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Chinese maker of automotive steering systems, including electric power steering (EPS) gear.
Chinese maker of automotive steering systems, including electric power steering (EPS) gear.
Supplies steering systems under programmes awarded before a model launches, then per vehicle built, so volumes follow its carmaker customers' production. The same company is also listed in Hong Kong.
Moat: narrow (customer qualification, process know-how). Steering-system safety qualification is program-specific and costly to switch mid-cycle.
Headquarters: Wenzhou, Zhejiang, China · Employees: 2,596
Size Zhejiang Shibao (002703.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $1.29B, the 1858th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.56 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against -16.9% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 16.4% over the last twelve months (peer median +10.2%); the operating margin is 3.8% (peer median 4.1%).
Valuation It trades at 2.1× enterprise value to sales against a peer median of 2.5× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +15 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 7.8 points below its cost of capital (16.2% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.89B | CN¥3.54B | CN¥2.69B | CN¥1.82B | CN¥1.38B |
| Revenue growth | — | +32% | +48% | +31% | — |
| Gross profit | CN¥759M | CN¥625M | CN¥537M | CN¥351M | CN¥246M |
| EBITDA | n/a | CN¥258M | CN¥236M | CN¥157M | CN¥74.8M |
| Net income | CN¥182M | CN¥181M | CN¥149M | CN¥77.2M | CN¥15.8M |
| Free cash flow | CN¥111M | CN¥21.8M | -CN¥96.0M | -CN¥56.3M | CN¥35.1M |
| Capital expenditure | CN¥198M | CN¥214M | CN¥101M | CN¥63.6M | CN¥77.3M |
| Total debt | CN¥373M | CN¥344M | CN¥259M | CN¥399M | CN¥397M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Zhejiang Shibao 002703.SZ | $1.29B | -20% | +16% | 4% | 2.1× | 41.6% |
| Lingyun Industrial 600480.SS | $1.41B | -25% | +3% | 5% | 0.6× | -12.3% |
| Bosch BOSCHLTD.NS | $15.8B | +34% | +14% | 12% | 7.1× | 46.8% |
| Jtekt 6473.T | $3.82B | -1% | +4% | 5% | 0.4× | 1.2% |
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 | 002703.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.5% | -3.6% | 3rd lowest of 21 |
| 6-month return | -20.4% | -16.9% | 9th lowest of 20 |
| Distance from 52-week high | -52.8% | -44.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +16.4% | +10.2% | 7th highest of 20 |
| Operating margin | 3.8% | 4.1% | 11th highest of 21 |
| EV / Sales | 2.1× | 2.5× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 41.6% | 5.6% | most demanding of 9 |
| Growth delivered (Del g) | +26.5% | +10.1% | highest of 8 |
| Hurdle (Req g minus delivered) | +15.1 pp | -13.6 pp | most demanding of 8 |
| ROIC minus cost of capital | -7.8 pp | +0.4 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Shibao 002703.SZ | China | $1.29B | -20% | +16% | 4% | 2.1× | 41.6% | +26.5% |
| Longhorn Auto 301488.SZ | China | $1.29B | -32% | +34% | 2% | 3.5× | n/a | n/a |
| ASK Automotive ASKAUTOLTD.NS | India | $1.28B | +35% | +39% | 9% | 2.5× | n/a | n/a |
| Varroc Engineering VARROC.NS | India | $1.28B | +40% | +22% | 6% | 1.3× | 29.9% | +15.1% |
| Zhejiang Fenglong Electric 002931.SZ | China | $1.30B | -31% | +2% | 0% | 15.9× | n/a | n/a |
| Jiangsu Yunyi Electric 300304.SZ | China | $1.27B | -19% | +14% | 17% | 3.0× | 17.1% | +23.4% |
| Hong Leong Asia H22.SI | Singapore | $1.26B | -40% | +17% | 9% | 0.4× | -12.9% | +2.9% |
| Wuxi Best Precision Machinery 300580.SZ | China | $1.32B | -40% | +12% | 16% | 5.0× | 20.8% | +10.1% |
| Adient ADNT | United States | $1.26B | -28% | +4% | 3% | 0.1× | -17.6% | +2.1% |
| Kunshan Huguang Auto Harness 605333.SS | China | $1.32B | -16% | -2% | 2% | 1.4× | n/a | n/a |
| JBM Auto JBMA.NS | India | $1.24B | -21% | +16% | 9% | 2.2× | n/a | n/a |
| Jiangsu Bojun Industrial Technology 300926.SZ | China | $1.35B | -31% | +54% | 13% | 2.4× | n/a | n/a |
| Tong Yang Industry 1319.TW | Taiwan | $1.35B | -1% | -12% | 15% | 1.8× | -5.9% | +7.7% |
| SKF India (Industrial) SKFINDUS.NS | India | $1.23B | +9% | n/a | 11% | 3.3× | 36.9% | n/a |
| Xiangyang Automobile Bearing 000678.SZ | China | $1.22B | +53% | -3% | -3% | 6.0× | n/a | n/a |
| Ruifeng Power 2025.HK | Hong Kong | $1.22B | +29% | +4% | 1% | 8.3× | n/a | n/a |
| NASN Intelligent Tech (Zhejiang) 2261.HK | Hong Kong | $1.21B | n/a | +57% | -12% | 14.0× | n/a | n/a |
| Sichuan Chengfei Integration Technology 002190.SZ | China | $1.20B | -24% | +9% | -1% | 3.7× | n/a | n/a |
| F.C.C.Co 7296.T | Japan | $1.20B | +20% | +10% | 8% | 0.5× | -7.1% | +12.3% |
| Zhejiang Wanliyang 002434.SZ | China | $1.19B | -13% | -30% | -10% | 2.2× | n/a | n/a |
| Zhuzhou Times New Materials Technology 600458.SS | China | $1.39B | -17% | +1% | 2% | 0.8× | n/a | n/a |