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Chinese aviation maintenance, repair and overhaul (MRO) and aviation-equipment company.
Chinese aviation maintenance, repair and overhaul (MRO) and aviation-equipment company.
Moat: narrow (customer qualification). Licensed MRO/component qualifications for specific aircraft types.
Headquarters: Chengdu, Sichuan, China · Employees: 1,645
Size Sichuan Haite High-Tech (002023.SZ) is a China Industrials company (Other Transportation) with a market value of $948M, the 2402nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.72 on 6 Nov 2026.
Performance Over six months the shares fell 30.8%, against -7.3% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +4.3%); the operating margin is -27.6% (peer median 17.1%).
Valuation It trades at 4.3× enterprise value to sales against a peer median of 3.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 17.0 points below its cost of capital (9.3% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.60B | CN¥1.55B | CN¥1.31B | CN¥1.05B | CN¥903M |
| Revenue growth | — | +18% | +25% | +16% | — |
| Gross profit | CN¥448M | CN¥443M | CN¥372M | CN¥344M | CN¥318M |
| EBITDA | -CN¥250M | CN¥414M | CN¥407M | CN¥382M | CN¥352M |
| Net income | -CN¥547M | -CN¥535M | CN¥70.9M | CN¥46.8M | CN¥12.9M |
| Free cash flow | CN¥107M | CN¥468M | CN¥308M | -CN¥232M | CN¥417M |
| Capital expenditure | CN¥207M | CN¥127M | CN¥110M | CN¥581M | CN¥74.1M |
| Total debt | CN¥1.06B | CN¥1.44B | CN¥2.05B | CN¥2.45B | CN¥2.02B |
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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 | 002023.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -0.4% | 6th lowest of 21 |
| 6-month return | -30.8% | -7.3% | 2nd lowest of 21 |
| Distance from 52-week high | -45.0% | -21.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +14.1% | +4.3% | 3rd highest of 21 |
| Operating margin | -27.6% | 17.1% | lowest of 21 |
| EV / Sales | 4.3× | 3.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 31.4% | 0.2% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +10.4% | +7.4% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | +21.0 pp | -7.3 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -17.0 pp | -1.2 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sichuan Haite High-Tech 002023.SZ | China | $948M | -31% | +14% | -28% | 4.3× | 31.4% | +10.4% |
| Jiangsu Tongxingbao Intelligent Transportation Tech 301339.SZ | China | $948M | -17% | +9% | 20% | 2.7× | -4.9% | +17.9% |
| Beijing Capital International Airport 0694.HK | Hong Kong | $914M | -21% | +6% | 0% | 2.7× | 40.5% | +8.7% |
| Xiamen International Airport 600897.SS | China | $892M | -12% | +33% | 28% | 1.4× | -16.5% | +11.4% |
| Guangxi Wuzhou Communications 600368.SS | China | $1.01B | +8% | -40% | 48% | 10.0× | n/a | n/a |
| CTS International Logistics 603128.SS | China | $1.02B | -5% | +15% | 3% | 0.4× | -5.1% | +5.0% |
| Dazhong Transportation (Group) 600611.SS | China | $1.02B | -12% | -12% | -9% | 4.5× | 5.8% | -3.3% |
| SBS Transit S61.SI | Singapore | $866M | -2% | +2% | 4% | 0.5× | -10.6% | +4.3% |
| Shanxi Hi-speed 000755.SZ | China | $1.07B | -3% | +3% | 47% | 7.3× | -7.2% | +8.4% |
| StorageVault Canada SVI.TO | Canada | $1.09B | -4% | +9% | 23% | 10.8× | 21.9% | +16.6% |
| Jilin Expressway 601518.SS | China | $822M | -1% | -13% | 48% | 2.6× | -20.5% | +10.0% |
| Xiandai Investment 000900.SZ | China | $822M | -14% | -6% | 20% | 6.0× | 2.8% | -14.7% |
| Ningxia Western Venture Industrial 000557.SZ | China | $807M | -21% | +7% | 9% | 2.4× | 0.2% | +8.3% |
| Jiangsu Lianyungang Port 601008.SS | China | $765M | -13% | +5% | 15% | 4.0× | 1.9% | +9.7% |
| AZ-COM Maruwa 9090.T | Japan | $760M | -1% | +9% | 5% | 0.7× | n/a | n/a |
| Heilongjiang Transport Development 601188.SS | China | $746M | +13% | -4% | 27% | 5.3× | 0.4% | +7.0% |
| Xizang Tianlu 600326.SS | China | $1.24B | -35% | -8% | 0% | 3.5× | 24.9% | -13.0% |
| Yuexiu Transport Infrastructure 1052.HK | Hong Kong | $699M | -19% | +9% | 36% | 6.5× | 0.1% | +7.4% |
| Nishi-Nippon Railroad 9031.T | Japan | $1.37B | 0% | +10% | 7% | 1.1× | n/a | n/a |
| Zhuhai Port 000507.SZ | China | $638M | -9% | 0% | 12% | 3.0× | -2.0% | +4.5% |
| Henan Zhongyuan Expressway 600020.SS | China | $1.43B | +5% | -11% | 20% | 7.3× | 5.9% | +5.4% |