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Chinese ODM design house that engineers and manufactures smartphones, tablets, laptops and IoT devices for global brands.
Chinese ODM design house that engineers and manufactures smartphones, tablets, laptops and IoT devices for global brands.
Designs complete devices to a brand's brief and builds them, paid per unit, so earnings follow customers' ordering and its own manufacturing efficiency rather than a brand of its own. Its customers' brands and distribution do the selling; Huaqin supplies design engineers and production capacity.
In one line: China's Compal/Wistron (contract device design house).
Moat: narrow (scale, customer qualification, process know-how). One of the largest handset ODMs with deep brand qualification, but margins are thin and brand-dependent.
Headquarters: Shanghai, China · Founded: 2005 · Employees: 70,029
Size Huaqin (603296.SS) is a China Information Technology company (Telecommunications Equipment) with a market value of $12.7B, the 193rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥64.65 on 6 Nov 2026.
Performance Over six months the shares fell 12.6%, against -33.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +7.6%); the operating margin is 1.9% (peer median 8.3%).
Valuation It trades at 17.1× forward earnings against a peer median of 21.8× (6th cheapest of 20).
Capital Return on invested capital runs 0.7 points below its cost of capital (8.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥209B | CN¥171B | CN¥110B | CN¥85.2B | CN¥92.6B |
| Revenue growth | — | +56% | +29% | -8% | — |
| Gross profit | CN¥17.1B | CN¥12.8B | CN¥9.45B | CN¥8.96B | CN¥8.61B |
| EBITDA | n/a | CN¥5.06B | CN¥3.39B | CN¥3.31B | CN¥2.15B |
| Net income | CN¥5.28B | CN¥4.05B | CN¥2.93B | CN¥2.71B | CN¥2.56B |
| Free cash flow | -CN¥1.87B | -CN¥3.40B | -CN¥544M | CN¥2.44B | CN¥361M |
| Capital expenditure | CN¥3.86B | CN¥3.43B | CN¥2.07B | CN¥1.46B | CN¥2.36B |
| Total debt | CN¥44.3B | CN¥31.2B | CN¥20.4B | CN¥12.8B | 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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Huaqin 603296.SS | $12.7B | -13% | +28% | 2% | 17.1× | n/a |
| Wingtech Technology 600745.SS | $2.26B | -59% | -93% | -30% | n/a | n/a |
| Compal Electronics 2324.TW | $4.15B | +8% | -4% | 1% | 12.9× | n/a |
| Wistron 3231.TW | $16.3B | +13% | +107% | 4% | 8.1× | n/a |
| BYD Electronic 0285.HK | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% |
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 | 603296.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -5.2% | 8th lowest of 21 |
| 6-month return | -12.6% | -33.3% | 7th highest of 21 |
| Distance from 52-week high | -29.6% | -46.4% | 6th highest of 21 |
| Revenue growth (TTM) | +28.1% | +7.6% | 4th highest of 21 |
| Operating margin | 1.9% | 8.3% | 7th lowest of 21 |
| Forward P/E | 17.1× | 21.8× | 6th cheapest of 20 |
| ROIC minus cost of capital | -0.7 pp | -0.4 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huaqin 603296.SS | China | $12.7B | -13% | +28% | 2% | 17.1× | n/a | n/a |
| Shenzhen Transsion 688036.SS | China | $11.6B | +13% | -1% | 5% | 21.8× | n/a | n/a |
| TCL Technology 000100.SZ | China | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% | +19.1% |
| China Spacesat 600118.SS | China | $9.75B | -46% | +6% | 1% | 531.4× | n/a | n/a |
| ViaSat VSAT | United States | $8.81B | -9% | +1% | 2% | n/a | 42.8% | +15.5% |
| ZTE 000063.SZ | China | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% | +5.6% |
| ZTE 0763.HK | Hong Kong | $19.0B | -27% | +20% | 1% | 14.6× | 17.5% | +4.9% |
| Yealink Network Technology 300628.SZ | China | $7.50B | +8% | +17% | 46% | 16.2× | 4.3% | +17.0% |
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
| Zhejiang Dahua Technology 002236.SZ | China | $7.04B | -21% | +7% | 7% | 12.3× | n/a | n/a |
| Shenzhen Sunway Communication 300136.SZ | China | $6.14B | -54% | +2% | 9% | 47.1× | 30.6% | +6.9% |
| Fiberhome Telecommunication Technologies 600498.SS | China | $5.50B | -42% | +16% | 1% | 21.5× | 12.8% | +3.4% |
| Jiang Su Etern 600105.SS | China | $4.82B | -48% | +49% | 12% | 24.4× | n/a | n/a |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| QuantumCTek 688027.SS | China | $4.60B | -48% | -19% | -33% | 4,259.0× | n/a | n/a |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Ohb OHB.DE | Germany | $4.45B | -61% | +18% | 5% | 60.7× | n/a | n/a |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Huber + Suhner HUBN.SW | Switzerland | $3.49B | -44% | -4% | 9% | 30.9× | 11.1% | +3.2% |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |