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Chinese maker of electric heating elements and PTC heaters used in home appliances and vehicles.
Chinese maker of electric heating elements and PTC heaters used in home appliances and vehicles.
In one line: A small heating-element component supplier.
Moat: none. Component supplier in a competitive, price-sensitive heating-element market.
Headquarters: Hangzhou, China · Employees: 2,564
Size Hangzhou Heatwell Electric Heating Technology (603075.SS) is a China Consumer Discretionary company (Electronics/Appliances) with a market value of $1.05B, the 2209th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.39 on 6 Nov 2026.
Performance Over six months the shares fell 26.1%, against -15.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +4.0%); the operating margin is 15.2% (peer median 5.4%).
Valuation It trades at 2.9× enterprise value to sales against a peer median of 1.9× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 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 9.0 points above its cost of capital (9.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.28B | CN¥2.12B | CN¥1.92B | CN¥1.67B | CN¥1.68B |
| Revenue growth | — | +10% | +15% | -1% | — |
| Gross profit | CN¥714M | CN¥590M | CN¥543M | CN¥461M | CN¥441M |
| EBITDA | n/a | CN¥468M | CN¥429M | CN¥368M | CN¥341M |
| Net income | CN¥314M | CN¥323M | CN¥300M | CN¥250M | CN¥242M |
| Free cash flow | CN¥337M | CN¥248M | CN¥143M | CN¥259M | CN¥16.8M |
| Capital expenditure | CN¥102M | CN¥115M | CN¥128M | CN¥136M | CN¥280M |
| Total debt | CN¥247M | CN¥479M | CN¥526M | CN¥481M | CN¥721M |
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.
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 | 603075.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.2% | -5.9% | 5th lowest of 21 |
| 6-month return | -26.1% | -15.5% | 7th lowest of 20 |
| Distance from 52-week high | -39.9% | -40.9% | 11th highest of 21 |
| Revenue growth (TTM) | +10.7% | +4.0% | 9th highest of 21 |
| Operating margin | 15.2% | 5.4% | 5th highest of 21 |
| EV / Sales | 2.9× | 1.9× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | 9.9% | 6th least demanding of 12 |
| Growth delivered (Del g) | +7.9% | +6.4% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | +1.1 pp | -4.9 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +9.0 pp | +1.7 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Heatwell Electric Heating Technology 603075.SS | China | $1.05B | -26% | +11% | 15% | 2.9× | 9.0% | +7.9% |
| Ningbo Fujia Industrial 603219.SS | China | $1.03B | -26% | +3% | 4% | 2.1× | n/a | n/a |
| XGimi Technology 688696.SS | China | $1.01B | +7% | +4% | 2% | 1.8× | n/a | n/a |
| Hefei I-TEK OptoElectronics 688610.SS | China | $1.01B | +18% | +72% | 14% | 9.3× | n/a | n/a |
| Whirlpool Of India WHIRLPOOL.NS | India | $1.11B | -16% | +6% | 2% | 1.3× | 47.2% | +6.4% |
| Woori Technology 032820.KS | South Korea | $984M | -64% | -2% | -12% | 18.1× | n/a | n/a |
| Ningbo Hicon Industry Technology 001237.SZ | China | $969M | n/a | -10% | 14% | 1.5× | 9.9% | -10.3% |
| Whirlpool China 600983.SS | China | $936M | -13% | -2% | 11% | 1.4× | -7.2% | -1.9% |
| Actions Technology 688049.SS | China | $1.25B | -1% | +26% | 17% | 6.1× | n/a | n/a |
| Harvia HARVIA.HE | Finland | $858M | +7% | +12% | 19% | 3.8× | 14.0% | +12.8% |
| Guangdong Hongjing Optoelectronic Technology 301479.SZ | China | $810M | -46% | +19% | 8% | 3.0× | n/a | n/a |
| JS Global Lifestyle 1691.HK | Hong Kong | $808M | +9% | 0% | 0% | 0.3× | 23.1% | -16.8% |
| Guoguang Electric 002045.SZ | China | $807M | -13% | -17% | -4% | 1.1× | n/a | n/a |
| Guangdong TCL Smart Home Appliances 002668.SZ | China | $1.37B | -12% | +4% | 12% | 0.5× | -18.7% | +17.4% |
| Ningbo Dechang Electrical Machinery Made 605555.SS | China | $794M | -29% | +11% | 2% | 1.1× | 11.9% | +16.8% |
| Bear Electric Appliance 002959.SZ | China | $794M | -18% | -7% | 7% | 0.9× | -6.6% | +7.5% |
| Guangdong Xinbao Electrical Appliances 002705.SZ | China | $1.38B | -25% | -4% | 4% | 0.7× | -2.7% | +4.2% |
| Tamron 7740.T | Japan | $1.39B | +22% | +2% | 17% | 2.1× | 5.9% | +12.0% |
| Gettop Acoustic 002655.SZ | China | $1.39B | -19% | +11% | 2% | 6.4× | n/a | n/a |
| OneRobotics (Shenzhen) 6600.HK | Hong Kong | $1.41B | -55% | +48% | -9% | 8.4× | n/a | n/a |
| Alliance Material 3595.TWO | Taiwan | $760M | -71% | +200% | 35% | 50.4× | 45.5% | -2.5% |