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Employees: 3,036
Size Harbin Dongan Auto Engine (600178.SS) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $603M, the 3404th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.62 on 6 Nov 2026.
Performance Over six months the shares fell 15.5%, against -19.1% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +3.0%); the operating margin is -2.5% (peer median 5.5%).
Valuation It trades at 22.1× forward earnings against a peer median of 13.6× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +13 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 3.6 points below its cost of capital (6.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.61B | CN¥5.72B | CN¥4.62B | CN¥5.40B | CN¥5.76B |
| Revenue growth | — | +24% | -14% | -6% | — |
| Gross profit | CN¥628M | CN¥222M | CN¥180M | CN¥323M | CN¥435M |
| EBITDA | n/a | CN¥362M | CN¥291M | CN¥207M | CN¥294M |
| Net income | -CN¥68.1M | CN¥12.5M | CN¥5.73M | CN¥4.06M | CN¥108M |
| Free cash flow | CN¥112M | CN¥81.1M | -CN¥298M | -CN¥360M | CN¥276M |
| Capital expenditure | CN¥127M | CN¥129M | CN¥120M | CN¥285M | CN¥105M |
| Total debt | CN¥2.65B | CN¥2.16B | CN¥1.53B | CN¥1.94B | CN¥2.06B |
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| Measure | 600178.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.8% | -5.4% | 6th lowest of 21 |
| 6-month return | -15.5% | -19.1% | 11th highest of 21 |
| Distance from 52-week high | -38.4% | -31.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +4.0% | +3.0% | 11th highest of 21 |
| Operating margin | -2.5% | 5.5% | 3rd lowest of 21 |
| Forward P/E | 22.1× | 13.6× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 14.4% | 2.3% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +1.3% | +7.8% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | +13.1 pp | -6.2 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | -3.6 pp | -1.7 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harbin Dongan Auto Engine 600178.SS | China | $603M | -15% | +4% | -3% | 22.1× | 14.4% | +1.3% |
| Wheels India WHEELS.NS | India | $597M | +74% | +17% | 5% | n/a | 10.4% | +17.8% |
| Jiangsu Nonghua Intelligent Agriculture Technology 000816.SZ | China | $597M | -15% | +14% | 6% | n/a | n/a | n/a |
| Shandong Meichen Technology 300237.SZ | China | $613M | +23% | -3% | -7% | n/a | 2.6% | -10.1% |
| GSP Automotive Group Wenzhou 605088.SS | China | $590M | -45% | +15% | 8% | 13.6× | n/a | n/a |
| BeijingWest Industries International 2339.HK | Hong Kong | $589M | -23% | -3% | 1% | n/a | n/a | n/a |
| TPR 6463.T | Japan | $620M | +23% | +1% | 6% | 9.6× | -0.4% | +4.6% |
| Shenzhen Kaizhong Precision Technology 002823.SZ | China | $585M | -27% | +10% | 8% | 13.8× | -3.3% | +8.8% |
| Jamna Auto Industries JAMNAAUTO.NS | India | $580M | +4% | +16% | 13% | 20.1× | 11.8% | +19.3% |
| Npr-riken 6209.T | Japan | $630M | -5% | -3% | 7% | n/a | 2.1% | -3.1% |
| ActBlue 300816.SZ | China | $577M | -34% | +30% | 7% | 26.4× | 21.5% | +9.9% |
| Zhongjie (Jiangsu) Technology 301072.SZ | China | $630M | +63% | +11% | -6% | n/a | n/a | n/a |
| Bando Chemical Industries 5195.T | Japan | $632M | +17% | +6% | 9% | 11.4× | -0.1% | +7.9% |
| Burelle BUR.PA | France | $635M | -23% | -3% | 2% | n/a | -4.4% | +7.6% |
| Landai Technology 002765.SZ | China | $637M | -31% | -2% | -1% | 50.1× | n/a | n/a |
| Dalian Demaishi Precision Technology 301007.SZ | China | $571M | -31% | 0% | 6% | n/a | 34.5% | +7.6% |
| G-Tekt 5970.T | Japan | $570M | +16% | +5% | 5% | 6.2× | n/a | n/a |
| Chongqing Qin'an M&E 603758.SS | China | $567M | -25% | -1% | 6% | 16.6× | 8.8% | +8.2% |
| Jiangsu Changshu Automotive Trim 603035.SS | China | $567M | -23% | +17% | 2% | 11.4× | -8.4% | +26.2% |
| Depo Auto Parts Industrial 6605.TW | Taiwan | $642M | -1% | -6% | 15% | 7.5× | -12.3% | +6.4% |
| Fengjing New Energy Technology 002662.SZ | China | $646M | -27% | -11% | 4% | n/a | 2.6% | -5.0% |