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Maker of control systems and software for laser-cutting machines, sold to laser-equipment manufacturers.
Maker of control systems and software for laser-cutting machines, sold to laser-equipment manufacturers.
Sells the control system, a hardware and software package that runs the cutting head and motion in a laser cutter, to the machine builders who fit it into their own machines, so volume follows laser-cutter production in China. Each machine design built around its software tends to stay with it.
Moat: narrow (IP / patents, installed base). Dominant supplier of laser-cutting control systems to China's laser-machine industry.
Headquarters: Shanghai, China · Founded: 2007 · Employees: 1,283
Size Shanghai BOCHU Electronic Technology (688188.SS) is a China Industrials company (Industrial Machinery) with a market value of $6.16B, the 404th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥101.14 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against -3.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 19.9% over the last twelve months (peer median +16.5%); the operating margin is 43.8% (peer median 15.7%).
Valuation It trades at 29.6× forward earnings against a peer median of 24.1× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 86.6 points above its cost of capital (7.9% WACC).
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.46B | CN¥2.17B | CN¥1.72B | CN¥1.39B | CN¥890M |
| Revenue growth | — | +27% | +23% | +56% | — |
| Gross profit | CN¥1.82B | CN¥1.66B | CN¥1.35B | CN¥1.10B | CN¥692M |
| EBITDA | n/a | CN¥1.08B | CN¥892M | CN¥684M | CN¥490M |
| Net income | CN¥1.31B | CN¥1.11B | CN¥883M | CN¥729M | CN¥480M |
| Free cash flow | CN¥1.18B | CN¥1.12B | CN¥884M | CN¥753M | CN¥541M |
| Capital expenditure | CN¥34.0M | CN¥35.2M | CN¥113M | CN¥152M | CN¥96.8M |
| Total debt | CN¥29.0M | CN¥37.4M | CN¥20.7M | CN¥14.4M | CN¥5.76M |
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 |
|---|---|---|---|---|---|---|
| Shanghai BOCHU Electronic Technology 688188.SS | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% |
| Han's Laser Technology Industry 002008.SZ | $7.97B | -48% | +59% | 12% | 19.1× | 19.6% |
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 | 688188.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.9% | -10.9% | 5th highest of 21 |
| 6-month return | -0.1% | -3.7% | 9th highest of 19 |
| Distance from 52-week high | -21.2% | -23.7% | 10th highest of 21 |
| Revenue growth (TTM) | +19.9% | +16.5% | 10th highest of 21 |
| Operating margin | 43.8% | 15.7% | highest of 21 |
| Forward P/E | 29.6× | 24.1× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.0% | 16.6% | 10th least demanding of 19 |
| Growth delivered (Del g) | +30.9% | +9.5% | highest of 19 |
| Hurdle (Req g minus delivered) | -12.9 pp | +9.5 pp | least demanding of 19 |
| ROIC minus cost of capital | +86.6 pp | +3.3 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai BOCHU Electronic Technology 688188.SS | China | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% | +30.9% |
| Middleby MIDD | United States | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% | +5.0% |
| Welspun WELCORP.NS | India | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% | +19.0% |
| Airtac International 1590.TW | Taiwan | $6.11B | -30% | +23% | 33% | 15.8× | 5.0% | +12.4% |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| Valmet VALMT.HE | Finland | $5.97B | +30% | +3% | 10% | 13.8× | 2.1% | +6.8% |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| Georg Fischer GF.SW | Switzerland | $5.65B | +32% | -20% | 3% | 19.9× | 29.2% | -1.2% |
| Robotechnik Intelligent Technology 3757.HK | Hong Kong | $6.76B | n/a | +217% | 9% | 140.6× | 53.9% | +11.6% |
| Mycronic MYCR.ST | Sweden | $5.57B | -4% | +17% | 29% | 24.9× | 10.1% | +15.6% |
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Enpro NPO | United States | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% | +1.3% |
| Zhejiang Shuanghuan Driveline 002472.SZ | China | $5.46B | +9% | +15% | 15% | 26.9× | 11.0% | +20.0% |
| Rotork ROR.L | United Kingdom | $5.40B | +65% | +2% | 24% | 27.9× | 27.6% | +5.2% |
| LandMark Optoelectronics 3081.TWO | Taiwan | $5.38B | -32% | +105% | 38% | 54.3× | n/a | n/a |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| Shenzhen Envicool Technology 002837.SZ | China | $7.13B | -49% | +22% | 9% | 53.5× | 56.2% | +29.0% |
| Zurn Elkay Water Solutions ZWS | United States | $7.18B | -15% | +10% | 23% | 21.8× | 10.9% | -2.4% |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |