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Shenzhen-based maker of photomasks, the master templates used to print circuit patterns onto semiconductor wafers.
Shenzhen-based maker of photomasks, the master templates used to print circuit patterns onto semiconductor wafers.
Each mask is made to order from a customer's circuit design, so orders are repeat and tied to customers' new chip or display launches. It is an independent maker rather than a unit owned by a chip fab.
In one line: A smaller Chinese Photronics (photomask maker).
Moat: narrow (process know-how, customer qualification). Precision photomask manufacturing is capital- and know-how-intensive, with sticky fab qualification.
Headquarters: Shenzhen, China · Employees: 589
Size Shenzhen Qingyi Photomask (688138.SS) is a China Information Technology company (Semiconductors) with a market value of $1.35B, the 1796th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.75 on 6 Nov 2026.
Performance Over six months the shares fell 7.1%, against -16.6% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +18.3%); the operating margin is 16.0% (peer median 8.8%).
Valuation It trades at 30.3× forward earnings against a peer median of 20.1× (4th most expensive of 15).
Capital Return on invested capital runs 2.6 points below its cost of capital (10.3% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.29B | CN¥1.24B | CN¥1.11B | CN¥921M | CN¥760M |
| Revenue growth | — | +12% | +20% | +21% | — |
| Gross profit | CN¥510M | CN¥373M | CN¥315M | CN¥246M | CN¥184M |
| EBITDA | n/a | CN¥366M | CN¥319M | CN¥252M | CN¥201M |
| Net income | CN¥203M | CN¥187M | CN¥172M | CN¥134M | CN¥99.0M |
| Free cash flow | -CN¥352M | -CN¥685M | -CN¥357M | -CN¥48.0M | CN¥36.9M |
| Capital expenditure | CN¥905M | CN¥1.05B | CN¥663M | CN¥243M | CN¥98.0M |
| Total debt | CN¥823M | CN¥738M | CN¥856M | CN¥376M | CN¥169M |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Qingyi Photomask 688138.SS | $1.35B | -7% | +6% | 16% | 30.3× | n/a |
| Photronics PLAB | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% |
| Dai Nippon Printing 7912.T | $6.96B | -14% | +4% | 7% | 11.8× | 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 | 688138.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | -37.5% | 6th highest of 21 |
| 6-month return | -7.1% | -16.6% | 7th highest of 20 |
| Distance from 52-week high | -46.2% | -53.3% | 7th highest of 21 |
| Revenue growth (TTM) | +6.1% | +18.3% | 7th lowest of 20 |
| Operating margin | 16.0% | 8.8% | 8th highest of 20 |
| Forward P/E | 30.3× | 20.1× | 4th most expensive of 15 |
| ROIC minus cost of capital | -2.6 pp | +2.5 pp | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Qingyi Photomask 688138.SS | China | $1.35B | -7% | +6% | 16% | 30.3× | n/a | n/a |
| Elite Advanced Laser 3450.TW | Taiwan | $1.36B | -15% | -2% | 16% | n/a | n/a | n/a |
| Luxnet 4979.TWO | Taiwan | $1.36B | -56% | +14% | 19% | 29.3× | 34.7% | +30.3% |
| Shenzhen SOFARSOLAR 301658.SZ | China | $1.32B | -41% | +18% | -1% | n/a | 43.2% | +37.3% |
| LAPLACE Renewable Energy Technology 688726.SS | China | $1.30B | -36% | -22% | 8% | 24.5× | 1.4% | +62.8% |
| Innostar Service 7828.TWO | Taiwan | $1.29B | -18% | +117% | 43% | 53.4× | n/a | n/a |
| TSE 131290.KS | South Korea | $1.29B | -4% | +37% | 22% | 12.0× | 11.2% | +8.5% |
| Kaga Electronics 8154.T | Japan | $1.42B | +6% | +24% | 4% | 7.8× | n/a | n/a |
| Karamtara Engineering KARAMTARA.NS | India | $1.28B | n/a | n/a | n/a | n/a | n/a | n/a |
| Faraday Technology 3035.TW | Taiwan | $1.26B | -9% | -32% | 5% | 29.6× | 25.2% | +26.8% |
| WOLF WOLF | United States | $1.26B | -49% | -12% | -67% | n/a | n/a | n/a |
| Himax Technologies HIMX | United States | $1.45B | -51% | -8% | 5% | 19.1× | 30.3% | -1.3% |
| Furuya Metal 7826.T | Japan | $1.26B | +7% | +75% | 25% | 10.3× | 13.3% | +24.2% |
| Sensirion SENS.SW | Switzerland | $1.46B | +3% | +1% | 12% | 35.3× | 10.4% | +6.2% |
| UMS Integration 558.SI | Singapore | $1.25B | -27% | +10% | 21% | 21.1× | 12.8% | +8.8% |
| Pan Jit International 2481.TW | Taiwan | $1.25B | +6% | +9% | 9% | 15.0× | 24.5% | +4.5% |
| Jeju Semiconductor 080220.KS | South Korea | $1.24B | -4% | +284% | 32% | n/a | n/a | n/a |
| Supreme Electronics 8112.TW | Taiwan | $1.24B | -13% | +80% | 3% | n/a | n/a | n/a |
| C Sun Mfg 2467.TW | Taiwan | $1.48B | -47% | +72% | 22% | 13.2× | 12.7% | +8.4% |
| FADU 440110.KS | South Korea | $1.23B | -58% | +137% | -9% | 44.5× | 43.1% | +156.1% |
| ChipMOS Technologies 8150.TW | Taiwan | $1.49B | -17% | +19% | 8% | 12.2× | n/a | n/a |