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Chinese maker of plastic interior/exterior components and electronic parts for automakers.
Chinese maker of plastic interior/exterior components and electronic parts for automakers.
Moat: narrow (customer qualification). Qualified auto-parts supplier; requalifying tooled parts is costly for automakers.
Headquarters: Ningbo, China · Employees: 22,221
Size Ningbo Huaxiang Electronic (002048.SZ) is a China Industrials company (Office Equipment/Supplies) with a market value of $2.60B, the 996th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.91 on 6 Nov 2026.
Performance Over six months the shares fell 27.4%, against +8.8% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 12 in its peer set.
Growth Revenue fell 19.0% over the last twelve months (peer median +9.7%); the operating margin is 6.8% (peer median 7.3%).
Valuation It trades at 11.3× forward earnings against a peer median of 15.7× (5th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (8.9% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥22.2B | CN¥26.1B | CN¥26.2B | CN¥23.2B | CN¥19.7B |
| Revenue growth | — | -1% | +13% | +18% | — |
| Gross profit | CN¥4.50B | CN¥4.02B | CN¥4.12B | CN¥3.70B | CN¥3.14B |
| EBITDA | n/a | CN¥3.39B | CN¥3.38B | CN¥2.93B | CN¥2.38B |
| Net income | CN¥1.27B | CN¥418M | CN¥953M | CN¥1.03B | CN¥985M |
| Free cash flow | CN¥984M | CN¥1.52B | CN¥1.06B | CN¥999M | CN¥617M |
| Capital expenditure | CN¥960M | CN¥1.23B | CN¥1.55B | CN¥2.24B | CN¥1.38B |
| Total debt | CN¥3.30B | CN¥3.41B | CN¥3.72B | CN¥3.77B | CN¥2.97B |
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 |
|---|---|---|---|---|---|---|
| Ningbo Huaxiang Electronic 002048.SZ | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% |
| Changchun FAWAY Group Automobile Components 600742.SS | $863M | -18% | -20% | 2% | 11.2× | n/a |
| Huayu Automotive Systems 600741.SS | $7.87B | -11% | +1% | 3% | 7.9× | -15.5% |
| Minth 0425.HK | $3.45B | -37% | +14% | 11% | 7.5× | 2.7% |
| OPmobility OPM.PA | $1.51B | -42% | -3% | 4% | 8.2× | -8.1% |
| Forvia FRVIA.PA | $1.93B | -20% | -32% | 5% | n/a | -8.3% |
| Toyota Boshoku 3116.T | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% |
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 | 002048.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.0% | -0.2% | 2nd highest of 12 |
| 6-month return | -27.4% | +8.8% | 2nd lowest of 12 |
| Distance from 52-week high | -49.9% | -21.4% | lowest of 12 |
| Revenue growth (TTM) | -19.0% | +9.7% | 2nd lowest of 12 |
| Operating margin | 6.8% | 7.3% | 6th lowest of 12 |
| Forward P/E | 11.3× | 15.7× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 0.6% | 6th least demanding of 11 |
| Growth delivered (Del g) | +9.1% | +6.7% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -9.0 pp | -3.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +2.7 pp | +0.6 pp | 6th highest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Huaxiang Electronic 002048.SZ | China | $2.60B | -27% | -19% | 7% | 11.3× | 0.1% | +9.1% |
| Kokuyo 7984.T | Japan | $2.23B | +9% | +9% | 7% | 16.9× | -6.2% | +3.7% |
| HNI HNI | United States | $3.42B | +41% | +104% | 6% | 10.7× | 8.4% | +7.7% |
| Konica Minolta 4902.T | Japan | $1.79B | +14% | 0% | 5% | 9.7× | -5.6% | +4.7% |
| PILOT 7846.T | Japan | $1.62B | +33% | +7% | 14% | 14.6× | -3.8% | +7.7% |
| MillerKnoll MLKN | United States | $1.48B | +32% | +1% | 6% | 11.2× | 7.3% | +9.3% |
| MCC Meili Cloud Computing Industry Investment 000815.SZ | China | $1.41B | -29% | -25% | 10% | n/a | 51.4% | -21.7% |
| DOMS Industries DOMS.NS | India | $1.32B | -13% | +18% | 11% | 56.1× | n/a | n/a |
| ITOKI 7972.T | Japan | $784M | -26% | +10% | 9% | 10.3× | 1.7% | +5.7% |
| Shenzhen Comix 002301.SZ | China | $717M | -1% | +13% | 1% | 32.5× | -0.5% | +8.4% |
| Horizon Fixture 6957.TW | Taiwan | $712M | +162% | +15% | 18% | 20.3× | 8.6% | +9.6% |
| Zhejiang Dafeng Industry 603081.SS | China | $679M | -14% | +18% | 0% | 27.5× | -4.3% | -1.0% |