# Shengyi Technology (600183.SHG)

Canonical: https://gigainvestors.com/s/600183.SHG

Analysis as of: 2026-10-16T07:34:03.274Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 114.61 per share; close as of 2026-10-15.

Estimated value: low CNY 17.92 per share, central CNY 25.01 per share, high CNY 29.14 per share. Buy at or below the central value CNY 25.01 per share. Valuation as of 2026-10-16T07:34:03.274Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.12×

- FY2018: 0.10×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.16×

- FY2022: 0.10×

- FY2023: 0.08×

- FY2024: 0.10×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 6.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.5%

- ROIC, second-lowest year: 10.9%

- Typical minus recent gross margin: 6.0 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 15.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.5%

- FY2017: 14.9%

- FY2018: 12.4%

- FY2019: 15.1%

- FY2020: 14.7%

- FY2021: 20.1%

- FY2022: 10.9%

- FY2023: 8.3%

- FY2024: 12.3%

- FY2025: 19.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.90×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.5B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 21.5%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.9 pp

- Working capital / revenue, final three-year average: 40.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.49×

- FY2023: 0.75×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.4% vs 12.3%

- Per-share earnings: 0.33 to 0.73 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: CNY 155B

- Cumulative retained earnings: CNY 4.8B

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.6%

- Per-share value change: CNY 0.40

- Per-share value, starting three-year median: CNY 0.33

- Per-share value, ending three-year median: CNY 0.73

- Average buyback yield: 0.3%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 504M

- Cumulative net income, 10 years: CNY 17B

- ROIC, first three-year median: 12.4%

- ROIC, last three-year median: 12.3%

- Buybacks concentrated in cheaper years (correlation): -1.00

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.33

- FY2017: CNY 0.52

- FY2018: CNY 0.47

- FY2019: CNY 0.64

- FY2020: CNY 0.71

- FY2021: CNY 1.22

- FY2022: CNY 0.65

- FY2023: CNY 0.49

- FY2024: CNY 0.73

- FY2025: CNY 1.38

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: 3.7%

- FY2018: -2.6%

- FY2019: -1.6%

- FY2020: -0.4%

- FY2021: 4.3%

- FY2022: -5.1%

- FY2023: -6.4%

- FY2024: 1.0%

- FY2025: -5.9%

## Holders

## Price story

Down 34% since Jun 2026 · sales +39.4%

Story as of 2026-10-16T09:59:58.902Z; price observation 2026-10-15.

Price needs cash profits to grow 26.9% a year for ten years

### Sales · FY2024–2025

sales +39.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 8.5B 

- FY2017: CNY 11B 

- FY2018: CNY 12B 

- FY2019: CNY 13B 

- FY2020: CNY 15B 

- FY2021: CNY 20B 

- FY2022: CNY 18B 

- FY2023: CNY 17B 

- FY2024: CNY 20B 

- FY2025: CNY 28B 

### Gross margin · FY2025

gross margin 15.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.5% 

- FY2017: 21.3% 

- FY2018: 21.9% 

- FY2019: 26.4% 

- FY2020: 26.3% 

- FY2021: 26.5% 

- FY2022: 21.5% 

- FY2023: 18.7% 

- FY2024: 21.7% 

- FY2025: 15.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electronic components; annual sales are CNY 28.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2025: revenue 28431139000; grossProfit 4433639000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600183.SHG: Shengyi Technology Co.,Ltd. engages in the design, production, and sales of copper clad laminates, bonding sheets, and printed circuit boards in China and internationally. The company offers flame-retardant epoxy glass fabric reinforced laminates, composite epoxy materials, and flexible circuit materials, as well as prereg for multilayer circuit boards; and smart and rigid materials, automotive and RF materials, IMS and HTC materials, IC substrate and flexible materials, HSD materials, and special materials. It also provides high-end electronic materials, such as prepregs, insulating laminates, metal-based copper clad foil laminates, resin-coated copper foil, and covering films. The company's products are primarily used in high computing power, AI servers, 5G antennas, base stations, computers, servers, the aerospace industry, chip packaging, automotive electronics, smart homes, industrial control medical equipment, home appliances, consumer terminals, and various electronic products. It also exports its products to America, Europe, Korea, Japan, and Southeast Asia. The company was formerly known as Guangdong Shengyi Sci. Tech Co., Ltd. Shengyi Technology Co.,Ltd. was founded in 1985 and is headquartered in Dongguan, China.

### Why customers stay

Margins ranged from 15.6% to 21.7% during 2023–25; it earns 13.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2023: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2024: grossProfit / revenue = 21.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2025: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); 10-year return on capital observations [[2016,0.11481709056860338],[2017,0.14851667604036012],[2018,0.12368198909872755],[2019,0.15148203274980013],[2020,0.1468057687445693],[2021,0.2007474221679879],[2022,0.10866048363021547],[2023,0.0825002630798547],[2024,0.12326901431134654],[2025,0.1915793296798969]]; median 0.1352438789216484. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 45.8% of cash earnings on expansion; earns 21.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2016: growth capex 372648085.67333716; upkeep 394773692.56666285; owner earnings 681930999.4333372. Growth capex / owner earnings = 0.5464601051763239.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2017: growth capex 188992198.92999995; upkeep 363059467; owner earnings 1074663324. Growth capex / owner earnings = 0.1758617742964865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2018: growth capex 494807097.6271992; upkeep 778140867.3428009; owner earnings 588003727.6571991. Growth capex / owner earnings = 0.841503334678972.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2019: growth capex 516031000.9946315; upkeep 1064442588.0253685; owner earnings 793730444.9746315. Growth capex / owner earnings = 0.6501338133894113.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2020: growth capex 616047217.449173; upkeep 1144985516.410827; owner earnings 1066752868.5891731. Growth capex / owner earnings = 0.5774975962932466.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2021: growth capex 1132578156.75; upkeep 654239548; owner earnings 2816507114.102. Growth capex / owner earnings = 0.4021215324041903.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2022: growth capex 0; upkeep 1534151960.4; owner earnings 751795653.4321467. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2023: growth capex 0; upkeep 1108818008.54; owner earnings 875408202.2680001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2024: growth capex 74581264; upkeep 851339657; owner earnings 1732287521.044. Growth capex / owner earnings = 0.043053628854320916.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); FY2025: growth capex 1524319280.2800002; upkeep 851340000; owner earnings 3328624201.8534374. Growth capex / owner earnings = 0.45794273785284384.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); Incremental return on capital 0.2148793942225815, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); Dividend observations: [[2016,516601969.81],[2017,571827844.43],[2018,747885222.09],[2019,742293190],[2020,910476536],[2021,916556186],[2022,1389158764],[2023,1218780917],[2024,1192121864],[2025,2563857570.9]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600183.SHG SharesStats.PercentInsiders = 49.065 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.9% yearly over ten years; actual growth was 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.274Z); Ten-year compound average after fade. Initial solved rate 0.38143336013846885. Price 114.61; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.16483392541294722 → FY2025 1.377793717887242. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-11: CNY 7.96 per share

- 2016-12: CNY 7.59 per share

- 2017-01: CNY 7.81 per share

- 2017-02: CNY 8.60 per share

- 2017-03: CNY 9.05 per share

- 2017-04: CNY 8.24 per share

- 2017-05: CNY 7.76 per share

- 2017-06: CNY 8.51 per share

- 2017-07: CNY 10.59 per share

- 2017-08: CNY 10.02 per share

- 2017-09: CNY 10.57 per share

- 2017-10: CNY 10.48 per share

- 2017-11: CNY 10.19 per share

- 2017-12: CNY 11.90 per share

- 2018-01: CNY 10.75 per share

- 2018-02: CNY 11.96 per share

- 2018-03: CNY 12.23 per share

- 2018-04: CNY 8.88 per share

- 2018-05: CNY 9.05 per share

- 2018-06: CNY 9.16 per share

- 2018-07: CNY 10.37 per share

- 2018-08: CNY 10.94 per share

- 2018-09: CNY 10.53 per share

- 2018-10: CNY 9.49 per share

- 2018-11: CNY 8.90 per share

- 2018-12: CNY 10.06 per share

- 2019-01: CNY 10.17 per share

- 2019-02: CNY 11.70 per share

- 2019-03: CNY 13.24 per share

- 2019-04: CNY 13.27 per share

- 2019-05: CNY 14.14 per share

- 2019-06: CNY 15.05 per share

- 2019-07: CNY 19.00 per share

- 2019-08: CNY 24.36 per share

- 2019-09: CNY 24.94 per share

- 2019-10: CNY 22.50 per share

- 2019-11: CNY 22.91 per share

- 2019-12: CNY 20.92 per share

- 2020-01: CNY 24.32 per share

- 2020-02: CNY 30.85 per share

- 2020-03: CNY 26.47 per share

- 2020-04: CNY 32.46 per share

- 2020-05: CNY 26.80 per share

- 2020-06: CNY 29.27 per share

- 2020-07: CNY 28.77 per share

- 2020-08: CNY 24.81 per share

- 2020-09: CNY 23.32 per share

- 2020-10: CNY 23.91 per share

- 2020-11: CNY 27.91 per share

- 2020-12: CNY 28.16 per share

- 2021-01: CNY 25.51 per share

- 2021-02: CNY 24.48 per share

- 2021-03: CNY 22.72 per share

- 2021-04: CNY 23.33 per share

- 2021-05: CNY 22.91 per share

- 2021-06: CNY 23.41 per share

- 2021-07: CNY 27.50 per share

- 2021-08: CNY 23.50 per share

- 2021-09: CNY 21.66 per share

- 2021-10: CNY 22.25 per share

- 2021-11: CNY 23.60 per share

- 2021-12: CNY 23.55 per share

- 2022-01: CNY 19.55 per share

- 2022-02: CNY 19.43 per share

- 2022-03: CNY 16.12 per share

- 2022-04: CNY 16.68 per share

- 2022-05: CNY 16.24 per share

- 2022-06: CNY 16.99 per share

- 2022-07: CNY 15.89 per share

- 2022-08: CNY 15.90 per share

- 2022-09: CNY 13.10 per share

- 2022-10: CNY 13.87 per share

- 2022-11: CNY 15.09 per share

- 2022-12: CNY 14.41 per share

- 2023-01: CNY 16.15 per share

- 2023-02: CNY 18.13 per share

- 2023-03: CNY 18.46 per share

- 2023-04: CNY 16.05 per share

- 2023-05: CNY 15.26 per share

- 2023-06: CNY 14.20 per share

- 2023-07: CNY 15.93 per share

- 2023-08: CNY 14.82 per share

- 2023-09: CNY 15.36 per share

- 2023-10: CNY 17.59 per share

- 2023-11: CNY 17.13 per share

- 2023-12: CNY 18.31 per share

- 2024-01: CNY 14.35 per share

- 2024-02: CNY 17.15 per share

- 2024-03: CNY 17.23 per share

- 2024-04: CNY 19.45 per share

- 2024-05: CNY 19.78 per share

- 2024-06: CNY 21.06 per share

- 2024-07: CNY 19.55 per share

- 2024-08: CNY 17.63 per share

- 2024-09: CNY 20.84 per share

- 2024-10: CNY 20.56 per share

- 2024-11: CNY 21.06 per share

- 2024-12: CNY 24.05 per share

- 2025-01: CNY 29.82 per share

- 2025-02: CNY 28.77 per share

- 2025-03: CNY 27.21 per share

- 2025-04: CNY 24.29 per share

- 2025-05: CNY 26.20 per share

- 2025-06: CNY 30.15 per share

- 2025-07: CNY 42.92 per share

- 2025-08: CNY 53.25 per share

- 2025-09: CNY 54.02 per share

- 2025-10: CNY 64.30 per share

- 2025-11: CNY 57.68 per share

- 2025-12: CNY 71.41 per share

- 2026-01: CNY 68.95 per share

- 2026-02: CNY 69.11 per share

- 2026-03: CNY 54.17 per share

- 2026-04: CNY 76.51 per share

- 2026-05: CNY 140.62 per share

- 2026-06: CNY 173.40 per share

- 2026-07: CNY 105.64 per share

- 2026-08: CNY 153.40 per share

- 2026-09: CNY 129.96 per share

- 2026-10: CNY 121.81 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.51 per share, central CNY 3.00 per share, high CNY 3.46 per share

- FY2017: low CNY 6.56 per share, central CNY 8.74 per share, high CNY 10.08 per share

- FY2018: low CNY 4.23 per share, central CNY 5.85 per share, high CNY 6.79 per share

- FY2019: low CNY 5.12 per share, central CNY 7.06 per share, high CNY 8.22 per share

- FY2020: low CNY 5.87 per share, central CNY 7.48 per share, high CNY 8.70 per share

- FY2021: low CNY 9.51 per share, central CNY 13.21 per share, high CNY 15.36 per share

- FY2022: low CNY 7.25 per share, central CNY 9.73 per share, high CNY 11.22 per share

- FY2023: low CNY 5.92 per share, central CNY 7.14 per share, high CNY 8.17 per share

- FY2024: low CNY 9.18 per share, central CNY 12.80 per share, high CNY 14.91 per share

- FY2025: low CNY 14.28 per share, central CNY 20.10 per share, high CNY 23.49 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:46.941Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.