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    Electronic components
Avary Holding (Shenzhen) Co., Ltd. Class A

Avary Holding (Shenzhen) Co., Ltd. Class A

SSZSE:002938
70.67
CNY
+0.47
(+0.67%)
244.22BMarket Cap
Oct 30Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
7.4
10.08
10.07
12.17
12.13
11.56
12.92
14.36
15.61
13.85
15.14
16.86
- -
Basic EPS, GAAP
0.68
0.9
0.59
0.93
1.3
1.27
1.23
1.43
2.16
1.42
1.56
1.61
- -
Free Cash Flow per Basic Share
1.01
0.71
-0.17
-0.83
1.02
0.14
-0.12
-1.15
2.85
1.93
1.83
0.28
- -
Dividend per Share
0.06
0.15
0.29
0.74
0.48
0.53
0.51
0.51
0.53
0.76
0.55
1.05
1.06
Book Value per Share
4.1
4.95
4.9
5.9
7.74
8.58
9.33
10.26
12.04
12.78
13.85
14.73
14.84
Tangible Book Value per Share
3.94
4.8
4.75
5.78
6.97
7.82
8.55
9.51
11.48
12.22
13.32
14.04
14.14
Basic Weighted Avg Shares
2,080
1,696
1,702
1,965
2,132
2,303
2,310
2,320
2,320
2,315
2,321
2,322
2,302
Sales/Revenue/Turnover
15,398
17,093
17,138
23,921
25,855
26,615
29,851
33,315
36,211
32,066
35,140
39,147
- -
Operating Margin (%)
10.76
10.05
6.25
9.22
13.52
13.32
11.76
11.67
15.11
10.39
9.7
10.47
- -
Depreciation Expense
904
1,014
1,133
1,272
1,554
1,715
1,871
2,528
2,995
2,963
3,083
3,346
- -
Net Income, GAAP
1,414
1,526
1,004
1,827
2,771
2,925
2,841
3,317
5,012
3,287
3,620
3,738
- -
Effective Tax Rate (%)
15.37
17.78
17.82
15.58
17.46
14.73
13.64
13.12
10.82
7.97
10.52
13.32
- -
Profit Margin (%)
9.18
8.93
5.86
7.64
10.72
10.99
9.52
9.96
13.84
10.25
10.3
9.55
- -
Working Capital
3,174
3,483
3,172
3,624
7,021
7,539
5,625
4,993
8,492
8,884
12,431
10,502
6,276
LT Debt
977
- -
- -
- -
- -
- -
122
249
253
82
253
436
1,737
Total Equity
8,525
10,306
10,195
12,283
17,884
19,829
21,559
23,813
27,937
29,675
32,322
34,750
35,292
Return on Invested Capital (%)
- -
11.98
7.32
12.71
15.37
13.58
12.12
12.71
16.86
9.97
10.29
9.86
- -
Return on Capital (%)
- -
12.92
8.07
13.52
15.84
14.08
12.38
13
17.32
10.46
10.69
10.33
- -
Return on Common Equity (%)
- -
16.21
9.79
16.26
18.37
15.51
13.73
14.62
19.37
11.42
11.72
11.28
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,939
5,430
6,954
LT Borrowings
376
893
1,662
LT Finance Leases
60
59
75
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,318
2,318
2,318
Market Capitalization
117,247
120,933
244,222

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
23,133
22,957
22,503
Cash, Cash Equivalents & STI
12,032
13,731
10,668
Accounts Receivable, Net
6,073
3,721
4,905
Inventories
3,807
4,412
5,195
Total Current Liabilities
12,631
13,345
16,228
Payables & Accruals
- -
- -
- -
ST Debt
3,939
5,430
6,954
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

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

CNY

•

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
9,231
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.12
0.51
0.71
1.56
2025
0.21
0.32
- -
0.58
1.61
2026
0.2
0.36
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.52
0.01
0.01
0.55
2025
0.01
1.01
- -
0.02
1.05
2026
0.02
1.03
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Qing Fang Shen
Full Time Employees
47,573
Sector
Electronic technology
Industry
Electronic components
Address
Pengding Times Building Shenzhen GD China 518101
IPO Date
Sep 18, 2018
Website
avaryholding.com
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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.