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Chinese maker of telecommunications and broadband access equipment; may also include video-surveillance products.
Chinese maker of telecommunications and broadband access equipment; may also include video-surveillance products.
Moat: none
Headquarters: Guangdong, China · Employees: 2,281
Size Guangdong Shenglu Telecommunication Tech (002446.SZ) is a China Information Technology company (Computer Communications) with a market value of $928M, the 2448th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.76 on 6 Nov 2026.
Performance Over six months the shares fell 32.4%, against -1.2% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 10.0% over the last twelve months (peer median +6.5%); the operating margin is 0.3% (peer median 4.6%).
Valuation It trades at 16.9× forward earnings against a peer median of 18.1× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +42 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 5.2 points below its cost of capital (6.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.07B | CN¥1.20B | CN¥1.07B | CN¥1.18B | CN¥1.42B |
| Revenue growth | — | +12% | -9% | -17% | — |
| Gross profit | CN¥334M | CN¥309M | CN¥292M | CN¥383M | CN¥498M |
| EBITDA | n/a | CN¥103M | CN¥106M | CN¥223M | CN¥324M |
| Net income | CN¥22.9M | CN¥69.6M | -CN¥749M | CN¥52.4M | CN¥244M |
| Free cash flow | CN¥56.1M | CN¥25.8M | -CN¥61.9M | -CN¥84.8M | CN¥39.9M |
| Capital expenditure | CN¥113M | CN¥172M | CN¥242M | CN¥226M | CN¥72.1M |
| Total debt | CN¥736M | CN¥581M | CN¥461M | CN¥522M | CN¥405M |
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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 | 002446.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.1% | -8.5% | 9th lowest of 21 |
| 6-month return | -32.4% | -1.2% | 3rd lowest of 21 |
| Distance from 52-week high | -53.9% | -26.6% | 4th lowest of 21 |
| Revenue growth (TTM) | -10.0% | +6.5% | 4th lowest of 21 |
| Operating margin | 0.3% | 4.6% | 8th lowest of 21 |
| Forward P/E | 16.9× | 18.1× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 43.5% | 6.9% | most demanding of 15 |
| Growth delivered (Del g) | +1.0% | +4.8% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | +42.5 pp | -1.7 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -5.2 pp | -2.8 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangdong Shenglu Telecommunication Tech 002446.SZ | China | $928M | -32% | -10% | 0% | 16.9× | 43.5% | +1.0% |
| Hochiki 6745.T | Japan | $952M | 0% | +5% | 12% | 14.7× | -0.1% | +6.7% |
| Shenzhen BSC Technology 300951.SZ | China | $1.11B | +33% | +16% | -5% | 19.3× | n/a | n/a |
| Nedap NEDAP.AS | Netherlands | $691M | +6% | +13% | 12% | 19.8× | -3.6% | +8.1% |
| Radware RDWR | United States | $1.26B | +9% | +11% | 4% | 22.0× | 32.4% | +3.8% |
| Guangdong Champion Asia Electronics 603386.SS | China | $670M | +3% | +15% | 3% | 36.2× | n/a | n/a |
| Seojin System 178320.KS | South Korea | $1.33B | -52% | +9% | -5% | n/a | n/a | n/a |
| Nippon Signal 6741.T | Japan | $645M | -3% | +10% | 11% | 8.8× | -7.9% | +4.2% |
| Jade Bird Integrated Technologies 002960.SZ | China | $1.40B | -12% | -5% | 6% | 23.8× | 12.0% | +13.2% |
| Zero One Technology 3029.TW | Taiwan | $566M | +10% | +76% | 6% | 14.3× | -9.2% | +20.4% |
| Nohmi Bosai 6744.T | Japan | $1.58B | 0% | +6% | 14% | 16.9× | -4.4% | +5.3% |
| Sekisui Jushi 4212.T | Japan | $516M | +28% | +5% | 7% | n/a | 1.8% | +3.8% |
| Cheng Uei Precision Industry 2392.TW | Taiwan | $499M | -8% | -10% | -12% | n/a | n/a | n/a |
| Wuhan Ligong Guangke 300557.SZ | China | $461M | -28% | +3% | 5% | n/a | 31.7% | +11.1% |
| Beijing Bohui Science & Technology 688004.SS | China | $455M | +63% | -33% | -42% | n/a | 39.5% | -9.9% |
| Allot ALLT | United States | $422M | +10% | +14% | 7% | 24.2× | 23.1% | -5.6% |
| Zyxel 3704.TW | Taiwan | $414M | -4% | +5% | 5% | 9.1× | -5.7% | +2.6% |
| Wanma Technology 300698.SZ | China | $397M | -48% | +6% | 3% | 30.8× | 32.9% | +8.5% |
| Zhongfu Information 300659.SZ | China | $384M | -24% | -28% | -27% | 7.2× | 35.0% | -6.1% |
| Yarward Electronics 301337.SZ | China | $360M | -16% | +20% | -10% | n/a | n/a | n/a |
| Big Technologies BIG.L | United Kingdom | $353M | -14% | +7% | -36% | 14.0× | n/a | n/a |