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Xiamen-based optics/optical-components maker; specific product line not established from available knowledge.
Xiamen-based optics/optical-components maker; specific product line not established from available knowledge.
Moat: none
Headquarters: Xiamen, China · Employees: 1,762
Size Xiamen Leading Optics (605118.SS) is a China Information Technology company (Electronic Components) with a market value of $2.05B, the 1234th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.33 on 6 Nov 2026.
Performance Over six months the shares fell 31.0%, against -22.6% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 32.0% over the last twelve months (peer median +23.9%); the operating margin is 34.2% (peer median 11.2%).
Valuation It trades at 12.9× enterprise value to sales against a peer median of 6.8× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +6 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 14.3 points above its cost of capital (8.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.03B | CN¥826M | CN¥617M | CN¥599M | CN¥584M |
| Revenue growth | — | +34% | +3% | +3% | — |
| Gross profit | CN¥545M | CN¥388M | CN¥252M | CN¥231M | CN¥232M |
| EBITDA | n/a | CN¥322M | CN¥194M | CN¥188M | CN¥169M |
| Net income | CN¥298M | CN¥260M | CN¥175M | CN¥154M | CN¥156M |
| Free cash flow | CN¥295M | CN¥207M | CN¥180M | CN¥229M | CN¥42.6M |
| Capital expenditure | CN¥152M | CN¥148M | CN¥58.9M | CN¥64.4M | CN¥126M |
| Total debt | CN¥86.6M | CN¥71.4M | CN¥40.1M | CN¥16.3M | CN¥16.2M |
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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 | 605118.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | -17.6% | 2nd highest of 21 |
| 6-month return | -31.0% | -22.6% | 7th lowest of 21 |
| Distance from 52-week high | -33.2% | -55.8% | 5th highest of 21 |
| Revenue growth (TTM) | +32.0% | +23.9% | 7th highest of 21 |
| Operating margin | 34.2% | 11.2% | highest of 21 |
| EV / Sales | 12.9× | 6.8× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.4% | 17.9% | 5th least demanding of 9 |
| Growth delivered (Del g) | +14.8% | +11.0% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | +5.6 pp | +5.6 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | +14.3 pp | -3.3 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen Leading Optics 605118.SS | China | $2.05B | -31% | +32% | 34% | 12.9× | 20.4% | +14.8% |
| Wuhu Token Science 300088.SZ | China | $2.03B | -18% | -15% | 0% | 1.9× | n/a | n/a |
| Meiko Electronics 6787.T | Japan | $2.07B | -27% | +22% | 10% | 1.8× | n/a | n/a |
| Dongguan Dingtong Precision Metal 688668.SS | China | $2.09B | -55% | +33% | 16% | 7.4× | n/a | n/a |
| Electric Connector Technology 300679.SZ | China | $2.14B | -24% | 0% | 4% | 2.6× | 27.9% | +15.8% |
| Fujian Torch Electron Technology 603678.SS | China | $2.16B | -7% | +82% | 4% | 2.8× | n/a | n/a |
| Shenglan Technology 300843.SZ | China | $2.16B | +2% | +45% | 8% | 6.2× | n/a | n/a |
| Fulltech Fiber Glass 1815.TWO | Taiwan | $2.18B | +6% | +49% | 26% | 8.6× | n/a | n/a |
| Hefei Meyer Optoelectronic Technology 002690.SZ | China | $2.25B | -3% | +3% | 31% | 5.2× | 9.2% | +10.0% |
| Xiamen Hengkun New Material Technology 688727.SS | China | $2.28B | -33% | +20% | 9% | 22.3× | n/a | n/a |
| Jenoptik JEN.DE | Germany | $2.30B | -21% | -2% | 12% | 2.2× | 10.3% | +11.2% |
| EZconn 6442.TW | Taiwan | $2.40B | -51% | +30% | 27% | 6.0× | 15.3% | +34.3% |
| Chengdu Hongming Electronics 301682.SZ | China | $1.74B | -24% | +4% | 19% | 4.2× | 13.0% | -6.2% |
| Zhuzhou Hongda Electronics 300726.SZ | China | $2.43B | -20% | +11% | 26% | 7.7× | 27.3% | +6.1% |
| Ningbo Yong Xin Optics 603297.SS | China | $1.72B | -9% | +27% | 19% | 9.2× | 36.5% | +10.8% |
| Changshu Tianyin Electromechanical 300342.SZ | China | $1.72B | -60% | -6% | 1% | 13.9× | n/a | n/a |
| HONG RI DA Technology 301285.SZ | China | $2.50B | -22% | +14% | -13% | 17.1× | n/a | n/a |
| Hubei DOTI Micro Technology 301183.SZ | China | $1.67B | -23% | +30% | 18% | 10.5× | n/a | n/a |
| Shanghai Xizhi Technology 1879.HK | Hong Kong | $1.66B | -84% | +77% | -648% | 85.0× | n/a | n/a |
| Aoshikang Technology 002913.SZ | China | $2.52B | +2% | +25% | 10% | 2.9× | n/a | n/a |
| Zhejiang Lante Optics 688127.SS | China | $2.56B | -45% | +59% | 31% | 8.2× | 20.5% | +28.5% |