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Tianjin-based, state-linked maker of military and broadcast communication equipment.
Tianjin-based, state-linked maker of military and broadcast communication equipment.
Moat: narrow (regulatory licence, customer qualification). State-linked defense-supplier status limits competition to a few qualified vendors.
Headquarters: Tianjin, China · Employees: 2,208
Size Tianjin 712 Communication & Broadcasting (603712.SS) is a China Information Technology company (Telecommunications Equipment) with a market value of $1.41B, the 1729th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.15 on 6 Nov 2026.
Performance Over six months the shares fell 24.5%, against -19.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 27.4% over the last twelve months (peer median +13.4%); the operating margin is -17.4% (peer median 1.9%).
Valuation It trades at 31.1× forward earnings against a peer median of 14.7× (5th most expensive of 12).
Capital Return on invested capital runs 10.3 points below its cost of capital (6.3% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.21B | CN¥2.14B | CN¥2.14B | CN¥3.26B | CN¥4.03B |
| Revenue growth | — | 0% | -34% | -19% | — |
| Gross profit | CN¥773M | CN¥659M | CN¥629M | CN¥1.32B | CN¥1.85B |
| EBITDA | n/a | -CN¥416M | -CN¥312M | CN¥420M | CN¥841M |
| Net income | -CN¥426M | -CN¥492M | -CN¥249M | CN¥440M | CN¥775M |
| Free cash flow | -CN¥207M | -CN¥533M | -CN¥115M | -CN¥136M | -CN¥55.6M |
| Capital expenditure | CN¥42.0M | CN¥36.2M | CN¥36.1M | CN¥99.0M | CN¥114M |
| Total debt | CN¥1.87B | CN¥2.04B | CN¥1.48B | CN¥1.45B | CN¥1.59B |
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| Measure | 603712.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | -6.0% | 4th highest of 21 |
| 6-month return | -24.5% | -19.1% | 9th lowest of 20 |
| Distance from 52-week high | -50.4% | -44.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +27.4% | +13.4% | 4th highest of 21 |
| Operating margin | -17.4% | 1.9% | 5th lowest of 21 |
| Forward P/E | 31.1× | 14.7× | 5th most expensive of 12 |
| ROIC minus cost of capital | -10.3 pp | -3.9 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin 712 Communication & Broadcasting 603712.SS | China | $1.41B | -25% | +27% | -17% | 31.1× | n/a | n/a |
| Hanwha Vision 489790.KS | South Korea | $1.41B | -56% | +20% | 11% | 10.4× | n/a | n/a |
| Shenzhen Gongjin Electronics 603118.SS | China | $1.42B | -18% | +21% | 2% | n/a | n/a | n/a |
| Furuno Electric 6814.T | Japan | $1.42B | -1% | +14% | 13% | 13.0× | 7.4% | +11.3% |
| CITIC Guoan Information Industry 000839.SZ | China | $1.45B | -17% | +14% | 7% | n/a | 11.3% | +7.0% |
| Hwa Create 300045.SZ | China | $1.35B | -39% | -7% | -20% | n/a | n/a | n/a |
| Zhejiang Chengchang Technology 001270.SZ | China | $1.34B | -37% | -1% | 27% | 100.9× | 44.0% | +18.3% |
| Arlo Technologies ARLO | United States | $1.33B | -19% | +16% | 3% | 13.8× | 32.6% | +8.2% |
| Noritsu Koki 7744.T | Japan | $1.31B | -7% | +33% | 20% | 9.9× | -6.9% | +16.8% |
| Vistance Networks VISN | United States | $1.27B | -35% | -38% | 12% | 8.7× | -4.6% | -25.5% |
| Shenzhen SDMC Technology 0901.HK | Hong Kong | $1.61B | n/a | +33% | 10% | n/a | n/a | n/a |
| FS.COM 3355.HK | Hong Kong | $1.63B | -27% | +14% | 23% | n/a | -11.0% | +19.4% |
| Adtran Networks ADV.DE | Germany | $1.21B | -10% | +15% | -3% | 113.3× | -2.7% | -3.1% |
| Hubei Jiuzhiyang Infrared System 300516.SZ | China | $1.18B | -15% | -7% | -8% | n/a | 20.4% | -1.0% |
| Eastern Communications 600776.SS | China | $1.72B | -33% | +7% | -5% | n/a | n/a | n/a |
| Beijing Tricolor Technology 603516.SS | China | $1.72B | -60% | -11% | -20% | 57.4× | n/a | n/a |
| Chengdu CORPRO Technology 300101.SZ | China | $1.07B | -35% | -25% | -18% | 14.7× | n/a | n/a |
| Wuhan Yangtze Communication Industry 600345.SS | China | $1.85B | -23% | +13% | -8% | n/a | n/a | n/a |
| Skyworth Digital 000810.SZ | China | $1.85B | -15% | +28% | 1% | 23.0× | n/a | n/a |
| Shenzhen Infinova 002528.SZ | China | $1.06B | +23% | -29% | -77% | n/a | n/a | n/a |
| Fibocom Wireless 300638.SZ | China | $1.88B | -10% | +3% | 2% | 62.9× | n/a | n/a |