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Shenzhen Kinwong Electronic Co., Ltd. Class A

Shenzhen Kinwong Electronic Co., Ltd. Class A

64.20
HKD
+5.10
(+8.63%)
1.26EPS
Oct 26Next Earn
Shenzhen Kinwong Electronic Co., Ltd. Class A
HKEX:3228
(Hong Kong Exchange)

Recent

price

64.20

P/E

ratio

- -

div

yld

2.19%

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
5.93
7.13
1.52
1.93
2.31
2.84
3.21
3.82
4.71
5.15
6.91
7.65
7.79
8.87
9.88
14.87
Revenue per Share
0.53
0.89
0.23
0.28
0.36
0.46
0.51
0.62
0.62
0.67
0.68
0.78
0.68
0.82
0.79
1.08
Basic EPS, GAAP
- -
- -
-0.02
0.03
0.27
0.17
0.11
0.21
-0.04
-0.26
-0.9
-0.24
0.48
0.31
-0.54
- -
Free Cash Flow per Basic Share
0.06
0.43
0.05
0.11
0.03
0.1
0.19
0.16
0.24
0.14
0.19
0.2
0.34
0.31
0.5
1.21
Dividend per Share
1.43
2.33
1.44
0.82
1.19
2.19
2.5
3.14
3.93
4.69
5.22
5.82
6.37
7.41
8.11
8.18
Book Value per Share
1.26
2.09
1.34
0.77
1.13
2.05
2.33
2.95
3.75
4.51
5.04
5.63
6.17
7.21
7.93
7.98
Tangible Book Value per Share
196
196
1,162
1,160
1,158
1,157
1,306
1,304
1,343
1,370
1,379
1,374
1,380
1,428
1,550
1,116
Basic Weighted Avg Shares
1,165
1,401
1,761
2,237
2,677
3,283
4,192
4,986
6,332
7,064
9,532
10,514
10,757
12,659
15,308
16,589
Sales/Revenue/Turnover
11.77
15.66
19.2
18.71
19.33
19.94
20.52
19.11
15.15
16.3
12.93
12.42
11.73
11.51
9.92
9.73
Operating Margin (%)
- -
- -
61
91
112
127
143
174
279
328
422
637
743
776
915
- -
Depreciation Expense
103
175
264
326
422
537
660
803
837
921
935
1,066
936
1,169
1,231
1,209
Net Income, GAAP
11.82
12.7
13.49
13.23
16.56
17.74
17.57
13.87
14.79
12.25
10.74
11.79
13.03
12.13
15.05
13.34
Effective Tax Rate (%)
8.88
12.53
15.02
14.55
15.78
16.37
15.74
16.1
13.22
13.04
9.81
10.14
8.7
9.23
8.04
7.29
Profit Margin (%)
-158
-32
87
143
569
1,753
1,624
2,406
2,426
3,563
2,092
2,715
3,895
3,488
3,510
4,180
Working Capital
6
18
20
180
257
148
- -
727
- -
1,498
1,539
2,187
3,066
1,316
1,876
4,615
LT Debt
282
458
734
954
1,370
2,862
3,276
4,407
5,629
6,757
7,481
8,290
8,970
11,498
13,270
13,397
Total Equity
- -
26.1
26.47
24.34
25.53
21.07
20.48
19.06
14.75
13.36
10.83
11.07
7.97
9.14
8.74
7.31
Return on Invested Capital (%)
- -
28.27
28.33
26.78
27.47
22.45
20.53
19.26
16.54
13.14
10.87
10.79
8.63
9.41
8.69
7.67
Return on Capital (%)
- -
47.45
44.8
38.98
36.46
25.41
21.5
21.64
17.5
15.38
13.53
13.89
11.11
11.64
10.1
9.72
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
609
539
994
LT Borrowings
1,864
3,444
4,602
LT Finance Leases
12
10
14
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,612
1,612
1,613
Market Capitalization
- -
- -
- -

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
11,565
12,413
13,104
Cash, Cash Equivalents & STI
2,876
3,342
2,873
Accounts Receivable, Net
4,696
4,453
5,268
Inventories
2,516
3,013
3,531
Total Current Liabilities
8,055
7,927
8,924
Payables & Accruals
- -
- -
- -
ST Debt
609
539
994
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
27.9%
14.67%
15.41%
Free Cash Flow
11.04%
-87.79%
-288.75%
Net Income, GAAP
11.94%
6.7%
5.3%
Sales/Revenue/Turnover
19.4%
17.23%
20.92%
Total Cash Common Dividend
56.5%
36.91%
74.72%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,743
3,125
3,211
3,581
12,659
2025
3,343
3,752
- -
4,225
15,308
2026
3,892
4,720
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.23
0.4
0.28
0.29
0.82
2025
0.24
0.35
- -
0.29
0.79
2026
0.15
0.38
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.51
0.01
- -
0.31
2025
- -
0.81
- -
0.01
0.5
2026
0.01
0.59
- -
- -
- -
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Business
Shenzhen Kinwong Electronic Co., Ltd. (603228.SS) manufactures printed circuit boards and high-end electronic materials; its core products include conventional PCBs, flexible PCBs, metal base PCBs (copper, aluminum, stainless steel, iron), rigid-flex PCBs, high-density interconnect (HDI) PCBs, high layer count PCBs, substrate-like PCBs, RF microwave PCBs, and copper inlays; the company also provides engineering and design services. Founded in 1993 and headquartered in Shenzhen, China, Kinwong operates seven production bases worldwide, including sites in Guangdong (Shenzhen, Longchuan), Jiangxi (Jishui, Xinfeng), Zhuhai (Jinwan, Fushan), and Thailand, encompassing 13 factories with over 19,000 employees; products serve automotive electronics, telecommunications, computing, smart terminals, industrial/medical equipment, power supply, and consumer electronics markets domestically and internationally. Recent expansions include the full production ramp-up of three new factories—Zhuhai high layer count (HLC) facility, substrate-like and IC packaging substrate PCB factory, and Longchuan flexible PCB factory 2—alongside capacity increases at Longchuan metal base PCB factory 2, enhancing high-end circuit board competitiveness; the company achieved 2024 annual revenue of 1.762 billion USD, ranking 10th globally and third among China’s top 100 domestic-funded PCB makers per Prismark; it participated in AMD’s PCB Ecosystem Enabling Program, received awards, and exhibited at 2024 NEPCON Japan while sampling 1.6T optical module products for mass production with ongoing bulk orders.