Employees: 1,525
Size Square Technology (603339.SS) is a China Industrials company (Industrial Machinery) with a market value of $494M, the 3891st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.65 on 6 Nov 2026.
Performance Over six months the shares fell 22.1%, against -15.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 21.2% over the last twelve months (peer median +3.7%); the operating margin is 8.8% (peer median 4.3%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 3.3× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.4 points above its cost of capital (6.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.00B | CN¥1.68B | CN¥1.85B | CN¥2.22B | CN¥2.02B |
| Revenue growth | — | -9% | -17% | +10% | — |
| Gross profit | CN¥460M | CN¥335M | CN¥424M | CN¥540M | CN¥487M |
| EBITDA | n/a | CN¥234M | CN¥324M | CN¥422M | CN¥385M |
| Net income | CN¥172M | CN¥154M | CN¥237M | CN¥334M | CN¥306M |
| Free cash flow | CN¥194M | CN¥356M | -CN¥350M | CN¥548M | CN¥455M |
| Capital expenditure | CN¥97.7M | CN¥211M | CN¥288M | CN¥42.7M | CN¥79.0M |
| Total debt | CN¥1.08B | CN¥55.2M | CN¥100,000 | CN¥100,000 | CN¥195M |
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| Measure | 603339.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.8% | -6.2% | 6th lowest of 20 |
| 6-month return | -22.1% | -15.7% | 7th lowest of 20 |
| Distance from 52-week high | -34.8% | -38.9% | 9th highest of 20 |
| Revenue growth (TTM) | +21.2% | +3.7% | 2nd highest of 21 |
| Operating margin | 8.8% | 4.3% | 6th highest of 21 |
| EV / Sales | 1.1× | 3.3× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -4.5% | 10.9% | 4th least demanding of 16 |
| Growth delivered (Del g) | +8.9% | +5.7% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -13.4 pp | +11.7 pp | 4th least demanding of 16 |
| ROIC minus cost of capital | +4.4 pp | -4.9 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Square Technology 603339.SS | China | $494M | -22% | +21% | 9% | 1.1× | -4.5% | +8.9% |
| MH Robot & Automation 301199.SZ | China | $496M | -18% | +5% | 6% | 2.2× | 15.5% | +9.5% |
| Zhejiang Jindun Fans 300411.SZ | China | $496M | -21% | -25% | -14% | 8.9× | 10.9% | -14.0% |
| Yantai Longyuan Power Technology 300105.SZ | China | $491M | -6% | -25% | -9% | 2.6× | 0.5% | +16.0% |
| Hangzhou Jingye Intelligent Technology 688290.SS | China | $491M | -9% | -21% | -59% | 15.4× | n/a | n/a |
| Iwaki 6237.T | Japan | $491M | +30% | +8% | 13% | 1.4× | 4.3% | +11.1% |
| Optorun 6235.T | Japan | $490M | -56% | +21% | 9% | 1.2× | 9.7% | -2.0% |
| Sunyes Manufacturing (Zhejiang) 002388.SZ | China | $499M | +32% | 0% | 2% | 2.1× | 25.0% | -1.1% |
| Phoenix Mecano PMN.SW | Switzerland | $490M | 0% | -3% | 7% | 0.7× | -8.4% | -0.8% |
| Wuxi Xuelang Environmental Technology 300385.SZ | China | $499M | -38% | -23% | -47% | 10.5× | 9.5% | -22.0% |
| BGRIMM Technology 600980.SS | China | $499M | -25% | +13% | 11% | 2.0× | 12.9% | +19.1% |
| Bichamp Cutting Technology (Hunan) 002843.SZ | China | $490M | -49% | +4% | 5% | 2.2× | n/a | n/a |
| Nova Technology 6613.TWO | Taiwan | $489M | -13% | +9% | 17% | 1.4× | -9.5% | +18.1% |
| Genbyte Technology 003028.SZ | China | $499M | -16% | +10% | 1% | 1.9× | -15.9% | +6.6% |
| Guoanda 300902.SZ | China | $489M | -23% | +1% | -11% | 11.1× | n/a | n/a |
| Zhejiang Fengmao Technology 301459.SZ | China | $500M | -13% | +4% | 8% | 3.9× | n/a | n/a |
| Nanfang Ventilator 300004.SZ | China | $488M | -50% | -18% | -8% | 5.7× | n/a | n/a |
| Zhejiang Liming Intelligent Manufacturing 603048.SS | China | $487M | -6% | +16% | 4% | 4.3× | 42.6% | +5.7% |
| Jiangsu Teeyer Intelligent Equipment 603273.SS | China | $487M | -16% | -7% | 0% | 5.2× | 44.2% | -7.4% |
| HD Fire Protect HDFIRE.NS | India | $484M | n/a | +13% | 29% | 9.3× | 32.0% | +14.9% |
| Hefei Taihe Intelligent Technology 603656.SS | China | $505M | -6% | +15% | 5% | 4.5× | 30.5% | +5.5% |