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Chinese maker of stainless-steel process equipment and pressure vessels for pharmaceutical, biotech, food and chemical manufacturers.
Chinese maker of stainless-steel process equipment and pressure vessels for pharmaceutical, biotech, food and chemical manufacturers.
Takes orders for custom stainless-steel process systems built to a drug maker's design, then installs and validates them, with revenue booked as projects progress, so results follow customers' plant-building budgets rather than steady repeat purchases. Pharma and biotech plant builds are its biggest source of orders.
In one line: A smaller-scale Chinese answer to GEA or Alfa Laval.
Moat: narrow (process know-how, customer qualification). Engineering expertise and validated equipment for regulated pharma/biotech manufacturing create switching costs.
Headquarters: Shanghai, China · Founded: 2003 · Employees: 4,800
Size Morimatsu International (2155.HK) is a Hong Kong Industrials company (Industrial Machinery) with a market value of $1.03B, the 588th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$6.35 on 6 Nov 2026.
Performance Over six months the shares fell 15.7%, against -23.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +10.8%); the operating margin is 2.9% (peer median 8.8%).
Valuation It trades at 14.2× forward earnings against a peer median of 20.0× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points below its cost of capital (9.4% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$7.61B | HK$7.54B | HK$7.53B | HK$8.13B | HK$7.54B |
| Revenue growth | — | 0% | -7% | +8% | — |
| Gross profit | HK$1.67B | HK$1.88B | HK$2.17B | HK$2.22B | HK$2.03B |
| EBITDA | HK$513M | HK$889M | HK$1.08B | HK$1.18B | HK$1.04B |
| Net income | HK$123M | HK$650M | HK$799M | HK$933M | HK$778M |
| Free cash flow | HK$1.32B | HK$535M | HK$1.30B | n/a | n/a |
| Capital expenditure | HK$288M | HK$376M | HK$467M | HK$631M | HK$1.01B |
| Total debt | n/a | HK$666M | HK$439M | HK$453M | HK$549M |
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 |
|---|---|---|---|---|---|---|
| Morimatsu International 2155.HK | $1.03B | -16% | +14% | 3% | 14.2× | -2.4% |
| GEA Group Aktiengesellschaft G1A.DE | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% |
| Alfa Laval ALFA.ST | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% |
| Sartorius SRT.DE | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% |
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 | 2155.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | -17.1% | 7th highest of 21 |
| 6-month return | -15.7% | -23.4% | 8th highest of 21 |
| Distance from 52-week high | -47.4% | -51.3% | 10th highest of 21 |
| Revenue growth (TTM) | +14.3% | +10.8% | 10th highest of 21 |
| Operating margin | 2.9% | 8.8% | 3rd lowest of 21 |
| Forward P/E | 14.2× | 20.0× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 11.0% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +17.6% | +9.4% | highest of 12 |
| Hurdle (Req g minus delivered) | -20.1 pp | +1.5 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | -2.1 pp | -1.5 pp | 10th lowest of 21 |
| EV / EBITDA | 8.2× | 9.5× | 3rd cheapest of 8 |
| Net debt / EBITDA | -8.1× | 1.7× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Morimatsu International 2155.HK | Hong Kong | $1.03B | -16% | +14% | 3% | 14.2× | -2.4% | +17.6% |
| Tsugami 6101.T | Japan | $1.03B | -23% | +24% | 27% | n/a | -5.3% | +15.9% |
| Allied Machinery 605060.SS | China | $1.03B | -51% | +24% | 22% | 21.1× | 15.5% | +13.2% |
| Miracle Automation Engineering 002009.SZ | China | $1.03B | -27% | +6% | 1% | 28.8× | 34.6% | -5.1% |
| Suzhou SLAC Precision Equipment 300382.SZ | China | $1.04B | -31% | +11% | -4% | 67.4× | n/a | n/a |
| Ningbo Kangqiang Electronics 002119.SZ | China | $1.04B | -12% | +49% | 5% | n/a | n/a | n/a |
| MayAir Technology (China) 688376.SS | China | $1.04B | -27% | +7% | 9% | 28.2× | n/a | n/a |
| Ningbo Cixing 300307.SZ | China | $1.05B | +24% | +31% | 9% | n/a | 11.0% | +9.5% |
| Jiangsu Shentong Valve 002438.SZ | China | $1.01B | -23% | -5% | 17% | 17.5× | 5.9% | +6.1% |
| Lindab International LIAB.ST | Sweden | $1.01B | -10% | -3% | 7% | 17.7× | 4.2% | +9.4% |
| Nikkiso 6376.T | Japan | $1.05B | -5% | +11% | 8% | 10.0× | 6.3% | +6.3% |
| Est Tools 300488.SZ | China | $1.01B | +17% | +15% | 29% | n/a | 15.3% | +13.1% |
| Guangzhou KDT Machinery 002833.SZ | China | $1.05B | -20% | +19% | 20% | 13.4× | 1.5% | +7.6% |
| Sichuan Zigong Conveying Machine 001288.SZ | China | $999M | +1% | -20% | 3% | 19.0× | n/a | n/a |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | n/a | n/a | n/a |
| Hangzhou XZB Tech 603040.SS | China | $1.06B | -34% | +4% | 34% | 26.2× | 18.2% | +16.5% |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | China | $1.06B | -40% | +28% | 5% | 51.7× | n/a | n/a |
| Noritake Co.,Limited 5331.T | Japan | $991M | -19% | +9% | 9% | 8.2× | n/a | n/a |
| Phoenix Silicon International 8028.TW | Taiwan | $991M | -26% | +24% | 24% | 18.3× | n/a | n/a |
| Changzhou Kaidi Electrical 605288.SS | China | $985M | +12% | +1% | 3% | 50.5× | n/a | n/a |
| Ye Siang Enterprise 7909.TWO | Taiwan | $984M | -53% | -14% | 16% | n/a | 34.9% | -13.5% |