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Chinese auto parts maker supplying chassis, NVH (vibration-damping) and lightweight/thermal-management components, a key supplier to Tesla.
Chinese auto parts maker supplying chassis, NVH (vibration-damping) and lightweight/thermal-management components, a key supplier to Tesla.
Wins a design slot on a vehicle program years before launch, then supplies parts for its life, so revenue follows the production volume of the models it is on and the amount of its content per car. It began in vibration-damping parts, then added chassis, air suspension and thermal parts. The Wu family has controlled it since its founding in 1983.
In one line: China's Magna International supplier arm, with a big Tesla relationship.
Moat: narrow (customer qualification, process know-how). Deep design-in relationship with Tesla and Chinese NEV makers built on precision lightweighting/NVH expertise.
Headquarters: Ningbo, China · Founded: 1999 · Employees: 26,123
Size Ningbo Tuopu (601689.SS) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $11.7B, the 214th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥44.71 on 6 Nov 2026.
Performance Over six months the shares fell 25.7%, against -3.9% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +9.3%); the operating margin is 9.1% (peer median 10.8%).
Valuation It trades at 29.9× forward earnings against a peer median of 22.3× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 points above its cost of capital (9.4% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥31.3B | CN¥29.5B | CN¥26.5B | CN¥19.6B | CN¥16.0B |
| Revenue growth | — | +11% | +35% | +23% | — |
| Gross profit | CN¥7.41B | CN¥5.41B | CN¥5.24B | CN¥4.29B | CN¥3.29B |
| EBITDA | n/a | CN¥5.15B | CN¥4.93B | CN¥3.67B | CN¥2.73B |
| Net income | CN¥2.47B | CN¥2.78B | CN¥3.00B | CN¥2.15B | CN¥1.70B |
| Free cash flow | CN¥1.26B | CN¥1.02B | CN¥140M | CN¥189M | -CN¥3.13B |
| Capital expenditure | CN¥3.23B | CN¥3.50B | CN¥3.15B | CN¥3.18B | CN¥5.43B |
| Total debt | CN¥10.1B | CN¥11.0B | CN¥10.6B | CN¥10.4B | CN¥9.56B |
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 Tuopu 601689.SS | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% |
| Ningbo Joyson Electronic 600699.SS | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% |
| Magna International MG.TO | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
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 | 601689.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +2.0% | 8th highest of 21 |
| 6-month return | -25.7% | -3.9% | 2nd lowest of 21 |
| Distance from 52-week high | -47.7% | -19.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +11.0% | +9.3% | 11th highest of 21 |
| Operating margin | 9.1% | 10.8% | 10th lowest of 21 |
| Forward P/E | 29.9× | 22.3× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.3% | 8.6% | 8th most demanding of 18 |
| Growth delivered (Del g) | +35.4% | +7.7% | highest of 18 |
| Hurdle (Req g minus delivered) | -20.1 pp | +3.7 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | +2.0 pp | +2.9 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Tuopu 601689.SS | China | $11.7B | -26% | +11% | 9% | 29.9× | 15.3% | +35.4% |
| Cummins India CUMMINSIND.NS | India | $11.9B | -25% | +15% | 19% | 43.5× | 39.5% | +22.7% |
| Trelleborg TREL-B.ST | Sweden | $10.1B | +19% | +2% | 19% | 22.9× | 9.6% | +2.6% |
| Aisin 7259.T | Japan | $9.78B | -14% | +6% | 4% | 10.0× | -0.3% | +7.7% |
| Donaldson DCI | United States | $9.77B | -2% | +5% | 16% | 19.5× | 8.3% | +6.4% |
| Allison Transmission ALSN | United States | $9.65B | -6% | +71% | 20% | 11.0× | 2.6% | +7.7% |
| Niterra 5334.T | Japan | $9.01B | +5% | +16% | 19% | 9.9× | 4.0% | +11.3% |
| Autoliv ALV | United States | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% | +7.7% |
| Bosch BOSCHLTD.NS | India | $15.8B | +34% | +14% | 12% | 49.7× | 46.8% | +15.7% |
| Magna International MG.TO | Canada | $16.1B | +4% | 0% | 6% | 8.2× | 0.1% | +6.0% |
| HELLA GmbH & Co. KGaA HLE.DE | Germany | $8.26B | -7% | -1% | 5% | 34.7× | 2.4% | +6.1% |
| UNO Minda UNOMINDA.NS | India | $8.11B | +16% | +19% | 8% | 53.6× | 46.9% | +25.0% |
| Knorr-Bremse KBX.DE | Germany | $17.1B | -9% | +4% | 13% | 20.7× | 8.6% | +4.9% |
| Huayu Automotive Systems 600741.SS | China | $7.87B | -11% | +1% | 3% | 7.9× | -15.5% | +6.6% |
| Samvardhana Motherson International MOTHERSON.NS | India | $17.9B | +22% | +14% | 6% | 30.2× | 30.9% | +17.0% |
| Jiangsu Hengli Hydraulic 601100.SS | China | $17.9B | -15% | +31% | 24% | 38.2× | 24.0% | +6.9% |
| ITT ITT | United States | $18.4B | 0% | +28% | 17% | 21.6× | 20.9% | +9.7% |
| Huizhou Desay SV Automotive 002920.SZ | China | $7.12B | -23% | +12% | 7% | 17.5× | n/a | n/a |
| Anhui Jianghuai Automobile 600418.SS | China | $6.48B | -60% | +23% | -2% | 44.4× | n/a | n/a |
| Zhejiang Sling Intelligent Drive 301550.SZ | China | $6.34B | +14% | +7% | 19% | 230.9× | n/a | n/a |
| Wanxiang Qianchao 000559.SZ | China | $6.24B | -22% | -4% | 8% | 36.7× | 21.2% | +4.2% |