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Chinese maker of automated optical inspection (AOI) and machine-vision systems for electronics/display makers.
Chinese maker of automated optical inspection (AOI) and machine-vision systems for electronics/display makers.
Builds inspection machines to each production line's needs and sells them as project orders, so revenue follows when display and electronics makers build or upgrade lines rather than steady consumption. Software and servicing on installed machines add repeat income.
In one line: A smaller, China-based Cognex for factory inspection.
Moat: narrow (process know-how, customer qualification). Inspection accuracy and qualification with precision electronics/display production lines.
Headquarters: Suzhou, China · Employees: 2,283
Size Suzhou TZTEK Technology (688003.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $1.67B, the 1490th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥58.21 on 6 Nov 2026.
Performance Over six months the shares fell 19.2%, against -15.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 33.4% over the last twelve months (peer median +2.8%); the operating margin is 5.2% (peer median 8.1%).
Valuation It trades at 64.3× forward earnings against a peer median of 17.5× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +29 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 5.7 points below its cost of capital (10.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.30B | CN¥1.78B | CN¥1.59B | CN¥1.63B | CN¥1.59B |
| Revenue growth | — | +12% | -2% | +3% | — |
| Gross profit | CN¥941M | CN¥674M | CN¥605M | CN¥641M | CN¥620M |
| EBITDA | n/a | CN¥130M | CN¥179M | CN¥228M | CN¥149M |
| Net income | CN¥158M | CN¥76.1M | CN¥125M | CN¥215M | CN¥152M |
| Free cash flow | CN¥47.4M | -CN¥34.2M | -CN¥131M | CN¥44.8M | -CN¥276M |
| Capital expenditure | CN¥110M | CN¥116M | CN¥124M | CN¥186M | CN¥165M |
| Total debt | CN¥2.14B | CN¥1.92B | CN¥955M | CN¥595M | CN¥598M |
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 |
|---|---|---|---|---|---|---|
| Suzhou TZTEK Technology 688003.SS | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% |
| Cognex CGNX | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% |
| Keyence 6861.T | $107B | -2% | +25% | 54% | 28.7× | 21.1% |
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 | 688003.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.0% | -5.3% | 5th lowest of 21 |
| 6-month return | -19.2% | -15.5% | 9th lowest of 21 |
| Distance from 52-week high | -57.8% | -41.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +33.4% | +2.8% | 5th highest of 21 |
| Operating margin | 5.2% | 8.1% | 8th lowest of 21 |
| Forward P/E | 64.3× | 17.5× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 42.0% | 11.3% | most demanding of 12 |
| Growth delivered (Del g) | +13.2% | +9.3% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | +28.8 pp | -7.3 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -5.7 pp | +1.0 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |
| Zhejiang Dali Technology 002214.SZ | China | $1.45B | -15% | +1% | -68% | n/a | n/a | n/a |
| Kinco Automation Shanghai 688160.SS | China | $1.45B | -2% | +46% | 9% | 90.3× | n/a | n/a |
| Chongqing Chuanyi Automation 603100.SS | China | $1.44B | -4% | +3% | 7% | 14.5× | 2.6% | +9.9% |
| Gl Tech 300480.SZ | China | $1.44B | -28% | +43% | 13% | 57.6× | n/a | n/a |