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Chinese state-owned automotive research institute providing vehicle testing, certification and R&D consulting.
Chinese state-owned automotive research institute providing vehicle testing, certification and R&D consulting.
Paid per project: automakers and suppliers buy testing, certification and engineering work for each model, so income follows the pace of new-vehicle launches and the tightening of standards. Based in Chongqing, it also helps test to national standards.
In one line: A China-based automotive testing/certification body, like a UL for cars.
Moat: narrow (regulatory licence, installed base). State-backed testing/certification role gives it a quasi-regulatory position.
Headquarters: Chongqing, China · Employees: 3,453
Size China Automotive Engineering Research Institute (601965.SS) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $2.18B, the 1171st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.82 on 6 Nov 2026.
Performance Over six months the shares fell 8.0%, against +3.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +13.3%); the operating margin is 24.2% (peer median 18.0%).
Valuation It trades at 13.2× forward earnings against a peer median of 21.8× (4th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (5.3% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.24B | CN¥4.95B | CN¥4.72B | CN¥4.08B | CN¥3.28B |
| Revenue growth | — | +5% | +16% | +25% | — |
| Gross profit | CN¥2.71B | CN¥2.18B | CN¥2.01B | CN¥1.69B | CN¥1.41B |
| EBITDA | n/a | CN¥1.68B | CN¥1.49B | CN¥1.21B | CN¥1.04B |
| Net income | CN¥1.09B | CN¥1.06B | CN¥900M | CN¥836M | CN¥689M |
| Free cash flow | CN¥462M | CN¥266M | -CN¥214M | CN¥408M | CN¥312M |
| Capital expenditure | CN¥1.01B | CN¥972M | CN¥725M | CN¥498M | CN¥488M |
| Total debt | CN¥2.22B | CN¥2.09B | CN¥736M | CN¥556M | CN¥405M |
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 |
|---|---|---|---|---|---|---|
| China Automotive Engineering Research Institute 601965.SS | $2.18B | -8% | +12% | 24% | 13.2× | -5.6% |
| Centre Testing International 300012.SZ | $3.96B | -5% | +15% | 16% | 22.1× | 14.2% |
| GRG Metrology & Test 002967.SZ | $1.72B | -16% | +13% | 13% | 22.7× | 3.9% |
| Sgs SGSN.SW | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% |
| Intertek ITRK.L | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% |
| UL Solutions ULS | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% |
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 | 601965.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | +0.5% | 8th highest of 21 |
| 6-month return | -8.0% | +3.1% | 9th lowest of 21 |
| Distance from 52-week high | -27.7% | -26.4% | 11th highest of 21 |
| Revenue growth (TTM) | +12.1% | +13.3% | 8th lowest of 19 |
| Operating margin | 24.2% | 18.0% | 5th highest of 20 |
| Forward P/E | 13.2× | 21.8× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | 7.8% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +7.9% | +19.5% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -13.5 pp | -8.8 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +5.3 pp | +1.8 pp | 5th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Automotive Engineering Research Institute 601965.SS | China | $2.18B | -8% | +12% | 24% | 13.2× | -5.6% | +7.9% |
| Firstsource Solutions FSL.NS | India | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% | +13.5% |
| Sagility SAGILITY.NS | India | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% | +19.5% |
| Biocytogen Pharmaceuticals (Beijing) 688796.SS | China | $2.22B | -19% | +40% | 24% | 92.6× | 32.3% | +41.1% |
| TIC Solutions TIC | United States | $2.26B | +5% | +39% | -1% | n/a | 51.8% | n/a |
| Suzhou Nanomicro Technology 688690.SS | China | $2.31B | +17% | +26% | 25% | 57.1× | 35.3% | +35.2% |
| Sigurd Microelectronics 6257.TW | Taiwan | $2.33B | -19% | +12% | 22% | 14.0× | n/a | n/a |
| Ardentec 3264.TWO | Taiwan | $2.36B | -30% | +32% | 30% | 12.3× | 5.2% | +7.7% |
| V2X VVX | United States | $2.39B | +9% | +13% | 4% | 11.3× | -1.4% | +26.3% |
| Anhui XDLK Microsystem 688582.SS | China | $1.95B | -36% | -38% | 21% | 37.3× | 55.7% | +37.0% |
| Shanghai GenTech 688596.SS | China | $2.42B | +56% | +4% | 2% | 76.5× | n/a | n/a |
| Heron Neutron Medical 7799.TW | Taiwan | $1.94B | +15% | n/a | -5,071% | 380.6× | n/a | n/a |
| S-1 012750.KS | South Korea | $2.45B | +14% | +1% | 7% | 21.8× | -1.2% | +5.4% |
| Xi'an Taijin New Energy & Materials Sci-Tech 688813.SS | China | $1.93B | -13% | n/a | n/a | n/a | n/a | n/a |
| KWS SAAT SE & Co KGaA KWS.DE | Germany | $2.48B | -12% | -3% | 15% | 13.2× | -8.2% | +4.4% |
| Jiangsu Guotai International 002091.SZ | China | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% | +5.5% |
| Insperity NSP | United States | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% | +9.7% |
| Visional 4194.T | Japan | $2.51B | +32% | +24% | 25% | 20.2× | -2.4% | +28.2% |
| CECEP Environmental Protection 300140.SZ | China | $2.51B | -18% | -2% | 23% | n/a | -1.2% | +26.0% |
| International Gemological Institute IGIL.NS | India | $1.86B | +12% | +21% | 58% | 24.4× | 14.6% | +37.6% |
| Focus Technology 002315.SZ | China | $1.86B | -1% | +14% | 24% | 22.1× | 3.2% | +10.6% |