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Makes semiconductor-grade silicon single crystals and wafers, plus precision silicon parts for etch and other fab equipment.
Makes semiconductor-grade silicon single crystals and wafers, plus precision silicon parts for etch and other fab equipment.
Sells polished silicon wafers, including smaller-diameter sizes used in power and discrete chips, plus silicon rings and electrodes consumed inside etch equipment that are bought again as they wear out. A subsidiary of GRINM, the state-backed metals research institute.
In one line: A small, China-focused Siltronic/GlobalWafers for silicon substrates and fab parts.
Moat: narrow (process know-how, state-backed R&D, customer qualification). Backed by China's national metals research group (GRINM); silicon material qualification cycles are long.
Headquarters: Beijing, China · Founded: 2001 · Employees: 902
Size GRINM Semiconductor Materials (688432.SS) is a China Information Technology company (Semiconductors) with a market value of $6.34B, the 395th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.90 on 6 Nov 2026.
Performance Over six months the shares gained 130.9%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 36.2% over the last twelve months (peer median +17.4%); the operating margin is 19.3% (peer median 9.9%).
Valuation It trades at 161.4× forward earnings against a peer median of 25.5× (most expensive of 16).
Capital Return on invested capital runs 8.3 points below its cost of capital (14.6% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.32B | CN¥1.00B | CN¥995M | CN¥960M | CN¥1.17B |
| Revenue growth | — | +1% | +4% | -18% | — |
| Gross profit | CN¥515M | CN¥345M | CN¥347M | CN¥318M | CN¥435M |
| EBITDA | n/a | CN¥306M | CN¥325M | CN¥270M | CN¥390M |
| Net income | CN¥415M | CN¥209M | CN¥233M | CN¥254M | CN¥351M |
| Free cash flow | -CN¥13.1M | CN¥164M | CN¥56.1M | CN¥204M | CN¥279M |
| Capital expenditure | CN¥362M | CN¥144M | CN¥219M | CN¥107M | CN¥176M |
| Total debt | CN¥241M | CN¥52.1M | CN¥123M | CN¥23.8M | CN¥50.9M |
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 |
|---|---|---|---|---|---|---|
| GRINM Semiconductor Materials 688432.SS | $6.34B | +131% | +36% | 19% | 161.4× | n/a |
| Siltronic WAF.DE | $1.86B | -46% | +1% | -16% | n/a | n/a |
| GlobalWafers 6488.TWO | $8.15B | -23% | -6% | 11% | 21.4× | n/a |
| National Silicon Industry 688126.SS | $10.2B | 0% | +33% | -41% | n/a | n/a |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | $5.68B | +9% | +13% | -27% | n/a | 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 | 688432.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.6% | -20.0% | 7th lowest of 21 |
| 6-month return | +130.9% | -22.1% | highest of 20 |
| Distance from 52-week high | -44.2% | -54.1% | 6th highest of 21 |
| Revenue growth (TTM) | +36.2% | +17.4% | 6th highest of 21 |
| Operating margin | 19.3% | 9.9% | 5th highest of 21 |
| Forward P/E | 161.4× | 25.5× | most expensive of 16 |
| ROIC minus cost of capital | -8.3 pp | -3.6 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 161.4× | n/a | n/a |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% | +2.5% |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 25.5× | 24.4% | +13.5% |
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | n/a | n/a | n/a |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | n/a | n/a | n/a |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 22.4× | 18.1% | +22.3% |
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% | +29.0% |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | n/a | n/a | n/a |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 24.3× | n/a | n/a |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 41.1× | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 17.7× | n/a | n/a |
| Beijing YanDong MicroElectronic 688172.SS | China | $5.86B | -26% | +22% | -89% | 63.3× | n/a | n/a |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | n/a | n/a | n/a |
| Amlogic (Shanghai) 688099.SS | China | $5.84B | -13% | +39% | 17% | 22.4× | n/a | n/a |
| SG Micro 3661.HK | Hong Kong | $5.78B | n/a | +54% | 17% | 38.7× | 3.4% | +25.8% |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 11.9× | 10.8% | +11.0% |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 30.9× | 23.1% | +42.7% |
| Henan Shijia Photons Technology 688313.SS | China | $5.72B | -36% | +73% | 22% | 47.9× | n/a | n/a |
| Cirrus Logic CRUS | United States | $5.69B | -34% | +6% | 23% | 16.9× | 1.5% | +7.8% |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | China | $5.68B | +9% | +13% | -27% | n/a | n/a | n/a |
| Espressif Systems (Shanghai) 688018.SS | China | $5.61B | +30% | +23% | 19% | 48.8× | 36.0% | +25.3% |