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World's largest maker of cellular and IoT wireless communication modules embedded in cars, meters and devices.
World's largest maker of cellular and IoT wireless communication modules embedded in cars, meters and devices.
Buys cellular chipsets from suppliers such as Qualcomm, MediaTek and Unisoc and builds them into ready-to-use modules, so it earns a thin margin over the chip and must hold stock through price swings. Customers design a module into their product and tend to keep using it.
In one line: China's Sierra Wireless / Telit, at global scale.
Moat: narrow (scale, distribution, customer qualification). Largest module shipment volume gives cost scale; design-wins are sticky once embedded in a device.
Headquarters: Shanghai, China · Founded: 2010 · Employees: 8,956
Size Quectel Wireless Solutions (603236.SS) is a China Information Technology company (Electronic Production Equipment) with a market value of $4.71B, the 539th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥77.29 on 6 Nov 2026.
Performance Over six months the shares gained 49.7%, against -19.7% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 30.2% over the last twelve months (peer median +20.3%); the operating margin is 4.6% (peer median 8.2%).
Valuation It trades at 21.1× forward earnings against a peer median of 22.4× (10th cheapest of 19).
Capital Return on invested capital runs 1.2 points above its cost of capital (7.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥30.2B | CN¥24.3B | CN¥18.6B | CN¥13.9B | CN¥14.2B |
| Revenue growth | — | +31% | +34% | -3% | — |
| Gross profit | CN¥6.07B | CN¥3.96B | CN¥3.00B | CN¥2.32B | CN¥2.59B |
| EBITDA | n/a | CN¥1.26B | CN¥939M | CN¥458M | CN¥895M |
| Net income | CN¥1.32B | CN¥837M | CN¥588M | CN¥90.7M | CN¥623M |
| Free cash flow | -CN¥2.55B | -CN¥1.33B | CN¥450M | CN¥752M | CN¥162M |
| Capital expenditure | CN¥854M | CN¥668M | CN¥273M | CN¥285M | CN¥340M |
| Total debt | CN¥7.02B | CN¥4.02B | CN¥3.97B | CN¥4.27B | CN¥3.94B |
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 |
|---|---|---|---|---|---|---|
| Quectel Wireless Solutions 603236.SS | $4.71B | +50% | +30% | 5% | 21.1× | n/a |
| Semtech SMTC | $9.63B | -15% | +18% | 12% | 19.1× | 51.8% |
| Fibocom Wireless 300638.SZ | $1.88B | -10% | +3% | 2% | 62.9× | n/a |
| MeiG Smart Technology 002881.SZ | $1.92B | +8% | +24% | 7% | 49.5× | n/a |
| Sunsea AIoT Technology 002313.SZ | $469M | -13% | +11% | -4% | n/a | n/a |
| Nordic Semiconductor NOD.OL | $3.62B | -12% | +15% | 8% | 54.6× | 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 | 603236.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.8% | -21.4% | 2nd highest of 21 |
| 6-month return | +49.7% | -19.7% | highest of 21 |
| Distance from 52-week high | -8.7% | -46.8% | highest of 21 |
| Revenue growth (TTM) | +30.2% | +20.3% | 8th highest of 21 |
| Operating margin | 4.6% | 8.2% | 6th lowest of 21 |
| Forward P/E | 21.1× | 22.4× | 10th cheapest of 19 |
| ROIC minus cost of capital | +1.2 pp | +0.6 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Quectel Wireless Solutions 603236.SS | China | $4.71B | +50% | +30% | 5% | 21.1× | n/a | n/a |
| Lagercrantz LAGR-B.ST | Sweden | $4.72B | -6% | +17% | 15% | 30.8× | 20.6% | +21.0% |
| MDA Space MDA.TO | Canada | $4.65B | -14% | +38% | 5% | 28.1× | n/a | n/a |
| LG Innotek 011070.KS | South Korea | $4.62B | -54% | +20% | 4% | 9.6× | -0.3% | +18.1% |
| Shenzhen Sunlord Electronics 002138.SZ | China | $4.55B | +11% | +20% | 16% | 24.4× | 14.5% | +14.2% |
| JoulWatt Technology 688141.SS | China | $4.44B | -30% | +50% | -28% | n/a | n/a | n/a |
| Asmpt 0522.HK | Hong Kong | $5.02B | -47% | +21% | 9% | 20.4× | 12.1% | -1.3% |
| Plexus PLXS | United States | $5.12B | -28% | +23% | 5% | 17.9× | n/a | n/a |
| 3Peak 688536.SS | China | $5.26B | -5% | +74% | 16% | 50.7× | 46.0% | +30.6% |
| Guangdong Fenghua Advanced Technology (Holding) 000636.SZ | China | $5.42B | +26% | +36% | 8% | 45.0× | 28.6% | +5.9% |
| Universal Display OLED | United States | $3.98B | -4% | -2% | 35% | 19.6× | 14.3% | +8.7% |
| AAC Technologies 2018.HK | Hong Kong | $5.60B | -4% | +16% | 8% | 13.8× | 1.2% | +12.4% |
| Guobo Electronics 688375.SS | China | $5.61B | -49% | -12% | 13% | 83.0× | 39.7% | +1.4% |
| Jones Tech 300684.SZ | China | $3.83B | +20% | +15% | 20% | 45.3× | 42.9% | +9.8% |
| BYD Electronic 0285.HK | Hong Kong | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% | +18.8% |
| Changsha Jingjia Microelectronics 300474.SZ | China | $3.59B | -30% | +50% | -77% | n/a | n/a | n/a |
| Vishay Intertechnology VSH | United States | $3.57B | -32% | +18% | 5% | 13.2× | 18.8% | +4.2% |
| Fositek 6805.TW | Taiwan | $3.50B | -15% | +46% | 27% | 20.0× | 14.7% | +41.1% |
| Universal Scientific Industrial (Shanghai) 601231.SS | China | $6.50B | -52% | +4% | 3% | 19.6× | n/a | n/a |
| Olympic Circuit Technology 603920.SS | China | $3.29B | -42% | +21% | 6% | 30.1× | n/a | n/a |
| Guangdong Create Century Intelligent Equipment 300083.SZ | China | $3.13B | +7% | +35% | 11% | 24.4× | n/a | n/a |