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China's primary main battle tank and armored vehicle manufacturer, part of the NORINCO defense group.
China's primary main battle tank and armored vehicle manufacturer, part of the NORINCO defense group.
Sells armoured vehicles to the Chinese military under state procurement contracts, so deliveries, approvals and defence budgets set revenue rather than market competition. It sits within NORINCO, the state defence group, and also makes heavy machinery and parts for civil use.
In one line: China's state tank/armored-vehicle maker, akin to a Chinese General Dynamics Land Systems.
Moat: wide (regulatory licence, installed base). Sole/primary domestic producer of main battle tanks under NORINCO, a state-protected defense monopoly position.
Headquarters: Baotou, Inner Mongolia, China · Founded: 1954 · Employees: 6,685
Size Inner Mongolia First Machinery (600967.SS) is a China Industrials company (Aerospace & Defense) with a market value of $3.22B, the 801st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.73 on 6 Nov 2026.
Performance Over six months the shares fell 9.7%, against -16.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 7.3% over the last twelve months (peer median +1.9%); the operating margin is 0.1% (peer median 0.8%).
Valuation It trades at 26.0× forward earnings against a peer median of 51.1× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +44 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 6.0 points below its cost of capital (7.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.81B | CN¥10.0B | CN¥9.78B | CN¥9.96B | CN¥14.3B |
| Revenue growth | — | +2% | -2% | -30% | — |
| Gross profit | CN¥1.19B | CN¥1.17B | CN¥1.15B | CN¥1.51B | CN¥1.57B |
| EBITDA | n/a | CN¥485M | CN¥591M | CN¥877M | CN¥851M |
| Net income | CN¥198M | CN¥335M | CN¥500M | CN¥851M | CN¥823M |
| Free cash flow | CN¥202M | CN¥726M | -CN¥3.40B | CN¥881M | -CN¥4.49B |
| Capital expenditure | CN¥230M | CN¥230M | CN¥195M | CN¥191M | CN¥194M |
| Total debt | CN¥1.43B | CN¥4.18B | CN¥2.48B | CN¥3.30B | CN¥3.61B |
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 |
|---|---|---|---|---|---|---|
| Inner Mongolia First Machinery 600967.SS | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| Hyundai Rotem 064350.KS | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% |
| Hanwha Aerospace 012450.KS | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
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 | 600967.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | +0.4% | 8th lowest of 21 |
| 6-month return | -9.7% | -16.5% | 7th highest of 21 |
| Distance from 52-week high | -40.5% | -38.8% | 9th lowest of 21 |
| Revenue growth (TTM) | -7.3% | +1.9% | 6th lowest of 20 |
| Operating margin | 0.1% | 0.8% | 10th lowest of 21 |
| Forward P/E | 26.0× | 51.1× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 38.2% | 22.7% | 4th most demanding of 12 |
| Growth delivered (Del g) | -5.4% | +8.1% | lowest of 12 |
| Hurdle (Req g minus delivered) | +43.7 pp | +10.3 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -6.0 pp | -5.4 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 22.5× | 20.4% | +7.3% |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | n/a | 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% |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 64.0× | n/a | n/a |
| Jiangxi Hongdu Aviation Industry 600316.SS | China | $3.77B | -4% | +62% | 0% | 121.0× | 53.4% | +8.0% |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% | +54.5% |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 106.5× | n/a | n/a |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| 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% |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |