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Global automotive safety-systems maker (airbags, seatbelts, steering wheels) formed via acquisition of US-based Key Safety Systems and parts of Takata.
Global automotive safety-systems maker (airbags, seatbelts, steering wheels) formed via acquisition of US-based Key Safety Systems and parts of Takata.
Wins supply programmes from carmakers years before production and is paid per part, with prices typically agreed in advance and trimmed each year, so profit depends on factory efficiency and vehicle volumes. Most revenue comes from the safety business built from Key Safety Systems, bought in 2016, which absorbed Takata's operations in 2018. Preh, bought in 2011, supplies the electronics.
In one line: A Chinese-owned Autoliv/TRW combined.
Moat: narrow (scale, customer qualification, IP / patents). Global scale and safety-critical OEM qualification from the Key Safety Systems/Takata acquisitions.
Headquarters: Ningbo, Zhejiang, China · Founded: 2004 · Employees: 44,142
Size Ningbo Joyson Electronic (600699.SS) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $4.44B, the 578th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.74 on 6 Nov 2026.
Performance Over six months the shares fell 27.3%, against -11.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 5.5% over the last twelve months (peer median +7.3%); the operating margin is 4.7% (peer median 6.8%).
Valuation It trades at 21.9× forward earnings against a peer median of 13.5× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points above its cost of capital (6.3% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥57.2B | CN¥61.1B | CN¥55.8B | CN¥55.7B | CN¥49.7B |
| Revenue growth | — | +10% | 0% | +12% | — |
| Gross profit | CN¥12.4B | CN¥10.7B | CN¥8.67B | CN¥7.73B | CN¥5.12B |
| EBITDA | n/a | CN¥7.03B | CN¥6.16B | CN¥5.29B | CN¥3.54B |
| Net income | CN¥1.17B | CN¥1.34B | CN¥960M | CN¥1.08B | CN¥394M |
| Free cash flow | CN¥633M | CN¥1.19B | CN¥1.42B | CN¥708M | -CN¥1.08B |
| Capital expenditure | CN¥3.77B | CN¥4.31B | CN¥3.21B | CN¥3.77B | CN¥3.30B |
| Total debt | CN¥25.6B | CN¥25.7B | CN¥24.9B | CN¥20.6B | CN¥20.7B |
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 |
|---|---|---|---|---|---|---|
| Ningbo Joyson Electronic 600699.SS | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% |
| Autoliv ALV | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% |
| Toyoda Gosei 7282.T | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% |
| Tokai Rika 6995.T | $1.57B | 0% | +5% | 5% | 9.9× | -4.6% |
| Visteon VC | $1.87B | -34% | +2% | 5% | 8.0× | 5.3% |
| Mobis 012330.KS | $22.3B | -18% | +4% | 6% | 8.3× | -1.0% |
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 | 600699.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -4.0% | 9th highest of 21 |
| 6-month return | -27.3% | -11.7% | 7th lowest of 21 |
| Distance from 52-week high | -40.2% | -29.0% | 9th lowest of 21 |
| Revenue growth (TTM) | -5.5% | +7.3% | 3rd lowest of 21 |
| Operating margin | 4.7% | 6.8% | 7th lowest of 21 |
| Forward P/E | 21.9× | 13.5× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 0.9% | 7th least demanding of 17 |
| Growth delivered (Del g) | +5.0% | +9.4% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -6.1 pp | -8.8 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +1.9 pp | +0.4 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Joyson Electronic 600699.SS | China | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% | +5.0% |
| Koito Manufacturing 7276.T | Japan | $4.27B | -6% | +6% | 6% | 13.3× | -0.8% | +6.1% |
| Gentex GNTX | United States | $4.19B | -15% | +8% | 19% | 9.9× | -4.7% | +8.5% |
| Atmus Filtration Technologies ATMU | United States | $4.13B | -9% | +13% | 17% | 16.2× | 8.1% | +7.4% |
| Suzhou Inovance Automotive 301656.SZ | China | $4.95B | -31% | +28% | 1% | 676.0× | n/a | n/a |
| Jiangsu Xinquan Automotive Trim 603179.SS | China | $5.07B | +5% | +12% | 6% | 33.5× | n/a | n/a |
| Fulin Precision 300432.SZ | China | $3.84B | -47% | +95% | 5% | 20.2× | n/a | n/a |
| Inter Cars CAR.WA | Poland | $3.83B | +38% | +12% | 6% | 13.9× | 9.5% | +18.3% |
| Jtekt 6473.T | Japan | $3.82B | -1% | +4% | 5% | 11.4× | 1.2% | +9.1% |
| Toyoda Gosei 7282.T | Japan | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% | +9.7% |
| ZCZL Industrial Technology 601717.SS | China | $3.80B | -19% | -1% | 8% | 6.3× | -9.8% | +9.4% |
| Garrett Motion GTX | United States | $3.72B | -31% | +7% | 15% | 9.9× | -6.9% | +3.4% |
| Lear LEA | United States | $5.31B | -21% | +4% | 4% | 6.9× | -1.3% | +6.4% |
| Bethel Automotive Safety Systems 603596.SS | China | $3.70B | -11% | +21% | 10% | 16.0× | 7.0% | +31.7% |
| Linamar LNR.TO | Canada | $3.63B | -9% | +9% | 9% | 7.1× | -8.4% | +12.0% |
| Aumovio AMV0.DE | Germany | $3.57B | -12% | -6% | -6% | n/a | 10.2% | n/a |
| Zhejiang Yinlun Machinery 002126.SZ | China | $3.53B | -39% | +28% | 7% | 23.0× | 14.6% | +19.9% |
| Brembo BRE.MI | Italy | $5.62B | -11% | -3% | 7% | 13.7× | 17.3% | +10.9% |
| CIE Automotive CIE.MC | Spain | $3.46B | -11% | +4% | 14% | 8.5× | -6.7% | +6.5% |
| Schaeffler SHA0.DE | Germany | $5.83B | -45% | -1% | 2% | 18.4× | 10.7% | +13.3% |
| Sensteed Hi-Tech 000981.SZ | China | $3.36B | -42% | -15% | -39% | n/a | n/a | n/a |