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Chinese maker of protective covers and structural components for smartphones, expanding into EV components.
Chinese maker of protective covers and structural components for smartphones, expanding into EV components.
Moat: none (customer qualification). OEM-qualified components supplier, but casings/covers are a price-competitive, commoditized category.
Headquarters: Suzhou, Jiangsu, China · Employees: 6,040
Size Suzhou Anjie Technology (002635.SZ) is a China Industrials company (Electrical Products) with a market value of $1.30B, the 1848th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.43 on 6 Nov 2026.
Performance Over six months the shares fell 18.6%, against -31.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 21.0% over the last twelve months (peer median +21.5%); the operating margin is 3.0% (peer median 4.2%).
Valuation It trades at 22.0× forward earnings against a peer median of 23.0× (6th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +6 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 3.6 points below its cost of capital (9.6% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.67B | CN¥4.73B | CN¥4.78B | CN¥4.50B | CN¥4.18B |
| Revenue growth | — | -1% | +6% | +8% | — |
| Gross profit | CN¥1.37B | CN¥822M | CN¥934M | CN¥983M | CN¥1.03B |
| EBITDA | n/a | CN¥486M | CN¥612M | CN¥646M | CN¥689M |
| Net income | CN¥281M | CN¥111M | CN¥262M | CN¥308M | CN¥235M |
| Free cash flow | CN¥36.0M | CN¥406M | CN¥383M | CN¥216M | CN¥438M |
| Capital expenditure | CN¥581M | CN¥374M | CN¥521M | CN¥635M | CN¥599M |
| Total debt | CN¥1.30B | CN¥853M | CN¥909M | CN¥698M | CN¥562M |
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| Measure | 002635.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -12.5% | 7th highest of 21 |
| 6-month return | -18.6% | -31.1% | 6th highest of 20 |
| Distance from 52-week high | -45.7% | -52.3% | 8th highest of 21 |
| Revenue growth (TTM) | +21.0% | +21.5% | 10th lowest of 20 |
| Operating margin | 3.0% | 4.2% | 7th lowest of 20 |
| Forward P/E | 22.0× | 23.0× | 6th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 17.0% | 6th least demanding of 11 |
| Growth delivered (Del g) | +10.4% | +14.5% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | +5.8 pp | +1.0 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -3.6 pp | -3.3 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | n/a | n/a | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| Volex VLX.L | United Kingdom | $1.27B | -20% | +9% | 9% | 13.4× | 13.2% | +22.3% |
| Sinofibers Technology 300777.SZ | China | $1.26B | -48% | -61% | -25% | 40.7× | 55.1% | +16.7% |
| Sunstone Development 603612.SS | China | $1.25B | -32% | +28% | 8% | 10.1× | n/a | n/a |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 27.6× | 19.3% | +17.0% |
| FOCI Fiber Optic Communications 3363.TWO | Taiwan | $1.24B | -59% | -2% | -16% | 92.0× | n/a | n/a |
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 17.6× | 8.3% | +8.6% |
| Shandong Sacred Sun Power Sources 002580.SZ | China | $1.23B | -34% | +22% | 4% | n/a | 21.6% | +14.2% |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% | +38.1% |
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 7.6× | -11.2% | +14.8% |
| Allient ALNT | United States | $1.38B | +22% | +11% | 9% | 22.8× | 27.9% | +8.6% |
| Ocean's King Lighting Science & Technology 002724.SZ | China | $1.39B | +89% | -3% | 6% | n/a | 21.3% | +0.3% |
| Eaglerise Electric & Electronic (China) 002922.SZ | China | $1.39B | -44% | +14% | 6% | 25.0× | n/a | n/a |
| Taihan Fiberoptics 010170.KS | South Korea | $1.21B | -30% | +6% | -10% | n/a | n/a | n/a |
| Jiangsu Xihua New Energy Technology 603248.SS | China | $1.21B | -31% | +32% | 33% | n/a | n/a | n/a |