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Chinese maker of photomasks that pattern circuits onto LCD/OLED display panels and semiconductor wafers.
Chinese maker of photomasks that pattern circuits onto LCD/OLED display panels and semiconductor wafers.
Each new display or chip design needs a fresh set of masks, so orders follow customers' new product and production-line launches more than their unit volumes. Panel makers use masks as consumables, which makes the business repeat, but spending follows their investment cycles.
In one line: A much smaller Photronics serving Chinese display and chip fabs.
Moat: narrow (process know-how, customer qualification). Precision photomask processes are costly to qualify and switch once a fab certifies a supplier.
Headquarters: Shenzhen, China · Employees: 377
Size Shenzhen Newway Photomask Making (688401.SS) is a China Consumer Discretionary company (Electronics/Appliances) with a market value of $1.45B, the 1675th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥47.55 on 6 Nov 2026.
Performance Over six months the shares fell 27.2%, against -14.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 18.5% over the last twelve months (peer median +4.0%); the operating margin is 25.8% (peer median 5.2%).
Valuation It trades at 17.9× forward earnings against a peer median of 26.1× (6th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (11.5% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.30B | CN¥1.15B | CN¥875M | CN¥672M | CN¥638M |
| Revenue growth | — | +32% | +30% | +5% | — |
| Gross profit | CN¥547M | CN¥374M | CN¥278M | CN¥210M | CN¥190M |
| EBITDA | n/a | CN¥416M | CN¥316M | CN¥234M | CN¥211M |
| Net income | CN¥296M | CN¥252M | CN¥191M | CN¥149M | CN¥120M |
| Free cash flow | CN¥25.4M | CN¥91.9M | CN¥13.2M | -CN¥167M | CN¥181M |
| Capital expenditure | CN¥468M | CN¥264M | CN¥254M | CN¥338M | CN¥115M |
| Total debt | CN¥1.05B | CN¥1.02B | CN¥584M | CN¥440M | CN¥314M |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Newway Photomask Making 688401.SS | $1.45B | -27% | +18% | 26% | 17.9× | 23.6% |
| Photronics PLAB | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% |
| Dai Nippon Printing 7912.T | $6.96B | -14% | +4% | 7% | 11.8× | n/a |
| Toppan 7911.T | $6.77B | -3% | +9% | 4% | 15.0× | 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 | 688401.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.8% | -3.4% | 3rd lowest of 21 |
| 6-month return | -27.2% | -14.7% | 4th lowest of 20 |
| Distance from 52-week high | -54.2% | -40.5% | 6th lowest of 21 |
| Revenue growth (TTM) | +18.5% | +4.0% | 5th highest of 21 |
| Operating margin | 25.8% | 5.2% | highest of 21 |
| Forward P/E | 17.9× | 26.1× | 6th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 23.6% | 4.4% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +23.7% | +5.3% | highest of 11 |
| Hurdle (Req g minus delivered) | -0.1 pp | -4.2 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +1.7 pp | +1.6 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Newway Photomask Making 688401.SS | China | $1.45B | -27% | +18% | 26% | 17.9× | 23.6% | +23.7% |
| OneRobotics (Shenzhen) 6600.HK | Hong Kong | $1.41B | -55% | +48% | -9% | n/a | n/a | n/a |
| Gettop Acoustic 002655.SZ | China | $1.39B | -19% | +11% | 2% | n/a | n/a | n/a |
| Tamron 7740.T | Japan | $1.39B | +22% | +2% | 17% | 15.3× | 5.9% | +12.0% |
| Guangdong Xinbao Electrical Appliances 002705.SZ | China | $1.38B | -25% | -4% | 4% | 24.3× | -2.7% | +4.2% |
| Guangdong TCL Smart Home Appliances 002668.SZ | China | $1.37B | -12% | +4% | 12% | 8.4× | -18.7% | +17.4% |
| Sichuan Jiuzhou Electric 000801.SZ | China | $1.58B | -19% | +20% | 3% | 45.1× | n/a | n/a |
| Edifier Technology 002351.SZ | China | $1.60B | +8% | -1% | 18% | 22.3× | 3.0% | +7.6% |
| Actions Technology 688049.SS | China | $1.25B | -1% | +26% | 17% | 30.3× | n/a | n/a |
| Tatung 2371.TW | Taiwan | $1.70B | -15% | +8% | 4% | 10.0× | n/a | n/a |
| Whirlpool Of India WHIRLPOOL.NS | India | $1.11B | -16% | +6% | 2% | 29.3× | 47.2% | +6.4% |
| Sonos SONO | United States | $1.94B | +9% | +6% | 6% | 149.2× | 17.3% | +1.7% |
| Spectrum Brands SPB | United States | $1.99B | +6% | +1% | 9% | 17.1× | -2.5% | +1.4% |
| Whirlpool WHR | United States | $2.01B | -32% | -6% | 2% | n/a | n/a | n/a |
| Hangzhou Heatwell Electric Heating Technology 603075.SS | China | $1.05B | -26% | +11% | 15% | n/a | 9.0% | +7.9% |
| Ningbo Fujia Industrial 603219.SS | China | $1.03B | -26% | +3% | 4% | 55.6× | n/a | n/a |
| XGimi Technology 688696.SS | China | $1.01B | +7% | +4% | 2% | 27.9× | n/a | n/a |
| Hefei I-TEK OptoElectronics 688610.SS | China | $1.01B | +18% | +72% | 14% | 45.9× | n/a | n/a |
| Woori Technology 032820.KS | South Korea | $984M | -64% | -2% | -12% | n/a | n/a | n/a |
| Ningbo Hicon Industry Technology 001237.SZ | China | $969M | n/a | -10% | 14% | n/a | 9.9% | -10.3% |
| Whirlpool China 600983.SS | China | $936M | -13% | -2% | 11% | 14.0× | -7.2% | -1.9% |