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Chinese maker of electroplating equipment used in PCB and copper-foil manufacturing.
Chinese maker of electroplating equipment used in PCB and copper-foil manufacturing.
Sells plating lines built to order, with payment in stages and revenue typically booked when the customer accepts the machine, so results lag orders and track the capacity plans of PCB and copper-foil makers, whose capital spending is cyclical.
Moat: narrow (process know-how). Electroplating process equipment know-how qualified into PCB/copper-foil production lines.
Headquarters: Kunshan, China · Employees: 1,654
Size Kunshan Dongwei Technology (688700.SS) is a China Materials company (Industrial Specialties) with a market value of $1.64B, the 1507th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥36.66 on 6 Nov 2026.
Performance Over six months the shares fell 40.0%, against -14.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 55.8% over the last twelve months (peer median +12.1%); the operating margin is 13.3% (peer median 9.9%).
Valuation It trades at 34.2× forward earnings against a peer median of 21.1× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +9 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 5.9 points above its cost of capital (8.6% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.44B | CN¥1.09B | CN¥746M | CN¥905M | CN¥1.01B |
| Revenue growth | — | +46% | -18% | -10% | — |
| Gross profit | CN¥537M | CN¥356M | CN¥233M | CN¥336M | CN¥412M |
| EBITDA | n/a | CN¥148M | CN¥75.6M | CN¥165M | CN¥232M |
| Net income | CN¥199M | CN¥121M | CN¥69.3M | CN¥151M | CN¥213M |
| Free cash flow | CN¥585M | CN¥90.0M | CN¥21.9M | -CN¥173M | -CN¥20.8M |
| Capital expenditure | CN¥110M | CN¥165M | CN¥78.2M | CN¥100.0M | CN¥158M |
| Total debt | CN¥363M | CN¥282M | CN¥156M | CN¥154M | CN¥196M |
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| Measure | 688700.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.8% | -13.5% | lowest of 21 |
| 6-month return | -40.0% | -14.0% | 3rd lowest of 21 |
| Distance from 52-week high | -64.7% | -35.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +55.8% | +12.1% | highest of 21 |
| Operating margin | 13.3% | 9.9% | 5th highest of 21 |
| Forward P/E | 34.2× | 21.1× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 23.1% | 7.3% | 5th most demanding of 17 |
| Growth delivered (Del g) | +14.5% | +7.9% | 4th highest of 17 |
| Hurdle (Req g minus delivered) | +8.7 pp | -2.0 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | +5.9 pp | +0.9 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 34.2× | 23.1% | +14.5% |
| Kansai Nerolac Paints KANSAINER.NS | India | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% | +9.7% |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |