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Avary Holding(Shenzhen)Co., Limited

Avary Holding(Shenzhen)Co., Limited

002938.SZ
Avary Holding(Shenzhen)Co., LimitedCN flagShenzhen Stock Exchange
92.43
CNY
-2.86
- -
214.21BMarket Cap
Avary Holding(Shenzhen)Co., Limited
002938.SZ
(Shenzhen Stock Exchange)

Recent

price

92.43

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
10.08
10.07
12.17
12.13
11.56
12.92
14.36
15.61
13.85
15.14
16.86
12.35
Revenue per Share
- -
0.9
0.59
0.93
1.3
1.27
1.23
1.43
2.16
1.42
1.56
1.61
1.1
Basic EPS, GAAP
- -
0.71
-0.17
-0.83
1.02
0.14
-0.12
-1.15
2.85
1.93
1.83
0.28
-2.7
Free Cash Flow per Basic Share
- -
0.15
0.29
0.74
0.48
0.53
0.51
0.51
0.53
0.76
0.55
1.05
1.05
Dividend per Share
- -
3.57
4.07
1.86
2.61
3.12
3.76
4.59
6.12
6.83
7.88
8.5
8.76
Book Value per Share
- -
5.89
5.8
6.12
7.56
7.85
8.55
9.51
11.48
12.26
13.4
14.28
14.52
Tangible Book Value per Share
- -
1,696
1,702
1,965
2,132
2,303
2,310
2,320
2,320
2,315
2,321
2,322
2,314
Basic Weighted Avg Shares
15,398
17,093
17,138
23,921
25,855
26,615
29,851
33,315
36,211
32,066
35,140
39,147
28,566
Sales/Revenue/Turnover
10.76
10.05
6.25
9.22
13.52
13.32
11.76
11.67
15.11
10.39
9.7
10.47
10.39
Operating Margin (%)
904
1,014
1,133
1,272
1,554
1,715
1,871
2,528
2,995
2,963
3,083
3,346
- -
Depreciation Expense
1,414
1,526
1,004
1,827
2,771
2,925
2,841
3,317
5,012
3,287
3,620
3,738
2,538
Net Income, GAAP
15.37
17.78
17.82
15.58
17.46
14.73
13.64
13.12
10.82
7.97
10.52
13.32
12.84
Effective Tax Rate (%)
9.18
8.93
5.86
7.64
10.72
10.99
9.52
9.96
13.84
10.25
10.3
9.55
8.88
Profit Margin (%)
3,174
3,483
3,172
3,624
7,021
7,539
5,625
4,993
8,492
8,884
12,431
10,502
9,612
Working Capital
977
- -
- -
- -
- -
- -
122
249
253
82
253
436
952
LT Debt
8,525
10,306
10,195
12,283
17,884
19,829
21,559
23,813
27,937
29,675
32,322
34,750
35,240
Total Equity
- -
11.42
6.73
13.1
15.78
14.04
12.94
12.96
16.42
9.32
8.67
9.42
6.58
Return on Invested Capital (%)
- -
19.18
11.42
23.6
38.38
34.68
27.7
26.22
31.95
18.15
17.72
16.57
10.75
Return on Capital (%)
- -
27.92
15.47
34.56
60.14
45.87
35.82
34.34
40.35
21.9
21.24
19.66
13
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
- -
3,939
5,430
LT Borrowings
- -
376
893
LT Finance Leases
- -
60
59
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
2,318
2,318
Market Capitalization
130,338
117,576
120,706

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
- -
23,133
22,957
Cash, Cash Equivalents & STI
- -
12,032
13,731
Accounts Receivable, Net
- -
6,073
3,721
Inventories
- -
3,807
4,412
Total Current Liabilities
- -
12,631
13,345
Payables & Accruals
- -
- -
- -
ST Debt
- -
3,939
5,430
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.5%
10.08%
7.51%
Free Cash Flow
24.42%
83.42%
-84.44%
Net Income, GAAP
14.89%
9.36%
3.25%
Sales/Revenue/Turnover
9.29%
5.97%
11.4%
Total Cash Common Dividend
39.23%
22.11%
91.25%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,687
6,440
10,360
11,654
35,140
2025
8,087
8,288
- -
12,292
39,147
2026
7,986
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
- -
- -
- -
1.56
2025
0.21
- -
- -
- -
1.61
2026
0.2
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
- -
- -
0.55
2025
0.01
- -
- -
- -
1.05
2026
0.02
- -
- -
- -
- -
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Business
Avary Holding (Shenzhen) Co., Limited specializes in the design, research and development, manufacturing, and sales of various types of printed circuit boards (PCBs). Its core product portfolio includes flexible printed circuits (FPC), rigid printed circuit boards, rigid-flex boards, high-density interconnect (HDI) boards, mini LED PCBs, and special material PCBs. These products serve a wide range of industries such as telecommunications, consumer electronics, computing, automotive electronics, industrial control, electric vehicles, AI servers, and medical devices. Avary provides comprehensive one-stop PCB electronic interconnect products and services globally with manufacturing facilities in Shenzhen, Qinhuangdao, Huai'an, and overseas in India. Its service footprint covers China, Hong Kong, Taiwan, Japan, Korea, the United States, and Vietnam. Founded in 1999 and headquartered in Shenzhen, China, Avary Holding is a subsidiary of Shenzhen Meigang Industrial Co., Ltd. The company went public on the Shenzhen Stock Exchange in 2018 under the ticker 002938.SZ. Avary operates modernized factories emphasizing efficiency, automation, and sustainability with a capacity exceeding one million square meters of PCB production annually. It supports high-profile clients in the smartphone and electronics sectors by integrating advanced technologies for product innovation, cost reduction, and operational efficiency. Recent major developments include a strategic investment plan announced in 2024 to expand its multi-layer soft board production lines aimed at strengthening its competitiveness in consumer electronics and automotive PCBs, with a projected investment of approximately RMB 700 million. The company continues to advance technological capabilities and expand production capacity to meet rising demand, particularly in emerging technology areas such as electric vehicles and AI. In 2025, Avary reported stable financial performance despite slight fluctuations in net profit, reflecting solid market demand and operational resilience. Overall, Avary Holding plays a significant role in the global PCB industry, offering a diversified product range and maintaining active market presence across Asia, North America, and Europe through its comprehensive manufacturing and service network. Its ongoing strategic investments and innovation initiatives underscore its commitment to growth and technological leadership in the electronic components manufacturing sector.