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Chinese maker of industrial boilers and clean-energy equipment (waste-heat recovery), part of the Xizi United group that also co-owns an Otis elevator joint venture.
Chinese maker of industrial boilers and clean-energy equipment (waste-heat recovery), part of the Xizi United group that also co-owns an Otis elevator joint venture.
Sells boilers and heat-recovery systems as custom equipment orders, with revenue recognised as projects are delivered, so income follows plant capital spending rather than steady subscriptions. Waste-heat boilers capture exhaust heat from industrial furnaces, such as in cement and steel, and turn it into steam or power.
Moat: narrow (installed base). Established boiler installed base among Chinese industrial and power customers.
Headquarters: Hangzhou, China · Employees: 2,398
Size Xizi Clean Energy Equipment Manufacturing (002534.SZ) is a China Industrials company (Industrial Machinery) with a market value of $1.74B, the 1427th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.19 on 6 Nov 2026.
Performance Over six months the shares fell 19.4%, against -14.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 2.3% over the last twelve months (peer median +12.2%); the operating margin is 2.9% (peer median 15.3%).
Valuation It trades at 44.5× forward earnings against a peer median of 19.3× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +23 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 5.3 points below its cost of capital (9.7% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.75B | CN¥6.22B | CN¥6.42B | CN¥8.06B | CN¥7.32B |
| Revenue growth | — | -3% | -20% | +10% | — |
| Gross profit | CN¥1.22B | CN¥1.09B | CN¥1.11B | CN¥1.25B | CN¥1.07B |
| EBITDA | n/a | CN¥530M | CN¥398M | CN¥349M | CN¥205M |
| Net income | CN¥303M | CN¥437M | CN¥440M | CN¥54.6M | CN¥204M |
| Free cash flow | CN¥289M | CN¥652M | CN¥370M | -CN¥112M | -CN¥668M |
| Capital expenditure | CN¥105M | CN¥143M | CN¥210M | CN¥423M | CN¥566M |
| Total debt | CN¥1.52B | CN¥1.59B | CN¥3.04B | CN¥4.32B | CN¥4.03B |
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| Measure | 002534.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.3% | -7.8% | 7th lowest of 21 |
| 6-month return | -19.4% | -14.8% | 7th lowest of 21 |
| Distance from 52-week high | -36.9% | -43.7% | 9th highest of 21 |
| Revenue growth (TTM) | -2.3% | +12.2% | 4th lowest of 21 |
| Operating margin | 2.9% | 15.3% | 3rd lowest of 21 |
| Forward P/E | 44.5× | 19.3× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 25.7% | 12.7% | 5th most demanding of 15 |
| Growth delivered (Del g) | +3.1% | +11.8% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +22.6 pp | -0.5 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -5.3 pp | +1.8 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |
| Beijing OriginWater Technology 300070.SZ | China | $1.78B | -16% | -10% | 5% | 54.1× | 17.0% | -4.1% |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| Gorman-Rupp GRC | United States | $1.79B | -12% | +6% | 16% | 21.5× | 11.8% | +14.4% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| INOX India INOXINDIA.NS | India | $1.79B | +20% | +23% | 18% | 47.3× | 37.9% | +21.8% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Zhejiang Dun'an Artificial Environment 002011.SZ | China | $1.81B | -4% | +8% | 8% | 11.4× | -0.4% | +12.2% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| Jiangxi Guoke Defence 688543.SS | China | $1.83B | -7% | +2% | 16% | 42.7× | n/a | n/a |