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Employees: 3,066
Size Shandong Meichen Technology (300237.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $613M, the 3371st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.82 on 6 Nov 2026.
Performance Over six months the shares gained 22.6%, against -19.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 3.2% over the last twelve months (peer median +2.6%); the operating margin is -7.4% (peer median 5.7%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 1.5× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +13 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 9.7 points below its cost of capital (7.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.85B | CN¥1.79B | CN¥1.69B | CN¥1.68B | CN¥1.35B |
| Revenue growth | — | +6% | +1% | +24% | — |
| Gross profit | CN¥200M | CN¥70.2M | -CN¥14.7M | -CN¥39.1M | -CN¥40.6M |
| EBITDA | n/a | -CN¥137M | -CN¥78.8M | -CN¥662M | -CN¥930M |
| Net income | -CN¥248M | -CN¥402M | -CN¥494M | -CN¥1.39B | -CN¥1.36B |
| Free cash flow | CN¥361M | CN¥232M | -CN¥64.7M | -CN¥40.0M | -CN¥119M |
| Capital expenditure | CN¥5.52M | CN¥9.92M | CN¥11.6M | CN¥90.4M | CN¥124M |
| Total debt | CN¥1.88B | CN¥2.25B | CN¥3.06B | CN¥4.92B | CN¥5.61B |
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| Measure | 300237.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.0% | -5.9% | highest of 21 |
| 6-month return | +22.6% | -19.5% | 4th highest of 21 |
| Distance from 52-week high | -14.0% | -37.2% | 6th highest of 21 |
| Revenue growth (TTM) | -3.2% | +2.6% | 3rd lowest of 21 |
| Operating margin | -7.4% | 5.7% | lowest of 21 |
| EV / Sales | 3.2× | 1.5× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 5.7% | 7th least demanding of 15 |
| Growth delivered (Del g) | -10.1% | +7.8% | lowest of 15 |
| Hurdle (Req g minus delivered) | +12.7 pp | -3.7 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -9.7 pp | -1.7 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shandong Meichen Technology 300237.SZ | China | $613M | +23% | -3% | -7% | 3.2× | 2.6% | -10.1% |
| TPR 6463.T | Japan | $620M | +23% | +1% | 6% | 0.6× | -0.4% | +4.6% |
| Harbin Dongan Auto Engine 600178.SS | China | $603M | -15% | +4% | -3% | 1.0× | 14.4% | +1.3% |
| Wheels India WHEELS.NS | India | $597M | +74% | +17% | 5% | 1.0× | 10.4% | +17.8% |
| Jiangsu Nonghua Intelligent Agriculture Technology 000816.SZ | China | $597M | -15% | +14% | 6% | 2.9× | n/a | n/a |
| Npr-riken 6209.T | Japan | $630M | -5% | -3% | 7% | 0.6× | 2.1% | -3.1% |
| Zhongjie (Jiangsu) Technology 301072.SZ | China | $630M | +63% | +11% | -6% | 5.0× | n/a | n/a |
| Bando Chemical Industries 5195.T | Japan | $632M | +17% | +6% | 9% | 0.7× | -0.1% | +7.9% |
| Burelle BUR.PA | France | $635M | -23% | -3% | 2% | 0.3× | -4.4% | +7.6% |
| Landai Technology 002765.SZ | China | $637M | -31% | -2% | -1% | 1.6× | n/a | n/a |
| GSP Automotive Group Wenzhou 605088.SS | China | $590M | -45% | +15% | 8% | 0.8× | n/a | n/a |
| BeijingWest Industries International 2339.HK | Hong Kong | $589M | -23% | -3% | 1% | 1.6× | n/a | n/a |
| Depo Auto Parts Industrial 6605.TW | Taiwan | $642M | -1% | -6% | 15% | 1.2× | -12.3% | +6.4% |
| Shenzhen Kaizhong Precision Technology 002823.SZ | China | $585M | -27% | +10% | 8% | 1.6× | -3.3% | +8.8% |
| Fengjing New Energy Technology 002662.SZ | China | $646M | -27% | -11% | 4% | 1.5× | 2.6% | -5.0% |
| Jamna Auto Industries JAMNAAUTO.NS | India | $580M | +4% | +16% | 13% | 2.1× | 11.8% | +19.3% |
| ActBlue 300816.SZ | China | $577M | -34% | +30% | 7% | 3.0× | 21.5% | +9.9% |
| Dalian Demaishi Precision Technology 301007.SZ | China | $571M | -31% | 0% | 6% | 6.1× | 34.5% | +7.6% |
| G-Tekt 5970.T | Japan | $570M | +16% | +5% | 5% | 0.3× | n/a | n/a |
| Sichuan Chuanhuan Technology 300547.SZ | China | $661M | -48% | -2% | 13% | 2.8× | 14.9% | +17.3% |
| Chongqing Qin'an M&E 603758.SS | China | $567M | -25% | -1% | 6% | 2.5× | 8.8% | +8.2% |