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State-owned (China Electronics) builder of cleanrooms for chip, display and biotech plants, plus cloud, data and digital-government services.
State-owned (China Electronics) builder of cleanrooms for chip, display and biotech plants, plus cloud, data and digital-government services.
Earns most of its profit from engineering contracts: designing, building and maintaining cleanrooms for chip, display, biopharma and compute-center plants, with project timing tied to customers' build-outs. A smaller cloud and digital-government arm sits alongside. China Electronics, a central state-owned group, is the controlling shareholder.
Moat: narrow (scale, customer qualification). Central-state-owned group holding two leading cleanroom contractors serving chip and display builders.
Headquarters: Shenzhen, China · Employees: 18,360
Size Shenzhen SED Industry (000032.SZ) is a China Information Technology company (Electronic Production Equipment) with a market value of $2.03B, the 1244th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.16 on 6 Nov 2026.
Performance Over six months the shares fell 35.6%, against -25.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +11.0%); the operating margin is 1.1% (peer median 6.5%).
Valuation It trades at 42.9× forward earnings against a peer median of 29.3× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points below its cost of capital (6.7% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥54.8B | CN¥49.1B | CN¥67.3B | CN¥56.2B | CN¥51.0B |
| Revenue growth | — | -27% | +20% | +10% | — |
| Gross profit | CN¥5.25B | CN¥4.54B | CN¥6.59B | CN¥6.09B | CN¥5.63B |
| EBITDA | n/a | CN¥1.48B | CN¥1.85B | CN¥1.99B | CN¥1.78B |
| Net income | -CN¥98.3M | -CN¥127M | CN¥330M | CN¥330M | -CN¥158M |
| Free cash flow | CN¥2.65B | -CN¥674M | CN¥329M | CN¥7.10M | -CN¥886M |
| Capital expenditure | CN¥314M | CN¥383M | CN¥535M | CN¥655M | CN¥641M |
| Total debt | CN¥18.8B | CN¥18.0B | CN¥17.7B | CN¥16.2B | CN¥15.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen SED Industry 000032.SZ | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% |
| L&K Engineering (Suzhou) 603929.SS | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% |
| Both Engineering Technology 601133.SS | $1.34B | -26% | +14% | 5% | 35.7× | 24.3% |
| Acter Technology Integration 603163.SS | $997M | -32% | +1% | 11% | 28.4× | 18.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000032.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -19.7% | 6th highest of 21 |
| 6-month return | -35.6% | -25.7% | 8th lowest of 21 |
| Distance from 52-week high | -59.0% | -50.2% | 5th lowest of 21 |
| Revenue growth (TTM) | +5.3% | +11.0% | 8th lowest of 21 |
| Operating margin | 1.1% | 6.5% | 4th lowest of 21 |
| Forward P/E | 42.9× | 29.3× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 11.2% | 5th least demanding of 11 |
| Growth delivered (Del g) | +8.9% | +7.6% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -1.9 pp | +2.2 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -3.3 pp | -2.3 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |