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Guizhou-based semiconductor maker linked to the state-owned Zhenhua electronics group; likely serves defense/specialty electronics, but specifics are not confirmed.
Guizhou-based semiconductor maker linked to the state-owned Zhenhua electronics group; likely serves defense/specialty electronics, but specifics are not confirmed.
Moat: narrow
Headquarters: Guizhou, China · Employees: 855
Size Guizhou Zhenhua Fengguang Semiconductor (688439.SS) is a China Information Technology company (Semiconductors) with a market value of $1.05B, the 2195th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥35.14 on 6 Nov 2026.
Performance Over six months the shares fell 28.2%, against -28.6% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 38.5% over the last twelve months (peer median +9.5%); the operating margin is 4.0% (peer median 3.7%).
Valuation It trades at 14.9× forward earnings against a peer median of 38.0× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +2 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 5.2 points below its cost of capital (6.8% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥560M | CN¥763M | CN¥997M | CN¥1.29B | CN¥778M |
| Revenue growth | — | -24% | -23% | +66% | — |
| Gross profit | CN¥349M | CN¥443M | CN¥659M | CN¥953M | CN¥595M |
| EBITDA | n/a | CN¥216M | CN¥359M | CN¥681M | CN¥401M |
| Net income | CN¥73.6M | CN¥170M | CN¥288M | CN¥611M | CN¥303M |
| Free cash flow | CN¥561M | CN¥491M | -CN¥397M | -CN¥357M | -CN¥371M |
| Capital expenditure | CN¥32.8M | CN¥87.3M | CN¥172M | CN¥337M | CN¥145M |
| Total debt | CN¥213M | CN¥216M | CN¥200M | CN¥179M | CN¥196M |
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| Measure | 688439.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -18.2% | 4th highest of 21 |
| 6-month return | -28.2% | -28.6% | 11th highest of 21 |
| Distance from 52-week high | -50.8% | -53.7% | 10th highest of 21 |
| Revenue growth (TTM) | -38.5% | +9.5% | lowest of 21 |
| Operating margin | 4.0% | 3.7% | 10th highest of 21 |
| Forward P/E | 14.9× | 38.0× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 18.6% | 30.4% | 5th least demanding of 12 |
| Growth delivered (Del g) | +16.1% | +8.2% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | +2.5 pp | +15.3 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | -5.2 pp | -3.2 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guizhou Zhenhua Fengguang Semiconductor 688439.SS | China | $1.05B | -28% | -39% | 4% | 14.9× | 18.6% | +16.1% |
| Telink Semiconductor (Shanghai) 688591.SS | China | $1.05B | -15% | +7% | 4% | 82.2× | n/a | n/a |
| GCS 4991.TWO | Taiwan | $1.06B | -61% | +52% | 20% | 37.8× | 39.2% | +8.2% |
| Beijing Jingyuntong Technology 601908.SS | China | $1.05B | -26% | -32% | -49% | n/a | -5.1% | -5.1% |
| Beijing OnMicro Electronics 688790.SS | China | $1.04B | -51% | -10% | -16% | n/a | 41.4% | +26.8% |
| Scientech 3583.TW | Taiwan | $1.07B | -46% | +9% | 14% | 16.0× | 10.4% | +26.0% |
| Semitronix 301095.SZ | China | $1.07B | -35% | +29% | 0% | 59.8× | 58.0% | +42.7% |
| Focus Lightings Tech 300708.SZ | China | $1.07B | -14% | -38% | 9% | 28.6× | n/a | n/a |
| Shanghai Fortune Techgroup 300493.SZ | China | $1.04B | -15% | +3% | 3% | 59.6× | 35.9% | +15.8% |
| Wuxi DK Electronic Materials 300842.SZ | China | $1.03B | -48% | +36% | 4% | 34.2× | n/a | n/a |
| Eastcompeace Technology 002017.SZ | China | $1.08B | -34% | +4% | 10% | n/a | 30.4% | +4.5% |
| Wuxi Chipown Micro-electronics 688508.SS | China | $1.09B | -35% | +12% | -4% | 36.1× | n/a | n/a |
| Hannstar Display 6116.TW | Taiwan | $1.01B | +43% | +4% | -25% | 18.4× | 14.9% | -10.2% |
| Zhuhai Aerospace Microchips Science & Technology 300053.SZ | China | $1.10B | -40% | +10% | -114% | n/a | n/a | n/a |
| Suzhou Good-Ark Electronics 002079.SZ | China | $1.10B | -31% | +12% | 2% | 42.7× | 32.5% | +17.1% |
| Guangdong Fuxin Technology 688662.SS | China | $1.10B | +19% | +15% | 13% | 73.2× | n/a | n/a |
| Wafer Works (Shanghai) 688584.SS | China | $1.11B | -6% | -1% | 7% | 74.8× | n/a | n/a |
| ELAN Microelectronics 2458.TW | Taiwan | $996M | -18% | -8% | 21% | 19.1× | -2.8% | -4.0% |
| Suzhou Oriental Semiconductor 688261.SS | China | $994M | -27% | +18% | 0% | 38.3× | n/a | n/a |
| Guangdong Leadyo IC Testing 688135.SS | China | $990M | -23% | +28% | 6% | 236.1× | n/a | n/a |
| Koh Young Technology 098460.KS | South Korea | $987M | -49% | +57% | 15% | 25.1× | 20.5% | +5.3% |