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Maker of silicon-carbide (SiC) crystal substrates used in power semiconductors for EVs, solar inverters and industrial power.
Maker of silicon-carbide (SiC) crystal substrates used in power semiconductors for EVs, solar inverters and industrial power.
Sells wafers sliced from silicon carbide crystal, a hard material that handles high voltage; because the crystal grows slowly and few come out usable, cost per good wafer drives results. Besides Chinese chip makers it supplies overseas customers, including Infineon under a supply agreement signed in 2023.
In one line: A Chinese Wolfspeed for SiC substrates.
Moat: narrow (process know-how, IP / patents, customer qualification). Early domestic leader in SiC crystal growth, a technically difficult process few Chinese firms have mastered.
Headquarters: Jinan, Shandong, China · Founded: 2010 · Employees: 1,303
Size SICC (688234.SS) is a China Materials company (Industrial Specialties) with a market value of $4.98B, the 505th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥77.20 on 6 Nov 2026.
Performance Over six months the shares fell 23.6%, against -7.6% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 19.8% over the last twelve months (peer median +11.0%); the operating margin is -5.0% (peer median 12.9%).
Valuation It trades at 5.18× book value against a peer median of 3.75× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 51.4%; SICC delivers -2.5%, so the price asks more than the business earns today.
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.91B | CN¥1.46B | CN¥1.77B | CN¥1.25B | CN¥417M |
| Revenue growth | — | -17% | +41% | +200% | — |
| Gross profit | CN¥611M | CN¥127M | CN¥402M | CN¥159M | -CN¥56.3M |
| EBITDA | n/a | CN¥125M | CN¥442M | CN¥83.3M | -CN¥139M |
| Net income | -CN¥182M | -CN¥208M | CN¥179M | -CN¥45.7M | -CN¥176M |
| Free cash flow | -CN¥471M | -CN¥173M | -CN¥502M | -CN¥1.38B | -CN¥1.09B |
| Capital expenditure | CN¥721M | CN¥403M | CN¥568M | CN¥1.40B | CN¥1.03B |
| Total debt | CN¥2.17B | CN¥1.36B | CN¥856M | CN¥393M | CN¥12.7M |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| SICC 688234.SS | $4.98B | -24% | +20% | -2% | 5.18× | 51.4% |
| WOLF WOLF | $1.26B | -49% | -12% | -439% | 1.33× | 25.5% |
| STM STM | $41.0B | -29% | +16% | 3% | 2.10× | 27.9% |
| Coherent COHR | $38.0B | -42% | +23% | 8% | 3.46× | 48.0% |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 2.53× | 37.7% |
| Sanan Optoelectronics 600703.SS | $6.87B | -33% | -22% | -2% | 1.25× | 16.6% |
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 | 688234.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.7% | -2.9% | 3rd lowest of 20 |
| 6-month return | -23.6% | -7.6% | 5th lowest of 20 |
| Return on equity | -2.5% | 12.4% | lowest of 21 |
| Price / book | 5.18× | 3.75× | 8th most expensive of 21 |
| ROE the price implies | 51.4% | 26.9% | 8th most demanding of 21 |
| ROE delivered | -2.5% | 11.9% | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| SICC 688234.SS | China | $4.98B | -24% | +20% | -2% | 5.18× | 51.4% | -2.5% |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 5.40× | 82.0% | 7.3% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 10% | 3.53× | 26.6% | 10.1% |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 20% | 6.50× | 58.3% | 19.7% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 11% | 3.96× | 26.3% | 11.4% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 18% | 2.24× | 11.3% | 17.7% |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 17% | 8.06× | 103.7% | n/a |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 20% | 2.75× | 14.3% | 20.5% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 0% | 1.27× | 13.1% | -0.2% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 12% | 2.66× | 23.5% | 12.3% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 1.20× | 6.6% | 9.3% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 8% | 4.26× | 47.7% | 7.6% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 6% | 2.79× | 20.3% | 6.1% |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | 0% | 2.39× | 19.7% | -0.4% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 14% | 8.69× | 60.8% | n/a |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 11% | 1.78× | 10.5% | 10.6% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 16% | 4.77× | 49.3% | 16.0% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 2.98× | 27.2% | 13.6% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 13% | 6.51× | 86.4% | 12.5% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 22% | 11.04× | 92.4% | 21.8% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 19% | 5.58× | 103.5% | 18.6% |