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NORINCO subsidiary making precision guidance, navigation and control systems for munitions, plus optoelectronics and automotive electronics.
NORINCO subsidiary making precision guidance, navigation and control systems for munitions, plus optoelectronics and automotive electronics.
In one line: A Chinese state precision-guidance-systems maker.
Moat: narrow (regulatory licence, IP / patents). State-controlled defense-electronics licensing under NORINCO restricts competition to approved suppliers.
Headquarters: Beijing, China · Employees: 2,170
Size North Navigation Control Technology (600435.SS) is a China Industrials company (Aerospace & Defense) with a market value of $2.65B, the 976th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.69 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -12.6% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue fell 31.9% over the last twelve months (peer median +0.6%); the operating margin is -5.3% (peer median 1.2%).
Valuation It trades at 97.4× forward earnings against a peer median of 33.9× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +10 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 10.2 points below its cost of capital (8.1% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.01B | CN¥4.17B | CN¥2.73B | CN¥3.52B | CN¥3.82B |
| Revenue growth | — | +53% | -23% | -8% | — |
| Gross profit | CN¥435M | CN¥587M | CN¥546M | CN¥798M | CN¥750M |
| EBITDA | n/a | CN¥180M | CN¥161M | CN¥337M | CN¥303M |
| Net income | -CN¥75.8M | CN¥121M | CN¥59.0M | CN¥192M | CN¥185M |
| Free cash flow | CN¥486M | -CN¥297M | -CN¥641M | CN¥83.2M | CN¥372M |
| Capital expenditure | CN¥92.4M | CN¥140M | CN¥113M | CN¥127M | CN¥99.4M |
| Total debt | CN¥237M | CN¥631M | CN¥344M | CN¥544M | CN¥919M |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| North Navigation Control Technology 600435.SS | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% |
| North Electro-Optic 600184.SS | $1.26B | -34% | +23% | 0% | n/a | n/a |
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 | 600435.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | -0.5% | 5th highest of 20 |
| 6-month return | -19.1% | -12.6% | 8th lowest of 20 |
| Distance from 52-week high | -48.2% | -37.6% | 7th lowest of 21 |
| Revenue growth (TTM) | -31.9% | +0.6% | 2nd lowest of 19 |
| Operating margin | -5.3% | 1.2% | 7th lowest of 21 |
| Forward P/E | 97.4× | 33.9× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 17.1% | 22.7% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +6.8% | +8.1% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +10.3 pp | +15.5 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | -10.2 pp | -4.8 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | n/a | n/a | n/a |
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% | +26.0% |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | n/a | n/a |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | n/a | n/a | n/a |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 15.3× | 0.1% | +8.5% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 38.2× | 22.7% | +14.4% |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 33.9× | 9.1% | +8.1% |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |