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Chengdu maker of atomic clocks, crystal oscillators and time-synchronization equipment, plus BeiDou satellite-navigation products, for defense and telecom.
Chengdu maker of atomic clocks, crystal oscillators and time-synchronization equipment, plus BeiDou satellite-navigation products, for defense and telecom.
Sells timing parts and systems, from atomic clocks and quartz crystal devices to network time-synchronization equipment, mainly for aerospace, satellite-navigation, defense and communications customers. BeiDou, China's satellite-navigation system, is a further application line.
Moat: narrow (IP / patents, customer qualification). Atomic-clock technology and defense qualification; narrow, specialised customer base.
Headquarters: Chengdu, China · Founded: 2004 · Employees: 557
Size Chengdu Spaceon Electronics (002935.SZ) is a China Information Technology company (Telecommunications Equipment) with a market value of $909M, the 2493rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.37 on 6 Nov 2026.
Performance Over six months the shares fell 36.9%, against -27.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +5.6%); the operating margin is 5.5% (peer median -3.3%).
Valuation It trades at 43.5× forward earnings against a peer median of 32.0× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 50% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +49 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 7.4 points below its cost of capital (10.9% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥933M | CN¥977M | CN¥961M | CN¥1.11B | CN¥1.21B |
| Revenue growth | — | +2% | -13% | -8% | — |
| Gross profit | CN¥212M | CN¥206M | CN¥217M | CN¥282M | CN¥329M |
| EBITDA | n/a | CN¥77.6M | CN¥77.4M | CN¥104M | CN¥127M |
| Net income | CN¥60.6M | CN¥64.8M | CN¥64.2M | CN¥87.2M | CN¥112M |
| Free cash flow | CN¥2.94M | CN¥42.0M | CN¥76.2M | -CN¥291M | CN¥197M |
| Capital expenditure | CN¥20.2M | CN¥17.4M | CN¥23.3M | CN¥58.2M | CN¥27.0M |
| Total debt | CN¥234M | CN¥537M | CN¥369M | CN¥346M | CN¥436M |
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 |
|---|---|---|---|---|---|---|
| Chengdu Spaceon Electronics 002935.SZ | $909M | -37% | +1% | 5% | 43.5× | 49.9% |
| Microchip Technology MCHP | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% |
| Beijing BDStar Navigation 002151.SZ | $2.10B | -36% | +35% | -14% | n/a | n/a |
| Chengdu CORPRO Technology 300101.SZ | $1.07B | -35% | -25% | -18% | 14.7× | n/a |
| TKD Science and Technology 603738.SS | $1.39B | -37% | +20% | 9% | 42.5× | 44.4% |
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 | 002935.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.2% | -9.8% | 5th lowest of 20 |
| 6-month return | -36.9% | -27.3% | 6th lowest of 20 |
| Distance from 52-week high | -48.1% | -52.1% | 10th highest of 20 |
| Revenue growth (TTM) | +1.0% | +5.6% | 9th lowest of 21 |
| Operating margin | 5.5% | -3.3% | 6th highest of 21 |
| Forward P/E | 43.5× | 32.0× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 49.9% | 18.4% | most demanding of 5 |
| Growth delivered (Del g) | +1.3% | +27.9% | 2nd lowest of 5 |
| Hurdle (Req g minus delivered) | +48.5 pp | -5.8 pp | most demanding of 5 |
| ROIC minus cost of capital | -7.4 pp | -7.9 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Spaceon Electronics 002935.SZ | China | $909M | -37% | +1% | 5% | 43.5× | 49.9% | +1.3% |
| Wuhan Fingu Electronic Technology 002194.SZ | China | $914M | -19% | -9% | -2% | n/a | n/a | n/a |
| Arcadyan Technology 3596.TW | Taiwan | $900M | -17% | +6% | 6% | 9.8× | n/a | n/a |
| HTC 2498.TW | Taiwan | $885M | -15% | -8% | -78% | n/a | n/a | n/a |
| Synspective 290A.T | Japan | $950M | -16% | +5% | -196% | 52.9× | n/a | n/a |
| Astroscale 186A.T | Japan | $865M | -25% | +70% | -275% | n/a | n/a | n/a |
| Shenzhen Phoenix Telecom Technology 301191.SZ | China | $854M | -42% | +30% | 0% | 47.2× | n/a | n/a |
| Anhui Tatfook Technology 300134.SZ | China | $852M | -32% | +14% | -14% | n/a | n/a | n/a |
| santec 6777.T | Japan | $984M | -53% | +45% | 33% | 15.5× | 23.5% | +33.2% |
| Huizhou Speed Wireless Technology 300322.SZ | China | $991M | -52% | +25% | 3% | 62.4× | n/a | n/a |
| Nanjing Panda Electronics 600775.SS | China | $992M | -27% | +30% | -7% | n/a | n/a | n/a |
| Invisio IVSO.ST | Sweden | $1.00B | -15% | +24% | 18% | 39.8× | 13.2% | +26.7% |
| Sumavision Technologies 300079.SZ | China | $1.01B | -14% | -6% | -8% | n/a | n/a | n/a |
| Harmonic HLIT | United States | $1.04B | -26% | -21% | 15% | 11.6× | 10.0% | -1.0% |
| Flaircomm Microelectronics 301600.SZ | China | $1.04B | -35% | +19% | 9% | 32.0× | 27.2% | +29.1% |
| Tozed Kangwei Tech 301718.SZ | China | $1.05B | n/a | +43% | 5% | n/a | n/a | n/a |
| Shenzhen Infinova 002528.SZ | China | $1.06B | +23% | -29% | -77% | n/a | n/a | n/a |
| Chengdu CORPRO Technology 300101.SZ | China | $1.07B | -35% | -25% | -18% | 14.7× | n/a | n/a |
| Shenzhen Coship Electronics 002052.SZ | China | $757M | -34% | -75% | -5% | n/a | n/a | n/a |
| Zhiyang Innovation Technology 688191.SS | China | $753M | -53% | -2% | -8% | 57.9× | n/a | n/a |
| Skyworth 0751.HK | Hong Kong | $749M | -51% | +5% | 2% | 6.2× | n/a | n/a |