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Chinese maker of laser processing equipment used in electronics and materials manufacturing.
Chinese maker of laser processing equipment used in electronics and materials manufacturing.
Moat: none
Headquarters: Shenzhen, China · Employees: 5,614
Size Shenzhen United Winners Laser (688518.SS) is a China Information Technology company (Electronic Components) with a market value of $1.12B, the 2079th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.93 on 6 Nov 2026.
Performance Over six months the shares fell 23.5%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 23.5% over the last twelve months (peer median +20.9%); the operating margin is 4.7% (peer median 7.5%).
Valuation It trades at 22.5× forward earnings against a peer median of 18.2× (5th most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is +1 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 6.4 points below its cost of capital (11.5% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.95B | CN¥3.25B | CN¥3.14B | CN¥3.49B | CN¥2.80B |
| Revenue growth | — | +3% | -10% | +25% | — |
| Gross profit | CN¥1.06B | CN¥861M | CN¥909M | CN¥1.09B | CN¥965M |
| EBITDA | CN¥282M | CN¥182M | CN¥189M | CN¥266M | CN¥264M |
| Net income | CN¥309M | CN¥167M | CN¥166M | CN¥286M | CN¥267M |
| Free cash flow | CN¥121M | -CN¥146M | -CN¥442M | CN¥82.3M | -CN¥488M |
| Capital expenditure | CN¥113M | CN¥231M | CN¥324M | CN¥159M | CN¥293M |
| Total debt | CN¥1.08B | CN¥1.09B | CN¥1.05B | CN¥801M | CN¥688M |
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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 | 688518.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.0% | -19.9% | highest of 21 |
| 6-month return | -23.5% | -22.1% | 11th highest of 21 |
| Distance from 52-week high | -34.8% | -49.8% | 2nd highest of 21 |
| Revenue growth (TTM) | +23.5% | +20.9% | 9th highest of 21 |
| Operating margin | 4.7% | 7.5% | 6th lowest of 21 |
| Forward P/E | 22.5× | 18.2× | 5th most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 31.2% | 17.8% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +30.1% | +8.1% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | +1.0 pp | +5.0 pp | 4th least demanding of 10 |
| ROIC minus cost of capital | -6.4 pp | -2.1 pp | 6th lowest of 21 |
| EV / EBITDA | 24.1× | 18.0× | 2nd most expensive of 5 |
| Net debt / EBITDA | -2.5× | -0.4× | 2nd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen United Winners Laser 688518.SS | China | $1.12B | -23% | +23% | 5% | 22.5× | 31.2% | +30.1% |
| Browave 3163.TWO | Taiwan | $1.13B | -62% | +21% | 4% | 66.3× | n/a | n/a |
| Shenzhen Edadoc Technology 301366.SZ | China | $1.13B | +18% | +51% | 12% | n/a | n/a | n/a |
| Goode EIS (Suzhou) 301680.SZ | China | $1.09B | -16% | +68% | 18% | n/a | n/a | n/a |
| Nichidenbo 3090.TW | Taiwan | $1.09B | +15% | +28% | -5% | 12.0× | 57.2% | +11.2% |
| Korea Circuit 007810.KS | South Korea | $1.09B | -36% | +21% | 6% | 15.1× | n/a | n/a |
| Changzhou Aohong Electronics 605058.SS | China | $1.08B | +46% | +21% | 15% | n/a | 8.1% | +8.9% |
| Guangdong Cellwise Microelectronics 688325.SS | China | $1.18B | -24% | +18% | 7% | n/a | n/a | n/a |
| Sihui Fuji Electronics Technology 300852.SZ | China | $1.18B | +8% | +48% | 13% | n/a | n/a | n/a |
| Bomin Electronics 603936.SS | China | $1.18B | -21% | +19% | 1% | n/a | n/a | n/a |
| Tong Hsing Electronic Industries ,Ltd 6271.TW | Taiwan | $1.06B | -5% | +5% | 17% | 13.5× | 7.6% | +2.6% |
| Bellwether Electronic 7861.TWO | Taiwan | $1.20B | -31% | +113% | 30% | n/a | 17.8% | +53.7% |
| Gosuncn Technology 300098.SZ | China | $1.04B | -27% | +20% | -3% | 50.1× | 33.2% | -3.1% |
| Sungho Electronics 043260.KS | South Korea | $1.04B | -54% | +44% | 4% | n/a | n/a | n/a |
| Sunshine Global Circuits 300739.SZ | China | $1.22B | -19% | +36% | 7% | n/a | n/a | n/a |
| Dongguan YuTong Optical Technology 300790.SZ | China | $1.23B | -24% | +21% | 8% | 18.2× | n/a | n/a |
| Shenzhen Jufei Optoelectronics 300303.SZ | China | $1.23B | -35% | +2% | 5% | n/a | 18.0% | +8.1% |
| Shenzhen SEG 000058.SZ | China | $1.02B | -20% | -1% | 9% | n/a | 9.7% | +5.3% |
| Wenzhou Yihua Connector 002897.SZ | China | $1.24B | -26% | -7% | 6% | 16.9× | 15.2% | +14.4% |
| WCON Electronics 301328.SZ | China | $986M | -3% | +34% | 16% | 44.6× | n/a | n/a |
| Beijing Yuanliu Hongyuan Electronic Technology 603267.SS | China | $1.28B | -30% | -2% | 8% | 25.5× | 24.4% | +1.1% |