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Chinese cable maker known for power cables and as a leading supplier of EV charging cables and connectors.
Chinese cable maker known for power cables and as a leading supplier of EV charging cables and connectors.
Sells wires, power cables and special cable materials to grid, building and utility customers, and charging cables to charger makers and operators, so grid investment and EV-charger rollouts both feed orders. Prices are tied to the cost of copper and aluminium.
Moat: narrow (scale, customer qualification). Established leadership supplying charging cables to China's fast-growing EV charging network buildout.
Headquarters: Wenzhou, Zhejiang, China · Founded: 1990 · Employees: 6,106
Size Zhejiang Wanma (002276.SZ) is a China Industrials company (Electrical Products) with a market value of $1.42B, the 1706th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.68 on 6 Nov 2026.
Performance Over six months the shares fell 25.0%, against -38.6% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +12.3%); the operating margin is 1.4% (peer median 6.5%).
Valuation It trades at 10.8× forward earnings against a peer median of 22.1× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (5.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥21.3B | CN¥19.2B | CN¥17.7B | CN¥15.1B | CN¥14.7B |
| Revenue growth | — | +9% | +17% | +3% | — |
| Gross profit | CN¥2.50B | CN¥2.26B | CN¥1.90B | CN¥2.08B | CN¥1.92B |
| EBITDA | n/a | CN¥872M | CN¥690M | CN¥823M | CN¥661M |
| Net income | CN¥297M | CN¥347M | CN¥341M | CN¥555M | CN¥412M |
| Free cash flow | CN¥2.16B | CN¥332M | -CN¥203M | -CN¥79.5M | CN¥377M |
| Capital expenditure | CN¥232M | CN¥278M | CN¥410M | CN¥526M | CN¥314M |
| Total debt | CN¥9.93B | CN¥7.81B | CN¥7.18B | CN¥6.60B | CN¥5.81B |
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 Wanma 002276.SZ | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% |
| Ningbo Orient Wires & Cables 603606.SS | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% |
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 | 002276.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -5.6% | 8th highest of 21 |
| 6-month return | -25.0% | -38.6% | 7th highest of 21 |
| Distance from 52-week high | -52.0% | -55.8% | 9th highest of 21 |
| Revenue growth (TTM) | +12.9% | +12.3% | 11th highest of 21 |
| Operating margin | 1.4% | 6.5% | 5th lowest of 21 |
| Forward P/E | 10.8× | 22.1× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 5.1% | 14.6% | 4th least demanding of 11 |
| Growth delivered (Del g) | +15.6% | +14.4% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -10.5 pp | -7.2 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | -2.4 pp | -3.9 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% | +15.6% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 44.2× | n/a | n/a |
| Amara Raja Energy & Mobility ARE&M.NS | India | $1.41B | -19% | +16% | 6% | 15.5× | n/a | n/a |
| Vanchip (Tianjin) Technology 688153.SS | China | $1.41B | -31% | 0% | -8% | n/a | n/a | n/a |
| Eaglerise Electric & Electronic (China) 002922.SZ | China | $1.39B | -44% | +14% | 6% | 25.0× | n/a | n/a |
| Ocean's King Lighting Science & Technology 002724.SZ | China | $1.39B | +89% | -3% | 6% | n/a | 21.3% | +0.3% |
| Allient ALNT | United States | $1.38B | +22% | +11% | 9% | 22.8× | 27.9% | +8.6% |
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% | +14.8% |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% | +38.1% |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 15.2× | -0.1% | +13.9% |
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% | +8.6% |
| Aerospace Intelligent Manufacturing Technology 300446.SZ | China | $1.48B | -38% | -14% | 5% | 21.3× | 2.1% | +133.1% |
| Inox Wind INOXWIND.NS | India | $1.49B | -39% | +17% | 15% | 15.4× | n/a | n/a |
| Zhejiang Zhaolong Interconnect Technology Co. Limited 300913.SZ | China | $1.49B | -45% | +29% | 12% | 44.1× | n/a | n/a |
| Hainan Drinda New Energy Technology 002865.SZ | China | $1.49B | -45% | -4% | -13% | n/a | 19.3% | +54.9% |
| Shanghai Electric Wind Power 688660.SS | China | $1.50B | -39% | +69% | -6% | n/a | n/a | n/a |
| Up-Shine Lighting 301362.SZ | China | $1.50B | -39% | +15% | 7% | 29.5× | n/a | n/a |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| Shenzhen Hopewind Electric 603063.SS | China | $1.52B | -50% | -5% | 9% | 24.6× | 14.6% | +12.3% |