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Chinese aerospace forging specialist making large precision-forged titanium and superalloy components for aircraft and engines.
Chinese aerospace forging specialist making large precision-forged titanium and superalloy components for aircraft and engines.
In one line: A Chinese aerospace forgings maker, akin to a smaller Precision Castparts forging unit.
Moat: narrow (process know-how, customer qualification). Large isothermal-forging capability for aerospace-grade titanium/superalloys is capital-intensive and qualification-heavy.
Headquarters: Xi'an, China · Founded: 2004 · Employees: 699
Size Xi'an Triangle Defense (300775.SZ) is a China Industrials company (Aerospace & Defense) with a market value of $1.50B, the 1634th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.30 on 6 Nov 2026.
Performance Over six months the shares fell 38.6%, against -11.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue fell 28.7% over the last twelve months (peer median +14.7%); the operating margin is 2.0% (peer median 6.9%).
Valuation It trades at 17.6× forward earnings against a peer median of 25.4× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +11 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 5.4 points below its cost of capital (7.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.05B | CN¥1.58B | CN¥1.58B | CN¥2.47B | CN¥1.87B |
| Revenue growth | — | 0% | -36% | +32% | — |
| Gross profit | CN¥399M | CN¥614M | CN¥529M | CN¥1.06B | CN¥852M |
| EBITDA | n/a | CN¥504M | CN¥381M | CN¥864M | CN¥736M |
| Net income | CN¥41.4M | CN¥389M | CN¥380M | CN¥815M | CN¥625M |
| Free cash flow | CN¥242M | CN¥76.5M | -CN¥976M | -CN¥334M | CN¥44.9M |
| Capital expenditure | CN¥90.0M | CN¥203M | CN¥413M | CN¥294M | CN¥383M |
| Total debt | CN¥1.36B | CN¥1.59B | CN¥2.68B | CN¥2.15B | CN¥1.65B |
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 |
|---|---|---|---|---|---|---|
| Xi'an Triangle Defense 300775.SZ | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% |
| Baimtec Material 688563.SS | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% |
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 | 300775.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | -6.8% | 10th highest of 21 |
| 6-month return | -38.6% | -11.5% | 4th lowest of 20 |
| Distance from 52-week high | -62.9% | -37.4% | 4th lowest of 21 |
| Revenue growth (TTM) | -28.7% | +14.7% | 3rd lowest of 21 |
| Operating margin | 2.0% | 6.9% | 9th lowest of 21 |
| Forward P/E | 17.6× | 25.4× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 31.7% | 11.5% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +21.0% | +9.6% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +10.7 pp | +4.1 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | -5.4 pp | -5.5 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |