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Chinese engineering contractor building cleanroom and purification systems for semiconductor fabs and biopharma plants.
Chinese engineering contractor building cleanroom and purification systems for semiconductor fabs and biopharma plants.
Paid by project: it designs and builds cleanroom halls and the air-handling and purification systems inside them, booking revenue as work progresses. A few large fab and pharmaceutical plant contracts therefore decide results in any year, and orders arrive when customers commit to new factories.
In one line: A smaller cleanroom-engineering specialist like Taikisha/Exyte.
Moat: narrow (process know-how, customer qualification). Specialized cleanroom engineering expertise qualified by fab and pharma customers.
Headquarters: Suzhou, China · Employees: 849
Size L&K Engineering (Suzhou) (603929.SS) is a China Industrials company (Engineering & Construction) with a market value of $2.99B, the 862nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥93.52 on 6 Nov 2026.
Performance Over six months the shares fell 50.3%, against -9.7% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 42.8% over the last twelve months (peer median +4.8%); the operating margin is 24.8% (peer median 4.7%).
Valuation It trades at 14.8× forward earnings against a peer median of 12.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -32 pp: the price already allows for a slowdown.
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.81B | CN¥4.91B | CN¥5.38B | CN¥3.20B | CN¥3.04B |
| Revenue growth | — | -9% | +68% | +5% | — |
| Gross profit | CN¥1.56B | CN¥1.20B | CN¥717M | CN¥444M | CN¥318M |
| EBITDA | n/a | CN¥1.05B | CN¥698M | CN¥309M | CN¥178M |
| Net income | CN¥1.24B | CN¥892M | CN¥636M | CN¥287M | CN¥151M |
| Free cash flow | CN¥1.02B | CN¥1.66B | CN¥1.60B | CN¥521M | CN¥250M |
| Capital expenditure | CN¥8.42M | CN¥5.10M | CN¥3.09M | CN¥5.15M | CN¥17.0M |
| Total debt | CN¥0 | CN¥0 | CN¥128,461 | CN¥2.67M | CN¥92.6M |
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 |
|---|---|---|---|---|---|---|
| L&K Engineering (Suzhou) 603929.SS | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% |
| Taikisha 1979.T | $1.32B | -5% | -1% | 8% | 10.6× | -13.3% |
| United Integrated Services 2404.TW | $5.11B | -9% | +72% | 18% | 9.7× | -11.4% |
| Marketech International 6196.TW | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% |
| Acter 5536.TWO | $2.39B | -26% | +28% | 16% | 10.0× | -6.0% |
| Takasago Thermal Engineering 1969.T | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% |
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 | 603929.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.1% | -2.2% | 2nd lowest of 21 |
| 6-month return | -50.3% | -9.7% | 2nd lowest of 21 |
| Distance from 52-week high | -67.2% | -25.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +42.8% | +4.8% | 3rd highest of 21 |
| Operating margin | 24.8% | 4.7% | 2nd highest of 21 |
| Forward P/E | 14.8× | 12.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | 3.1% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +39.5% | +7.5% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -32.0 pp | -8.3 pp | 2nd least demanding of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |