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Chinese maker of infrared thermal-imaging detectors and cameras for military, security and industrial uses.
Chinese maker of infrared thermal-imaging detectors and cameras for military, security and industrial uses.
In one line: China's FLIR/Teledyne FLIR.
Moat: narrow (IP / patents, process know-how). One of few Chinese firms with in-house infrared-detector fabrication, aided by import curbs.
Headquarters: Yantai, China · Founded: 2009 · Employees: 3,587
Size Raytron Technology (688002.SS) is a China Industrials company (Aerospace & Defense) with a market value of $8.64B, the 284th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥123.74 on 6 Nov 2026.
Performance Over six months the shares fell 15.2%, against -13.4% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 84.4% over the last twelve months (peer median +16.7%); the operating margin is 29.4% (peer median 7.8%).
Valuation It trades at 26.4× forward earnings against a peer median of 35.0× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.4 points above its cost of capital (13.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.66B | CN¥6.27B | CN¥4.27B | CN¥3.54B | CN¥2.63B |
| Revenue growth | — | +47% | +21% | +34% | — |
| Gross profit | CN¥5.77B | CN¥3.08B | CN¥1.96B | CN¥1.58B | CN¥1.15B |
| EBITDA | n/a | CN¥1.45B | CN¥719M | CN¥583M | CN¥357M |
| Net income | CN¥2.72B | CN¥1.12B | CN¥569M | CN¥496M | CN¥313M |
| Free cash flow | CN¥2.79B | CN¥1.29B | CN¥55.4M | CN¥39.2M | -CN¥301M |
| Capital expenditure | CN¥830M | CN¥578M | CN¥443M | CN¥465M | CN¥805M |
| Total debt | CN¥1.95B | CN¥1.85B | CN¥1.81B | CN¥1.94B | CN¥891M |
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 |
|---|---|---|---|---|---|---|
| Raytron Technology 688002.SS | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
| Hangzhou Hikvision Digital Technology 002415.SZ | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% |
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 | 688002.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.0% | +1.0% | 2nd lowest of 21 |
| 6-month return | -15.2% | -13.4% | 11th highest of 21 |
| Distance from 52-week high | -35.8% | -32.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +84.4% | +16.7% | 4th highest of 21 |
| Operating margin | 29.4% | 7.8% | highest of 21 |
| Forward P/E | 26.4× | 35.0× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.1% | 15.3% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +32.1% | +5.9% | highest of 10 |
| Hurdle (Req g minus delivered) | -12.0 pp | +9.1 pp | least demanding of 10 |
| ROIC minus cost of capital | +13.4 pp | -1.9 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| AVIC Xi'an Aircraft Industry 000768.SZ | China | $9.92B | +1% | -34% | 3% | 55.7× | n/a | n/a |
| Hensoldt HAG.DE | Germany | $10.0B | +2% | +15% | 10% | 41.3× | 12.2% | +15.3% |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| Moog MOG-A | United States | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% | +6.0% |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Jonhon Optronic Technology 002179.SZ | China | $10.7B | -7% | +6% | 11% | 30.4× | n/a | n/a |
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| BWX Technologies BWXT | United States | $11.0B | -42% | +18% | 10% | 23.8× | 19.6% | +8.5% |
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| Huntington Ingalls Industries HII | United States | $11.4B | -8% | +13% | 5% | 14.4× | 5.3% | +5.9% |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| Crane CR | United States | $11.6B | +11% | +22% | 18% | 25.8× | 17.5% | -3.5% |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| Hexcel HXL | United States | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% | +4.5% |
| Karman KRMN | United States | $6.04B | -25% | +50% | 19% | 57.5× | n/a | n/a |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |