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Chinese maker of steel lattice towers for power transmission and telecom infrastructure (name-derived; specifics not fully confirmed).
Chinese maker of steel lattice towers for power transmission and telecom infrastructure (name-derived; specifics not fully confirmed).
Moat: none
Headquarters: Qingdao, China · Employees: 1,890
Size Qingdao East Steel Tower Stock (002545.SZ) is a China Industrials company (Building Products) with a market value of $2.25B, the 1136th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.06 on 6 Nov 2026.
Performance Over six months the shares fell 49.7%, against +2.9% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 23.3% over the last twelve months (peer median +2.8%); the operating margin is 32.5% (peer median 9.8%).
Valuation It trades at 8.5× forward earnings against a peer median of 15.7× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.7 points above its cost of capital (8.5% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.52B | CN¥4.86B | CN¥4.19B | CN¥3.99B | CN¥3.61B |
| Revenue growth | — | +16% | +5% | +11% | — |
| Gross profit | CN¥2.77B | CN¥1.92B | CN¥1.10B | CN¥1.04B | CN¥1.26B |
| EBITDA | n/a | CN¥1.88B | CN¥1.09B | CN¥1.17B | CN¥1.32B |
| Net income | CN¥1.57B | CN¥1.21B | CN¥564M | CN¥634M | CN¥825M |
| Free cash flow | CN¥1.90B | CN¥2.17B | CN¥793M | CN¥941M | CN¥142M |
| Capital expenditure | CN¥272M | CN¥265M | CN¥413M | CN¥181M | CN¥229M |
| Total debt | CN¥1.10B | CN¥1.36B | CN¥1.96B | CN¥1.93B | CN¥2.36B |
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| Measure | 002545.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.9% | -0.4% | 4th lowest of 21 |
| 6-month return | -49.7% | +2.9% | lowest of 21 |
| Distance from 52-week high | -61.0% | -21.6% | lowest of 21 |
| Revenue growth (TTM) | +23.3% | +2.8% | 3rd highest of 21 |
| Operating margin | 32.5% | 9.8% | highest of 21 |
| Forward P/E | 8.5× | 15.7× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -10.2% | 4.8% | 2nd least demanding of 19 |
| Growth delivered (Del g) | +13.0% | +5.4% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -23.2 pp | +2.2 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +15.7 pp | +3.4 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |
| Takara standard 7981.T | Japan | $1.20B | +2% | +2% | 7% | n/a | -5.5% | +5.7% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| Solareast 603366.SS | China | $1.07B | +8% | 0% | -2% | n/a | 39.8% | +2.9% |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Suzhou Huaya Intelligence Technology 003043.SZ | China | $990M | -20% | +2% | 11% | 78.3× | 27.6% | +22.3% |
| Zehnder ZEHN.SW | Switzerland | $983M | +10% | +2% | 8% | 17.5× | 2.5% | +1.5% |
| Apogee Enterprises APOG | United States | $956M | +25% | +3% | 9% | 13.6× | -0.3% | +2.7% |