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Employees: 1,208
Size Reach Machinery (301596.SZ) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $733M, the 2971st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥45.21 on 6 Nov 2026.
Performance Over six months the shares fell 7.7%, against -21.0% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +7.8%); the operating margin is 13.8% (peer median 4.5%).
Valuation It trades at 6.0× enterprise value to sales against a peer median of 1.9× (3rd most expensive of 20).
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 +10%, so the hurdle is +23 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 4.6 points above its cost of capital (11.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥757M | CN¥642M | CN¥613M | CN¥581M | CN¥587M |
| Revenue growth | — | +5% | +5% | -1% | — |
| Gross profit | CN¥234M | CN¥189M | CN¥188M | CN¥184M | CN¥162M |
| EBITDA | n/a | CN¥133M | CN¥133M | CN¥134M | CN¥111M |
| Net income | CN¥107M | CN¥105M | CN¥101M | CN¥96.6M | CN¥74.9M |
| Free cash flow | CN¥14.2M | CN¥66.8M | CN¥60.7M | CN¥75.7M | CN¥72.9M |
| Capital expenditure | CN¥42.2M | CN¥36.0M | CN¥29.5M | CN¥17.4M | CN¥20.1M |
| Total debt | CN¥54.9M | CN¥97.2M | CN¥109M | CN¥92.4M | CN¥166M |
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| Measure | 301596.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.2% | -3.2% | 3rd highest of 21 |
| 6-month return | -7.7% | -21.0% | 7th highest of 21 |
| Distance from 52-week high | -32.7% | -42.7% | 8th highest of 21 |
| Revenue growth (TTM) | +15.8% | +7.8% | 8th highest of 21 |
| Operating margin | 13.8% | 4.5% | 4th highest of 21 |
| EV / Sales | 6.0× | 1.9× | 3rd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 32.5% | 14.6% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +9.5% | +7.3% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +22.9 pp | +4.1 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | +4.6 pp | -1.9 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Reach Machinery 301596.SZ | China | $733M | -8% | +16% | 14% | 6.0× | 32.5% | +9.5% |
| Guizhou Guihang Automotive Components 600523.SS | China | $739M | -11% | +7% | 4% | 1.8× | 17.3% | +2.4% |
| Shentong Technology 605228.SS | China | $726M | -28% | +7% | 11% | 2.2× | 7.1% | +4.9% |
| Zhejiang VIE Science & Technology 002590.SZ | China | $723M | -22% | +8% | 4% | 1.0× | 9.1% | +14.5% |
| Changzhou Tenglong Auto Parts 603158.SS | China | $719M | -22% | +9% | 4% | 1.3× | 25.1% | +18.7% |
| Fox Factory FOXF | United States | $748M | 0% | +2% | 5% | 0.9× | 14.6% | +10.5% |
| Mitsuboshi Belting 5192.T | Japan | $716M | +4% | +5% | 10% | 0.9× | -1.1% | +7.3% |
| China Yuchai International CYD | United States | $750M | -57% | +21% | 4% | n/a | n/a | n/a |
| Changchun Engley Automobile Industry 601279.SS | China | $752M | -21% | -15% | -6% | 1.4× | 7.1% | -2.9% |
| Zhejiang Zomax Transmission 603767.SS | China | $711M | -20% | +3% | 1% | 4.6× | 23.6% | -2.7% |
| Changhua 605018.SS | China | $710M | -21% | -7% | -1% | 2.3× | n/a | n/a |
| Shenzhen Dawei Innovation Technology 002213.SZ | China | $756M | -44% | +12% | 3% | 4.2× | n/a | n/a |
| Suprajit Engineering SUPRAJIT.NS | India | $701M | +11% | +18% | 7% | 1.6× | n/a | n/a |
| S.J.S. Enterprises SJS.NS | India | $699M | +3% | +26% | 24% | 6.0× | 20.2% | +30.6% |
| Xuchang Yuandong Drive Shaft 002406.SZ | China | $699M | -24% | +31% | 13% | 1.9× | 2.1% | -6.3% |
| Zhejiang Dehong Automotive Electronic & Electrical 603701.SS | China | $694M | -29% | +35% | 2% | 4.7× | n/a | n/a |
| CIR S.p.A. - Compagnie Industriali Riunite CIR.MI | Italy | $776M | +12% | 0% | 6% | 0.9× | 2.3% | -0.2% |
| PWR PWH.AX | Australia | $776M | +24% | +31% | 16% | 6.9× | 41.7% | +16.6% |
| Chongqing Zhixin Industrial 603352.SS | China | $787M | -35% | +22% | 26% | 1.6× | n/a | n/a |
| Jiangsu Pacific Precision Forging 300258.SZ | China | $789M | -20% | -8% | 2% | 3.1× | n/a | n/a |
| Jiangsu Olive Sensors High-Tech 300507.SZ | China | $671M | -32% | -17% | 5% | 2.1× | 17.1% | +23.1% |