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Makes industrial temperature-control equipment (liquid chillers, cooling units, heat exchangers) for machine tools, energy storage and chip equipment.
Makes industrial temperature-control equipment (liquid chillers, cooling units, heat exchangers) for machine tools, energy storage and chip equipment.
Makes temperature-control units that are built into customers' machines, so sales follow the investment cycles of its end markets: machine tools, chip equipment, power electronics and, more recently, energy storage and data-centre liquid cooling. Three individuals jointly control the company.
Moat: narrow (customer qualification, process know-how). Units are engineered into customers' machines and qualified over time; wide end-market range but many niche rivals.
Headquarters: Sanhe, China · Founded: 2001 · Employees: 2,526
Size Sanhe Tongfei Refrigeration (300990.SZ) is a China Industrials company (Industrial Machinery) with a market value of $1.69B, the 1473rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥65.88 on 6 Nov 2026.
Performance Over six months the shares fell 18.1%, against -16.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 22.6% over the last twelve months (peer median +12.2%); the operating margin is 7.7% (peer median 11.7%).
Valuation It trades at 29.9× forward earnings against a peer median of 18.4× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 31% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (14.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.50B | CN¥2.86B | CN¥2.15B | CN¥1.83B | CN¥1.00B |
| Revenue growth | — | +33% | +17% | +83% | — |
| Gross profit | CN¥768M | CN¥593M | CN¥429M | CN¥472M | CN¥253M |
| EBITDA | n/a | CN¥327M | CN¥213M | CN¥225M | CN¥131M |
| Net income | CN¥281M | CN¥253M | CN¥153M | CN¥182M | CN¥128M |
| Free cash flow | CN¥502M | CN¥165M | CN¥24.1M | -CN¥172M | -CN¥220M |
| Capital expenditure | CN¥74.6M | CN¥26.2M | CN¥91.9M | CN¥211M | CN¥272M |
| Total debt | CN¥47.4M | CN¥11.4M | CN¥10.1M | CN¥126M | CN¥1.87M |
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 |
|---|---|---|---|---|---|---|
| Sanhe Tongfei Refrigeration 300990.SZ | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% |
| Shenzhen Envicool Technology 002837.SZ | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% |
| Guangdong Shenling Environmental Systems 301018.SZ | $3.42B | -27% | +45% | 5% | 64.8× | n/a |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | $1.06B | -40% | +28% | 5% | 51.7× | n/a |
| Smc 6273.T | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% |
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 | 300990.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.3% | -6.6% | 4th lowest of 21 |
| 6-month return | -18.1% | -16.4% | 10th lowest of 21 |
| Distance from 52-week high | -47.7% | -43.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +22.6% | +12.2% | 7th highest of 21 |
| Operating margin | 7.7% | 11.7% | 9th lowest of 21 |
| Forward P/E | 29.9× | 18.4× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 31.4% | 9.9% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +36.2% | +9.0% | highest of 15 |
| Hurdle (Req g minus delivered) | -4.8 pp | -1.1 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | -0.5 pp | +0.5 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanhe Tongfei Refrigeration 300990.SZ | China | $1.69B | -18% | +23% | 8% | 29.9× | 31.4% | +36.2% |
| Fujian Snowman 002639.SZ | China | $1.70B | -18% | +9% | 1% | n/a | n/a | n/a |
| Volution FAN.L | United Kingdom | $1.68B | +7% | +16% | 20% | 15.7× | 13.7% | +12.2% |
| ATS ATS.TO | Canada | $1.68B | -49% | +7% | 6% | 15.9× | 8.7% | +15.8% |
| Tsubakimoto Chain 6371.T | Japan | $1.68B | +7% | +20% | 8% | 10.3× | 2.0% | +8.9% |
| Shanghai Hanbell Precise Machinery 002158.SZ | China | $1.67B | -24% | -5% | 15% | 19.3× | 16.3% | +5.2% |
| Psk 319660.KS | South Korea | $1.66B | -12% | +32% | 25% | 14.4× | 6.1% | +11.5% |
| Triveni Turbine TRITURBINE.NS | India | $1.66B | -14% | +18% | 17% | 42.5× | 45.8% | +25.4% |
| Harbin Boshi Automation 002698.SZ | China | $1.66B | -15% | -2% | 18% | 19.3× | 5.3% | +9.1% |
| Beijing Worldia Diamond Tools 688028.SS | China | $1.66B | -37% | +22% | 16% | 71.0× | n/a | n/a |
| Shaanxi Aerospace Power Hi-Tech 600343.SS | China | $1.65B | -50% | -15% | -24% | n/a | n/a | n/a |
| Ningbo PIA Automation 688306.SS | China | $1.74B | +3% | +7% | 4% | 190.6× | 35.2% | +8.7% |
| Xizi Clean Energy Equipment Manufacturing 002534.SZ | China | $1.74B | -19% | -2% | 3% | 44.5× | 25.7% | +3.1% |
| Chang Wah Technology 6548.TWO | Taiwan | $1.65B | +9% | +25% | 15% | 17.5× | 9.2% | +6.8% |
| TerraVest Industries TVK.TO | Canada | $1.64B | -17% | +46% | 8% | 26.4× | 10.6% | +35.1% |
| Kennametal KMT | United States | $1.76B | -36% | +32% | 31% | 8.9× | n/a | n/a |
| KSB SE & Co. KGaA KSB.DE | Germany | $1.63B | -3% | +2% | 7% | 10.3× | -3.2% | +6.6% |
| Precision Tsugami (China) 1651.HK | Hong Kong | $1.62B | -35% | +24% | 28% | 7.7× | -13.9% | +9.8% |
| Shareate Tools 688257.SS | China | $1.78B | -42% | +69% | 25% | 11.4× | n/a | n/a |
| Beijing OriginWater Technology 300070.SZ | China | $1.78B | -16% | -10% | 5% | 54.1× | 17.0% | -4.1% |
| Zhejiang Jiecang Linear Motion Technology 603583.SS | China | $1.60B | -4% | +5% | 8% | 26.0× | n/a | n/a |