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Shanghai state-owned electronics conglomerate (INESA group) with instrumentation, semiconductor-material and smart-technology businesses.
Shanghai state-owned electronics conglomerate (INESA group) with instrumentation, semiconductor-material and smart-technology businesses.
Moat: none. Diversified state-owned holding company; businesses compete on their own merits, not group scale.
Headquarters: Shanghai, China · Employees: 2,263
Size INESA Intelligent Tech (600602.SS) is a China Information Technology company (Electronic Components) with a market value of $2.60B, the 995th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.10 on 6 Nov 2026.
Performance Over six months the shares fell 30.6%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +23.2%); the operating margin is 2.2% (peer median 13.4%).
Valuation It trades at 71.9× forward earnings against a peer median of 22.5× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +26 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 4.3 points below its cost of capital (7.9% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.06B | CN¥6.34B | CN¥5.67B | CN¥5.25B | CN¥4.52B |
| Revenue growth | — | +12% | +8% | +16% | — |
| Gross profit | CN¥1.08B | CN¥1.01B | CN¥1.03B | CN¥894M | CN¥828M |
| EBITDA | n/a | CN¥236M | CN¥232M | CN¥119M | CN¥75.4M |
| Net income | CN¥215M | CN¥194M | CN¥203M | CN¥193M | CN¥181M |
| Free cash flow | CN¥539M | CN¥411M | -CN¥156M | CN¥358M | CN¥26.0M |
| Capital expenditure | CN¥97.7M | CN¥183M | CN¥516M | CN¥103M | CN¥204M |
| Total debt | CN¥664M | CN¥571M | CN¥564M | CN¥803M | CN¥350M |
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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 | 600602.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -18.7% | 3rd highest of 21 |
| 6-month return | -30.6% | -20.7% | 8th lowest of 21 |
| Distance from 52-week high | -41.5% | -48.2% | 8th highest of 21 |
| Revenue growth (TTM) | -2.5% | +23.2% | lowest of 21 |
| Operating margin | 2.2% | 13.4% | 3rd lowest of 21 |
| Forward P/E | 71.9× | 22.5× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 32.7% | 15.3% | most demanding of 11 |
| Growth delivered (Del g) | +6.7% | +10.4% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +26.0 pp | -0.8 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -4.3 pp | -1.6 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| INESA Intelligent Tech 600602.SS | China | $2.60B | -31% | -2% | 2% | 71.9× | 32.7% | +6.7% |
| Daeduck Electronics 353200.KS | South Korea | $2.61B | -37% | +56% | 16% | 15.0× | 15.3% | +11.8% |
| Optowide Technologies 688195.SS | China | $2.57B | -60% | +68% | 17% | 100.1× | n/a | n/a |
| FIT Hon Teng 6088.HK | Hong Kong | $2.63B | -67% | +11% | 5% | 10.5× | n/a | n/a |
| Primarius Technologies 688206.SS | China | $2.63B | -2% | +30% | -9% | 331.6× | n/a | n/a |
| Zhejiang Lante Optics 688127.SS | China | $2.56B | -45% | +59% | 31% | 27.8× | 20.5% | +28.5% |
| Knowles KN | United States | $2.65B | -11% | +16% | 15% | 19.1× | 26.3% | -4.9% |
| Shenzhen JOVE Enterprise 300814.SZ | China | $2.65B | -14% | +44% | 7% | n/a | n/a | n/a |
| Aoshikang Technology 002913.SZ | China | $2.52B | +2% | +25% | 10% | 34.0× | n/a | n/a |
| HONG RI DA Technology 301285.SZ | China | $2.50B | -22% | +14% | -13% | 424.7× | n/a | n/a |
| Zhuzhou Hongda Electronics 300726.SZ | China | $2.43B | -20% | +11% | 26% | 35.2× | 27.3% | +6.1% |
| MLOPTIC 688502.SS | China | $2.78B | -26% | +44% | 5% | 204.0× | n/a | n/a |
| EZconn 6442.TW | Taiwan | $2.40B | -51% | +30% | 27% | 16.2× | 15.3% | +34.3% |
| Bel Fuse BELFA | United States | $2.87B | -38% | +21% | 17% | 13.5× | 18.0% | +7.7% |
| Citizen Watch 7762.T | Japan | $2.90B | +3% | +17% | 10% | 12.8× | 10.1% | +10.9% |
| China Zhenhua (Group) Science & Technology 000733.SZ | China | $2.93B | -17% | -1% | 14% | 23.3× | 4.0% | +7.8% |
| Jenoptik JEN.DE | Germany | $2.30B | -21% | -2% | 12% | 18.6× | 10.3% | +11.2% |
| Xiamen Hengkun New Material Technology 688727.SS | China | $2.28B | -33% | +20% | 9% | n/a | n/a | n/a |
| Hefei Meyer Optoelectronic Technology 002690.SZ | China | $2.25B | -3% | +3% | 31% | 18.5× | 9.2% | +10.0% |
| Fulltech Fiber Glass 1815.TWO | Taiwan | $2.18B | +6% | +49% | 26% | 21.6× | n/a | n/a |
| Shenglan Technology 300843.SZ | China | $2.16B | +2% | +45% | 8% | 66.5× | n/a | n/a |