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Chinese semiconductor equipment maker specializing in thin-film deposition tools (PECVD, ALD) for chip fabs.
Chinese semiconductor equipment maker specializing in thin-film deposition tools (PECVD, ALD) for chip fabs.
Sells deposition machines to chip fabs, so revenue arrives in large steps as customers equip new lines, with spare parts and service following on the installed tools. Almost all buyers are Chinese fabs, which favour domestic suppliers as export restrictions limit access to foreign equipment. Based in Shenyang and listed on Shanghai's STAR market in 2022.
In one line: China's small Applied Materials (deposition equipment).
Moat: narrow (customer qualification, process know-how). Tool-of-record status inside qualified Chinese fabs is hard to displace once a process step is locked in.
Headquarters: Shenyang, China · Founded: 2009 · Employees: 1,695
Size Piotech (688072.SS) is a China Information Technology company (Semiconductors) with a market value of $21.7B, the 93rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥497.00 on 6 Nov 2026.
Performance Over six months the shares gained 23.4%, against -22.9% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 24.4% over the last twelve months (peer median +25.7%); the operating margin is 14.4% (peer median 19.2%).
Valuation It trades at 55.5× forward earnings against a peer median of 23.2× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +72%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (6.9% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.52B | CN¥6.50B | CN¥4.10B | CN¥2.70B | CN¥1.69B |
| Revenue growth | — | +58% | +52% | +59% | — |
| Gross profit | CN¥3.08B | CN¥2.14B | CN¥1.64B | CN¥1.22B | CN¥805M |
| EBITDA | n/a | CN¥889M | CN¥481M | CN¥343M | CN¥174M |
| Net income | CN¥2.80B | CN¥927M | CN¥688M | CN¥663M | CN¥368M |
| Free cash flow | CN¥164M | CN¥3.08B | -CN¥966M | -CN¥2.13B | CN¥151M |
| Capital expenditure | CN¥628M | CN¥575M | CN¥686M | CN¥481M | CN¥111M |
| Total debt | CN¥2.60B | CN¥4.37B | CN¥4.51B | CN¥2.09B | CN¥981M |
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 |
|---|---|---|---|---|---|---|
| Piotech 688072.SS | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| NAURA Technology 002371.SZ | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% |
| Kokusai Electric 6525.T | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% |
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 | 688072.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.3% | -21.0% | 10th highest of 21 |
| 6-month return | +23.4% | -22.9% | 4th highest of 20 |
| Distance from 52-week high | -47.4% | -53.1% | 7th highest of 21 |
| Revenue growth (TTM) | +24.4% | +25.7% | 9th lowest of 20 |
| Operating margin | 14.4% | 19.2% | 7th lowest of 18 |
| Forward P/E | 55.5× | 23.2× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 43.5% | 22.4% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +71.7% | +12.9% | highest of 13 |
| Hurdle (Req g minus delivered) | -28.2 pp | +0.7 pp | least demanding of 13 |
| ROIC minus cost of capital | +3.5 pp | +2.8 pp | 9th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| Montage Technology 6809.HK | Hong Kong | $24.1B | -49% | +40% | 42% | 45.8× | 8.1% | +23.6% |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| GigaDevice Semiconductor 3986.HK | Hong Kong | $25.1B | -43% | +181% | 50% | 11.6× | -8.8% | +14.6% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
| MACOM Technology Solutions MTSI | United States | $16.1B | -41% | +28% | 18% | 23.2× | 49.4% | +12.8% |
| OmniVision Integrated Circuits 603501.SS | China | $16.1B | -12% | +2% | 13% | 31.4× | n/a | n/a |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Tower Semiconductor TSEM | United States | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% | +4.4% |
| Hwatsing Technology 688120.SS | China | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% | +64.4% |