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Chinese maker of laser direct-imaging machines that print circuit patterns onto PCBs, plus direct-write lithography tools for semiconductors.
Chinese maker of laser direct-imaging machines that print circuit patterns onto PCBs, plus direct-write lithography tools for semiconductors.
Sells laser machines that draw circuit patterns straight onto boards without film masks, so orders follow PCB makers' capacity additions, now lifted by AI-server and car-electronics boards. PCB imaging carries the business; semiconductor direct-write lithography is a small newer line. It added a Hong Kong listing in 2026 alongside its Shanghai STAR Market shares.
Moat: narrow (process know-how, customer qualification, IP / patents). Qualified at the world's largest PCB makers; direct-imaging know-how took it past Japanese rivals.
Headquarters: Hefei, China · Employees: 804
Size Circuit Fabology Microelectronics Equipment (688630.SS) is a China Industrials company (Industrial Machinery) with a market value of $4.50B, the 570th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥227.80 on 6 Nov 2026.
Performance Over six months the shares fell 11.6%, against -16.9% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 92.9% over the last twelve months (peer median +10.0%); the operating margin is 27.3% (peer median 10.7%).
Valuation It trades at 51.5× forward earnings against a peer median of 17.8× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is +4 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 7.8 points above its cost of capital (14.9% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.26B | CN¥1.41B | CN¥952M | CN¥826M | CN¥650M |
| Revenue growth | — | +48% | +15% | +27% | — |
| Gross profit | CN¥949M | CN¥550M | CN¥337M | CN¥335M | CN¥269M |
| EBITDA | n/a | CN¥321M | CN¥150M | CN¥162M | CN¥127M |
| Net income | CN¥552M | CN¥290M | CN¥161M | CN¥179M | CN¥137M |
| Free cash flow | CN¥550M | CN¥13.8M | -CN¥123M | -CN¥154M | -CN¥26.9M |
| Capital expenditure | CN¥89.7M | CN¥86.9M | CN¥65.5M | CN¥27.4M | CN¥39.6M |
| Total debt | CN¥483M | CN¥288M | CN¥242M | CN¥140M | CN¥153M |
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 |
|---|---|---|---|---|---|---|
| Circuit Fabology Microelectronics Equipment 688630.SS | $4.50B | -12% | +93% | 27% | 51.5× | 39.4% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| Screen 7735.T | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% |
| Shenzhen Han's CNC Technology 301200.SZ | $9.08B | -25% | +98% | 21% | 32.1× | 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 | 688630.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.9% | -9.5% | 2nd lowest of 21 |
| 6-month return | -11.6% | -16.9% | 9th highest of 20 |
| Distance from 52-week high | -60.6% | -37.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +92.9% | +10.0% | highest of 21 |
| Operating margin | 27.3% | 10.7% | highest of 21 |
| Forward P/E | 51.5× | 17.8× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 39.4% | 10.6% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +35.4% | +11.3% | highest of 13 |
| Hurdle (Req g minus delivered) | +4.0 pp | -1.6 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +7.8 pp | -1.2 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Circuit Fabology Microelectronics Equipment 688630.SS | China | $4.50B | -12% | +93% | 27% | 51.5× | 39.4% | +35.4% |
| Alliance Laundry ALH | United States | $4.49B | -11% | +10% | 19% | 16.4× | 15.2% | +7.5% |
| Interpump IP.MI | Italy | $4.57B | +3% | +1% | 14% | 16.8× | 12.6% | +9.9% |
| Rainbow Robotics 277810.KS | South Korea | $4.59B | -52% | +92% | -16% | 653.8× | n/a | n/a |
| Renishaw RSW.L | United Kingdom | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% | +7.5% |
| Jusung Engineering 036930.KS | South Korea | $4.39B | +5% | -33% | 0% | 145.3× | n/a | n/a |
| Neway Valve (Suzhou) 603699.SS | China | $4.66B | -36% | +11% | 26% | 17.9× | 10.0% | +16.5% |
| Leo 002131.SZ | China | $4.33B | -34% | +10% | -1% | n/a | n/a | n/a |
| Wuhan DR Laser Technology 300776.SZ | China | $4.69B | -24% | -23% | 19% | 37.9× | 51.8% | +13.6% |
| Hangcha 603298.SS | China | $4.71B | -12% | +7% | 12% | 13.3× | 2.9% | +9.1% |
| AAON AAON | United States | $4.72B | -59% | +54% | 11% | 20.7× | n/a | n/a |
| UBTECH ROBOTICS 9880.HK | Hong Kong | $4.73B | -41% | +90% | -21% | n/a | n/a | n/a |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| Horiba 6856.T | Japan | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% | +12.2% |
| DMG MORI Aktiengesellschaft GIL.DE | Germany | $4.17B | 0% | +3% | 5% | n/a | 11.3% | +2.7% |
| Franklin Electric FELE | United States | $4.16B | -5% | +7% | 13% | 18.0× | 9.2% | +11.3% |
| Jiangsu Gao Kai Precision Fluid 688835.SS | China | $4.15B | n/a | +21% | 24% | n/a | n/a | n/a |
| HOSHIZAKI 6465.T | Japan | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% | +15.3% |
| Amada 6113.T | Japan | $4.10B | -20% | +18% | 10% | 15.9× | 8.7% | +11.8% |
| Kion KGX.DE | Germany | $5.05B | -25% | +3% | 6% | 10.4× | n/a | n/a |
| Krones KRN.DE | Germany | $3.94B | -7% | +3% | 7% | 11.2× | -1.8% | +11.3% |