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World's largest maker of PCB direct-imaging equipment; also makes semiconductor direct-writing lithography systems.
World's largest maker of PCB direct-imaging equipment; also makes semiconductor direct-writing lithography systems.
Sells laser direct-imaging machines that print circuit patterns onto boards without film masks, so orders follow customers' capacity expansions. Customers are mainly Chinese circuit-board makers, with service and leasing adding smaller recurring income.
In one line: A Chinese lithography/imaging tool maker for PCB and chip fabs.
Moat: narrow (installed base, process know-how, scale). Largest global installed base in PCB direct imaging (~19% revenue share) built over a decade.
Headquarters: Hefei, China · Founded: 2015 · Employees: 804
Size Circuit Fabology Microelectronics Equipment (9630.HK) is a Hong Kong Industrials company (Industrial Machinery) with a market value of $4.68B, the 265th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$188.00 on 6 Nov 2026.
Growth Revenue grew 103.2% over the last twelve months (peer median +10.5%); the operating margin is 27.4% (peer median 11.6%).
Valuation It trades at 36.1× forward earnings against a peer median of 17.8× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +34%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.3 points above its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$2.57B | HK$1.53B | HK$1.03B | HK$912M | HK$755M |
| Revenue growth | — | +48% | +13% | +21% | — |
| Gross profit | HK$1.08B | HK$597M | HK$365M | HK$370M | HK$313M |
| EBITDA | n/a | HK$348M | HK$162M | HK$179M | HK$148M |
| Net income | HK$631M | HK$314M | HK$174M | HK$198M | HK$159M |
| Free cash flow | HK$632M | HK$15.0M | -HK$133M | -HK$170M | -HK$31.3M |
| Capital expenditure | HK$103M | HK$94.2M | HK$71.0M | HK$30.3M | HK$46.1M |
| Total debt | HK$566M | HK$321M | HK$257M | HK$154M | HK$172M |
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 9630.HK | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| SUSS MicroTec SMHN.DE | $948M | -53% | -15% | 9% | 35.8× | 24.2% |
| Han's Laser Technology Industry 002008.SZ | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% |
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 | 9630.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.9% | -9.5% | 2nd lowest of 21 |
| Distance from 52-week high | -66.1% | -39.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +103.2% | +10.5% | highest of 21 |
| Operating margin | 27.4% | 11.6% | highest of 21 |
| Forward P/E | 36.1× | 17.8× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 8.5% | 11.2% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +34.4% | +10.6% | highest of 13 |
| Hurdle (Req g minus delivered) | -25.9 pp | +0.8 pp | least demanding of 13 |
| ROIC minus cost of capital | +19.3 pp | -2.4 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 9630.HK | Hong Kong | $4.68B | n/a | +103% | 27% | 36.1× | 8.5% | +34.4% |
| Wuhan DR Laser Technology 300776.SZ | China | $4.69B | -24% | -23% | 19% | 37.9× | 51.8% | +13.6% |
| Neway Valve (Suzhou) 603699.SS | China | $4.66B | -36% | +11% | 26% | 17.9× | 10.0% | +16.5% |
| 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 |
| Renishaw RSW.L | United Kingdom | $4.61B | -7% | +14% | 16% | 18.5× | 24.8% | +7.5% |
| Rainbow Robotics 277810.KS | South Korea | $4.59B | -52% | +92% | -16% | 653.8× | n/a | n/a |
| Horiba 6856.T | Japan | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% | +12.2% |
| Interpump IP.MI | Italy | $4.57B | +3% | +1% | 14% | 16.8× | 12.6% | +9.9% |
| Alliance Laundry ALH | United States | $4.49B | -11% | +10% | 19% | 16.4× | 15.2% | +7.5% |
| HOSHIZAKI 6465.T | Japan | $4.93B | +5% | +12% | 10% | 17.8× | -4.5% | +15.3% |
| Jusung Engineering 036930.KS | South Korea | $4.39B | +5% | -33% | 0% | 145.3× | n/a | n/a |
| Kion KGX.DE | Germany | $5.05B | -25% | +3% | 6% | 10.4× | n/a | n/a |
| Leo 002131.SZ | China | $4.33B | -34% | +10% | -1% | n/a | n/a | n/a |
| ESAB ESAB | United States | $5.15B | -18% | +11% | 13% | 14.0× | 12.7% | +7.8% |
| X-Energy XE | United States | $4.24B | -65% | -9% | -156% | n/a | n/a | n/a |
| 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 |
| Amada 6113.T | Japan | $4.10B | -20% | +18% | 10% | 15.9× | 8.7% | +11.8% |