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Employees: 6,143
Size Jiangsu Changshu Automotive Trim (603035.SS) is a China Consumer Discretionary company (Auto Parts: OEM) with a market value of $567M, the 3562nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.32 on 6 Nov 2026.
Performance Over six months the shares fell 23.4%, against -19.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 16.6% over the last twelve months (peer median +6.1%); the operating margin is 2.4% (peer median 5.5%).
Valuation It trades at 11.4× forward earnings against a peer median of 21.5× (2nd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -35 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points above its cost of capital (5.3% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.70B | CN¥7.09B | CN¥5.65B | CN¥4.59B | CN¥3.66B |
| Revenue growth | — | +26% | +23% | +25% | — |
| Gross profit | CN¥1.40B | CN¥802M | CN¥802M | CN¥882M | CN¥736M |
| EBITDA | n/a | CN¥845M | CN¥891M | CN¥789M | CN¥722M |
| Net income | CN¥186M | CN¥346M | CN¥425M | CN¥546M | CN¥512M |
| Free cash flow | CN¥513M | -CN¥59.3M | CN¥78.9M | -CN¥479M | CN¥248M |
| Capital expenditure | CN¥132M | CN¥274M | CN¥363M | CN¥464M | CN¥330M |
| Total debt | CN¥2.95B | CN¥3.03B | CN¥2.29B | CN¥2.69B | CN¥2.10B |
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| Measure | 603035.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.7% | -10.0% | 5th highest of 21 |
| 6-month return | -23.4% | -19.2% | 10th lowest of 21 |
| Distance from 52-week high | -42.5% | -45.1% | 10th highest of 21 |
| Revenue growth (TTM) | +16.6% | +6.1% | 5th highest of 21 |
| Operating margin | 2.4% | 5.5% | 8th lowest of 21 |
| Forward P/E | 11.4× | 21.5× | 2nd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -8.4% | 11.8% | least demanding of 12 |
| Growth delivered (Del g) | +26.2% | +9.9% | highest of 12 |
| Hurdle (Req g minus delivered) | -34.7 pp | -1.1 pp | least demanding of 12 |
| ROIC minus cost of capital | +1.6 pp | -2.3 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Changshu Automotive Trim 603035.SS | China | $567M | -23% | +17% | 2% | 11.4× | -8.4% | +26.2% |
| Chongqing Qin'an M&E 603758.SS | China | $567M | -25% | -1% | 6% | 16.6× | 8.8% | +8.2% |
| G-Tekt 5970.T | Japan | $570M | +16% | +5% | 5% | 6.2× | n/a | n/a |
| Dalian Demaishi Precision Technology 301007.SZ | China | $571M | -31% | 0% | 6% | n/a | 34.5% | +7.6% |
| Hamaton Automotive Technology 300643.SZ | China | $559M | -10% | +7% | 18% | n/a | 6.4% | +9.1% |
| ActBlue 300816.SZ | China | $577M | -34% | +30% | 7% | 26.4× | 21.5% | +9.9% |
| Jamna Auto Industries JAMNAAUTO.NS | India | $580M | +4% | +16% | 13% | 20.1× | 11.8% | +19.3% |
| Shenzhen Kaizhong Precision Technology 002823.SZ | China | $585M | -27% | +10% | 8% | 13.8× | -3.3% | +8.8% |
| Shanghai Kelai Mechatronics Engineering 603960.SS | China | $549M | -37% | +4% | 0% | 45.0× | n/a | n/a |
| BeijingWest Industries International 2339.HK | Hong Kong | $589M | -23% | -3% | 1% | n/a | n/a | n/a |
| Shanghai Sinotec 603121.SS | China | $546M | -46% | +2% | -2% | 30.2× | n/a | n/a |
| GSP Automotive Group Wenzhou 605088.SS | China | $590M | -45% | +15% | 8% | 13.6× | n/a | n/a |
| Zhejiang Xiantong Rubber & Plastic 603239.SS | China | $540M | -44% | +9% | 14% | 20.8× | 8.6% | +19.8% |
| Jiangsu Nonghua Intelligent Agriculture Technology 000816.SZ | China | $597M | -15% | +14% | 6% | n/a | n/a | n/a |
| Lumax Industries LUMAXIND.NS | India | $539M | 0% | +29% | 6% | 22.4× | 22.7% | +23.8% |
| Wheels India WHEELS.NS | India | $597M | +74% | +17% | 5% | n/a | 10.4% | +17.8% |
| Shenzhen Soling Industrial 002766.SZ | China | $538M | -11% | -57% | -29% | n/a | n/a | n/a |
| Wuhu Sanlian Forging 001282.SZ | China | $537M | -23% | +2% | 5% | 24.8× | n/a | n/a |
| Hyliion HYLN | United States | $534M | +22% | +163% | -649% | n/a | n/a | n/a |
| Harbin Dongan Auto Engine 600178.SS | China | $603M | -15% | +4% | -3% | 22.1× | 14.4% | +1.3% |
| Ningbo Fangzheng Automobile Mould 300998.SZ | China | $532M | -5% | +2% | -3% | n/a | 57.3% | +14.9% |