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Chinese maker of mid-drive and hub motor systems used to power electric bicycles and light EVs.
Chinese maker of mid-drive and hub motor systems used to power electric bicycles and light EVs.
Sells motors to bike brands, which design a model around the motor, so a win means repeat orders for that model's life. Mid-drive motors, mounted at the pedals, suit premium e-bikes, while hub motors sit in the wheel on cheaper ones; both carry the business.
In one line: A smaller, e-bike-focused motor and drivetrain specialist.
Moat: narrow (brand, installed base). Bafang motors are widely specified by e-bike brands worldwide; switching disrupts existing bike designs.
Headquarters: Suzhou, China · Founded: 2003 · Employees: 1,005
Size Bafang Electric (Suzhou) (603489.SS) is a China Information Technology company (Electronic Components) with a market value of $906M, the 2504th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.75 on 6 Nov 2026.
Performance Over six months the shares fell 30.7%, against -18.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +23.3%); the operating margin is 12.6% (peer median 8.4%).
Valuation It trades at 31.0× forward earnings against a peer median of 19.1× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +15 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 4.1 points above its cost of capital (8.3% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.62B | CN¥1.33B | CN¥1.35B | CN¥1.64B | CN¥2.83B |
| Revenue growth | — | -1% | -18% | -42% | — |
| Gross profit | CN¥474M | CN¥297M | CN¥299M | CN¥410M | CN¥846M |
| EBITDA | n/a | CN¥155M | CN¥89.1M | CN¥129M | CN¥596M |
| Net income | CN¥194M | CN¥103M | CN¥63.8M | CN¥128M | CN¥512M |
| Free cash flow | CN¥27.4M | CN¥68.8M | CN¥79.3M | CN¥201M | CN¥102M |
| Capital expenditure | CN¥29.3M | CN¥92.6M | CN¥115M | CN¥287M | CN¥268M |
| Total debt | CN¥132M | CN¥156M | CN¥115M | CN¥151M | CN¥127M |
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 |
|---|---|---|---|---|---|---|
| Bafang Electric (Suzhou) 603489.SS | $906M | -31% | +18% | 13% | 31.0× | 13.8% |
| Shimano 7309.T | $11.5B | +29% | +5% | 12% | 35.8× | 6.0% |
| Yamaha Motor 7272.T | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% |
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 | 603489.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.4% | -17.7% | 3rd highest of 21 |
| 6-month return | -30.7% | -18.3% | 6th lowest of 21 |
| Distance from 52-week high | -36.5% | -46.9% | 6th highest of 21 |
| Revenue growth (TTM) | +17.8% | +23.3% | 8th lowest of 21 |
| Operating margin | 12.6% | 8.4% | 8th highest of 21 |
| Forward P/E | 31.0× | 19.1× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 13.8% | 23.0% | 4th least demanding of 11 |
| Growth delivered (Del g) | -0.8% | +12.9% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +14.6 pp | +6.0 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +4.1 pp | -1.5 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bafang Electric (Suzhou) 603489.SS | China | $906M | -31% | +18% | 13% | 31.0× | 13.8% | -0.8% |
| Qingdao NovelBeam Technology 688677.SS | China | $904M | -54% | +11% | 28% | 30.4× | 22.1% | +17.0% |
| Shenzhen Click Technology 002782.SZ | China | $903M | -36% | +10% | 3% | 13.9× | 18.2% | +34.0% |
| Highbroad Advanced Material (Hefei) 301321.SZ | China | $902M | +28% | +22% | 0% | n/a | 35.6% | +5.8% |
| Shenzhen Q&D Circuits 301628.SZ | China | $917M | -26% | +37% | 13% | n/a | n/a | n/a |
| Japan Aviation Electronics Industry 6807.T | Japan | $922M | -13% | +10% | 3% | 19.4× | n/a | n/a |
| Pegavision 6491.TW | Taiwan | $926M | +41% | +18% | 28% | 13.4× | -4.5% | +12.1% |
| Prosperity Dielectrics 6173.TWO | Taiwan | $927M | +131% | +12% | 20% | 18.4× | 35.6% | -4.9% |
| HannStar Board 5469.TW | Taiwan | $937M | -25% | +32% | 8% | n/a | n/a | n/a |
| Kingsignal Technology 300252.SZ | China | $941M | -38% | +21% | 0% | n/a | n/a | n/a |
| Juneway Electronic Technology 301458.SZ | China | $946M | -25% | +24% | 20% | n/a | 36.2% | +13.7% |
| Officina Stellare OS.MI | Italy | $969M | +47% | +239% | -11% | 107.2× | n/a | n/a |
| Dynamic 3715.TW | Taiwan | $846M | -50% | +43% | 5% | 16.3× | n/a | n/a |
| Zhejiang Zuch Technology 301280.SZ | China | $971M | -24% | +25% | 13% | 21.3× | n/a | n/a |
| Shenzhen Jingquanhua Electronics 002885.SZ | China | $840M | -34% | +9% | 4% | n/a | 27.6% | +20.6% |
| WCON Electronics 301328.SZ | China | $986M | -3% | +34% | 16% | 44.6× | n/a | n/a |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 19.1× | 23.8% | +5.7% |
| Hexatronic HTRO.ST | Sweden | $821M | -17% | +7% | 6% | 15.0× | 12.9% | +28.3% |
| Jiangsu Allfavor Intelligent Circuits Technology 300964.SZ | China | $821M | +1% | +78% | 8% | n/a | n/a | n/a |
| Shenzhen Xunjiexing Technology 688655.SS | China | $810M | -13% | +70% | 0% | n/a | n/a | n/a |
| Shenzhen SEG 000058.SZ | China | $1.02B | -20% | -1% | 9% | n/a | 9.7% | +5.3% |