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Chinese maker of heat exchangers and thermal-management systems for combustion and electric vehicles.
Chinese maker of heat exchangers and thermal-management systems for combustion and electric vehicles.
Parts are designed for a specific engine or vehicle platform and supplied for the model's life, so sales follow production of those vehicles and the number of cooling parts each carries. Electric vehicles need more cooling content for batteries and electronics, which is why it has moved from engine radiators toward battery thermal systems.
In one line: A Chinese thermal-management supplier like a smaller Modine/MAHLE.
Moat: narrow (process know-how, customer qualification). Established qualified thermal-systems supplier expanding into higher-value EV cooling content.
Headquarters: Tiantai, Zhejiang, China · Founded: 1993 · Employees: 11,196
Size Zhejiang Yinlun Machinery (002126.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $3.53B, the 734th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥27.95 on 6 Nov 2026.
Performance Over six months the shares fell 39.3%, against -11.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 27.6% over the last twelve months (peer median +7.3%); the operating margin is 7.2% (peer median 8.0%).
Valuation It trades at 23.0× forward earnings against a peer median of 12.4× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points below its cost of capital (10.0% WACC).
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.6B | CN¥15.6B | CN¥12.7B | CN¥11.0B | CN¥8.46B |
| Revenue growth | — | +23% | +15% | +30% | — |
| Gross profit | CN¥3.89B | CN¥2.82B | CN¥2.38B | CN¥2.21B | CN¥1.54B |
| EBITDA | n/a | CN¥1.97B | CN¥1.59B | CN¥1.36B | CN¥813M |
| Net income | CN¥924M | CN¥957M | CN¥784M | CN¥612M | CN¥383M |
| Free cash flow | CN¥17.6M | CN¥209M | CN¥383M | -CN¥85.6M | -CN¥548M |
| Capital expenditure | CN¥1.52B | CN¥1.20B | CN¥824M | CN¥1.01B | CN¥1.12B |
| Total debt | CN¥8.22B | CN¥7.18B | CN¥6.10B | CN¥5.91B | CN¥4.92B |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Yinlun Machinery 002126.SZ | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% |
| Feilong Auto Components 002536.SZ | $2.60B | -20% | +5% | 4% | 35.4× | n/a |
| Hanon Systems 018880.KS | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% |
| Denso 6902.T | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% |
| Valeo FR.PA | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% |
| Modine Manufacturing MOD | $5.14B | -65% | +35% | 11% | 12.8× | n/a |
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 | 002126.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -6.5% | 5th lowest of 21 |
| 6-month return | -39.3% | -11.7% | 4th lowest of 21 |
| Distance from 52-week high | -54.9% | -30.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +27.6% | +7.3% | 2nd highest of 21 |
| Operating margin | 7.2% | 8.0% | 10th lowest of 21 |
| Forward P/E | 23.0× | 12.4× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 14.6% | 0.9% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +19.9% | +9.1% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -5.4 pp | -9.2 pp | 5th most demanding of 18 |
| ROIC minus cost of capital | -0.4 pp | +1.5 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| Anhui Zhongding Sealing Parts 000887.SZ | China | $3.32B | -3% | +9% | 8% | 15.1× | 3.8% | +11.4% |
| ZCZL Industrial Technology 0564.HK | Hong Kong | $3.80B | -29% | +9% | 9% | 4.4× | -5.3% | +8.5% |
| Toyoda Gosei 7282.T | Japan | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% | +9.7% |
| Jtekt 6473.T | Japan | $3.82B | -1% | +4% | 5% | 11.4× | 1.2% | +9.1% |
| Inter Cars CAR.WA | Poland | $3.83B | +38% | +12% | 6% | 13.9× | 9.5% | +18.3% |
| Fulin Precision 300432.SZ | China | $3.84B | -47% | +95% | 5% | 20.2× | n/a | n/a |
| Exide Industries EXIDEIND.NS | India | $3.20B | -2% | +13% | 8% | 21.7× | 27.5% | +11.7% |
| NHK Spring 5991.T | Japan | $3.18B | -14% | +3% | 6% | 9.8× | 5.2% | +7.4% |
| Atmus Filtration Technologies ATMU | United States | $4.13B | -9% | +13% | 17% | 16.2× | 8.1% | +7.4% |
| Valeo FR.PA | France | $3.00B | -15% | -2% | 4% | 7.3× | -8.2% | +4.9% |
| Gentex GNTX | United States | $4.19B | -15% | +8% | 19% | 9.9× | -4.7% | +8.5% |
| Changzhou Xingyu Automotive Lighting Systems 601799.SS | China | $2.92B | -45% | +2% | 9% | 13.4× | -0.6% | +15.8% |
| Koito Manufacturing 7276.T | Japan | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% | +6.1% |
| Shanghai Daimay Automotive Interior 603730.SS | China | $2.90B | -18% | -2% | 13% | 22.7× | 13.0% | +10.3% |