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Maker of automated production-line equipment for lithium-ion battery manufacturing, a major supplier to CATL and other cell makers.
Maker of automated production-line equipment for lithium-ion battery manufacturing, a major supplier to CATL and other cell makers.
Sells entire production lines, not single machines, and books much of the revenue only after the customer accepts the line, often a year or more after the order, so orders and reported sales are out of step. CATL has been its largest customer, giving it exposure to one buyer's expansion plans. Founder Wang Yanqing remains the controlling shareholder.
In one line: A Chinese Applied Materials for battery-cell manufacturing lines.
Moat: narrow (customer qualification, scale, process know-how). Deeply qualified equipment partner to CATL with broad battery-line manufacturing expertise.
Headquarters: Wuxi, Jiangsu, China · Founded: 1999 · Employees: 15,173
Size Wuxi Lead Intelligent Equipment (300450.SZ) is a China Industrials company (Industrial Machinery) with a market value of $7.88B, the 313th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥32.53 on 6 Nov 2026.
Performance Over six months the shares fell 41.1%, against -14.6% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 28.0% over the last twelve months (peer median +9.8%); the operating margin is 10.4% (peer median 13.7%).
Valuation It trades at 22.9× forward earnings against a peer median of 22.2× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.9 points above its cost of capital (11.9% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥16.9B | CN¥14.4B | CN¥11.8B | CN¥16.5B | CN¥13.9B |
| Revenue growth | — | +22% | -28% | +19% | — |
| Gross profit | CN¥5.71B | CN¥4.63B | CN¥3.96B | CN¥5.68B | CN¥5.10B |
| EBITDA | n/a | CN¥2.24B | CN¥632M | CN¥2.27B | CN¥2.72B |
| Net income | CN¥1.97B | CN¥1.56B | CN¥286M | CN¥1.77B | CN¥2.32B |
| Free cash flow | CN¥6.54B | CN¥4.40B | -CN¥2.44B | -CN¥1.41B | CN¥715M |
| Capital expenditure | CN¥468M | CN¥555M | CN¥873M | CN¥552M | CN¥987M |
| Total debt | CN¥7.87B | CN¥7.55B | CN¥8.17B | CN¥5.63B | CN¥6.29B |
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 |
|---|---|---|---|---|---|---|
| Wuxi Lead Intelligent Equipment 300450.SZ | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% |
| Shenzhen Yinghe Technology 300457.SZ | $1.84B | -34% | +27% | 6% | 18.6× | 11.4% |
| Zhejiang HangKe Technology 688006.SS | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% |
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 | 300450.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.5% | -9.2% | 10th lowest of 21 |
| 6-month return | -41.1% | -14.6% | 5th lowest of 21 |
| Distance from 52-week high | -51.8% | -52.0% | 11th highest of 21 |
| Revenue growth (TTM) | +28.0% | +9.8% | 7th highest of 21 |
| Operating margin | 10.4% | 13.7% | 6th lowest of 21 |
| Forward P/E | 22.9× | 22.2× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.4% | 14.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +19.9% | +7.4% | 4th highest of 14 |
| Hurdle (Req g minus delivered) | -9.5 pp | +13.1 pp | least demanding of 14 |
| ROIC minus cost of capital | +4.9 pp | -0.9 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wuxi Lead Intelligent Equipment 300450.SZ | China | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% | +19.9% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Rational Aktiengesellschaft RAA.DE | Germany | $7.95B | -4% | +6% | 27% | 26.1× | 14.8% | +14.2% |
| Han's Laser Technology Industry 002008.SZ | China | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% | +9.5% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| Zoomlion Heavy Industry Science & Technology 1157.HK | Hong Kong | $7.63B | -36% | +23% | 7% | 8.1× | 12.6% | -5.0% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| GlobalWafers 6488.TWO | Taiwan | $8.15B | -23% | -6% | 11% | 21.4× | n/a | n/a |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| Robotechnik Intelligent Technology 300757.SZ | China | $7.37B | -42% | +203% | 9% | 219.2× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Shenzhen Han's CNC Technology 3200.HK | Hong Kong | $8.58B | -66% | +109% | 21% | 9.9× | n/a | n/a |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| IMI IMI.L | United Kingdom | $8.81B | +3% | +8% | 21% | 19.9× | 14.3% | +4.8% |
| Beijing E-Town Semiconductor Technology 688729.SS | China | $8.94B | -14% | +10% | 12% | 52.3× | n/a | n/a |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Guangdong Dtech Technology 301377.SZ | China | $9.23B | -18% | +119% | 36% | 50.9× | n/a | n/a |
| NIBE Industrier NIBE-B.ST | Sweden | $9.25B | +7% | +2% | 10% | 27.3× | 13.5% | +8.5% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |