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Designs RF/microwave chips (transceivers, front-end, high-speed ADC/DAC) mainly for defense and communications systems.
Designs RF/microwave chips (transceivers, front-end, high-speed ADC/DAC) mainly for defense and communications systems.
In one line: A Chinese RF/microwave chip designer, in Qorvo's defense/aerospace RF niche.
Moat: narrow (IP / patents, regulatory licence, customer qualification). Specialty RF chips for defense/radar applications require security clearance and long qualification cycles.
Headquarters: Hangzhou, China · Founded: 2015 · Employees: 270
Size Great Microwave Technology (688270.SS) is a China Information Technology company (Semiconductors) with a market value of $2.46B, the 1043rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥54.82 on 6 Nov 2026.
Performance Over six months the shares fell 41.1%, against -24.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +25.5%); the operating margin is 32.3% (peer median 11.3%).
Valuation It trades at 69.6× forward earnings against a peer median of 28.2× (3rd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 49% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +25 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 0.1 points below its cost of capital (10.1% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥456M | CN¥429M | CN¥302M | CN¥279M | CN¥241M |
| Revenue growth | — | +42% | +8% | +16% | — |
| Gross profit | CN¥339M | CN¥307M | CN¥213M | CN¥218M | CN¥205M |
| EBITDA | n/a | CN¥136M | CN¥9.85M | CN¥52.0M | CN¥91.5M |
| Net income | CN¥150M | CN¥133M | CN¥19.5M | CN¥72.5M | CN¥108M |
| Free cash flow | CN¥75.1M | CN¥66.0M | -CN¥181M | -CN¥37.9M | -CN¥15.3M |
| Capital expenditure | CN¥16.9M | CN¥5.11M | CN¥199M | CN¥46.7M | CN¥33.7M |
| Total debt | CN¥807,642 | CN¥10.8M | CN¥5.84M | CN¥11.5M | CN¥2.85M |
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 |
|---|---|---|---|---|---|---|
| Great Microwave Technology 688270.SS | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% |
| Qorvo QRVO | n/a | +45% | n/a | n/a | n/a | n/a |
| Skyworks Solutions SWKS | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% |
| Chengdu Sino-Microelectronics Tech 688709.SS | $1.90B | -47% | -15% | -19% | 29.9× | n/a |
| MACOM Technology Solutions MTSI | $16.1B | -41% | +28% | 18% | 23.2× | 49.4% |
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 | 688270.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.6% | -21.5% | 3rd highest of 21 |
| 6-month return | -41.1% | -24.7% | 6th lowest of 21 |
| Distance from 52-week high | -66.3% | -55.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +7.7% | +25.5% | 5th lowest of 21 |
| Operating margin | 32.3% | 11.3% | 3rd highest of 21 |
| Forward P/E | 69.6× | 28.2× | 3rd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 48.7% | 18.4% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +23.2% | +14.2% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +25.5 pp | -0.7 pp | most demanding of 13 |
| ROIC minus cost of capital | -0.1 pp | -0.1 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |
| OUST OUST | United States | $2.54B | +38% | +64% | -29% | n/a | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% | +24.3% |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 21.0× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |