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Employees: 818
Size Changzhou Xiangming Intelligent Drive System (301226.SZ) is a China Industrials company (Electrical Products) with a market value of $450M, the 4107th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥27.55 on 6 Nov 2026.
Performance Over six months the shares fell 28.6%, against -25.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +3.9%); the operating margin is 1.0% (peer median 1.9%).
Valuation It trades at 4.8× enterprise value to sales against a peer median of 2.3× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +40 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 3.2 points below its cost of capital (8.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥531M | CN¥506M | CN¥507M | CN¥579M | CN¥639M |
| Revenue growth | — | 0% | -12% | -9% | — |
| Gross profit | CN¥129M | CN¥95.8M | CN¥87.1M | CN¥105M | CN¥125M |
| EBITDA | n/a | CN¥39.0M | CN¥42.0M | CN¥58.3M | CN¥75.6M |
| Net income | CN¥7.89M | CN¥16.6M | CN¥29.3M | CN¥41.0M | CN¥64.7M |
| Free cash flow | CN¥28.9M | CN¥56.8M | CN¥33.6M | -CN¥14.1M | CN¥5.63M |
| Capital expenditure | CN¥31.7M | CN¥31.3M | CN¥30.9M | CN¥62.9M | CN¥80.8M |
| Total debt | CN¥6.79M | CN¥23.5M | CN¥30.4M | CN¥36.7M | CN¥60.4M |
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| Measure | 301226.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.6% | -12.5% | 7th lowest of 21 |
| 6-month return | -28.6% | -25.7% | 10th lowest of 21 |
| Distance from 52-week high | -44.9% | -46.1% | 10th highest of 21 |
| Revenue growth (TTM) | +4.1% | +3.9% | 11th highest of 21 |
| Operating margin | 1.0% | 1.9% | 10th lowest of 21 |
| EV / Sales | 4.8× | 2.3× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 38.8% | 18.1% | 3rd most demanding of 10 |
| Growth delivered (Del g) | -1.6% | +4.0% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +40.4 pp | +4.6 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | -3.2 pp | -4.2 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Changzhou Xiangming Intelligent Drive System 301226.SZ | China | $450M | -29% | +4% | 1% | 4.8× | 38.8% | -1.6% |
| Lanzhou Greatwall Electrcal 600192.SS | China | $453M | -17% | -6% | -23% | 3.0× | n/a | n/a |
| Takaoka Toko 6617.T | Japan | $443M | -40% | +6% | 9% | 0.5× | 2.3% | +4.0% |
| Shanghai Morn Electric Equipment 002451.SZ | China | $443M | -30% | -4% | 2% | 2.5× | n/a | n/a |
| Daewon Cable 006340.KS | South Korea | $457M | -49% | +38% | 2% | 0.8× | n/a | n/a |
| Lutian Machinery 605259.SS | China | $441M | -15% | 0% | 7% | 0.9× | n/a | n/a |
| Guizhou Taiyong-Changzheng Technology 002927.SZ | China | $439M | -28% | -3% | -3% | 3.6× | 56.9% | +1.7% |
| Senci Electric Machinery 603109.SS | China | $460M | -33% | -3% | 4% | 1.0× | 18.1% | +13.4% |
| Arisawa Mfg.Co 5208.T | Japan | $437M | -24% | +18% | 10% | 1.2× | n/a | n/a |
| Zhejiang Hengwei Battery 301222.SZ | China | $437M | -40% | +4% | 13% | 3.1× | n/a | n/a |
| Sichuan Huati Lighting Technology 603679.SS | China | $436M | +11% | +4% | -25% | 6.2× | n/a | n/a |
| Song Chuan Precision 7788.TW | Taiwan | $467M | +15% | +34% | 9% | 2.3× | n/a | n/a |
| Transtech Optelecom Science 9963.HK | Hong Kong | $467M | +63% | +76% | -3% | 18.2× | 54.9% | -18.2% |
| SolaX Power Network Technology (Zhejiang) 688717.SS | China | $468M | -68% | +57% | 0% | 0.5× | n/a | n/a |
| Cheng Mei Materials Technology 4960.TW | Taiwan | $470M | -36% | -7% | -14% | 1.9× | n/a | n/a |
| Tianneng Power International 0819.HK | Hong Kong | $470M | -47% | +6% | 1% | 0.2× | -1.3% | -0.6% |
| Shilchar Technologies SHILCTECH.NS | India | $429M | -20% | -9% | 22% | 5.9× | 15.7% | +40.8% |
| Taier Heavy Industry 002347.SZ | China | $471M | -22% | -1% | -7% | 2.9× | 18.1% | +6.1% |
| JinGuan Electric 688517.SS | China | $428M | -4% | -1% | 8% | 3.9× | 18.3% | +6.6% |
| Maxell 6810.T | Japan | $474M | +2% | +6% | 6% | 0.6× | -1.1% | -1.4% |
| Jiangsu Ruitai New Energy Materials 301238.SZ | China | $474M | -34% | +50% | -5% | n/a | n/a | n/a |