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LED lighting maker under Zhejiang's Hengdian Group, selling lamps and fixtures domestically and for export.
LED lighting maker under Zhejiang's Hengdian Group, selling lamps and fixtures domestically and for export.
Moat: none (parent backing). LED lighting is highly competitive and commoditized despite Hengdian Group's backing.
Headquarters: Dongyang, Zhejiang, China · Employees: 3,915
Size Hengdian Group Tospo Lighting (603303.SS) is a China Industrials company (Electrical Products) with a market value of $1.86B, the 1350th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.00 on 6 Nov 2026.
Performance Over six months the shares gained 43.8%, against -21.3% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +6.3%); the operating margin is 1.4% (peer median 8.0%).
Valuation It trades at 70.3× forward earnings against a peer median of 21.4× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +36 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 5.8 points below its cost of capital (8.6% WACC).
Next results Next results expected around 8 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.66B | CN¥4.32B | CN¥4.42B | CN¥4.69B | CN¥4.64B |
| Revenue growth | — | -2% | -6% | +1% | — |
| Gross profit | CN¥720M | CN¥661M | CN¥774M | CN¥831M | CN¥702M |
| EBITDA | n/a | CN¥297M | CN¥335M | CN¥418M | CN¥365M |
| Net income | CN¥132M | CN¥264M | CN¥347M | CN¥376M | CN¥340M |
| Free cash flow | CN¥406M | CN¥490M | CN¥478M | CN¥676M | CN¥772M |
| Capital expenditure | CN¥138M | CN¥88.9M | CN¥89.7M | CN¥108M | CN¥156M |
| Total debt | CN¥2.49B | CN¥1.05B | CN¥970M | CN¥916M | CN¥527M |
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 |
|---|---|---|---|---|---|---|
| Hengdian Group Tospo Lighting 603303.SS | $1.86B | +44% | +5% | 1% | 70.3× | 35.6% |
| Opple Lighting 603515.SS | $1.67B | -26% | +1% | 9% | 17.2× | n/a |
| Up-Shine Lighting 301362.SZ | $1.50B | -39% | +15% | 7% | 29.5× | n/a |
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 | 603303.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | -10.4% | 9th highest of 21 |
| 6-month return | +43.8% | -21.3% | highest of 20 |
| Distance from 52-week high | -24.0% | -46.4% | 2nd highest of 21 |
| Revenue growth (TTM) | +5.3% | +6.3% | 11th highest of 21 |
| Operating margin | 1.4% | 8.0% | 5th lowest of 21 |
| Forward P/E | 70.3× | 21.4× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 35.6% | 7.2% | 3rd most demanding of 13 |
| Growth delivered (Del g) | -0.8% | +9.8% | lowest of 13 |
| Hurdle (Req g minus delivered) | +36.4 pp | -3.5 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -5.8 pp | -1.8 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengdian Group Tospo Lighting 603303.SS | China | $1.86B | +44% | +5% | 1% | 70.3× | 35.6% | -0.8% |
| CETC Chips Technology 600877.SS | China | $1.87B | -36% | -2% | -3% | n/a | n/a | n/a |
| Hangzhou Zhongheng Electric 002364.SZ | China | $1.89B | -40% | +17% | 4% | 70.6× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 70.5× | 29.1% | +11.6% |
| Farasis Energy (Gan Zhou) 688567.SS | China | $1.82B | -29% | -8% | -10% | n/a | -0.9% | +52.1% |
| Advanced Energy Solution 6781.TW | Taiwan | $1.82B | -37% | +38% | 24% | 13.5× | 2.6% | +20.5% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 32.6× | n/a | n/a |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 9.6× | -20.1% | -0.8% |
| Guangdong Mingyang Electric 301291.SZ | China | $1.81B | -34% | -17% | 5% | 27.9× | 15.6% | +32.9% |
| Pfeiffer Vacuum Technology PFV.DE | Germany | $1.79B | -3% | 0% | 9% | 23.6× | 8.9% | +6.6% |
| Wuxi Huaguang Environment & Energy 600475.SS | China | $1.79B | -24% | -8% | 7% | 20.7× | 8.0% | +3.0% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | n/a | 48.7% | +1.2% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 11.0× | 5.1% | +7.1% |
| Finolex Cables FINCABLES.NS | India | $1.76B | 0% | +27% | 10% | 19.9× | n/a | n/a |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 47.1× | 40.6% | +25.6% |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | n/a | n/a | n/a |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% | +8.1% |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 22.1× | n/a | n/a |
| Minmetals New Energy Materials (Hunan) 688779.SS | China | $2.00B | -36% | +146% | 5% | 23.8× | n/a | n/a |
| SWCC 5805.T | Japan | $1.71B | +1% | +21% | 11% | 11.1× | 6.4% | +11.4% |
| Dajin Heavy Industry 1081.HK | Hong Kong | $2.03B | n/a | +2% | 19% | 10.6× | n/a | n/a |