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Chinese maker of forged and cast aerospace superalloy materials for jet-engine and airframe parts.
Chinese maker of forged and cast aerospace superalloy materials for jet-engine and airframe parts.
Supplies superalloy parts, which hold their strength at jet-engine temperatures, to state aerospace programmes after long qualification, then on multi-year supply, so orders follow military and commercial aircraft build schedules. It is controlled by the state-owned China Iron and Steel Research Institute group.
In one line: A China-focused Precision Castparts.
Moat: narrow (customer qualification, regulatory licence). Qualified aerospace materials supplier under AVIC; aviation-grade certification is a high barrier.
Headquarters: Beijing, China · Employees: 1,986
Size Gaona Aero Material (300034.SZ) is a China Industrials company (Metal Fabrication) with a market value of $1.71B, the 1463rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.98 on 6 Nov 2026.
Performance Over six months the shares fell 28.9%, against -12.8% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +16.4%); the operating margin is 4.8% (peer median 8.3%).
Valuation It trades at 49.0× forward earnings against a peer median of 22.8× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +3 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 4.2 points below its cost of capital (8.7% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.00B | CN¥3.68B | CN¥3.51B | CN¥3.40B | CN¥2.87B |
| Revenue growth | — | +5% | +3% | +19% | — |
| Gross profit | CN¥982M | CN¥818M | CN¥1.07B | CN¥954M | CN¥760M |
| EBITDA | n/a | CN¥486M | CN¥622M | CN¥620M | CN¥527M |
| Net income | CN¥80.1M | CN¥87.4M | CN¥249M | CN¥319M | CN¥337M |
| Free cash flow | CN¥602M | CN¥236M | -CN¥246M | CN¥220M | CN¥351M |
| Capital expenditure | CN¥147M | CN¥138M | CN¥263M | CN¥306M | CN¥210M |
| Total debt | CN¥1.93B | CN¥1.87B | CN¥1.93B | CN¥1.92B | CN¥1.90B |
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| Measure | 300034.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | -14.0% | 8th highest of 21 |
| 6-month return | -28.9% | -12.8% | 8th lowest of 21 |
| Distance from 52-week high | -45.1% | -49.5% | 10th highest of 21 |
| Revenue growth (TTM) | +5.3% | +16.4% | 4th lowest of 21 |
| Operating margin | 4.8% | 8.3% | 6th lowest of 21 |
| Forward P/E | 49.0× | 22.8× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 21.3% | 12.5% | 4th most demanding of 9 |
| Growth delivered (Del g) | +18.5% | +12.5% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | +2.8 pp | +0.8 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | -4.2 pp | -0.5 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |
| Changzhou Nrb 002708.SZ | China | $1.63B | +50% | +29% | 1% | 74.0× | n/a | n/a |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Suzhou UIGreen Micro&Nano Technologies 688661.SS | China | $1.55B | -44% | -7% | -3% | 44.2× | n/a | n/a |
| Essence Fastening Systems (Shanghai) 301005.SZ | China | $1.54B | -55% | +17% | 0% | n/a | n/a | n/a |
| Luoyang Xinqianglian Slewing Bearing 300850.SZ | China | $1.54B | -42% | +10% | 21% | 11.1× | n/a | n/a |
| Usha Martin USHAMART.NS | India | $1.54B | 0% | +9% | 17% | 22.8× | 23.1% | +12.0% |
| Shenzhen Vital New Material 301319.SZ | China | $1.53B | +15% | +34% | 5% | 82.0× | n/a | n/a |
| HENGHUI Technology 301678.SZ | China | $1.53B | -28% | +10% | 8% | n/a | n/a | n/a |
| Hebei Huatong Wires and Cables 605196.SS | China | $1.94B | -41% | +49% | 10% | 13.4× | n/a | n/a |
| Richelieu Hardware RCH.TO | Canada | $1.48B | -2% | +7% | 7% | 20.5× | 5.7% | +11.7% |
| Freewon China 688678.SS | China | $1.41B | -13% | +33% | 6% | 19.6× | n/a | n/a |
| Riyue Heavy Industry 603218.SS | China | $1.41B | -28% | -17% | 5% | 24.6× | 5.0% | +4.1% |
| NBTM New Materials 600114.SS | China | $2.14B | -40% | +6% | 9% | 22.8× | 13.8% | +13.0% |
| Lizhong Sitong Light Alloys 300428.SZ | China | $2.14B | -3% | +24% | 4% | 11.8× | n/a | n/a |
| Wuxi Paike New Materials and Technology 605123.SS | China | $1.34B | -31% | +23% | 8% | 22.0× | n/a | n/a |