TacticScaleWhat Chaozhou Three-Circle (三环集团) Does & How It Makes Money (300408.SZ)
Updated October 2026 · reflects Chaozhou Three-Circle's latest reported financials
Chinese maker of electronic ceramic components and materials. It makes money by manufacturing ceramic components, packaging products, and electronic materials and selling them to electronics, telecom, consumer-device, and automotive manufacturers in China and abroad.
How Chaozhou Three-Circle makes money
It makes money by manufacturing ceramic components, packaging products, and electronic materials and selling them to electronics, telecom, consumer-device, and automotive manufacturers in China and abroad.
What Chaozhou Three-Circle does
Chaozhou Three-Circle (Group) was founded in 1970 and is headquartered in Chaozhou, China. It researches, develops, makes, and sells electronic ceramic components and base materials. Its range covers passive components such as multilayer chip ceramic capacitors and lead resistors, precision ceramic structural parts, and optical-communication parts including ceramic ferrules, sleeves, quick fiber connectors, and MT ferrules. The company also makes ceramic appearance parts for smartphones, smartwatches, laptops, earphones, smart-home devices, and car exteriors. It sells packaging products as well, such as glass-metal packages and ceramic packaging bases, plus modules and piezo dispensing valves. On the materials side, it offers alumina and aluminum nitride substrates, electronic pastes, solder paste, and metallized ceramics. It sells in China and internationally.
Products & services
- Multilayer chip ceramic capacitors (MLCC)
- Ceramic ferrules and sleeves for optical communication
- Ceramic packaging bases
- Alumina and aluminum nitride substrates
- Ceramic appearance parts for smartphones and wearables
- Piezo dispensing valves
三环集团是做什么的？
潮州三环（集团）股份有限公司成立于1970年，总部位于广东潮州。公司研发、生产和销售电子陶瓷元件及基础材料，产品包括多层片式陶瓷电容器、引线电阻、精密陶瓷结构件，以及陶瓷插芯、陶瓷套筒、光纤快速连接器、MT插芯等光通信部件。 公司还生产陶瓷外观件，用于智能手机、智能手表、笔记本电脑、耳机、智能家居和汽车外饰。此外，公司提供玻璃金属封装、陶瓷封装基座等封装产品，以及模块和压电点胶阀。材料方面，产品有氧化铝基板、氮化铝基板、电子浆料、焊膏和金属化陶瓷。产品销往国内外市场。
What is Chaozhou Three-Circle worth?
On an owner-earnings DCF, Chaozhou Three-Circle's most-likely value is about ¥22 versus a recent price near ¥104 (381% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥6) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $104 is above even the optimistic Bull case ($45) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ Capital-intensive — this business reinvests heavily, so free cash flow runs well below its earnings. Fair value here is built on free cash flow, which understates owner earnings for reinvestment-heavy companies — read it as conservative.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Chaozhou Three-Circle trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shenzhen (A shares) | 300408.SZ | ¥103.60 | 64.6× |
| Hong Kong (H shares) | 6951.HK | HK$104.30 | 59.4× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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