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Chinese maker of LED display control systems and video-processing hardware for large-format screens.
Chinese maker of LED display control systems and video-processing hardware for large-format screens.
Sells the control hardware that drives each LED screen, so it earns per screen built rather than per square metre of display, and display brands often design around its software, which keeps repeat orders flowing. Rental and staging companies buy the units used on stages and at events.
In one line: A smaller, China-based Barco/Christie for LED display control.
Moat: narrow (installed base, brand). Widely adopted control-system standard among global LED display integrators.
Headquarters: Xi'an, China · Employees: 2,973
Size Xi'an Novastar Tech (301589.SZ) is a China Information Technology company (Electronics Distributors) with a market value of $2.12B, the 1197th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥155.75 on 6 Nov 2026.
Performance Over six months the shares fell 9.1%, against -13.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +27.4%); the operating margin is 17.0% (peer median 3.8%).
Valuation It trades at 22.0× forward earnings against a peer median of 15.6× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (10.3% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.82B | CN¥3.48B | CN¥3.26B | CN¥3.04B | CN¥2.17B |
| Revenue growth | — | +7% | +7% | +40% | — |
| Gross profit | CN¥2.17B | CN¥1.94B | CN¥1.75B | CN¥1.56B | CN¥990M |
| EBITDA | n/a | CN¥679M | CN¥638M | CN¥636M | CN¥300M |
| Net income | CN¥605M | CN¥588M | CN¥593M | CN¥607M | CN¥308M |
| Free cash flow | CN¥626M | CN¥580M | -CN¥110M | CN¥76.8M | -CN¥291M |
| Capital expenditure | CN¥111M | CN¥97.1M | CN¥140M | CN¥177M | CN¥202M |
| Total debt | CN¥996M | CN¥998M | CN¥655M | CN¥895M | CN¥735M |
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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 | 301589.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | -7.7% | 3rd highest of 21 |
| 6-month return | -9.1% | -13.1% | 9th highest of 21 |
| Distance from 52-week high | -29.2% | -34.7% | 10th highest of 21 |
| Revenue growth (TTM) | +14.9% | +27.4% | 10th lowest of 21 |
| Operating margin | 17.0% | 3.8% | 2nd highest of 21 |
| Forward P/E | 22.0× | 15.6× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.9% | -4.4% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +28.7% | +8.4% | highest of 10 |
| Hurdle (Req g minus delivered) | -12.8 pp | -7.4 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | +2.7 pp | +3.6 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xi'an Novastar Tech 301589.SZ | China | $2.12B | -9% | +15% | 17% | 22.0× | 15.9% | +28.7% |
| ASBISc Enterprises ASB.WA | Poland | $2.17B | +123% | +43% | 4% | 12.6× | 5.9% | +9.5% |
| Shenzhen CECport Technologies 001287.SZ | China | $2.28B | -24% | +138% | 2% | n/a | n/a | n/a |
| SoftwareOne SWON.SW | Switzerland | $2.30B | +11% | +62% | 12% | 12.6× | -5.7% | +8.4% |
| SINBON Electronics 3023.TW | Taiwan | $1.88B | -11% | +9% | 10% | 15.4× | -0.1% | +7.3% |
| Nanjing Sunlord Electronics 300975.SZ | China | $2.40B | -11% | +109% | 8% | n/a | n/a | n/a |
| BIPROGY 8056.T | Japan | $2.47B | -3% | +4% | 10% | 13.1× | -9.5% | +7.1% |
| Daiwabo 3107.T | Japan | $1.79B | +4% | +14% | 3% | 10.8× | -7.7% | +5.3% |
| Qi An Xin Technology 688561.SS | China | $2.61B | -15% | -14% | -45% | n/a | n/a | n/a |
| Shenzhen Yitoa Intelligent Control 300131.SZ | China | $1.68B | -39% | +3% | 0% | n/a | n/a | n/a |
| Wuhan P&S Information Technology 300184.SZ | China | $1.63B | -29% | +48% | 5% | 15.8× | n/a | n/a |
| SeSa SES.MI | Italy | $1.53B | -1% | +11% | 4% | 11.4× | -7.1% | +12.0% |
| Resideo Technologies REZI | United States | $2.95B | +6% | +3% | 8% | 13.8× | n/a | n/a |
| ALSO ALSN.SW | Switzerland | $3.01B | +17% | +29% | 2% | 16.7× | -4.4% | -0.1% |
| Shenzhen Huaqiang Industry 000062.SZ | China | $3.04B | -48% | +48% | 4% | n/a | n/a | n/a |
| Shenzhen Aisidi 002416.SZ | China | $1.44B | -44% | +26% | 1% | 22.1× | n/a | n/a |
| Kyland Technology 300353.SZ | China | $1.42B | -17% | -6% | -6% | 80.9× | n/a | n/a |
| Telling Telecommunication 000829.SZ | China | $1.41B | -21% | +37% | 0% | 153.2× | n/a | n/a |
| Yubico YUBICO.ST | Sweden | $1.40B | +189% | -9% | 9% | 59.8× | 26.3% | +12.4% |
| WinWay Technology 6515.TW | Taiwan | $3.63B | -67% | +45% | 24% | 27.9× | 32.8% | +22.0% |
| HNA Technology 600751.SS | China | $1.11B | -26% | +33% | 0% | n/a | n/a | n/a |