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Jiangsu-based maker of hydraulic cylinders and components for construction machinery; details unconfirmed.
Jiangsu-based maker of hydraulic cylinders and components for construction machinery; details unconfirmed.
Moat: none
Headquarters: Jiangsu, China · Employees: 969
Size JiangSu Changling Hydraulic (605389.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.72B, the 1449th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥61.20 on 6 Nov 2026.
Performance Over six months the shares fell 32.0%, against -13.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 19.1% over the last twelve months (peer median +11.1%); the operating margin is 12.1% (peer median 7.1%).
Valuation It trades at 9.6× enterprise value to sales against a peer median of 1.1× (3rd most expensive of 21).
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 +4%, so the hurdle is +32 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 0.1 points above its cost of capital (8.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.14B | CN¥1.07B | CN¥880M | CN¥802M | CN¥894M |
| Revenue growth | — | +22% | +10% | -10% | — |
| Gross profit | CN¥366M | CN¥288M | CN¥207M | CN¥175M | CN¥202M |
| EBITDA | n/a | CN¥234M | CN¥161M | CN¥154M | CN¥162M |
| Net income | CN¥135M | CN¥126M | CN¥94.7M | CN¥102M | CN¥127M |
| Free cash flow | CN¥13.5M | CN¥92.7M | CN¥45.7M | CN¥155M | CN¥63.5M |
| Capital expenditure | CN¥77.1M | CN¥73.6M | CN¥37.8M | CN¥36.3M | CN¥50.4M |
| Total debt | CN¥0 | CN¥11.8M | CN¥15.3M | CN¥103M | CN¥19.3M |
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| Measure | 605389.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -7.8% | 2nd highest of 21 |
| 6-month return | -32.0% | -13.6% | 6th lowest of 21 |
| Distance from 52-week high | -41.6% | -35.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +19.1% | +11.1% | 4th highest of 21 |
| Operating margin | 12.1% | 7.1% | 5th highest of 21 |
| EV / Sales | 9.6× | 1.1× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 36.1% | 6.8% | 2nd most demanding of 18 |
| Growth delivered (Del g) | +4.4% | +9.5% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | +31.7 pp | -6.3 pp | most demanding of 18 |
| ROIC minus cost of capital | +0.1 pp | +0.1 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | 9.6× | 36.1% | +4.4% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 3.0× | 2.2% | +12.3% |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 5.9× | 22.1% | +6.1% |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 3.6× | n/a | n/a |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 0.8× | 1.5% | +6.6% |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 1.0× | 19.8% | +9.5% |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 1.0× | 7.0% | +6.6% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 0.9× | -3.1% | +10.1% |
| Lonking 3339.HK | Hong Kong | $1.57B | -14% | +22% | 12% | 0.3× | n/a | n/a |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 0.8× | 3.6% | +1.9% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | 38.1× | n/a | n/a |
| Swan Defence and Heavy Industries SWANDEF.NS | India | $1.54B | +48% | +642% | -109% | 49.9× | 57.1% | +113.9% |
| First Tractor 0038.HK | Hong Kong | $1.93B | -12% | +18% | 6% | 1.2× | -1.8% | +6.7% |
| Bestway Marine & Energy Technology 300008.SZ | China | $1.51B | -29% | +1% | 8% | 2.2× | 14.5% | +54.0% |
| Hanwha Engine 082740.KS | South Korea | $1.50B | -72% | +3% | 12% | 1.4× | -0.3% | +10.6% |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 1.0× | 16.0% | -11.3% |
| Action Construction Equipment ACE.NS | India | $1.47B | +29% | +5% | 15% | 4.1× | 29.6% | +21.7% |
| Weichai Heavy Machinery 000880.SZ | China | $1.44B | -33% | +58% | 2% | 0.9× | 6.8% | +13.1% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 1.1× | -4.4% | +15.6% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 0.6× | -6.7% | +9.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 0.8× | 12.0% | +9.3% |