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Chinese maker of heat-shrinkable tubing, wires/cables and busbars for electronics, EV, power and data-centre markets.
Chinese maker of heat-shrinkable tubing, wires/cables and busbars for electronics, EV, power and data-centre markets.
Heat-shrinkable tubing, plastic sleeves that shrink to seal and insulate wire joints, is the long-standing base, sold to equipment makers and power-grid users. Wires and busbars, flat copper conductors that carry high current, are a newer line tied to data centre and EV build-outs.
Moat: narrow (scale, process know-how). Broad materials/cable manufacturing scale, expanding into higher-growth EV/data-centre busbar products.
Headquarters: Shenzhen, China · Founded: 1998 · Employees: 8,735
Size Shenzhen Woer Heat-Shrinkable Material (9981.HK) is a Hong Kong Industrials company (Electrical Products) with a market value of $1.38B, the 509th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$7.83 on 6 Nov 2026.
Performance Over six months the shares fell 51.8%, against -25.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 26.0% over the last twelve months (peer median +12.9%); the operating margin is 14.9% (peer median 3.7%).
Valuation It trades at 7.6× forward earnings against a peer median of 21.7× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.2 points above its cost of capital (7.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$11.2B | HK$9.12B | HK$7.47B | HK$6.27B | HK$6.16B |
| Revenue growth | — | +22% | +19% | +2% | — |
| Gross profit | HK$3.55B | HK$2.81B | HK$2.28B | HK$1.97B | HK$1.83B |
| EBITDA | n/a | HK$1.90B | HK$1.53B | HK$1.27B | HK$1.14B |
| Net income | HK$1.36B | HK$1.24B | HK$919M | HK$774M | HK$715M |
| Free cash flow | HK$90.2M | HK$150M | HK$502M | HK$639M | HK$583M |
| Capital expenditure | HK$1.39B | HK$1.12B | HK$483M | HK$277M | HK$430M |
| Total debt | HK$3.78B | HK$3.60B | HK$2.42B | HK$2.27B | HK$2.50B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% |
| TE Connectivity TEL | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Luxshare Precision Industry 002475.SZ | $57.7B | -25% | +27% | 4% | 18.9× | n/a |
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 | 9981.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -4.3% | 8th highest of 21 |
| 6-month return | -51.8% | -25.0% | lowest of 20 |
| Distance from 52-week high | -66.6% | -46.9% | lowest of 21 |
| Revenue growth (TTM) | +26.0% | +12.9% | 5th highest of 20 |
| Operating margin | 14.9% | 3.7% | highest of 20 |
| Forward P/E | 7.6× | 21.7× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -11.2% | 11.4% | least demanding of 11 |
| Growth delivered (Del g) | +14.8% | +12.6% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -26.1 pp | -5.4 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +7.2 pp | -3.6 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% | +14.8% |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% | +38.1% |
| Allient ALNT | United States | $1.38B | +22% | +11% | 9% | 22.8× | 27.9% | +8.6% |
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% | +8.6% |
| Ocean's King Lighting Science & Technology 002724.SZ | China | $1.39B | +89% | -3% | 6% | n/a | 21.3% | +0.3% |
| Eaglerise Electric & Electronic (China) 002922.SZ | China | $1.39B | -44% | +14% | 6% | 25.0× | n/a | n/a |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| Vanchip (Tianjin) Technology 688153.SS | China | $1.41B | -31% | 0% | -8% | n/a | n/a | n/a |
| Amara Raja Energy & Mobility ARE&M.NS | India | $1.41B | -19% | +16% | 6% | 15.5× | n/a | n/a |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 44.2× | n/a | n/a |
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% | +15.6% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 15.2× | -0.1% | +13.9% |
| Aerospace Intelligent Manufacturing Technology 300446.SZ | China | $1.48B | -38% | -14% | 5% | 21.3× | 2.1% | +133.1% |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |