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Hefei provider of packaging and testing for display-driver chips: gold bumping, wafer testing, chip-on-glass and chip-on-film.
Hefei provider of packaging and testing for display-driver chips: gold bumping, wafer testing, chip-on-glass and chip-on-film.
Provides outsourced packaging and testing for display-driver chips: it deposits gold bumps on wafers, tests them, and mounts the chips onto glass or film for panels in phones, TVs and cars, so volume follows panel production. Gold is a main input cost. It is trying to add advanced packaging for AI servers.
Moat: narrow (scale, process know-how). Early in 12-inch gold-bump capacity for display drivers; a narrow service niche tied to gold cost and a few chip designers.
Headquarters: Hefei, China · Founded: 2015 · Employees: 1,588
Size Union Semiconductor (Hefei) (688403.SS) is a China Information Technology company (Semiconductors) with a market value of $2.15B, the 1181st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.60 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against -32.6% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 13.1% over the last twelve months (peer median +19.8%); the operating margin is 3.5% (peer median 6.1%).
Valuation It trades at 56.1× forward earnings against a peer median of 28.7× (6th most expensive of 16).
Capital Return on invested capital runs 6.8 points below its cost of capital (12.9% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.95B | CN¥1.78B | CN¥1.50B | CN¥1.24B | CN¥940M |
| Revenue growth | — | +19% | +21% | +32% | — |
| Gross profit | CN¥640M | CN¥336M | CN¥290M | CN¥297M | CN¥241M |
| EBITDA | n/a | CN¥569M | CN¥502M | CN¥434M | CN¥345M |
| Net income | CN¥58.6M | CN¥155M | CN¥160M | CN¥196M | CN¥177M |
| Free cash flow | -CN¥373M | CN¥260M | -CN¥79.0M | -CN¥825M | CN¥23.0M |
| Capital expenditure | CN¥931M | CN¥460M | CN¥584M | CN¥1.19B | CN¥583M |
| Total debt | CN¥1.07B | CN¥1.07B | CN¥1.12B | CN¥193M | CN¥4.06M |
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 |
|---|---|---|---|---|---|---|
| Union Semiconductor (Hefei) 688403.SS | $2.15B | -14% | +13% | 3% | 56.1× | n/a |
| Chipbond Technology 6147.TWO | $3.20B | -20% | +18% | 17% | 17.2× | n/a |
| ChipMOS Technologies 8150.TW | $1.49B | -17% | +19% | 8% | 12.2× | n/a |
| Hefei Chipmore Technology 688352.SS | $2.45B | +7% | -1% | 7% | 53.1× | 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 | 688403.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.4% | -18.4% | 8th lowest of 21 |
| 6-month return | -14.2% | -32.6% | 5th highest of 21 |
| Distance from 52-week high | -66.3% | -54.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | +13.1% | +19.8% | 10th lowest of 21 |
| Operating margin | 3.5% | 6.1% | 10th lowest of 21 |
| Forward P/E | 56.1× | 28.7× | 6th most expensive of 16 |
| ROIC minus cost of capital | -6.8 pp | -6.1 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 56.1× | n/a | n/a |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | n/a | 39.4% | +19.1% |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 16.2× | 12.9% | +20.2% |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 59.4× | n/a | n/a |
| Micronics Japan 6871.T | Japan | $2.11B | -33% | +38% | 28% | 14.1× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 61.8× | 39.2% | +3.2% |
| Beijing BDStar Navigation 002151.SZ | China | $2.10B | -36% | +35% | -14% | n/a | n/a | n/a |
| China Wafer Level CSP 603005.SS | China | $2.10B | -31% | +7% | 23% | 28.7× | 28.3% | +6.2% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 180.7× | n/a | n/a |
| Ferrotec 6890.T | Japan | $2.08B | -19% | +43% | 12% | 8.3× | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 144.5× | n/a | n/a |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | n/a | n/a | n/a |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 22.9× | 35.9% | -1.9% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | n/a | 31.8% | +20.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 71.3× | 34.6% | +21.1% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 23.3× | 39.2% | +19.8% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 46.2× | 52.1% | +51.8% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 28.3× | 24.4% | +2.7% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | n/a | n/a | n/a |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 43.1× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 24.0× | 2.4% | +0.1% |