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Provides wafer and finished-chip testing services (probe cards, load boards) to fabless IC design customers.
Provides wafer and finished-chip testing services (probe cards, load boards) to fabless IC design customers.
Charges fees for testing wafers and finished chips on its own machines as a standalone test house, separate from packaging firms, paid per wafer or per chip tested, so volume from fabless customers drives it. Test programs built for each customer's chip help it keep accounts.
In one line: A small Chinese third-party IC test house, similar niche to Amkor's test-only services.
Moat: narrow (process know-how, customer qualification). Independent test house qualified per customer chip design; a competitive, capital-light niche within OSAT.
Headquarters: Dongguan, China · Founded: 2010 · Employees: 1,549
Size Guangdong Leadyo IC Testing (688135.SS) is a China Information Technology company (Semiconductors) with a market value of $990M, the 2316th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.33 on 6 Nov 2026.
Performance Over six months the shares fell 23.2%, against -26.5% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +5.8%); the operating margin is 6.2% (peer median 1.7%).
Valuation It trades at 236.1× forward earnings against a peer median of 28.6× (most expensive of 14).
Capital Return on invested capital runs 2.3 points below its cost of capital (10.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥728M | CN¥614M | CN¥485M | CN¥500M | CN¥451M |
| Revenue growth | — | +27% | -3% | +11% | — |
| Gross profit | CN¥392M | CN¥128M | CN¥67.0M | CN¥122M | CN¥142M |
| EBITDA | n/a | CN¥247M | CN¥145M | CN¥180M | CN¥159M |
| Net income | CN¥25.3M | -CN¥9.20M | -CN¥61.6M | CN¥21.7M | CN¥32.0M |
| Free cash flow | -CN¥28.6M | -CN¥99.0M | -CN¥194M | -CN¥366M | -CN¥169M |
| Capital expenditure | CN¥388M | CN¥380M | CN¥398M | CN¥562M | CN¥430M |
| Total debt | CN¥804M | CN¥1.21B | CN¥1.21B | CN¥555M | CN¥342M |
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 |
|---|---|---|---|---|---|---|
| Guangdong Leadyo IC Testing 688135.SS | $990M | -23% | +28% | 6% | 236.1× | n/a |
| Shanghai V-Test Semiconductor Tech 688372.SS | $1.82B | -53% | +53% | 18% | 29.2× | n/a |
| Tianshui Huatian Technology 002185.SZ | $7.74B | +10% | +33% | 4% | 45.0× | n/a |
| Ase Technology 3711.TW | $70.4B | +2% | +25% | 11% | 17.3× | n/a |
| Amkor Technology AMKR | $8.13B | -57% | +16% | 10% | 12.1× | 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 | 688135.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.8% | -16.5% | 9th lowest of 21 |
| 6-month return | -23.2% | -26.5% | 10th highest of 21 |
| Distance from 52-week high | -41.7% | -50.7% | 5th highest of 21 |
| Revenue growth (TTM) | +28.1% | +5.8% | 8th highest of 21 |
| Operating margin | 6.2% | 1.7% | 7th highest of 21 |
| Forward P/E | 236.1× | 28.6× | most expensive of 14 |
| ROIC minus cost of capital | -2.3 pp | -4.9 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangdong Leadyo IC Testing 688135.SS | China | $990M | -23% | +28% | 6% | 236.1× | n/a | n/a |
| Suzhou Oriental Semiconductor 688261.SS | China | $994M | -27% | +18% | 0% | 38.3× | n/a | n/a |
| Koh Young Technology 098460.KS | South Korea | $987M | -49% | +57% | 15% | 25.1× | 20.5% | +5.3% |
| ELAN Microelectronics 2458.TW | Taiwan | $996M | -18% | -8% | 21% | 19.1× | -2.8% | -4.0% |
| Hengbao 002104.SZ | China | $977M | -35% | -17% | -9% | n/a | n/a | n/a |
| Shanghai Prisemi Electronics 688230.SS | China | $970M | -23% | +31% | 19% | n/a | 31.1% | +1.3% |
| Hannstar Display 6116.TW | Taiwan | $1.01B | +43% | +4% | -25% | 18.4× | 14.9% | -10.2% |
| Foshan Electrical and Lighting 000541.SZ | China | $967M | -8% | -3% | -2% | 22.5× | n/a | n/a |
| Jiangsu Zongyi 600770.SS | China | $961M | -35% | +64% | -4% | n/a | 43.6% | +4.7% |
| Dioo Microcircuits Co., Ltd. Jiangsu 688381.SS | China | $948M | -15% | -18% | -46% | n/a | n/a | n/a |
| Wuxi DK Electronic Materials 300842.SZ | China | $1.03B | -48% | +36% | 4% | 34.2× | n/a | n/a |
| Shanghai Fortune Techgroup 300493.SZ | China | $1.04B | -15% | +3% | 3% | 59.6× | 35.9% | +15.8% |
| Beijing OnMicro Electronics 688790.SS | China | $1.04B | -51% | -10% | -16% | n/a | 41.4% | +26.8% |
| Beijing Jingyuntong Technology 601908.SS | China | $1.05B | -26% | -32% | -49% | n/a | -5.1% | -5.1% |
| Ambiq Micro AMBQ | United States | $933M | -13% | +32% | -43% | n/a | n/a | n/a |
| Telink Semiconductor (Shanghai) 688591.SS | China | $1.05B | -15% | +7% | 4% | 82.2× | n/a | n/a |
| Guizhou Zhenhua Fengguang Semiconductor 688439.SS | China | $1.05B | -28% | -39% | 4% | 14.9× | 18.6% | +16.1% |
| GCS 4991.TWO | Taiwan | $1.06B | -61% | +52% | 20% | 37.8× | 39.2% | +8.2% |
| Scientech 3583.TW | Taiwan | $1.07B | -46% | +9% | 14% | 16.0× | 10.4% | +26.0% |
| Semitronix 301095.SZ | China | $1.07B | -35% | +29% | 0% | 59.8× | 58.0% | +42.7% |
| Focus Lightings Tech 300708.SZ | China | $1.07B | -14% | -38% | 9% | 28.6× | n/a | n/a |