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One of China's largest makers of MLCC ceramic capacitors and fine ceramic components used across electronics.
One of China's largest makers of MLCC ceramic capacitors and fine ceramic components used across electronics.
Makes its own ceramic powders and then forms them into finished parts, from MLCCs (tiny stacked capacitors) to ferrules for optical-fibre connectors and ceramic substrates; controlling the powder lets it sell several part types to the same electronics customers. Its home listing is in Shenzhen; the Hong Kong shares are a second listing of the same company.
In one line: A Chinese Yageo/Samsung Electro-Mechanics for MLCCs.
Moat: narrow (scale, process know-how). Vertically integrated ceramic-materials know-how and manufacturing scale in a technically demanding component.
Headquarters: Chaozhou, China · Founded: 1970 · Employees: 17,352
Size Chaozhou Three-Circle (Group) (6951.HK) is a Hong Kong Information Technology company (Electronic Components) with a market value of $20.2B, the 89th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$68.20 on 6 Nov 2026.
Growth Revenue grew 73.8% over the last twelve months (peer median +33.4%); the operating margin is 33.9% (peer median 12.9%).
Valuation It trades at 22.3× forward earnings against a peer median of 19.3× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +17 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 3.6 points above its cost of capital (19.7% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.0B | HK$9.70B | HK$7.95B | HK$6.27B | HK$5.94B |
| Revenue growth | — | +22% | +27% | +6% | — |
| Gross profit | HK$8.11B | HK$3.92B | HK$3.27B | HK$2.37B | HK$2.52B |
| EBITDA | n/a | HK$3.43B | HK$2.85B | HK$1.95B | HK$1.97B |
| Net income | HK$5.18B | HK$2.84B | HK$2.37B | HK$1.75B | HK$1.75B |
| Free cash flow | HK$3.95B | HK$2.78B | HK$1.98B | HK$1.42B | HK$1.22B |
| Capital expenditure | HK$1.37B | HK$629M | HK$693M | HK$603M | HK$1.31B |
| Total debt | HK$4.45B | HK$2.18B | HK$1.30B | HK$1.29B | HK$402M |
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 |
|---|---|---|---|---|---|---|
| Chaozhou Three-Circle (Group) 6951.HK | $20.2B | n/a | +74% | 34% | 22.3× | 34.2% |
| Yageo 2327.TW | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% |
| SamsungElecMech 009150.KS | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% |
| Murata Manufacturing 6981.T | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% |
| Tdk 6762.T | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% |
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 | 6951.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -48.8% | -39.8% | 2nd lowest of 21 |
| Distance from 52-week high | -55.3% | -50.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +73.8% | +33.4% | 2nd highest of 21 |
| Operating margin | 33.9% | 12.9% | 2nd highest of 21 |
| Forward P/E | 22.3× | 19.3× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 34.2% | 18.2% | 6th most demanding of 12 |
| Growth delivered (Del g) | +16.8% | +7.7% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | +17.4 pp | +10.8 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +3.6 pp | +3.9 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chaozhou Three-Circle (Group) 6951.HK | Hong Kong | $20.2B | n/a | +74% | 34% | 22.3× | 34.2% | +16.8% |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| Victory Giant Technology (HuiZhou) 300476.SZ | China | $18.3B | -62% | +38% | 26% | 17.2× | n/a | n/a |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Tdk 6762.T | Japan | $25.4B | -27% | +25% | 10% | 15.0× | 18.2% | +11.1% |
| Celestica CLS.TO | Canada | $26.3B | -44% | +61% | 9% | 11.5× | 11.0% | +17.6% |
| Suzhou Dongshan Precision Manufacturing 002384.SZ | China | $26.9B | -57% | +56% | 11% | 18.0× | n/a | n/a |
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Unimicron Technology 3037.TW | Taiwan | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% | +8.3% |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |