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Chinese testing, inspection and metrology services group for industrial and consumer clients.
Chinese testing, inspection and metrology services group for industrial and consumer clients.
Charges per test or calibration job to manufacturers, so revenue follows customers' product development and certification schedules rather than their sales volume. Guangzhou Radio Group, a municipal state-owned company, is the controlling shareholder.
In one line: A smaller China-based SGS/Bureau Veritas peer.
Moat: narrow (regulatory licence, scale). Accredited-lab network is a moderate barrier in a fragmented TIC market.
Headquarters: Guangdong, China · Employees: 6,717
Size GRG Metrology & Test (002967.SZ) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $1.72B, the 1452nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.88 on 6 Nov 2026.
Performance Over six months the shares fell 16.3%, against -0.9% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 12.8% over the last twelve months (peer median +12.1%); the operating margin is 13.5% (peer median 13.1%).
Valuation It trades at 22.7× forward earnings against a peer median of 20.6× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.2 points above its cost of capital (7.4% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.91B | CN¥3.60B | CN¥3.20B | CN¥2.88B | CN¥2.60B |
| Revenue growth | — | +12% | +11% | +11% | — |
| Gross profit | CN¥2.12B | CN¥1.56B | CN¥1.41B | CN¥1.14B | CN¥1.03B |
| EBITDA | n/a | CN¥945M | CN¥866M | CN¥693M | CN¥654M |
| Net income | CN¥473M | CN¥425M | CN¥352M | CN¥199M | CN¥184M |
| Free cash flow | CN¥469M | CN¥481M | -CN¥56.9M | CN¥54.8M | -CN¥54.9M |
| Capital expenditure | CN¥532M | CN¥474M | CN¥914M | CN¥594M | CN¥604M |
| Total debt | CN¥2.60B | CN¥1.87B | CN¥1.95B | CN¥1.57B | CN¥1.20B |
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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 | 002967.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | +2.0% | 8th highest of 21 |
| 6-month return | -16.3% | -0.9% | 8th lowest of 21 |
| Distance from 52-week high | -32.9% | -27.4% | 11th highest of 21 |
| Revenue growth (TTM) | +12.8% | +12.1% | 11th highest of 21 |
| Operating margin | 13.5% | 13.1% | 10th highest of 21 |
| Forward P/E | 22.7× | 20.6× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 3.9% | 15.0% | 7th least demanding of 15 |
| Growth delivered (Del g) | +14.4% | +8.5% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -10.5 pp | -0.8 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | +5.2 pp | +1.9 pp | 6th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GRG Metrology & Test 002967.SZ | China | $1.72B | -16% | +13% | 13% | 22.7× | 3.9% | +14.4% |
| Visual China 000681.SZ | China | $1.71B | -25% | -9% | 4% | 44.0× | n/a | n/a |
| Ipsos IPS.PA | France | $1.74B | -3% | +3% | 12% | 7.0× | -10.8% | +6.6% |
| Guangdong Feinan Resources Recycling 301500.SZ | China | $1.68B | -31% | +42% | 7% | n/a | n/a | n/a |
| Choice International CHOICEIN.NS | India | $1.76B | +8% | +34% | 27% | 49.8× | n/a | n/a |
| Syngene International SYNGENE.NS | India | $1.78B | -11% | -6% | 13% | 67.8× | 35.3% | +11.4% |
| Kruk KRU.WA | Poland | $1.65B | -22% | +8% | 77% | 6.9× | -2.1% | +16.8% |
| Prosegur Compania de Seguridad PSG.MC | Spain | $1.79B | +9% | +1% | 6% | 11.8× | -5.3% | +6.7% |
| China Conch Venture 0586.HK | Hong Kong | $1.79B | -36% | +21% | 18% | 5.5× | n/a | n/a |
| Hoist Finance HOFI.ST | Sweden | $1.79B | +29% | +16% | 30% | 11.9× | n/a | n/a |
| Healthcare Services HCSG | United States | $1.64B | +5% | +4% | 6% | 20.6× | 3.4% | +0.9% |
| Beijing Orient EcoEnergy 002310.SZ | China | $1.81B | -24% | +35% | 12% | n/a | 36.4% | -47.6% |
| PharmaBlock Sciences (Nanjing) 300725.SZ | China | $1.61B | +16% | +11% | 11% | 44.6× | 27.8% | +14.1% |
| eClerx Services ECLERX.NS | India | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% | +21.4% |
| Teemsun Technology 301571.SZ | China | $1.86B | 0% | +61% | 22% | n/a | n/a | n/a |
| Focus Technology 002315.SZ | China | $1.86B | -1% | +14% | 24% | 22.1× | 3.2% | +10.6% |
| International Gemological Institute IGIL.NS | India | $1.86B | +12% | +21% | 58% | 24.4× | 14.6% | +37.6% |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| Offcn Education Technology 002607.SZ | China | $1.56B | -36% | -2% | 13% | 38.8× | 17.7% | -27.6% |
| AEM AWX.SI | Singapore | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% | -5.1% |
| Insperity NSP | United States | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% | +9.7% |