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Makes monocrystalline silicon wafers used as the base substrate for semiconductor and power devices.
Makes monocrystalline silicon wafers used as the base substrate for semiconductor and power devices.
In one line: A small Chinese silicon-wafer maker, similar niche to Siltronic/GlobalWafers.
Moat: narrow (process know-how, customer qualification). Silicon wafer qualification cycles are long, but the industry is dominated globally by larger scale incumbents.
Headquarters: Jinzhou, China · Employees: 430
Size Thinkon Semiconductor Jinzhou (688233.SS) is a China Information Technology company (Semiconductors) with a market value of $1.62B, the 1527th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥63.60 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -18.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +19.0%); the operating margin is 18.5% (peer median 7.1%).
Valuation It trades at 59.7× forward earnings against a peer median of 16.1× (4th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (13.7% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥452M | CN¥437M | CN¥300M | CN¥135M | CN¥538M |
| Revenue growth | — | +46% | +123% | -75% | — |
| Gross profit | CN¥255M | CN¥189M | CN¥92.5M | -CN¥7.18M | CN¥249M |
| EBITDA | n/a | CN¥210M | CN¥113M | -CN¥33.6M | CN¥211M |
| Net income | CN¥93.6M | CN¥102M | CN¥41.2M | -CN¥69.1M | CN¥158M |
| Free cash flow | CN¥192M | CN¥2.65M | CN¥50.2M | -CN¥71.8M | -CN¥134M |
| Capital expenditure | CN¥59.4M | CN¥174M | CN¥124M | CN¥155M | CN¥276M |
| Total debt | CN¥50.7M | CN¥15.5M | CN¥34.0M | CN¥34.8M | CN¥37.4M |
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 |
|---|---|---|---|---|---|---|
| Thinkon Semiconductor Jinzhou 688233.SS | $1.62B | -11% | +12% | 18% | 59.7× | 44.7% |
| Siltronic WAF.DE | $1.86B | -46% | +1% | -16% | n/a | n/a |
| GlobalWafers 6488.TWO | $8.15B | -23% | -6% | 11% | 21.4× | n/a |
| National Silicon Industry 688126.SS | $10.2B | 0% | +33% | -41% | n/a | n/a |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | $5.68B | +9% | +13% | -27% | n/a | 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 | 688233.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.7% | -18.0% | 7th lowest of 20 |
| 6-month return | -10.8% | -18.7% | 7th highest of 20 |
| Distance from 52-week high | -74.2% | -44.7% | lowest of 21 |
| Revenue growth (TTM) | +12.0% | +19.0% | 8th lowest of 21 |
| Operating margin | 18.5% | 7.1% | 6th highest of 21 |
| Forward P/E | 59.7× | 16.1× | 4th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 44.7% | 12.7% | most demanding of 8 |
| Growth delivered (Del g) | +18.0% | +3.8% | highest of 8 |
| Hurdle (Req g minus delivered) | +26.7 pp | +4.4 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -2.8 pp | -7.2 pp | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Thinkon Semiconductor Jinzhou 688233.SS | China | $1.62B | -11% | +12% | 18% | 59.7× | 44.7% | +18.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| NSING Technologies 300077.SZ | China | $1.61B | -32% | +47% | 1% | n/a | n/a | n/a |
| Taiwan Surface Mounting Technology 6278.TW | Taiwan | $1.60B | -2% | +5% | 7% | 16.1× | 6.5% | +3.8% |
| Wonik 030530.KS | South Korea | $1.59B | -14% | -14% | 1% | n/a | n/a | n/a |
| Jiangsu HHCK Advanced Materials 688535.SS | China | $1.58B | -19% | +154% | 7% | 134.5× | n/a | n/a |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Cosmo Electronics 2466.TW | Taiwan | $1.57B | +449% | -19% | -20% | n/a | n/a | n/a |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| Silex Microsystems SILEX.ST | Sweden | $1.55B | -32% | +13% | 26% | n/a | 38.0% | +13.0% |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Beijing ESWIN Computing Technology 1256.HK | Hong Kong | $1.50B | n/a | +20% | -57% | n/a | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| ChipMOS Technologies 8150.TW | Taiwan | $1.49B | -17% | +19% | 8% | 12.2× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| C Sun Mfg 2467.TW | Taiwan | $1.48B | -47% | +72% | 22% | 13.2× | 12.7% | +8.4% |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |