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Chinese maker of wafer-cleaning and CMP (chemical-mechanical polishing) equipment used in semiconductor fabs.
Chinese maker of wafer-cleaning and CMP (chemical-mechanical polishing) equipment used in semiconductor fabs.
Sells equipment tool by tool to chipmakers as they build or expand fabs, so sales follow their spending plans, with spare parts and service following once tools are installed. One of the few Chinese suppliers of CMP, the step that polishes wafer layers flat, it mostly competes with global toolmakers Applied Materials and Ebara.
In one line: A Chinese Applied Materials for wafer cleaning/CMP tools.
Moat: narrow (customer qualification, process know-how). Tool-of-record status at qualified domestic fabs amid China's push for equipment self-sufficiency.
Headquarters: Guangzhou, China · Founded: 2005 · Employees: 2,654
Size Hwatsing Technology (688120.SS) is a China Information Technology company (Semiconductors) with a market value of $15.4B, the 150th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥200.80 on 6 Nov 2026.
Performance Over six months the shares gained 42.4%, against -24.5% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 35.9% over the last twelve months (peer median +33.5%); the operating margin is 17.7% (peer median 15.7%).
Valuation It trades at 63.8× forward earnings against a peer median of 23.2× (most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +64%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.7 points above its cost of capital (8.4% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.64B | CN¥4.63B | CN¥3.38B | CN¥2.49B | CN¥1.64B |
| Revenue growth | — | +37% | +36% | +52% | — |
| Gross profit | CN¥2.36B | CN¥1.83B | CN¥1.39B | CN¥1.03B | CN¥741M |
| EBITDA | n/a | CN¥1.08B | CN¥849M | CN¥628M | CN¥468M |
| Net income | CN¥1.29B | CN¥1.08B | CN¥1.02B | CN¥724M | CN¥502M |
| Free cash flow | CN¥246M | CN¥617M | CN¥885M | CN¥376M | -CN¥122M |
| Capital expenditure | CN¥159M | CN¥222M | CN¥322M | CN¥340M | CN¥175M |
| Total debt | CN¥755M | CN¥765M | CN¥765M | CN¥890M | CN¥422M |
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 |
|---|---|---|---|---|---|---|
| Hwatsing Technology 688120.SS | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| ACM Research ACMR | $3.11B | -25% | +27% | 13% | 16.0× | n/a |
| NAURA Technology 002371.SZ | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% |
| Screen 7735.T | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% |
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 | 688120.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.7% | -25.6% | 6th highest of 20 |
| 6-month return | +42.4% | -24.5% | highest of 20 |
| Distance from 52-week high | -46.4% | -49.0% | 8th highest of 21 |
| Revenue growth (TTM) | +35.9% | +33.5% | 11th highest of 21 |
| Operating margin | 17.7% | 15.7% | 11th highest of 21 |
| Forward P/E | 63.8× | 23.2× | most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 41.8% | 37.9% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +64.4% | +11.2% | highest of 11 |
| Hurdle (Req g minus delivered) | -22.5 pp | +19.3 pp | least demanding of 11 |
| ROIC minus cost of capital | +8.7 pp | +6.2 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hwatsing Technology 688120.SS | China | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% | +64.4% |
| Tower Semiconductor TSEM | United States | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% | +4.4% |
| Omnivision Integrated Circuits 0501.HK | Hong Kong | $15.7B | -16% | +7% | 13% | 23.2× | n/a | n/a |
| Lattice Semiconductor LSCC | United States | $14.9B | -17% | +63% | 13% | 26.2× | n/a | n/a |
| Technoprobe TPRO.MI | Italy | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% | +14.6% |
| MACOM Technology Solutions MTSI | United States | $16.1B | -41% | +28% | 18% | 23.2× | 49.4% | +12.8% |
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
| ASPEED Technology 5274.TWO | Taiwan | $14.3B | -30% | +40% | 53% | 41.1× | 41.3% | +24.3% |
| LONGi Green Energy Technology 601012.SS | China | $14.1B | -25% | -16% | -12% | n/a | n/a | n/a |
| JCET 600584.SS | China | $14.1B | +15% | +4% | 6% | 40.2× | n/a | n/a |
| Rockchip Electronics 603893.SS | China | $13.4B | +16% | +39% | 27% | 49.1× | 39.3% | +18.7% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| SiTime SITM | United States | $12.5B | -30% | +83% | 0% | 23.1× | n/a | n/a |
| Shenzhen Longsys Electronics 301308.SZ | China | $12.3B | -46% | +114% | 40% | 5.1× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | n/a | n/a | n/a |
| Fabrinet FN | United States | $11.7B | -47% | +43% | 10% | 15.6× | n/a | n/a |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| Yuanjie Semiconductor Technology 688498.SS | China | $11.2B | -45% | +300% | 64% | 60.1× | n/a | n/a |
| Realtek Semiconductor 2379.TW | Taiwan | $11.0B | +33% | +12% | 11% | 19.9× | 8.4% | +9.6% |