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Shanghai maker of silicon wafers, the base material for virtually all semiconductor chips.
Shanghai maker of silicon wafers, the base material for virtually all semiconductor chips.
Sells wafers to chipmakers only after each has qualified the supplier, a slow process, but purchases then repeat. The 300mm size used for advanced chips is the growth line, while smaller wafers serve older chip types. It exists partly to reduce China's reliance on imported wafers.
In one line: China's SUMCO/Siltronic (silicon wafer maker).
Moat: narrow (scale, customer qualification). One of the few Chinese makers of large 300mm wafers, a technically demanding, capital-intensive niche.
Headquarters: Shanghai, China · Founded: 2014 · Employees: 3,640
Size National Silicon Industry (688126.SS) is a China Information Technology company (Semiconductors) with a market value of $10.2B, the 244th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.63 on 6 Nov 2026.
Performance Over six months the shares gained 0.1%, against -22.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 19 in its peer set.
Growth Revenue grew 32.9% over the last twelve months (peer median +37.0%); the operating margin is -40.6% (peer median 10.1%).
Valuation It trades at 16.4× enterprise value to sales against a peer median of 7.8× (5th most expensive of 21).
Capital Return on invested capital runs 11.3 points below its cost of capital (9.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.71B | CN¥3.72B | CN¥3.39B | CN¥3.19B | CN¥3.59B |
| Revenue growth | — | +10% | +6% | -11% | — |
| Gross profit | CN¥600M | -CN¥736M | -CN¥394M | CN¥452M | CN¥743M |
| EBITDA | n/a | -CN¥310M | -CN¥88.6M | CN¥561M | CN¥807M |
| Net income | -CN¥1.60B | -CN¥1.51B | -CN¥971M | CN¥187M | CN¥325M |
| Free cash flow | -CN¥4.86B | -CN¥5.38B | -CN¥5.06B | -CN¥3.45B | -CN¥2.15B |
| Capital expenditure | CN¥5.65B | CN¥4.91B | CN¥5.07B | CN¥4.13B | CN¥2.66B |
| Total debt | CN¥10.5B | CN¥8.92B | CN¥6.56B | CN¥5.17B | CN¥2.77B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| National Silicon Industry 688126.SS | $10.2B | 0% | +33% | -41% | 16.4× | n/a |
| Shin-etsu Chemical 4063.T | $66.5B | -27% | +5% | 25% | 3.4× | 8.9% |
| Sumco 3436.T | $3.96B | -28% | +4% | -4% | 2.3× | n/a |
| Siltronic WAF.DE | $1.86B | -46% | +1% | -16% | 1.9× | n/a |
| GlobalWafers 6488.TWO | $8.15B | -23% | -6% | 11% | 4.6× | n/a |
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 | 688126.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | -25.6% | 3rd highest of 20 |
| 6-month return | +0.1% | -22.7% | 6th highest of 19 |
| Distance from 52-week high | -53.0% | -52.7% | 11th highest of 21 |
| Revenue growth (TTM) | +32.9% | +37.0% | 10th lowest of 21 |
| Operating margin | -40.6% | 10.1% | 2nd lowest of 21 |
| EV / Sales | 16.4× | 7.8× | 5th most expensive of 21 |
| ROIC minus cost of capital | -11.3 pp | +0.3 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| National Silicon Industry 688126.SS | China | $10.2B | 0% | +33% | -41% | 16.4× | n/a | n/a |
| TongFu Microelectronics 002156.SZ | China | $10.5B | -15% | +21% | 7% | 2.5× | n/a | n/a |
| China Resources Microelectronics 688396.SS | China | $9.72B | -14% | +17% | 10% | 4.5× | 25.7% | +9.7% |
| Semtech SMTC | United States | $9.63B | -15% | +18% | 12% | 8.5× | 51.8% | +12.0% |
| Nexchip Semiconductor 2249.HK | Hong Kong | $9.55B | n/a | +20% | 7% | 7.1× | n/a | n/a |
| Realtek Semiconductor 2379.TW | Taiwan | $11.0B | +33% | +12% | 11% | 2.6× | 8.4% | +9.6% |
| Yuanjie Semiconductor Technology 688498.SS | China | $11.2B | -45% | +300% | 64% | 40.7× | n/a | n/a |
| Xi'an ESWIN Material Technology 688783.SS | China | $9.34B | -36% | +25% | -25% | 24.4× | n/a | n/a |
| Novatek Microelectronics 3034.TW | Taiwan | $9.16B | +18% | +2% | 20% | 2.5× | -4.2% | +4.7% |
| Fabrinet FN | United States | $11.7B | -47% | +43% | 10% | 2.1× | n/a | n/a |
| United Nova Technology 688469.SS | China | $8.92B | +4% | +42% | -10% | 6.9× | n/a | n/a |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | 38.4× | n/a | n/a |
| Shenzhen Longsys Electronics 301308.SZ | China | $12.3B | -46% | +114% | 40% | 1.9× | n/a | n/a |
| SiTime SITM | United States | $12.5B | -30% | +83% | 0% | 28.9× | n/a | n/a |
| SG Micro 300661.SZ | China | $8.33B | -12% | +46% | 17% | 9.0× | 35.9% | +26.7% |
| VeriSilicon Microelectronics (Shanghai) 688521.SS | China | $8.31B | -63% | +39% | -23% | 13.4× | 40.5% | +15.9% |
| Amkor Technology AMKR | United States | $8.13B | -57% | +16% | 10% | 1.1× | n/a | n/a |
| Shenzhen Techwinsemi Technology 001309.SZ | China | $8.12B | -64% | +317% | 35% | 2.2× | n/a | n/a |
| Konfoong Materials International 300666.SZ | China | $8.09B | +9% | +35% | 10% | 9.9× | n/a | n/a |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 9.1× | 24.5% | +23.5% |
| Rockchip Electronics 603893.SS | China | $13.4B | +16% | +39% | 27% | 15.1× | 39.3% | +18.7% |