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Employees: 815
Size Delixi New Energy Technology (603032.SS) is a China Industrials company (Other Transportation) with a market value of $550M, the 3633rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.64 on 6 Nov 2026.
Performance Over six months the shares fell 32.9%, against -15.3% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 27.2% over the last twelve months (peer median +0.6%); the operating margin is 17.3% (peer median 8.7%).
Valuation It trades at 68.0× forward earnings against a peer median of 15.2× (most expensive of 8).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +61%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.1 points below its cost of capital (12.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥615M | CN¥556M | CN¥362M | CN¥558M | CN¥578M |
| Revenue growth | — | +53% | -35% | -4% | — |
| Gross profit | CN¥220M | CN¥182M | CN¥99.1M | CN¥274M | CN¥356M |
| EBITDA | CN¥157M | CN¥125M | CN¥77.8M | CN¥201M | CN¥230M |
| Net income | CN¥73.6M | CN¥42.6M | -CN¥151M | CN¥108M | CN¥163M |
| Free cash flow | CN¥43.5M | CN¥42.8M | CN¥68.5M | CN¥333M | CN¥100M |
| Capital expenditure | CN¥32.3M | CN¥22.5M | CN¥36.3M | CN¥19.5M | CN¥22.4M |
| Total debt | n/a | CN¥154M | CN¥256M | CN¥237M | CN¥283M |
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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 | 603032.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.8% | -5.2% | 3rd lowest of 21 |
| 6-month return | -32.9% | -15.3% | 3rd lowest of 21 |
| Distance from 52-week high | -49.2% | -31.9% | 5th lowest of 21 |
| Revenue growth (TTM) | +27.2% | +0.6% | highest of 21 |
| Operating margin | 17.3% | 8.7% | 6th highest of 21 |
| Forward P/E | 68.0× | 15.2× | most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | 33.8% | 0.2% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +61.4% | +7.0% | highest of 18 |
| Hurdle (Req g minus delivered) | -27.6 pp | -6.6 pp | least demanding of 18 |
| ROIC minus cost of capital | -6.1 pp | -1.2 pp | 6th lowest of 21 |
| EV / EBITDA | 23.3× | 9.5× | 2nd most expensive of 9 |
| Net debt / EBITDA | -0.2× | -0.7× | 5th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Delixi New Energy Technology 603032.SS | China | $550M | -33% | +27% | 17% | 68.0× | 33.8% | +61.4% |
| China Hi-Tech 600730.SS | China | $548M | -31% | +16% | -32% | n/a | n/a | n/a |
| Hainan Haiqi Transportation 603069.SS | China | $548M | -32% | -22% | -20% | 23.1× | n/a | n/a |
| Bohai Ferry 603167.SS | China | $565M | -10% | -5% | 14% | 11.0× | -8.4% | +9.6% |
| Anhui Jiuhuashan Tourism Development 603199.SS | China | $573M | -5% | +6% | 32% | 16.5× | -4.0% | +21.3% |
| Nanjing Port 002040.SZ | China | $576M | -21% | +2% | 31% | n/a | -4.8% | +6.7% |
| Shanghai Shentong Metro 600834.SS | China | $520M | -9% | +1% | 8% | n/a | 11.4% | +14.6% |
| Transport International 0062.HK | Hong Kong | $592M | -16% | +1% | 6% | n/a | -8.6% | +6.4% |
| Guangdong Great River Smarter Logistics 002930.SZ | China | $507M | -43% | +5% | -8% | 49.3× | 8.9% | +7.1% |
| Beijing Changjiu Logistics 603569.SS | China | $502M | -17% | -47% | -1% | 10.5× | 6.2% | -2.0% |
| Sichuan Fulin Transportation 002357.SZ | China | $496M | -10% | -2% | -8% | n/a | 43.1% | +5.3% |
| Tianjin Port Development 3382.HK | Hong Kong | $478M | -14% | -21% | 21% | n/a | -8.3% | -5.5% |
| Zhuhai Port 000507.SZ | China | $638M | -9% | 0% | 12% | n/a | -2.0% | +4.5% |
| Guangzhou Hangxin Aviation Technology 300424.SZ | China | $457M | -35% | -1% | -3% | n/a | 3.2% | +7.5% |
| Yuexiu Transport Infrastructure 1052.HK | Hong Kong | $699M | -19% | +9% | 36% | 6.2× | 0.1% | +7.4% |
| Subaru Enterprise 9632.T | Japan | $424M | +48% | 0% | 15% | n/a | -6.0% | +1.5% |
| Heilongjiang Transport Development 601188.SS | China | $746M | +13% | -4% | 27% | n/a | 0.4% | +7.0% |
| AZ-COM Maruwa 9090.T | Japan | $760M | -1% | +9% | 5% | 15.2× | n/a | n/a |
| Jiangsu Lianyungang Port 601008.SS | China | $765M | -13% | +5% | 15% | n/a | 1.9% | +9.7% |
| Ningxia Western Venture Industrial 000557.SZ | China | $807M | -21% | +7% | 9% | n/a | 0.2% | +8.3% |
| Longzhou 002682.SZ | China | $371M | -27% | +5% | -17% | n/a | 9.9% | -7.4% |