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Shenzhen maker of automated test equipment and fixtures for flexible printed circuits (FPC), mainly used in smartphones.
Shenzhen maker of automated test equipment and fixtures for flexible printed circuits (FPC), mainly used in smartphones.
Builds custom test systems, software and hardware together, and sells both new equipment and reworks of customers' existing equipment, so earnings follow the build-out of phone-component factories. Most sales go to flexible-circuit makers in the Apple supply chain. It is extending the same testing skills to sensors, radio-frequency parts and silicon photonics.
Moat: narrow (customer qualification, process know-how). Custom test systems qualified by top FPC makers; integrated software and hardware for non-standard needs.
Headquarters: Shenzhen, China · Employees: 959
Size Shenzhen Yanmade Technology (688312.SS) is a China Information Technology company (Electronic Production Equipment) with a market value of $682M, the 3123rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥30.91 on 6 Nov 2026.
Performance Over six months the shares fell 55.9%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +5.8%); the operating margin is 16.7% (peer median 2.5%).
Valuation It trades at 25.1× forward earnings against a peer median of 16.0× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +15 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 1.2 points below its cost of capital (11.6% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥596M | CN¥614M | CN¥494M | CN¥324M | CN¥315M |
| Revenue growth | — | +24% | +52% | +3% | — |
| Gross profit | CN¥300M | CN¥291M | CN¥227M | CN¥156M | CN¥171M |
| EBITDA | n/a | CN¥130M | CN¥64.2M | CN¥40.1M | CN¥35.1M |
| Net income | CN¥112M | CN¥136M | CN¥96.3M | CN¥68.6M | CN¥81.6M |
| Free cash flow | CN¥158M | CN¥115M | -CN¥29.2M | -CN¥125M | CN¥13.3M |
| Capital expenditure | CN¥33.6M | CN¥67.0M | CN¥96.8M | CN¥150M | CN¥93.7M |
| Total debt | CN¥152M | CN¥76.7M | CN¥76.1M | CN¥28.5M | CN¥56.5M |
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| Measure | 688312.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.8% | -23.4% | 9th lowest of 21 |
| 6-month return | -55.9% | -21.9% | 2nd lowest of 21 |
| Distance from 52-week high | -71.6% | -50.5% | lowest of 21 |
| Revenue growth (TTM) | +1.2% | +5.8% | 9th lowest of 21 |
| Operating margin | 16.7% | 2.5% | 4th highest of 21 |
| Forward P/E | 25.1× | 16.0× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 26.6% | 5.0% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +12.0% | +5.5% | highest of 12 |
| Hurdle (Req g minus delivered) | +14.5 pp | -0.9 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -1.2 pp | -3.6 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Yanmade Technology 688312.SS | China | $682M | -56% | +1% | 17% | 25.1× | 26.6% | +12.0% |
| Chicony Power Technology 6412.TW | Taiwan | $680M | -38% | +62% | -128% | 9.9× | -5.2% | -0.2% |
| Evertz Technologies ET.TO | Canada | $689M | -21% | +4% | 13% | 15.1× | 5.0% | +8.5% |
| JVCKENWOOD 6632.T | Japan | $694M | -34% | +2% | 7% | 7.0× | -17.0% | +5.5% |
| Dongguan Mentech Optical & Magnetic 002902.SZ | China | $670M | -38% | +30% | -6% | n/a | n/a | n/a |
| Pan-International Industrial 2328.TW | Taiwan | $667M | -23% | -14% | 2% | n/a | 18.3% | +1.2% |
| JNTC 204270.KS | South Korea | $663M | -18% | -13% | -47% | 6.9× | n/a | n/a |
| Guoguang Electric Co., Ltd.Chengdu 688776.SS | China | $709M | -46% | -38% | -89% | 30.3× | n/a | n/a |
| Shenzhen S-king Intelligent Equipment 688328.SS | China | $718M | -7% | +31% | 11% | n/a | 29.2% | +0.7% |
| Thinking Electronic Industrial 2428.TW | Taiwan | $721M | 0% | +11% | 23% | 11.2× | 0.8% | +6.3% |
| Kohoku Kogyo 6524.T | Japan | $644M | -28% | +22% | 29% | 21.1× | 22.8% | +9.3% |
| Suzhou Wanxiang Technology 301180.SZ | China | $724M | -32% | +8% | 2% | n/a | 25.2% | +4.4% |
| Frencken E28.SI | Singapore | $642M | -42% | +1% | 6% | 17.2× | 3.1% | +6.9% |
| YaGuang Technology 300123.SZ | China | $629M | +2% | -45% | -264% | 37.1× | n/a | n/a |
| Shenzhen Longli Technology 300752.SZ | China | $627M | -28% | +17% | 2% | 10.3× | n/a | n/a |
| Hangzhou Jizhi Mechatronic 300553.SZ | China | $626M | -15% | -4% | -4% | 41.8× | n/a | n/a |
| Techshine Electronics 301379.SZ | China | $617M | -21% | +12% | 4% | 16.0× | n/a | n/a |
| Ceres Power CWR.L | United Kingdom | $758M | -63% | -23% | -125% | n/a | n/a | n/a |
| Beijing Bayi Space LCD Technology 688181.SS | China | $609M | -14% | +12% | 11% | 31.5× | n/a | n/a |
| Kctech 281820.KS | South Korea | $770M | -14% | +19% | 20% | 8.7× | 2.8% | +3.7% |
| Minami Acoustics 301383.SZ | China | $604M | -14% | -11% | -4% | 18.6× | 48.1% | +8.2% |