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Chinese maker of intelligent manufacturing and automation equipment, affiliated with the aerospace/defense sector.
Chinese maker of intelligent manufacturing and automation equipment, affiliated with the aerospace/defense sector.
Moat: narrow (parent backing). Aerospace-sector affiliation supports defense-related orders, though automation equipment is competitive.
Headquarters: China · Employees: 6,214
Size Aerospace Intelligent Manufacturing Technology (300446.SZ) is a China Industrials company (Electrical Products) with a market value of $1.48B, the 1653rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.71 on 6 Nov 2026.
Performance Over six months the shares fell 38.3%, against -38.9% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 18 in its peer set.
Growth Revenue fell 14.2% over the last twelve months (peer median +20.5%); the operating margin is 5.1% (peer median 8.3%).
Valuation It trades at 21.3× forward earnings against a peer median of 15.4× (8th most expensive of 16).
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 +133%, so the hurdle is -131 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (8.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.72B | CN¥8.98B | CN¥7.75B | CN¥5.84B | CN¥4.86B |
| Revenue growth | — | +16% | +33% | +20% | — |
| Gross profit | CN¥1.89B | CN¥1.81B | CN¥1.69B | CN¥1.31B | CN¥995M |
| EBITDA | n/a | CN¥1.56B | CN¥1.49B | CN¥1.02B | CN¥884M |
| Net income | CN¥484M | CN¥881M | CN¥792M | CN¥423M | CN¥262M |
| Free cash flow | CN¥379M | CN¥218M | CN¥615M | CN¥409M | CN¥417M |
| Capital expenditure | CN¥412M | CN¥467M | CN¥445M | CN¥431M | CN¥318M |
| Total debt | CN¥1.37B | CN¥1.95B | CN¥1.28B | CN¥2.44B | CN¥2.48B |
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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 | 300446.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -15.0% | 7th highest of 21 |
| 6-month return | -38.3% | -38.9% | 7th highest of 18 |
| Distance from 52-week high | -63.4% | -58.0% | 9th lowest of 21 |
| Revenue growth (TTM) | -14.2% | +20.5% | lowest of 21 |
| Operating margin | 5.1% | 8.3% | 8th lowest of 21 |
| Forward P/E | 21.3× | 15.4× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 2.1% | 14.6% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +133.1% | +13.9% | highest of 10 |
| Hurdle (Req g minus delivered) | -131.0 pp | -10.5 pp | least demanding of 10 |
| ROIC minus cost of capital | +4.0 pp | -4.7 pp | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aerospace Intelligent Manufacturing Technology 300446.SZ | China | $1.48B | -38% | -14% | 5% | 21.3× | 2.1% | +133.1% |
| Inox Wind INOXWIND.NS | India | $1.49B | -39% | +17% | 15% | 15.4× | n/a | n/a |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 15.2× | -0.1% | +13.9% |
| Zhejiang Zhaolong Interconnect Technology Co. Limited 300913.SZ | China | $1.49B | -45% | +29% | 12% | 44.1× | n/a | n/a |
| Hainan Drinda New Energy Technology 002865.SZ | China | $1.49B | -45% | -4% | -13% | n/a | 19.3% | +54.9% |
| Shanghai Electric Wind Power 688660.SS | China | $1.50B | -39% | +69% | -6% | n/a | n/a | n/a |
| Up-Shine Lighting 301362.SZ | China | $1.50B | -39% | +15% | 7% | 29.5× | n/a | n/a |
| Shenzhen Hopewind Electric 603063.SS | China | $1.52B | -50% | -5% | 9% | 24.6× | 14.6% | +12.3% |
| Iljin Electric 103590.KS | South Korea | $1.52B | -65% | +24% | 9% | 11.2× | n/a | n/a |
| Cswind 112610.KS | South Korea | $1.52B | -31% | -8% | 7% | 11.6× | -0.5% | +23.8% |
| Beijing Victory Electric 001393.SZ | China | $1.53B | n/a | +31% | 11% | n/a | n/a | n/a |
| Shandong Hi-tech Spring Material Technology 301292.SZ | China | $1.54B | -46% | +46% | 11% | 31.8× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 11.4× | n/a | n/a |
| Shenzhen SDG Information 000070.SZ | China | $1.55B | -33% | +27% | -1% | n/a | 28.4% | -1.3% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 9.3× | n/a | n/a |
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% | +15.6% |
| Long Young Electronic (Kunshan) 301389.SZ | China | $1.55B | -41% | +103% | 17% | 55.4× | 46.5% | +3.3% |
| Sinfonia Technology 6507.T | Japan | $1.56B | -39% | +9% | 15% | 14.2× | 15.4% | +8.0% |
| Hangzhou Gold Electronic Equipment 301669.SZ | China | $1.56B | n/a | +37% | 9% | n/a | n/a | n/a |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 44.2× | n/a | n/a |
| ERock EROC | United States | $1.56B | n/a | +43% | -19% | 35.8× | 12.5% | +42.5% |