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Jiangxi-based maker of special electric motors for industrial, defense and new-energy vehicle applications.
Jiangxi-based maker of special electric motors for industrial, defense and new-energy vehicle applications.
Moat: narrow (customer qualification). Custom/defense-qualified motor maker, though the broader motor market remains competitive.
Headquarters: Nanchang, Jiangxi, China · Employees: 2,465
Size Jiangxi Special Electric Motor (002176.SZ) is a China Industrials company (Electrical Products) with a market value of $1.96B, the 1291st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.65 on 6 Nov 2026.
Performance Over six months the shares fell 52.3%, against -20.2% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 19 in its peer set.
Growth Revenue fell 13.3% over the last twelve months (peer median +6.8%); the operating margin is -12.7% (peer median 8.2%).
Valuation It trades at 7.3× enterprise value to sales against a peer median of 2.3× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 49% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +47 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 13.0 points below its cost of capital (11.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.98B | CN¥1.95B | CN¥2.09B | CN¥2.78B | CN¥6.54B |
| Revenue growth | — | -7% | -25% | -57% | — |
| Gross profit | CN¥232M | -CN¥14.6M | -CN¥54.2M | CN¥56.8M | CN¥3.40B |
| EBITDA | n/a | -CN¥91.9M | -CN¥168M | -CN¥145M | CN¥2.99B |
| Net income | -CN¥544M | -CN¥369M | -CN¥319M | -CN¥397M | CN¥2.33B |
| Free cash flow | CN¥136M | -CN¥269M | -CN¥120M | CN¥102M | CN¥1.63B |
| Capital expenditure | CN¥56.4M | CN¥127M | CN¥178M | CN¥487M | CN¥202M |
| Total debt | CN¥1.96B | CN¥2.20B | CN¥2.22B | CN¥1.63B | CN¥1.54B |
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| Measure | 002176.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -9.1% | 10th lowest of 21 |
| 6-month return | -52.3% | -20.2% | lowest of 19 |
| Distance from 52-week high | -54.9% | -43.0% | 5th lowest of 21 |
| Revenue growth (TTM) | -13.3% | +6.8% | lowest of 21 |
| Operating margin | -12.7% | 8.2% | lowest of 21 |
| EV / Sales | 7.3× | 2.3× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 48.7% | 2.1% | most demanding of 11 |
| Growth delivered (Del g) | +1.2% | +9.8% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | +47.5 pp | -6.1 pp | most demanding of 11 |
| ROIC minus cost of capital | -13.0 pp | +0.1 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | 7.3× | 48.7% | +1.2% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 0.9× | 5.1% | +7.1% |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 8.7× | 40.6% | +25.6% |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | 3.2× | n/a | n/a |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 1.1× | -4.2% | +8.1% |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 4.9× | n/a | n/a |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 1.2× | n/a | n/a |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 0.4× | -20.1% | -0.8% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 8.3× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 2.9× | 29.1% | +11.6% |
| Hangzhou Zhongheng Electric 002364.SZ | China | $1.89B | -40% | +17% | 4% | 5.0× | n/a | n/a |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 1.4× | n/a | n/a |
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 2.0× | 12.4% | +13.5% |
| Zhejiang E-P Equipment 603194.SS | China | $2.04B | -3% | +17% | 13% | 1.9× | n/a | n/a |
| CETC Chips Technology 600877.SS | China | $1.87B | -36% | -2% | -3% | 12.6× | n/a | n/a |
| Titan Wind Energy (Suzhou) 002531.SZ | China | $2.05B | -37% | -1% | 5% | 5.9× | n/a | n/a |
| Hengdian Group Tospo Lighting 603303.SS | China | $1.86B | +44% | +5% | 1% | 2.8× | 35.6% | -0.8% |
| Ligent Technologies 9856.HK | Hong Kong | $2.07B | n/a | +33% | 12% | 1.6× | n/a | n/a |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 2.7× | -2.2% | +12.3% |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 0.5× | -12.5% | -2.4% |
| Farasis Energy (Gan Zhou) 688567.SS | China | $1.82B | -29% | -8% | -10% | 1.7× | -0.9% | +52.1% |