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Leading Chinese cybersecurity vendor providing network-security appliances, threat detection and managed security services.
Leading Chinese cybersecurity vendor providing network-security appliances, threat detection and managed security services.
Sells security appliances and software, then adds service contracts and subscription feeds that update the defences, so revenue arrives from large project orders and renewals. Buyers are mostly large organisations with long procurement cycles.
In one line: A China-focused Check Point/Palo Alto Networks.
Moat: narrow (regulatory licence, installed base, brand). Long government/financial-sector relationships and security certifications create switching costs.
Headquarters: Beijing, China · Founded: 2000 · Employees: 3,149
Size NSFOCUS Technologies (300369.SZ) is a China Information Technology company (Computer Peripherals) with a market value of $1.29B, the 1864th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.64 on 6 Nov 2026.
Performance Over six months the shares gained 45.0%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 8.3% over the last twelve months (peer median +6.1%); the operating margin is -4.1% (peer median 2.0%).
Valuation It trades at 266.0× forward earnings against a peer median of 17.3× (most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +33 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 5.5 points below its cost of capital (8.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.56B | CN¥2.53B | CN¥2.35B | CN¥1.67B | CN¥2.60B |
| Revenue growth | — | +8% | +41% | -36% | — |
| Gross profit | CN¥1.32B | CN¥1.13B | CN¥1.03B | CN¥556M | CN¥1.43B |
| EBITDA | n/a | CN¥239M | -CN¥104M | -CN¥749M | CN¥213M |
| Net income | -CN¥32.1M | -CN¥45.3M | -CN¥365M | -CN¥977M | CN¥28.6M |
| Free cash flow | CN¥200M | CN¥5.97M | -CN¥55.2M | -CN¥441M | -CN¥165M |
| Capital expenditure | CN¥195M | CN¥213M | CN¥195M | CN¥242M | CN¥250M |
| Total debt | CN¥568M | CN¥707M | CN¥783M | CN¥476M | CN¥110M |
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 |
|---|---|---|---|---|---|---|
| NSFOCUS Technologies 300369.SZ | $1.29B | +45% | +8% | -4% | 266.0× | 38.1% |
| Qi An Xin Technology 688561.SS | $2.61B | -15% | -14% | -45% | n/a | n/a |
| Venustech 002439.SZ | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% |
| Sangfor Technologies 300454.SZ | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% |
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | n/a |
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 | 300369.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.4% | -8.8% | highest of 21 |
| 6-month return | +45.0% | -22.1% | highest of 21 |
| Distance from 52-week high | -15.9% | -42.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +8.3% | +6.1% | 10th highest of 21 |
| Operating margin | -4.1% | 2.0% | 6th lowest of 21 |
| Forward P/E | 266.0× | 17.3× | most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 38.1% | 5.6% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +4.9% | +4.4% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +33.2 pp | -7.7 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -5.5 pp | -3.9 pp | 8th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NSFOCUS Technologies 300369.SZ | China | $1.29B | +45% | +8% | -4% | 266.0× | 38.1% | +4.9% |
| Hua Ying Technology (Group) 000536.SZ | China | $1.27B | -23% | -13% | -54% | n/a | 47.9% | -8.6% |
| Scantech (Hangzhou) 688583.SS | China | $1.31B | -20% | +4% | 1% | n/a | n/a | n/a |
| FIH Mobile 2038.HK | Hong Kong | $1.24B | -51% | +17% | 1% | n/a | -11.2% | -5.6% |
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | n/a | 50.6% | +18.9% |
| Toyou Feiji Electronics 300302.SZ | China | $1.49B | -24% | +5% | -15% | n/a | n/a | n/a |
| Nancal Technology 603859.SS | China | $1.49B | -5% | +10% | 12% | 42.5× | n/a | n/a |
| Global Brands Manufacture 6191.TW | Taiwan | $1.09B | -28% | +49% | 8% | 9.2× | n/a | n/a |
| Elecom 6750.T | Japan | $1.07B | +14% | +15% | 12% | 12.1× | -9.4% | +4.3% |
| Chengdu Galaxy Magnets 300127.SZ | China | $1.06B | -30% | +29% | 21% | 39.8× | 25.3% | +7.4% |
| InfoVision Optoelectronics (Kunshan) 688055.SS | China | $1.56B | -23% | -24% | -19% | n/a | n/a | n/a |
| Plover Bay Technologies 1523.HK | Hong Kong | $959M | -22% | +16% | 42% | 17.7× | 3.8% | +19.9% |
| Hitevision 002955.SZ | China | $928M | +2% | -2% | 3% | 15.4× | n/a | n/a |
| Mirle Automation 2464.TW | Taiwan | $928M | +19% | -4% | 1% | 56.5× | n/a | n/a |
| Beijing Certificate Authority 300579.SZ | China | $912M | -15% | -11% | -11% | n/a | 29.0% | -0.4% |
| Ai Holdings Corporation 3076.T | Japan | $885M | +10% | +28% | 13% | 16.9× | -6.9% | +13.0% |
| ShunSin Technology 6451.TW | Taiwan | $866M | -53% | +8% | 4% | n/a | n/a | n/a |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 15.4× | -9.6% | +0.1% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | n/a | 7.4% | +29.2% |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 29.5× | -6.2% | +4.4% |
| Shandong New Beiyang Information Technology 002376.SZ | China | $794M | -9% | +21% | 0% | n/a | 23.8% | +3.1% |