B | +75% | +16% | 9% | 16.6× | n/a | n/a |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |