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Chinese precision auto-parts maker based in Ningbo; specific product line not independently confirmed.
Chinese precision auto-parts maker based in Ningbo; specific product line not independently confirmed.
Moat: none
Headquarters: Ningbo, Zhejiang, China · Employees: 1,108
Size Ningbo Hengshuai (300969.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $2.07B, the 1219th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥84.20 on 6 Nov 2026.
Performance Over six months the shares fell 3.7%, against -24.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +9.7%); the operating margin is 15.2% (peer median 5.1%).
Valuation It trades at 75.9× forward earnings against a peer median of 17.3× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +21 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 3.9 points above its cost of capital (11.3% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.09B | CN¥942M | CN¥956M | CN¥918M | CN¥735M |
| Revenue growth | — | -1% | +4% | +25% | — |
| Gross profit | CN¥323M | CN¥269M | CN¥314M | CN¥312M | CN¥232M |
| EBITDA | n/a | CN¥211M | CN¥256M | CN¥246M | CN¥168M |
| Net income | CN¥155M | CN¥167M | CN¥214M | CN¥202M | CN¥146M |
| Free cash flow | CN¥112M | CN¥146M | CN¥140M | CN¥112M | CN¥54.6M |
| Capital expenditure | CN¥90.7M | CN¥72.3M | CN¥95.7M | CN¥152M | CN¥116M |
| Total debt | CN¥142M | CN¥418M | CN¥89.5M | CN¥107M | CN¥67.1M |
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| Measure | 300969.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.1% | -8.6% | 2nd highest of 21 |
| 6-month return | -3.7% | -24.7% | 4th highest of 21 |
| Distance from 52-week high | -32.1% | -41.0% | 6th highest of 21 |
| Revenue growth (TTM) | +15.8% | +9.7% | 8th highest of 21 |
| Operating margin | 15.2% | 5.1% | 2nd highest of 21 |
| Forward P/E | 75.9× | 17.3× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 43.2% | 9.0% | most demanding of 15 |
| Growth delivered (Del g) | +22.7% | +8.9% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | +20.5 pp | +1.8 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +3.9 pp | -0.2 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Hengshuai 300969.SZ | China | $2.07B | -4% | +16% | 15% | 75.9× | 43.2% | +22.7% |
| Jiangnan Mould & Plastic Technology 000700.SZ | China | $2.05B | +24% | -3% | 5% | 23.6× | 11.9% | +3.1% |
| SPR Auto Technologies SHRIPISTON.NS | India | $2.10B | +19% | +47% | 14% | 30.5× | 31.3% | +22.9% |
| Ningbo Jifeng Auto Parts 603997.SS | China | $2.13B | -8% | +21% | 4% | 17.3× | n/a | n/a |
| Autel Intelligent Technology 688208.SS | China | $2.14B | -37% | +14% | 19% | 13.2× | 5.0% | +25.2% |
| Ningbo Xusheng 603305.SS | China | $1.98B | -26% | +12% | 7% | 27.5× | 9.2% | +22.1% |
| Dana DAN | United States | $2.17B | -38% | -9% | 4% | 6.1× | 8.8% | +1.1% |
| Belrise Industries BELRISE.NS | India | $2.19B | -6% | +12% | 8% | 31.6× | 18.6% | +13.0% |
| Hesai 2525.HK | Hong Kong | $2.20B | -39% | +39% | 1% | 34.2× | n/a | n/a |
| Keboda Technology 603786.SS | China | $2.20B | -32% | -1% | 10% | 20.4× | n/a | n/a |
| IKD 600933.SS | China | $2.21B | -16% | +26% | 14% | 13.3× | n/a | n/a |
| Forvia FRVIA.PA | France | $1.93B | -20% | -32% | 5% | n/a | -8.3% | +8.1% |
| Chongqing Zongshen Power Machinery 001696.SZ | China | $2.25B | -24% | -5% | 5% | 17.3× | 7.6% | +9.6% |
| Toyota Boshoku 3116.T | Japan | $2.28B | -9% | +8% | 2% | 7.7× | -7.3% | +9.9% |
| Huada Automotive Technology 603358.SS | China | $2.28B | +3% | +5% | -3% | 24.7× | n/a | n/a |
| Weifu High-Technology 000581.SZ | China | $2.29B | -11% | +17% | -3% | 10.2× | 16.4% | -1.4% |
| Visteon VC | United States | $1.87B | -34% | +2% | 5% | 8.0× | 5.3% | +8.1% |
| Foryou 002906.SZ | China | $1.87B | -25% | +28% | 5% | 13.9× | n/a | n/a |
| Hanon Systems 018880.KS | South Korea | $2.31B | -28% | +5% | 4% | 12.3× | 3.6% | +9.6% |
| Shanghai Aerospace Automobile Electromechanical 600151.SS | China | $1.83B | -41% | -19% | -10% | n/a | 34.7% | -9.9% |
| Tenneco Clean Air India TENNIND.NS | India | $1.81B | -35% | +22% | 14% | 24.9× | 14.4% | +3.8% |