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Chinese maker of OLED display materials, including light-emitting and functional layer materials for OLED panel manufacturing.
Chinese maker of OLED display materials, including light-emitting and functional layer materials for OLED panel manufacturing.
In one line: A Chinese Universal Display Corporation (OLED materials) at a smaller scale.
Moat: narrow (IP / patents, customer qualification). OLED materials require panel-maker qualification and patented chemistries, though still trails global leaders like UDC.
Headquarters: Jilin, China · Employees: 475
Size Jilin OLED Material Tech (688378.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.45B, the 1683rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥36.86 on 6 Nov 2026.
Performance Over six months the shares fell 16.8%, against -26.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 74.5% over the last twelve months (peer median +9.1%); the operating margin is 17.6% (peer median 7.0%).
Valuation It trades at 28.1× forward earnings against a peer median of 19.2× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +31 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 7.0 points below its cost of capital (16.1% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥794M | CN¥574M | CN¥526M | CN¥510M | CN¥456M |
| Revenue growth | — | +9% | +3% | +12% | — |
| Gross profit | CN¥473M | CN¥221M | CN¥218M | CN¥239M | CN¥221M |
| EBITDA | n/a | CN¥88.3M | CN¥98.3M | CN¥115M | CN¥96.0M |
| Net income | CN¥223M | CN¥72.3M | CN¥90.4M | CN¥122M | CN¥113M |
| Free cash flow | CN¥47.4M | -CN¥5.30M | -CN¥56.7M | -CN¥180M | -CN¥166M |
| Capital expenditure | CN¥148M | CN¥129M | CN¥124M | CN¥206M | CN¥191M |
| Total debt | CN¥162M | CN¥186M | CN¥103M | CN¥67.6M | CN¥64.0M |
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 |
|---|---|---|---|---|---|---|
| Jilin OLED Material Tech 688378.SS | $1.45B | -17% | +74% | 18% | 28.1× | 46.2% |
| Universal Display OLED | $3.98B | -4% | -2% | 35% | 19.6× | 14.3% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
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 | 688378.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -15.3% | 9th lowest of 21 |
| 6-month return | -16.8% | -26.3% | 10th highest of 21 |
| Distance from 52-week high | -41.4% | -42.3% | 10th highest of 21 |
| Revenue growth (TTM) | +74.5% | +9.1% | highest of 21 |
| Operating margin | 17.6% | 7.0% | 6th highest of 21 |
| Forward P/E | 28.1× | 19.2× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 46.2% | 15.9% | most demanding of 13 |
| Growth delivered (Del g) | +15.2% | +6.0% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +31.0 pp | +10.9 pp | most demanding of 13 |
| ROIC minus cost of capital | -7.0 pp | -1.8 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jilin OLED Material Tech 688378.SS | China | $1.45B | -17% | +74% | 18% | 28.1× | 46.2% | +15.2% |
| Elementis ELM.L | United Kingdom | $1.45B | +34% | -12% | 20% | 16.9× | 16.9% | -4.8% |
| Guangdong Orient Zirconic Industry Science & Technology 002167.SZ | China | $1.44B | +5% | +17% | 14% | 48.5× | 32.4% | +10.1% |
| LOTTE CHEMICAL 011170.KS | South Korea | $1.45B | -59% | +5% | -2% | n/a | n/a | n/a |
| Anhui Guangxin Agrochemical 603599.SS | China | $1.43B | -29% | -13% | 18% | 13.1× | -3.8% | +0.6% |
| Shaily Engineering Plastics SHAILY.NS | India | $1.48B | +14% | +18% | 24% | 56.7× | 35.8% | +22.8% |
| Anhui Wanwei Updated High-Tech Material Industry 600063.SS | China | $1.49B | -32% | +3% | 4% | 20.0× | n/a | n/a |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | China | $1.40B | -31% | +14% | 10% | n/a | n/a | n/a |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| Befar 601678.SS | China | $1.51B | -14% | +19% | 5% | 21.8× | -6.4% | +18.2% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |