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Chinese maker of process equipment and systems for industrial manufacturing customers.
Chinese maker of process equipment and systems for industrial manufacturing customers.
Moat: none
Headquarters: China · Employees: 1,515
Size PNC Process Systems (603690.SS) is a China Industrials company (Industrial Machinery) with a market value of $1.10B, the 2126th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.19 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against -19.4% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue fell 36.1% over the last twelve months (peer median +19.4%); the operating margin is -47.6% (peer median 6.0%).
Valuation It trades at 19.6× forward earnings against a peer median of 26.2× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +17 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 13.6 points below its cost of capital (7.0% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.13B | CN¥2.84B | CN¥3.60B | CN¥3.14B | CN¥3.04B |
| Revenue growth | — | -21% | +15% | +3% | — |
| Gross profit | CN¥423M | CN¥428M | CN¥970M | CN¥929M | CN¥958M |
| EBITDA | n/a | -CN¥166M | CN¥324M | CN¥421M | CN¥485M |
| Net income | -CN¥1.18B | -CN¥777M | -CN¥136M | CN¥230M | CN¥203M |
| Free cash flow | CN¥131M | -CN¥666M | -CN¥1.26B | -CN¥1.46B | -CN¥1.43B |
| Capital expenditure | CN¥187M | CN¥237M | CN¥801M | CN¥649M | CN¥630M |
| Total debt | CN¥5.14B | CN¥6.27B | CN¥5.93B | CN¥5.29B | CN¥3.93B |
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 | 603690.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | -16.8% | 7th highest of 21 |
| 6-month return | -22.8% | -19.4% | 9th lowest of 20 |
| Distance from 52-week high | -49.8% | -43.0% | 8th lowest of 21 |
| Revenue growth (TTM) | -36.1% | +19.4% | lowest of 20 |
| Operating margin | -47.6% | 6.0% | lowest of 20 |
| Forward P/E | 19.6× | 26.2× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 32.9% | 11.8% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +15.4% | +7.7% | 3rd highest of 13 |
| Hurdle (Req g minus delivered) | +17.5 pp | +1.6 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -13.6 pp | -2.2 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PNC Process Systems 603690.SS | China | $1.10B | -23% | -36% | -48% | 19.6× | 32.9% | +15.4% |
| Longhua Technology Group (Luoyang) Co 300263.SZ | China | $1.10B | -29% | +12% | 5% | 36.4× | 28.8% | +11.1% |
| Guangzhou Risong Intelligent Technology 688090.SS | China | $1.10B | -19% | +61% | 4% | 132.3× | 43.8% | +3.4% |
| Tanac Automation 300461.SZ | China | $1.11B | -18% | +126% | 6% | n/a | n/a | n/a |
| Lanzhou LS Heavy Equipment 603169.SS | China | $1.09B | -34% | -29% | -19% | 34.6× | n/a | n/a |
| Sunonwealth Electric Machine Industry 2421.TW | Taiwan | $1.08B | -16% | +21% | 16% | 9.6× | -2.5% | +7.9% |
| Gudeng Precision Industrial 3680.TWO | Taiwan | $1.11B | -34% | +19% | 15% | 21.0× | n/a | n/a |
| Neway CNC Equipment (Suzhou) 688697.SS | China | $1.11B | -7% | +31% | 10% | 18.6× | 19.5% | +19.9% |
| AA Industrial Belting (Shanghai) 603580.SS | China | $1.12B | +193% | +98% | 0% | n/a | n/a | n/a |
| Linco Technology 3644.TWO | Taiwan | $1.08B | n/a | n/a | n/a | n/a | n/a | n/a |
| Nanfang Pump Industry 300145.SZ | China | $1.12B | -19% | +9% | 4% | 21.8× | 12.7% | +4.6% |
| MACHVISION 3563.TW | Taiwan | $1.08B | -36% | +17% | 37% | 26.2× | 7.5% | +5.9% |
| Zhejiang Dayuan Pumps Industry 603757.SS | China | $1.12B | -19% | -8% | 3% | 30.0× | 45.8% | +6.5% |
| Hunan Meihu Intelligent Manufacturing 603319.SS | China | $1.13B | -42% | +13% | 3% | 40.4× | n/a | n/a |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | China | $1.06B | -40% | +28% | 5% | 51.7× | n/a | n/a |
| Hangzhou XZB Tech 603040.SS | China | $1.06B | -34% | +4% | 34% | 26.2× | 18.2% | +16.5% |
| Jingjin Equipment 603279.SS | China | $1.13B | -28% | +6% | 9% | 14.0× | -8.4% | +11.9% |
| Guangzhou KDT Machinery 002833.SZ | China | $1.05B | -20% | +19% | 20% | 13.4× | 1.5% | +7.6% |
| Nikkiso 6376.T | Japan | $1.05B | -5% | +11% | 8% | 10.0× | 6.3% | +6.3% |
| Jiangsu Rongtai Industry 605133.SS | China | $1.15B | -17% | +51% | 6% | 33.5× | n/a | n/a |
| Ningbo Cixing 300307.SZ | China | $1.05B | +24% | +31% | 9% | n/a | 11.0% | +9.5% |