Loading…
Wuhan-based maker of optical/photonic components and modules used in fiber-optic telecom and laser systems.
Wuhan-based maker of optical/photonic components and modules used in fiber-optic telecom and laser systems.
In one line: A small Chinese Lumentum/Coherent in optical components.
Moat: narrow (process know-how, IP / patents). Photonics manufacturing know-how in Wuhan's fiber-optic cluster gives a modest edge.
Headquarters: Wuhan, China · Employees: 254
Size Wuhan Changjin Photonics Technology (688635.SS) is a China Information Technology company (Telecommunications Equipment) with a market value of $2.39B, the 1078th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥170.03 on 6 Nov 2026.
Growth Revenue grew 28.2% over the last twelve months (peer median +5.6%); the operating margin is 39.4% (peer median 1.3%).
Valuation It trades at 62.8× enterprise value to sales against a peer median of 3.0× (most expensive of 21).
Capital Return on invested capital runs 11.4 points below its cost of capital (18.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥246M | CN¥192M | CN¥145M | CN¥108M |
| Revenue growth | — | +28% | +33% | +34% | — |
| Gross profit | n/a | CN¥155M | CN¥129M | CN¥97.8M | CN¥70.0M |
| EBITDA | n/a | CN¥111M | CN¥92.4M | CN¥63.9M | CN¥45.6M |
| Net income | n/a | CN¥95.6M | CN¥75.8M | CN¥54.7M | CN¥36.8M |
| Free cash flow | n/a | -CN¥36.5M | CN¥33.1M | CN¥39.4M | -CN¥16.8M |
| Capital expenditure | n/a | CN¥141M | CN¥48.4M | CN¥8.33M | CN¥9.66M |
| Total debt | CN¥143M | CN¥125M | CN¥58.6M | CN¥48.8M | CN¥54.8M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Wuhan Changjin Photonics Technology 688635.SS | $2.39B | n/a | +28% | 39% | 62.8× | n/a |
| Zhongji Innolight 300308.SZ | $79.4B | -48% | +162% | 41% | 5.8× | 23.2% |
| Accelink Technologies 002281.SZ | $10.8B | -37% | +32% | 11% | 4.6× | n/a |
| Eoptolink Technology 300502.SZ | $36.0B | -54% | +101% | 44% | 5.9× | 21.7% |
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 | 688635.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.2% | -7.8% | 3rd lowest of 21 |
| Distance from 52-week high | -77.3% | -51.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +28.2% | +5.6% | 4th highest of 21 |
| Operating margin | 39.4% | 1.3% | highest of 21 |
| EV / Sales | 62.8× | 3.0× | most expensive of 21 |
| ROIC minus cost of capital | -11.4 pp | -3.5 pp | 6th lowest of 21 |
| Net debt / EBITDA | -4.5× | -0.2× | least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wuhan Changjin Photonics Technology 688635.SS | China | $2.39B | n/a | +28% | 39% | 62.8× | n/a | n/a |
| Digi International DGII | United States | $2.40B | -4% | +20% | 15% | 4.9× | 20.5% | +9.0% |
| WNC 6285.TW | Taiwan | $2.41B | -29% | +30% | 5% | 0.6× | -0.5% | +12.0% |
| Shanghai HuaCe Navigation Technology 300627.SZ | China | $2.44B | -35% | 0% | 13% | 4.2× | 18.6% | +21.3% |
| Jushri Technologies 300762.SZ | China | $2.31B | -45% | -17% | -91% | 36.5× | n/a | n/a |
| Wingtech Technology 600745.SS | China | $2.26B | -59% | -93% | -30% | 5.5× | n/a | n/a |
| Hytera Communications 002583.SZ | China | $2.17B | -20% | +4% | 7% | 2.6× | n/a | n/a |
| Shanghai Longcheer Technology 603341.SS | China | $2.12B | +2% | +1% | 0% | 0.5× | n/a | n/a |
| Tongyu Communication 002792.SZ | China | $2.12B | -38% | +2% | -4% | 11.0× | n/a | n/a |
| GN Store Nord A/S GN.CO | Denmark | $2.70B | +30% | -26% | 3% | 2.1× | 18.5% | +4.7% |
| Shenzhen KTC Technology 001308.SZ | China | $2.09B | +3% | 0% | 3% | 1.2× | n/a | n/a |
| MeiG Smart Technology 002881.SZ | China | $1.92B | +8% | +24% | 7% | 2.8× | n/a | n/a |
| Calix CALX | United States | $1.89B | -29% | +23% | 5% | 1.5× | 23.1% | +13.1% |
| Fibocom Wireless 0638.HK | Hong Kong | $1.89B | -48% | +9% | 2% | 1.8× | n/a | n/a |
| Skyworth Digital 000810.SZ | China | $1.85B | -15% | +28% | 1% | 1.4× | n/a | n/a |
| Wuhan Yangtze Communication Industry 600345.SS | China | $1.85B | -23% | +13% | -8% | 11.2× | n/a | n/a |
| Ondas ONDS | United States | $3.11B | -41% | +979% | -127% | 10.1× | n/a | n/a |
| Digital China 000034.SZ | China | $3.16B | -22% | +28% | 1% | 0.2× | n/a | n/a |
| Beijing Tricolor Technology 603516.SS | China | $1.72B | -60% | -11% | -20% | 33.8× | n/a | n/a |
| Eastern Communications 600776.SS | China | $1.72B | -33% | +7% | -5% | 3.5× | n/a | n/a |
| Huber + Suhner HUBN.SW | Switzerland | $3.49B | -44% | -4% | 9% | 3.1× | 11.1% | +3.2% |