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IDM making power semiconductor devices (MOSFETs, IGBTs) for consumer, industrial and automotive power supplies.
IDM making power semiconductor devices (MOSFETs, IGBTs) for consumer, industrial and automotive power supplies.
In one line: A small Chinese power-discrete IDM, in ON Semiconductor's niche.
Moat: none (process know-how). Competes in a commoditized global power-discrete market with many domestic and international IDMs.
Headquarters: Wuxi, China · Employees: 455
Size Wuxi NCE Power (605111.SS) is a China Information Technology company (Semiconductors) with a market value of $2.45B, the 1047th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.35 on 6 Nov 2026.
Performance Over six months the shares fell 3.3%, against -28.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 28.4% over the last twelve months (peer median +24.1%); the operating margin is 19.5% (peer median 11.3%).
Valuation It trades at 30.4× forward earnings against a peer median of 28.2× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +13 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 6.4 points above its cost of capital (12.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.38B | CN¥1.87B | CN¥1.82B | CN¥1.47B | CN¥1.81B |
| Revenue growth | — | +3% | +23% | -18% | — |
| Gross profit | CN¥748M | CN¥584M | CN¥636M | CN¥435M | CN¥652M |
| EBITDA | n/a | CN¥418M | CN¥462M | CN¥293M | CN¥467M |
| Net income | CN¥436M | CN¥394M | CN¥435M | CN¥323M | CN¥435M |
| Free cash flow | CN¥378M | CN¥341M | CN¥210M | CN¥284M | CN¥187M |
| Capital expenditure | CN¥35.4M | CN¥45.2M | CN¥85.0M | CN¥192M | CN¥86.5M |
| Total debt | CN¥149M | CN¥99.5M | CN¥94.5M | CN¥337M | CN¥177M |
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 |
|---|---|---|---|---|---|---|
| Wuxi NCE Power 605111.SS | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% |
| Hangzhou Silan Microelectronics 600460.SS | $5.93B | -18% | +12% | 2% | 41.1× | n/a |
| StarPower Semiconductor 603290.SS | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% |
| ON Semiconductor ON | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
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 | 605111.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.6% | -21.3% | 10th lowest of 21 |
| 6-month return | -3.3% | -28.9% | 6th highest of 21 |
| Distance from 52-week high | -62.3% | -55.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +28.4% | +24.1% | 8th highest of 21 |
| Operating margin | 19.5% | 11.3% | 9th highest of 21 |
| Forward P/E | 30.4× | 28.2× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 27.2% | 18.4% | 5th most demanding of 13 |
| Growth delivered (Del g) | +14.5% | +16.9% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +12.7 pp | -0.7 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +6.4 pp | -0.3 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |
| OUST OUST | United States | $2.54B | +38% | +64% | -29% | n/a | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |