Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.
688300.SS
BUYAPPROVENovoray Corporation · Basic Materials · China · $6.0B · Avg Vol: $368M/d
Novoray is a leading global producer of spherical silica and spherical alumina, which are critical functional fillers for Epoxy Molding Compounds (EMC) used in advanced semiconductor packaging (CoWoS and HBM). As advanced packaging capacity becomes the primary bottleneck for AI hardware deployment, Novoray's high-purity materials enjoy explosive demand and strong pricing power due to their indispensable role in thermal dissipation and warpage control. This represents a highly asymmetric, under-the-radar play on the physical constraints of AI scaling.
COMPANY DESCRIPTION
Novoray Corporation manufactures industrial inorganic powder materials, specializing in high-purity silica and alumina fillers for semiconductor packaging and electronic substrates. The company's competitive moat lies in its advanced powder surface modification and spherical processing technologies, which are critical for high-end epoxy molding compounds (EMC). It is a key niche supplier in the global semiconductor packaging materials supply chain.
FINANCIAL SUMMARY (USD)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR |
|---|---|---|---|---|---|
| Revenue | 98M | 105M | 142M | 165M | 19.0% |
| EPS | 0.11 | 0.11 | 0.15 | 0.18 | 15.9% |
| Shares | 241M | 241M | 241M | 241M | +0.0% |
| Debt | 5M | 17M | 18M | 25M | 76.0% |
| Equity | 182M | 199M | 223M | 252M | 11.5% |
| Op CF | 36M | 36M | 38M | 38M | 2.0% |
| Inv CF | -31M | -29M | -8M | -58M | — |
| Fin CF | -8M | 4M | -13M | -8M | — |
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Basic Materials, ranked by industry match, size, and score similarity. Cross-listings of 688300.SS are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| 688300.SS | Novoray Corporation(you) | $6.0B | 74 | BUY |
| 600352.SS | Zhejiang Longsheng Group Co.,Ltd | $5.4B | 74 | BUY |
| 300037.SZ | Shenzhen Capchem Technology Co., Ltd. | $8.2B | 74 | BUY |
| 000703.SZ | Hengyi Petrochemical Co., Ltd. | $7.3B | 71 | BUY |
| 300285.SZ | Shandong Sinocera Functional Material Co., Ltd. | $7.5B | 70 | BUY |
| 300346.SZ | Jiangsu Nata Opto-electronic Material Co., Ltd. | $5.3B | 68 | BUY |
| 002271.SZ | Beijing Oriental Yuhong Waterproof Technology Co., Ltd. | $4.8B | 69 | BUY |
| 300054.SZ | Hubei Dinglong CO.,Ltd. | $9.4B | 76 | BUY |
| 002064.SZ | Huafon Chemical Co.,Ltd | $7.4B | 81 | STRONG BUY |
| 603663.SS | Sanxiang Advanced Materials Co., Ltd. | $3.7B | 77 | BUY |
Peer medians: ROE 6.1% · P/E 33.1x · Gross margin 17.5%