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Maker of precision structural components (cans, casings) for lithium-ion batteries, a major supplier to CATL.
Maker of precision structural components (cans, casings) for lithium-ion batteries, a major supplier to CATL.
Is paid per part, with orders following the plant build-outs and market share of a few large battery makers, of which CATL is the most important. Because the parts cost little compared with the cells they enclose, winning customer approval and keeping quality high matter more than price.
In one line: A precision-metal battery-casing supplier to CATL.
Moat: narrow (customer qualification, process know-how). Precision-stamping qualification with top battery makers is a real, if narrow, technical barrier.
Headquarters: Shenzhen, China · Founded: 1996 · Employees: 16,669
Size Shenzhen Kedali Industry (002850.SZ) is a China Industrials company (Electrical Products) with a market value of $7.46B, the 330th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥173.76 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -32.2% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 39.5% over the last twelve months (peer median +25.9%); the operating margin is 12.1% (peer median 10.0%).
Valuation It trades at 22.2× forward earnings against a peer median of 14.8× (10th most expensive of 20).
Capital Return on invested capital runs 3.3 points above its cost of capital (9.4% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.6B | CN¥15.1B | CN¥12.0B | CN¥10.5B | CN¥8.63B |
| Revenue growth | — | +26% | +14% | +21% | — |
| Gross profit | CN¥4.90B | CN¥3.42B | CN¥2.76B | CN¥2.34B | CN¥1.96B |
| EBITDA | n/a | CN¥3.14B | CN¥2.69B | CN¥2.15B | CN¥1.51B |
| Net income | CN¥2.11B | CN¥1.76B | CN¥1.47B | CN¥1.20B | CN¥900M |
| Free cash flow | -CN¥14.3M | CN¥1.17B | CN¥923M | -CN¥1.66B | -CN¥1.94B |
| Capital expenditure | CN¥1.70B | CN¥755M | CN¥1.24B | CN¥2.41B | CN¥2.38B |
| Total debt | CN¥6.33B | CN¥5.93B | CN¥4.58B | CN¥4.26B | CN¥5.54B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen Kedali Industry 002850.SZ | $7.46B | -9% | +40% | 12% | 22.2× | n/a |
| Wuxi Lead Intelligent Equipment 300450.SZ | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% |
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 | 002850.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.9% | -6.2% | highest of 21 |
| 6-month return | -8.8% | -32.2% | 5th highest of 20 |
| Distance from 52-week high | -26.9% | -45.9% | 4th highest of 21 |
| Revenue growth (TTM) | +39.5% | +25.9% | 6th highest of 21 |
| Operating margin | 12.1% | 10.0% | 10th highest of 21 |
| Forward P/E | 22.2× | 14.8× | 10th most expensive of 20 |
| ROIC minus cost of capital | +3.3 pp | +0.8 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Zhuzhou CRRC Times Electric 688187.SS | China | $7.80B | -3% | +12% | 14% | 14.6× | n/a | n/a |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
| Goldwind Science & Technology 2208.HK | Hong Kong | $8.58B | -57% | +24% | 6% | 7.2× | n/a | n/a |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| Anker Innovations Technology 0668.HK | Hong Kong | $8.68B | n/a | +28% | 11% | 14.8× | 22.2% | +25.8% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |