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NORINCO subsidiary making military electro-optical products (sights, rangefinders) alongside civilian photovoltaic (solar) products.
NORINCO subsidiary making military electro-optical products (sights, rangefinders) alongside civilian photovoltaic (solar) products.
In one line: A Chinese defense-optics maker diversified into solar panels.
Moat: narrow (regulatory licence). State-controlled defense-optics licensing under NORINCO restricts competition in its military segment; solar segment is competitive.
Headquarters: Beijing, China · Employees: 2,345
Size North Electro-Optic (600184.SS) is a China Industrials company (Aerospace & Defense) with a market value of $1.26B, the 1893rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.46 on 6 Nov 2026.
Performance Over six months the shares fell 33.9%, against -12.8% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 23.1% over the last twelve months (peer median +16.6%); the operating margin is 0.5% (peer median 5.0%).
Valuation It trades at 4.0× enterprise value to sales against a peer median of 6.0× (9th cheapest of 21).
Capital Return on invested capital runs 7.7 points below its cost of capital (10.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.05B | CN¥2.44B | CN¥1.29B | CN¥2.20B | CN¥2.50B |
| Revenue growth | — | +88% | -41% | -12% | — |
| Gross profit | CN¥504M | CN¥414M | CN¥106M | CN¥346M | CN¥338M |
| EBITDA | n/a | CN¥143M | -CN¥116M | CN¥126M | CN¥125M |
| Net income | CN¥39.1M | CN¥51.1M | -CN¥206M | CN¥69.2M | CN¥71.0M |
| Free cash flow | -CN¥451M | -CN¥541M | -CN¥102M | -CN¥543M | -CN¥548M |
| Capital expenditure | CN¥325M | CN¥179M | CN¥153M | CN¥114M | CN¥148M |
| Total debt | CN¥532M | CN¥603M | CN¥608M | CN¥612M | CN¥874M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| North Electro-Optic 600184.SS | $1.26B | -34% | +23% | 0% | 4.0× | n/a |
| North Navigation Control Technology 600435.SS | $2.65B | -19% | -32% | -5% | 5.7× | 17.1% |
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 | 600184.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.8% | -2.7% | 5th lowest of 21 |
| 6-month return | -33.9% | -12.8% | 6th lowest of 21 |
| Distance from 52-week high | -56.9% | -34.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +23.1% | +16.6% | 8th highest of 21 |
| Operating margin | 0.5% | 5.0% | 7th lowest of 21 |
| EV / Sales | 4.0× | 6.0× | 9th cheapest of 21 |
| ROIC minus cost of capital | -7.7 pp | -5.3 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | 4.0× | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | 2.5× | -4.2% | +7.4% |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 1.7× | n/a | n/a |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 3.4× | n/a | n/a |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | 16.2× | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 9.2× | 49.7% | +2.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | 6.5× | n/a | n/a |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 1.9× | n/a | n/a |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 2.5× | 16.9% | +8.6% |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 18.5× | n/a | n/a |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | 6.7× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 1.7× | 4.1% | +11.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 10.4× | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 5.5× | n/a | n/a |
| Guanglian Aviation Industry 300900.SZ | China | $1.07B | -51% | +1% | -10% | 8.6× | n/a | n/a |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 8.3× | 31.7% | +21.0% |
| Paras Defence & Space Technologies PARAS.NS | India | $1.06B | +43% | +42% | 23% | 17.7× | n/a | n/a |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | 10.3× | n/a | n/a |
| National Presto Industries NPK | United States | $1.02B | 0% | +21% | 9% | 1.9× | 8.3% | +7.4% |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 1.5× | 26.1% | +10.6% |
| Vincorion V1NC.DE | Germany | $982M | -5% | +18% | 12% | 4.1× | 38.0% | +47.5% |