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Zhuhai-based maker of automated testing and assembly equipment for consumer-electronics manufacturing lines.
Zhuhai-based maker of automated testing and assembly equipment for consumer-electronics manufacturing lines.
Moat: none
Headquarters: Zhuhai, China · Employees: 2,978
Size Zhuhai Bojay Electronics (002975.SZ) is a China Industrials company (Industrial Machinery) with a market value of $2.32B, the 1100th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥73.88 on 6 Nov 2026.
Performance Over six months the shares fell 13.0%, against -22.4% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 70.8% over the last twelve months (peer median +11.5%); the operating margin is 17.8% (peer median 7.9%).
Valuation It trades at 41.2× forward earnings against a peer median of 23.4× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +28 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 0.5 points above its cost of capital (13.5% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.61B | CN¥1.83B | CN¥1.23B | CN¥899M | CN¥1.21B |
| Revenue growth | — | +49% | +37% | -26% | — |
| Gross profit | CN¥1.31B | CN¥774M | CN¥497M | CN¥389M | CN¥568M |
| EBITDA | n/a | CN¥215M | CN¥55.5M | -CN¥61.5M | CN¥204M |
| Net income | CN¥390M | CN¥146M | CN¥22.3M | -CN¥57.2M | CN¥202M |
| Free cash flow | CN¥22.1M | -CN¥3.86M | -CN¥352M | -CN¥13.6M | -CN¥53.6M |
| Capital expenditure | CN¥123M | CN¥95.9M | CN¥151M | CN¥133M | CN¥130M |
| Total debt | CN¥487M | CN¥329M | CN¥715M | CN¥829M | CN¥612M |
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| Measure | 002975.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.6% | -6.1% | 8th lowest of 21 |
| 6-month return | -13.0% | -22.4% | 7th highest of 21 |
| Distance from 52-week high | -53.2% | -40.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +70.8% | +11.5% | 2nd highest of 21 |
| Operating margin | 17.8% | 7.9% | 3rd highest of 21 |
| Forward P/E | 41.2× | 23.4× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 34.2% | 16.5% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +6.0% | +12.2% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +28.2 pp | +4.4 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +0.5 pp | -1.2 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |
| Kunshan Kersen Science & Technology 603626.SS | China | $2.22B | +7% | -24% | -22% | 31.3× | n/a | n/a |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| Shenyang Machine Tool 000410.SZ | China | $2.11B | -14% | +29% | -3% | n/a | 25.3% | +22.7% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |