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Independent third-party IC test house providing wafer and final chip testing (CP, FT, SLT, burn-in) for fabless customers.
Independent third-party IC test house providing wafer and final chip testing (CP, FT, SLT, burn-in) for fabless customers.
Is paid per wafer or per chip tested, or by the hour of tester time, so earnings follow customers' volumes and how full its testers are; it holds expensive test machines, so utilisation matters.
In one line: A small Chinese third-party test house, similar to Amkor's test-only services.
Moat: narrow (scale, customer qualification). One of China's larger independent test houses; test programs are qualified per chip, creating some switching cost.
Headquarters: Shanghai, China · Founded: 2016 · Employees: 2,673
Size Shanghai V-Test Semiconductor Tech (688372.SS) is a China Information Technology company (Semiconductors) with a market value of $1.82B, the 1381st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥71.63 on 6 Nov 2026.
Performance Over six months the shares fell 52.7%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 53.1% over the last twelve months (peer median +16.1%); the operating margin is 17.8% (peer median 4.7%).
Valuation It trades at 29.2× forward earnings against a peer median of 22.1× (8th most expensive of 16).
Capital Return on invested capital runs 4.5 points below its cost of capital (12.0% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.17B | CN¥1.57B | CN¥1.08B | CN¥737M | CN¥733M |
| Revenue growth | — | +46% | +46% | 0% | — |
| Gross profit | CN¥1.19B | CN¥578M | CN¥365M | CN¥266M | CN¥343M |
| EBITDA | n/a | CN¥784M | CN¥486M | CN¥336M | CN¥399M |
| Net income | CN¥348M | CN¥303M | CN¥128M | CN¥118M | CN¥244M |
| Free cash flow | -CN¥2.45B | -CN¥2.23B | -CN¥858M | -CN¥745M | -CN¥302M |
| Capital expenditure | CN¥3.50B | CN¥2.95B | CN¥1.48B | CN¥1.22B | CN¥802M |
| Total debt | CN¥4.71B | CN¥3.93B | CN¥1.75B | CN¥798M | CN¥817M |
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 |
|---|---|---|---|---|---|---|
| Shanghai V-Test Semiconductor Tech 688372.SS | $1.82B | -53% | +53% | 18% | 29.2× | n/a |
| Guangdong Leadyo IC Testing 688135.SS | $990M | -23% | +28% | 6% | 236.1× | n/a |
| Tianshui Huatian Technology 002185.SZ | $7.74B | +10% | +33% | 4% | 45.0× | n/a |
| Ase Technology 3711.TW | $70.4B | +2% | +25% | 11% | 17.3× | n/a |
| Amkor Technology AMKR | $8.13B | -57% | +16% | 10% | 12.1× | 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 | 688372.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.7% | -23.0% | 10th lowest of 21 |
| 6-month return | -52.7% | -22.1% | 2nd lowest of 21 |
| Distance from 52-week high | -64.1% | -48.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +53.1% | +16.1% | 5th highest of 21 |
| Operating margin | 17.8% | 4.7% | 8th highest of 21 |
| Forward P/E | 29.2× | 22.1× | 8th most expensive of 16 |
| ROIC minus cost of capital | -4.5 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 |
|---|---|---|---|---|---|---|---|---|
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 29.2× | n/a | n/a |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 53.6× | n/a | n/a |
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% | -6.6% |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% | +12.6% |
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 11.4× | n/a | n/a |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Siltronic WAF.DE | Germany | $1.86B | -46% | +1% | -16% | n/a | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| Psk 031980.KS | South Korea | $1.89B | -4% | +7% | 36% | 19.2× | 19.3% | +39.2% |
| Chengdu Sino-Microelectronics Tech 688709.SS | China | $1.90B | -47% | -15% | -19% | 29.9× | n/a | n/a |
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 22.1× | 15.6% | +23.1% |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 882.8× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |