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Maker of network-security and cloud/hyperconverged-infrastructure products sold to Chinese enterprises and government.
Maker of network-security and cloud/hyperconverged-infrastructure products sold to Chinese enterprises and government.
Sells security appliances and cloud infrastructure mostly through channel partners who handle local sales and installation. Government and financial-sector customers drive order flow, and subscriptions, renewals and upgrades add recurring income after the first sale.
In one line: A Chinese Nutanix/Fortinet hybrid.
Moat: narrow (installed base, switching costs, brand). Established enterprise security/infrastructure vendor with sticky, long-lived customer deployments.
Headquarters: Shenzhen, China · Founded: 2000 · Employees: 7,282
Size Sangfor Technologies (300454.SZ) is a China Information Technology company (Packaged Software) with a market value of $7.84B, the 316th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥122.58 on 6 Nov 2026.
Performance Over six months the shares gained 4.6%, against +7.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 21.1% over the last twelve months (peer median +19.6%); the operating margin is 2.4% (peer median 11.2%).
Valuation It trades at 71.4× forward earnings against a peer median of 52.6× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +39 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 9.4 points below its cost of capital (12.7% WACC).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.70B | CN¥7.98B | CN¥7.76B | CN¥7.92B | CN¥7.67B |
| Revenue growth | — | +3% | -2% | +3% | — |
| Gross profit | CN¥5.75B | CN¥4.50B | CN¥4.64B | CN¥5.02B | CN¥4.74B |
| EBITDA | n/a | CN¥304M | CN¥121M | CN¥150M | CN¥190M |
| Net income | CN¥1.05B | CN¥393M | CN¥197M | CN¥198M | CN¥194M |
| Free cash flow | CN¥2.23B | CN¥1.39B | CN¥705M | CN¥853M | CN¥558M |
| Capital expenditure | CN¥218M | CN¥204M | CN¥408M | CN¥328M | CN¥462M |
| Total debt | CN¥250M | CN¥1.96B | CN¥1.88B | CN¥2.45B | CN¥1.15B |
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 |
|---|---|---|---|---|---|---|
| Sangfor Technologies 300454.SZ | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% |
| Fortinet FTNT | $87.3B | +4% | +20% | 33% | 31.6× | 22.4% |
| NTNX NTNX | $15.9B | +27% | +12% | 11% | 25.0× | 23.0% |
| 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% |
| NSFOCUS Technologies 300369.SZ | $1.29B | +45% | +8% | -4% | 266.0× | 38.1% |
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | n/a |
| Check Point Software Technologies CHKP | $14.7B | +25% | +3% | 28% | 13.4× | -1.7% |
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 | 300454.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.2% | -1.5% | 10th lowest of 21 |
| 6-month return | +4.6% | +7.7% | 10th lowest of 21 |
| Distance from 52-week high | -34.8% | -29.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +21.1% | +19.6% | 10th highest of 21 |
| Operating margin | 2.4% | 11.2% | 9th lowest of 21 |
| Forward P/E | 71.4× | 52.6× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 46.1% | 18.8% | 4th most demanding of 18 |
| Growth delivered (Del g) | +6.9% | +18.8% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | +39.2 pp | -6.5 pp | 2nd most demanding of 18 |
| ROIC minus cost of capital | -9.4 pp | -6.2 pp | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% | +6.9% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 55.6× | 20.7% | +27.1% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 28.2× | 49.7% | +28.8% |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 17.0× | -6.9% | +6.5% |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 357.4× | n/a | n/a |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 55.0× | 18.8% | +44.4% |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 159.5× | n/a | n/a |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% | +16.8% |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 54.7× | 53.7% | +60.8% |
| Clear Secure YOU | United States | $7.55B | -2% | +23% | 26% | 24.2× | 15.8% | +31.3% |
| Dropbox DBX | United States | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% | +5.7% |
| Duolingo DUOL | United States | $7.51B | +49% | +23% | 12% | 52.6× | 19.8% | +45.0% |
| Technology One TNE.AX | Australia | $7.40B | +15% | +14% | 29% | 56.7× | 33.3% | +14.9% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 66.7× | 25.9% | +25.3% |
| InterDigital IDCC | United States | $7.35B | +2% | -12% | 45% | 41.4× | 13.4% | +18.4% |
| Kunlun Tech 300418.SZ | China | $7.33B | -21% | +48% | -21% | 1,291.3× | n/a | n/a |
| Snap SNAP | United States | $8.39B | -18% | +13% | -5% | 32.3× | 2.7% | +18.8% |
| Nemetschek NEM.DE | Germany | $8.39B | +10% | +13% | 26% | 29.9× | 11.1% | +14.8% |
| CSG Digital Power Grid Research Institute 301638.SZ | China | $8.52B | -37% | +18% | 10% | n/a | 18.0% | +8.2% |
| DigitalOcean DOCN | United States | $8.55B | -56% | +28% | 12% | 44.7× | 41.6% | +23.1% |
| 360 Security Technology 601360.SS | China | $8.63B | -26% | +7% | -4% | 172.6× | 55.2% | -5.7% |