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Qingdao-based maker of optical/laser components (name-derived; specific product line not fully established).
Qingdao-based maker of optical/laser components (name-derived; specific product line not fully established).
Moat: none
Headquarters: Qingdao, China · Employees: 1,070
Size Qingdao NovelBeam Technology (688677.SS) is a China Information Technology company (Electronic Components) with a market value of $904M, the 2510th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥50.26 on 6 Nov 2026.
Performance Over six months the shares fell 54.3%, against -15.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.4% over the last twelve months (peer median +23.3%); the operating margin is 27.6% (peer median 8.4%).
Valuation It trades at 30.4× forward earnings against a peer median of 19.2× (5th most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +5 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 above its cost of capital (9.1% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥637M | CN¥600M | CN¥440M | CN¥467M | CN¥474M |
| Revenue growth | — | +36% | -6% | -2% | — |
| Gross profit | CN¥413M | CN¥373M | CN¥271M | CN¥286M | CN¥299M |
| EBITDA | n/a | CN¥236M | CN¥172M | CN¥177M | CN¥195M |
| Net income | CN¥147M | CN¥171M | CN¥135M | CN¥146M | CN¥183M |
| Free cash flow | CN¥42.6M | CN¥134M | CN¥41.4M | CN¥108M | CN¥12.5M |
| Capital expenditure | CN¥82.0M | CN¥26.7M | CN¥76.3M | CN¥56.0M | CN¥102M |
| Total debt | CN¥235M | CN¥143M | CN¥33.7M | CN¥5.93M | CN¥19.2M |
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| Measure | 688677.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.5% | -17.0% | 3rd lowest of 21 |
| 6-month return | -54.3% | -15.0% | lowest of 21 |
| Distance from 52-week high | -70.6% | -42.8% | lowest of 21 |
| Revenue growth (TTM) | +11.4% | +23.3% | 5th lowest of 21 |
| Operating margin | 27.6% | 8.4% | 2nd highest of 21 |
| Forward P/E | 30.4× | 19.2× | 5th most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 22.1% | 25.7% | 5th least demanding of 11 |
| Growth delivered (Del g) | +17.0% | +11.0% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +5.0 pp | +16.4 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +6.4 pp | -1.5 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qingdao NovelBeam Technology 688677.SS | China | $904M | -54% | +11% | 28% | 30.4× | 22.1% | +17.0% |
| Shenzhen Click Technology 002782.SZ | China | $903M | -36% | +10% | 3% | 13.9× | 18.2% | +34.0% |
| Highbroad Advanced Material (Hefei) 301321.SZ | China | $902M | +28% | +22% | 0% | n/a | 35.6% | +5.8% |
| Bafang Electric (Suzhou) 603489.SS | China | $906M | -31% | +18% | 13% | 31.0× | 13.8% | -0.8% |
| Shenzhen Q&D Circuits 301628.SZ | China | $917M | -26% | +37% | 13% | n/a | n/a | n/a |
| Japan Aviation Electronics Industry 6807.T | Japan | $922M | -13% | +10% | 3% | 19.4× | n/a | n/a |
| Pegavision 6491.TW | Taiwan | $926M | +41% | +18% | 28% | 13.4× | -4.5% | +12.1% |
| Prosperity Dielectrics 6173.TWO | Taiwan | $927M | +131% | +12% | 20% | 18.4× | 35.6% | -4.9% |
| HannStar Board 5469.TW | Taiwan | $937M | -25% | +32% | 8% | n/a | n/a | n/a |
| Kingsignal Technology 300252.SZ | China | $941M | -38% | +21% | 0% | n/a | n/a | n/a |
| Juneway Electronic Technology 301458.SZ | China | $946M | -25% | +24% | 20% | n/a | 36.2% | +13.7% |
| Dynamic 3715.TW | Taiwan | $846M | -50% | +43% | 5% | 16.3× | n/a | n/a |
| Officina Stellare OS.MI | Italy | $969M | +47% | +239% | -11% | 107.2× | n/a | n/a |
| Zhejiang Zuch Technology 301280.SZ | China | $971M | -24% | +25% | 13% | 21.3× | n/a | n/a |
| Shenzhen Jingquanhua Electronics 002885.SZ | China | $840M | -34% | +9% | 4% | n/a | 27.6% | +20.6% |
| WCON Electronics 301328.SZ | China | $986M | -3% | +34% | 16% | 44.6× | n/a | n/a |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 19.1× | 23.8% | +5.7% |
| Hexatronic HTRO.ST | Sweden | $821M | -17% | +7% | 6% | 15.0× | 12.9% | +28.3% |
| Jiangsu Allfavor Intelligent Circuits Technology 300964.SZ | China | $821M | +1% | +78% | 8% | n/a | n/a | n/a |
| Shenzhen Xunjiexing Technology 688655.SS | China | $810M | -13% | +70% | 0% | n/a | n/a | n/a |
| Jutze Intelligent Technology 300802.SZ | China | $801M | -6% | +18% | 12% | 39.4× | 32.6% | +10.0% |