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Latest market data
| Close | 79.55 (-0.5% on the day; -10.87% over 5 sessions; -9.83% over 20 sessions) |
|---|---|
| Market cap | CNY 184.36 billion |
| P/E (TTM) | 48.66x (92th percentile over 5.2 years) |
| P/B (MRQ) | 5.36x (93th percentile over 5.2 years) |
| P/S (TTM) | 4.61x (92th percentile over 5.2 years) |
| 52-week range | 41.21 (2025-11-24) – 123.1 (2026-06-18) |
| Moving averages | MA5 82.06 / MA10 86.04 / MA20 87.38 / MA60 90.52 |
| MACD (12,26,9) | DIF -2.395, DEA -1.32, histogram -2.15 |
| RSI | RSI6 18.3 / RSI14 34.7 |
| Bollinger bands (20,2) | Upper 95.93 / middle 87.38 / lower 78.82 |
| Volume | 0.74x the 20-day average |
| One-week range (about 68% coverage) | 74.72 – 86.25 (-6.1% ~ +8.4%) |
| One-week range (about 95% coverage) | 71.05 – 92.26 (-10.7% ~ +16.0%) |
As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-23; its prices and short-term scenarios reflect data at that time.
Avary Holding (Shenzhen) Co., Ltd. (002938)
Equity Research Report | Industry: PCB Manufacturing | Report Date: September 23, 2026 | As of Beijing Time September 23, 2026 market close
This report is automatically compiled and generated by AI based on public information, for reference only and does not constitute investment advice.
Core Conclusion: High-end business and capacity expansion expectations drive up valuation, while decline in non-GAAP profit makes profit realization the key
| Key Data | Value |
|---|---|
| Closing Price (Daily Change) | RMB 88.19 (-1.19%) |
| Total Market Cap | Approx. RMB 204.384 billion |
| PE(TTM) | Approx. 53.8x |
| PB | Approx. 5.9x |
| Dividend Yield | Approx. 1.1% (earlier snapshot) |
| 52-Week Range | RMB 42.21–123.10 |
| Turnover / Turnover Rate | RMB 1.716 billion / 0.83% |
Market data as of: As of Beijing Time September 23, 2026 market close
I. Investment Highlights
- Revenue growth has not yet translated into core profit growth: 2026H1 revenue was RMB 17.217 billion, net profit attributable to parent was RMB 1.284 billion, up 5.14% and 4.11% YoY respectively; non-GAAP net profit declined 22.31% YoY.
- Volume ramp-up of high-margin new businesses is key to structural improvement: In 2025, consumer electronics and computer board revenue grew 15.72%, with gross margin of 27.15%; automotive/server boards grew 106.67%, but revenue share was only 5.41%.
- Valuation is at its own historical high and depends on high-growth realization: Closing price on September 23 was RMB 88.19, PE-TTM approximately 53.8x, historical percentile 90.91%; consensus estimate for 2026 EPS is RMB 2.26, corresponding to approximately 39x forward PE.
Market Expectations and Evidence
- Market is pricing in: Consensus estimates for net profit attributable to parent for 2026–2028 are RMB 5.254 billion, RMB 7.681 billion, and RMB 10.472 billion; high valuation pricing implies rapid profit growth and realization of server and optical module businesses.
- Evidence shows: 2026H1 non-GAAP net profit declined 22.31%, earnings quality has not yet matched the growth narrative; July and August revenue growth rose to 6.61% and 18.44%, but profit growth has not been verified. New businesses are growing rapidly but still account for a small share.
Evidence bias: Bearish; Confidence: Medium
Revenue and gross margin improvement provide support, but non-GAAP decline, customer concentration, and high historical valuation make profit realization risk more decision-relevant.
II. Business and Competitiveness
2.1 Business Structure
Customizes and sells PCBs according to customer specifications, serving communications, consumer electronics, computers, automotive, and server customers, generating revenue through product mix and manufacturing delivery.
| Business Segment | Revenue Share | Gross Margin | Revenue Growth | Key Points |
|---|---|---|---|---|
| Communications boards | 64.98% (2025) | 19.03% (2025) | 4.95% (2025 YoY) | Main revenue body, gross margin lower than consumer electronics and computer boards |
| Consumer electronics and computer boards | 28.83% (2025) | 27.15% (2025) | 15.72% (2025 YoY) | Growth and gross margin higher than communications boards |
| Automotive/server boards and other boards | 5.41% (2025) | Approx. 21.55% (2025, calculated from disclosed revenue and cost) | 106.67% (2025 YoY) | High-speed growth but revenue share still small |
| Other revenue | 0.78% (2025) | — | 143.19% (2025 YoY) | Gross margin not listed in annual report |
2.2 Competitive Advantages
Competitive advantage strength: Medium
- Scale manufacturing: 2025 PCB revenue was RMB 38.843 billion; after Huai'an Phase I commenced production, Qingding Precision's operating profit and net profit increased 30.15% and 25.57% YoY respectively.
- Process and customer certification: Products cover FPC, HDI, SLP, etc.; 1.6T optical modules have been sampled and passed customer certification, high-end HDI projects have obtained customer certification.
- R&D investment: 2025 R&D investment was RMB 2.459 billion, accounting for 6.28% of revenue; customer collaboration helps new product introduction, but does not represent pricing dominance.
Main threats: The largest customer accounted for 79.65% of 2025 sales; raw material and energy price fluctuations, customer procurement or share changes may compress profits, and the commercialization scale of certified projects remains to be verified.
2.3 Industry Chain Position and Profit Trends
- Main inputs include electronic components, copper-clad laminates, steel sheets, back adhesive, cover film, gold salt, prepreg, ink, copper balls, copper powder, and electricity; direct materials accounted for 57.45% of 2025 PCB operating costs.
- Raw material and energy price fluctuations will affect gross margin; the company as a whole bears material and energy costs. In 2025, the top five suppliers accounted for 21.28% of procurement, with the largest supplier at 5.83%; suppliers are anonymous, and material correspondence cannot be confirmed.
- Products are sold directly to customers; direct sales accounted for 99.81% of 2025 revenue; customer names are disclosed anonymously by letters, and the identity of the largest customer cannot be confirmed.
- Customer concentration and bargaining power have significant impact: the company's operations are closely tied to customer product cycles, supply share, and procurement arrangements; the meeting minutes did not disclose specific price adjustment terms.
- The 2025 annual report disclosed that the top five customers accounted for 89.45% of sales, with the largest customer at 79.65%; customers are anonymous, data is for a single-year basis, and specifics should be based on the latest annual report.
- At end-2025, accounts receivable (including notes) turnover was 56 days, inventory turnover was 43 days; audit disclosure typically shows credit terms of 45–90 days, turnover is consistent with credit terms. Financial website figures are 54.45 days and 41.95 days respectively.
| Year | Gross Margin | Net Margin | Reason for Change |
|---|---|---|---|
| 2021 | 20.39% | 9.95% | Insufficient available materials, precise attribution not possible |
| 2022 | 24.00% | 13.84% | Consumer electronics and computer board revenue and gross margin improved |
| 2023 | 21.34% | 10.25% | Consumer electronics demand weakened, product mix under pressure |
| 2024 | 20.76% | 10.30% | Communications board gross margin declined, segment performance diverged |
| 2025 | 21.50% | Approx. 9.49% | PCB gross margin recovered, net profit attributable to parent growth lower than revenue |
The company is positioned in the midstream of PCB manufacturing, with profits constrained by material and energy costs and large customer bargaining power. Volume ramp-up of high-end products, product mix upgrading, and yield and capacity utilization improvement are the main paths to improving gross margin; sampling and certification do not yet equal scale sales.
2.4 Industry and Peer Comparison
Profit performance of PCB manufacturers is affected by product mix, material and energy costs, and customer bargaining power. Avary's communications boards still dominate, and although automotive/server and other boards are growing rapidly, their 2025 revenue share was still 5.41%.
| Company | Positioning | Comparable Data | Difference from the Company |
|---|---|---|---|
| Shennan Circuits (002916) | PCB plus IC substrates, electronic assembly | 2025 revenue RMB 23.647 billion; PCB gross margin 35.53%; PE approx. 66.90x | More diversified business, PCB gross margin higher than Avary |
| WUS Printed Circuit (002463) | Focused on data communications and smart automotive PCB | 2025 revenue RMB 18.945 billion; PCB gross margin 36.91%; PE approx. 49.27x | Data communications boards dominant, PCB gross margin higher than Avary |
| Victory Giant Technology (300476) | Focused on high-end PCB | 2025 revenue RMB 19.292 billion; gross margin approx. 43.53%; PE approx. 43.90x | Revenue growing rapidly; gross margin from a single aggregated source, not cross-verified |
Avary has larger scale and broad product platform coverage, but its 2025 PCB gross margin is lower than Shennan Circuits and WUS Printed Circuit. Communications boards and consumer electronics boards account for a relatively high proportion, and whether high-end server, optical module and other businesses can pass certification, enter mass production, and increase revenue share is key to improving the profit structure.
III. Financial Quality
3.1 Operating Performance
| Reporting Period | Revenue | YoY | Net Profit Attributable to Parent | YoY | Non-GAAP YoY | Gross Margin |
|---|---|---|---|---|---|---|
| 2026 H1 | RMB 17.217 billion | 5.14% | Net profit attributable to parent RMB 1.284 billion | 4.11% | -22.31% | 23.82% (semi-annual report text) / 23.98% (sponsorship document table) |
| 2025 Annual | RMB 39.147 billion | 11.40% | Net profit attributable to parent RMB 3.738 billion | 3.25% | 0.08% | 21.50% |
| 2024 Annual | RMB 35.140 billion | 9.59% | Net profit attributable to parent RMB 3.620 billion | 10.14% | 11.40% | 20.76% |
As of 2026 semi-annual report; semi-annual report data is unaudited. H1 gross margin differs by 0.16 percentage points between two sources.
2025 revenue growth was significantly faster than profit, non-GAAP was essentially flat; 2026H1 net profit attributable to parent grew but non-GAAP declined, with non-recurring gains and losses of approximately RMB 391 million. Gross margin improved, but foreign exchange impact worsened financial expenses.
3.2 Financial Health Check
| Indicator | Value | Assessment | Notes |
|---|---|---|---|
| Debt-to-asset ratio | 35.34% at end-June 2026 | Watch | Up from 28.86% at end-2025, due to increased expansion financing and capital expenditure. |
| Operating cash flow / net profit attributable to parent | 1.95x in 2025; 2.48x in 2026H1 | Good | Cash flow covers profit, but declined 25.57% YoY in H1. |
| Accounts receivable turnover | 6.08x in 2026H1 | Average | Whether the semi-annual indicator is annualized should be understood per disclosure definitions. |
| Weighted average ROE | 11.42% in 2025 | Average | Profit returns are acceptable, expansion returns remain to be verified. |
IV. Valuation and Market Expectations
4.1 Valuation Level
| Indicator | Current | Own History | Peer Comparison |
|---|---|---|---|
| PE(TTM) | Approx. 54.6x (2026-09-22) | Historical percentile 90.91%; historical average 26.68x | Shennan Circuits 65.38x; Kinwong Electronics 89.81x |
| PB | Approx. 6.06x (2026-09-18) | Historical percentile approx. 91.05%; historical average approx. 3.31x | Shennan Circuits 15.11x; Kinwong Electronics 7.74x |
| Dividend yield | Approx. 1.11% (2026-09-18) | — | — |
Both PE and PB are at relatively high percentiles of their own history, and although lower than the two listed PCB peers, they are still not absolutely undervalued. Current pricing depends on new business and capacity expansion realization; institutional profit forecasts for 2027–2028 have a wide range.
4.2 Consensus Estimates
| Year | Revenue | Net Profit Attributable to Parent | Net Profit Growth | Earnings Per Share (EPS) |
|---|---|---|---|---|
| 2026 | — | RMB 5.254 billion | — | RMB 2.26 |
| 2027 | — | RMB 7.681 billion | — | RMB 3.31 |
| 2028 | — | RMB 10.472 billion | — | RMB 4.51 |
Hithink RoyalFlush F10 as of 2026-09-23: 25/25/24 institutions forecast for 2026/2027/2028 respectively; revenue consensus estimates not provided, profit forecast divergence widens for 2027–2028.
4.3 Institutional Views
Futu aggregated average is RMB 104.43, range RMB 72.46–127.21, sample size unknown; the verifiable latest single-institution target price is RMB 122.4 given by Huachuang Securities on 2026-08-19.
| Institution | Rating | Date | Notes |
|---|---|---|---|
| Guosen Securities | Overweight | 2026-09-12 | Forecasts 2026–2028 net profit attributable to parent of RMB 5.006/8.093/12.470 billion |
| Huachuang Securities | Strong Buy | 2026-08-19 | Target price RMB 122.4 |
| Zheshang Securities | Buy | 2026-07-28 | Rating upgraded |
V. Catalysts and Recent Events
5.1 Future Key Milestones
| Time | Event | Focus |
|---|---|---|
| From 2026-10-15 | Restricted shares enter unlock period | Market unlock calendar estimates 2,840,970 shares, approximately 0.12% of total share capital; focus on subsequent actual listing and circulation volume and dates, subject to company announcements. |
| Before 2026-10-31 | Q3 report disclosure | Focus on revenue, non-GAAP net profit, and financial expense changes; meeting minutes did not include the company's scheduled disclosure date, October 31 is the statutory disclosure deadline. |
| Next ~6 months, specific date not disclosed | Private placement review and registration process | Focus on SZSE review inquiries, review results, and CSRC registration; as of September 23, only accepted, not yet approved or registered. |
5.2 Recent Important Events
- 2026-09-12 RMB 9.6 billion private placement accepted by SZSE (Neutral): The private placement plan has been approved by the shareholders' meeting and entered SZSE review, with a fundraising cap of RMB 9.6 billion for AI server and high-speed optical module high-density interconnect projects; not yet reviewed or registered, implementation is uncertain and may dilute equity.
- 2026-08-12 Semi-annual report shows revenue growth but non-GAAP decline (Neutral): H1 revenue was RMB 17.217 billion, net profit attributable to parent was RMB 1.284 billion, up 5.14% and 4.11% YoY respectively; non-GAAP net profit was RMB 892 million, down 22.31% YoY, performance diverged.
- 2026-08-07, 2026-09-08 July and August revenue grew YoY (Bullish): July and August consolidated revenue grew 6.61% and 18.44% YoY respectively; data is preliminary company accounting, unaudited or unreviewed, and profit growth cannot be inferred from this.
- 2026-06-30 Thailand park capital increase completed (Neutral): The company approved a capital increase of THB 7.182 billion to Thailand Avary, and the semi-annual report disclosed that this capital increase was completed in July; funds are for park construction, and do not represent that new capacity has been commissioned or returns realized.
VI. Bull-Bear Divergence and Risks
6.1 Bull Case
- In 2025, consumer electronics and computer board revenue grew 15.72%, with gross margin of 27.15%, faster than communications boards' 4.95% revenue growth.
- In 2025, automotive/server and other board revenue grew 106.67%; 1.6T optical modules and high-end HDI have passed customer certification, with room for structural upgrading.
- In July and August 2026, revenue grew 6.61% and 18.44% YoY respectively, and H1 gross margin rose to 23.82%.
6.2 Bear Case
- 2026H1 non-GAAP net profit declined 22.31% YoY, while net profit attributable to parent grew 4.11%, core profit performance weaker than headline growth.
- The largest customer accounted for 79.65% of 2025 sales; changes in customer procurement or share may significantly affect orders and profits.
- PE-TTM approximately 53.8x, historical percentile 90.91%; consensus estimates require 2026 net profit to grow approximately 41% versus 2025.
6.3 Other Risks
- The RMB 9.6 billion private placement is still in SZSE review; if progress is delayed or issuance dilutes equity, it will affect project financing efficiency and earnings per share.
- If capacity ramp-up for expansion and Thailand park construction is slower than investment, combined with the debt-to-asset ratio already rising to 35.34%, it may压低 capital returns and increase financial burden.
- Foreign exchange impact has already worsened financial expenses; if subsequent volatility continues, it will offset gross margin improvement and drag down net profit.
VII. Tracking Checklist
| Tracking Indicator | Current | Verify Bull Case | Verify Bear Case |
|---|---|---|---|
| Non-GAAP net profit | 2026H1 down 22.31% YoY | Subsequent quarterly decline narrows and turns to YoY growth | Q3 non-GAAP still declines YoY and decline does not narrow |
| Monthly revenue growth | July +6.61%, August +18.44% | Subsequent growth maintained at double digits with profit improvement | Growth falls back to single digits or revenue growth does not drive profit |
| High-end business share and gross margin | Automotive/server and other boards 5.41% of 2025 revenue; H1 gross margin 23.82% | New business share rises and gross margin stays above 23% | New business share stagnates or gross margin falls below 21.5% |
| Private placement and expansion progress | RMB 9.6 billion private placement accepted; debt-to-asset ratio 35.34% at end-June | Review and registration progress, and new capacity generates verifiable revenue | Review delayed, debt ratio continues to rise, and capacity contribution does not materialize |
VIII. Stock Price and Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)
⚠️ Risk Warning: Scenario weights are subjective heuristic judgments, not statistical probabilities, and do not constitute investment advice.
8.1 Technical Overview
Closing price is below MA5, MA10, and MA20, short-term still suppressed by moving averages; RMB 87.5–88.5 is the near-term support observation zone. Main funds had net outflow on the day; for a rebound, focus on whether key resistance can be reclaimed with volume.
| Indicator | Value | Interpretation |
|---|---|---|
| MA5/MA10/MA20 | RMB 89.71/89.99/89.27 | Closing price below all three moving averages, short-term weak |
| Bollinger Upper/Middle/Lower Bands | RMB 94.2/89.3/84.3 | Pressure near middle band, lower band can serve as downside observation level |
| RSI(14) | Approx. 58 | Not in obvious overbought or oversold zone |
| MACD | — | No latest cross-verifiable reading provided |
8.2 Key Price Levels
| Level | Range | Notes |
|---|---|---|
| Short-term resistance | RMB 89.7–91.0 | Near moving average cluster; after effectively reclaiming, can test RMB 92.5–94.0. |
| Strong resistance above | RMB 92.5–94.0 | Corresponds to recent high and Bollinger upper band; after stabilizing with volume, opens space toward approximately RMB 96. |
| First support | RMB 87.5–88.5 | Corresponds to recent low zone; effective break below may probe near Bollinger lower band. |
8.3 Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)
- Consolidation (relatively higher weight, approximately 50%): Support holds but fails to reclaim RMB 91 and volume does not continue to expand, or consolidation in RMB 87.5–92.5 range.
- Weak downside (medium weight, approximately 30%): Effective break below RMB 87.5 with sector weakness or volume-driven decline, first look at RMB 84–85; if strong support fails, then RMB 82.5–83.
- Rebound strengthening (lower weight, approximately 20%): After reclaiming RMB 91, breaks above RMB 93.94 with volume and sector cooperation, or tests RMB 92.5–96.
8.4 Capital and Liquidity
September 23 turnover rate was 0.83%, turnover was RMB 1.716 billion, recent turnover approximately RMB 1.5–2.2 billion. As of June 30, 2026, top ten shareholders held approximately 75.94%, controlling shareholder and concerted parties approximately 70.19%; top ten include social security, insurance, and funds, data lagged by nearly three months. Equity concentration makes tradable float relatively limited; when turnover is low, watch for slippage.
If daily turnover continues to expand to approximately RMB 2.5 billion or more, and closing price stands above RMB 91 and advances toward RMB 93.94, it can be viewed as a volume-price improvement signal.
The above scenario analysis is based on September 23, 2026 closing data and historical price and technical indicator calculations. Short-term stock prices will also be affected by multiple factors including news, capital flows, and overall market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy or sell recommendations. Please combine the latest market information for independent judgment and bear investment risks yourself.
Data Sources
- Avary Holding (002938)_Company Announcements_Avary Holding: 2025 Annual Report Sina Finance_Sina.com
- Avary Holding (Shenzhen) Co., Ltd. 2025 Semi-Annual Report Full Text
- Avary Holding (002938)_Company Announcements_Avary Holding: 2025 Annual Report Summary Sina Finance_Sina.com
- Avary Holding (002938) - Fundamental Research Report - iGuuu
- Shennan Circuits Co., Ltd. 2025 Annual Report Full Text
- WUS Printed Circuit (002463)_Company Announcements_WUS Printed Circuit: 2025 Annual Report Sina Finance_Sina.com
- Victory Giant Technology (02476) Revenue Composition - Lixinger
- https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-12/6f8189e6-88e8-4623-894e-707878bb3739.PDF
- Avary Holding (002938)_Company Announcements_Avary Holding: Huatai United Securities Co., Ltd. Sponsorship Letter for Avary Holding (Shenzhen) Co., Ltd. 2026 Private Placement of A-Shares to Specific Objects and Listing on Main Board Sina Finance_Sina.com
- Avary Holding (002938) Stock Historical Data: Historical Quotes, Prices, Trend Charts_Investing.com
- Avary Holding (002938) PE Ratio|Valuation|Fundamentals - Lixinger
- Avary Holding PE Ratio (PE) (002938.SZ) - Leetab
- Avary Holding (002938) Earnings Forecast_F10_Hithink RoyalFlush Financial Services Network
- Zheshang Securities Upgrades Avary Holding Rating
- Avary Holding (Shenzhen) Co., Ltd. 2026 Semi-Annual Report Full Text
- Avary Holding (002938)_Company Announcements_Avary Holding: 2026 Private Placement of A-Shares to Specific Objects and Listing on Main Board Prospectus Sina Finance_Sina.com
- Stock Code: 002938 Stock Abbreviation: Avary Holding Announcement No.: 2026-054
- Avary Holding (002938)_Company Announcements_Avary Holding: 2026 First Extraordinary Shareholders' Meeting Resolution Announcement Sina Finance_Sina.com
- I. Approved the "Proposal on Acquisition of Minority Shareholder Equity of Controlled Subsidiary and Related-Party Transaction".
- Avary Holding (002938)_Company Announcements_Avary Holding: 2026 Semi-Annual Report Summary Sina Finance_Sina.com
- Stock Code: 002938 Stock Abbreviation: Avary Holding Announcement No.: 2026-072
- Avary Holding (002938)_Company Announcements_Avary Holding: Announcement on Partial Achievement of Unlock Conditions for the Second Unlock Period of the 2024 Restricted Stock Incentive Plan Sina Finance_Sina.com
- Avary Holding (002938)_Company Announcements_Avary Holding: Announcement on Absorption Merger Between Wholly-Owned Subsidiaries Sina Finance_Sina.com
- https://file.finance.sina.com.cn/211.154.219.97%3A9494/MRGG/CNSESZ_STOCK/2026/2026-8/2026-08-12/12488794.PDF
- Stock Market Quick Report: Avary Holding (002938) Main Funds Net Sell of RMB 56.1648 Million on September 23_Main Force Research_Stock_Stockstar
- Avary Holding Stock Quotes|002938 K-Line and Financial Data|Guanzhi
- Avary Holding Shenzhen Co Ltd Class A (002938) Historical Prices - Investing.com
This report is automatically retrieved, compiled, and generated by AI based on public channel information. Information is as of Beijing Time September 23, 2026 market close, and there may be timeliness differences. Specific data should be based on the company's official announcements and authoritative data terminals. This report is for information compilation and research reference only, does not constitute any investment advice, and investors should make independent judgments and bear investment risks themselves.
Fair-value range, DCF / industry models, comparable-company checks, confidence and key assumptions