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Chinese industrial automation company making servo drives, PLCs and motors, plus electric drive systems for new energy vehicles.
Chinese industrial automation company making servo drives, PLCs and motors, plus electric drive systems for new energy vehicles.
Sells to Chinese machine builders and carmakers, so its income follows factory investment and EV production. It started with variable-speed drives and servo systems, widened into controllers, and its electric-drive systems for new-energy vehicles (electric and hybrid cars) have grown into a major line. China is the bulk of its sales.
In one line: China's Rockwell Automation with a Tesla-supplier EV powertrain arm bolted on.
Moat: narrow (scale, cost advantage, process know-how). Leading domestic share in servo systems and low-voltage inverters built via cost-competitive engineering.
Headquarters: Shenzhen, China · Founded: 2003 · Employees: 27,292
Size Shenzhen Inovance Technology (300124.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $23.0B, the 86th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥56.66 on 6 Nov 2026.
Performance Over six months the shares fell 17.4%, against -3.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 18.9% over the last twelve months (peer median +12.3%); the operating margin is 9.5% (peer median 9.5%).
Valuation It trades at 27.0× forward earnings against a peer median of 20.1× (8th most expensive of 21).
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 +31%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (8.7% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥51.4B | CN¥44.9B | CN¥36.9B | CN¥30.3B | CN¥22.9B |
| Revenue growth | — | +22% | +22% | +32% | — |
| Gross profit | CN¥15.2B | CN¥12.4B | CN¥10.1B | CN¥9.36B | CN¥7.64B |
| EBITDA | n/a | CN¥6.32B | CN¥5.16B | CN¥4.82B | CN¥4.01B |
| Net income | CN¥5.19B | CN¥5.05B | CN¥4.29B | CN¥4.74B | CN¥4.32B |
| Free cash flow | CN¥422M | CN¥3.77B | CN¥5.12B | CN¥1.98B | CN¥1.61B |
| Capital expenditure | CN¥3.35B | CN¥3.02B | CN¥2.11B | CN¥1.51B | CN¥1.66B |
| Total debt | CN¥12.6B | CN¥15.3B | CN¥12.7B | CN¥11.8B | CN¥10.3B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Inovance Technology 300124.SZ | $23.0B | -17% | +19% | 10% | 27.0× | 21.3% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 23.4× | 18.3% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
| Rockwell Automation ROK | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% |
| Han's Laser Technology Industry 002008.SZ | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% |
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 | 300124.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.7% | -1.8% | 3rd highest of 21 |
| 6-month return | -17.4% | -3.9% | 6th lowest of 21 |
| Distance from 52-week high | -32.6% | -21.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +18.9% | +12.3% | 4th highest of 21 |
| Operating margin | 9.5% | 9.5% | 11th highest of 21 |
| Forward P/E | 27.0× | 20.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 21.3% | 8.5% | 6th most demanding of 21 |
| Growth delivered (Del g) | +31.4% | +8.3% | 2nd highest of 21 |
| Hurdle (Req g minus delivered) | -10.1 pp | -1.2 pp | 3rd least demanding of 21 |
| ROIC minus cost of capital | +1.0 pp | +2.0 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Inovance Technology 300124.SZ | China | $23.0B | -17% | +19% | 10% | 27.0× | 21.3% | +31.4% |
| Mobis 012330.KS | South Korea | $22.3B | -18% | +4% | 6% | 8.3× | -1.0% | +10.8% |
| Weichai Power 2338.HK | Hong Kong | $24.0B | -50% | +14% | 7% | 11.0× | -7.0% | +2.6% |
| Sumitomo Electric Industries 5802.T | Japan | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% | +11.9% |
| ITT ITT | United States | $18.4B | 0% | +28% | 17% | 21.6× | 20.9% | +9.7% |
| Jiangsu Hengli Hydraulic 601100.SS | China | $17.9B | -15% | +31% | 24% | 38.2× | 24.0% | +6.9% |
| Samvardhana Motherson International MOTHERSON.NS | India | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% | +17.0% |
| Knorr-Bremse KBX.DE | Germany | $17.1B | -9% | +4% | 13% | 20.7× | 8.6% | +4.9% |
| Denso 6902.T | Japan | $32.5B | -1% | +7% | 7% | 12.1× | 3.4% | +8.8% |
| Magna International MG.TO | Canada | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% | +6.0% |
| Bosch BOSCHLTD.NS | India | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% | +15.7% |
| Cummins India CUMMINSIND.NS | India | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% | +22.7% |
| Ningbo Tuopu 601689.SS | China | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% | +35.4% |
| Trelleborg TREL-B.ST | Sweden | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% | +2.6% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Donaldson DCI | United States | $9.77B | -2% | +5% | 16% | 19.5× | 8.3% | +6.4% |
| Allison Transmission ALSN | United States | $9.65B | -6% | +71% | 20% | 11.0× | 2.6% | +7.7% |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Autoliv ALV | United States | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% | +7.7% |
| HELLA GmbH & Co. KGaA HLE.DE | Germany | $8.26B | -7% | -1% | 5% | 34.7× | 2.4% | +6.1% |
| UNO Minda UNOMINDA.NS | India | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% | +25.0% |