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Maker of automated test equipment (ATE) used to test semiconductor chips during production.
Maker of automated test equipment (ATE) used to test semiconductor chips during production.
In one line: A Chinese Advantest/Teradyne for chip-test equipment.
Moat: narrow (customer qualification, process know-how). Qualified domestic ATE supplier benefiting from China's semiconductor equipment-localisation drive.
Headquarters: Beijing, China · Founded: 2001 · Employees: 947
Size Beijing Huafeng Test & Control Technology (688200.SS) is a China Industrials company (Industrial Machinery) with a market value of $6.87B, the 360th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥227.80 on 6 Nov 2026.
Performance Over six months the shares fell 3.5%, against -7.3% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 44.2% over the last twelve months (peer median +17.3%); the operating margin is 36.4% (peer median 12.8%).
Valuation It trades at 50.0× forward earnings against a peer median of 22.2× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is +20 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 4.0 points below its cost of capital (12.9% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.76B | CN¥1.34B | CN¥898M | CN¥686M | CN¥1.06B |
| Revenue growth | — | +49% | +31% | -35% | — |
| Gross profit | CN¥1.31B | CN¥956M | CN¥631M | CN¥475M | CN¥795M |
| EBITDA | n/a | CN¥531M | CN¥347M | CN¥239M | CN¥528M |
| Net income | CN¥799M | CN¥536M | CN¥334M | CN¥252M | CN¥526M |
| Free cash flow | CN¥271M | CN¥265M | CN¥190M | CN¥321M | CN¥385M |
| Capital expenditure | CN¥135M | CN¥66.2M | CN¥30.8M | CN¥25.5M | CN¥27.9M |
| Total debt | CN¥716M | CN¥23.4M | CN¥14.7M | CN¥3.09M | CN¥5.30M |
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 |
|---|---|---|---|---|---|---|
| Beijing Huafeng Test & Control Technology 688200.SS | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 27.5× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% |
| Hangzhou Changchuan Technology 300604.SZ | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% |
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 | 688200.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -37.9% | -8.2% | 3rd lowest of 21 |
| 6-month return | -3.5% | -7.3% | 9th highest of 19 |
| Distance from 52-week high | -60.0% | -27.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +44.2% | +17.3% | 3rd highest of 21 |
| Operating margin | 36.4% | 12.8% | 2nd highest of 21 |
| Forward P/E | 50.0× | 22.2× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 47.7% | 11.8% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +27.6% | +9.5% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | +20.1 pp | +4.0 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -4.0 pp | +2.6 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Huafeng Test & Control Technology 688200.SS | China | $6.87B | -4% | +44% | 36% | 50.0× | 47.7% | +27.6% |
| Robotechnik Intelligent Technology 3757.HK | Hong Kong | $6.76B | n/a | +217% | 9% | 140.6× | 53.9% | +11.6% |
| Timken TKR | United States | $7.07B | -14% | +6% | 15% | 14.5× | 3.7% | +5.5% |
| JBT Marel JBTM | United States | $6.66B | -8% | +20% | 10% | 14.2× | 12.7% | +17.0% |
| 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% |
| KINGSEMI 688037.SS | China | $6.56B | -7% | +41% | -5% | 264.1× | n/a | n/a |
| Spirax SPX.L | United Kingdom | $7.24B | +2% | +5% | 18% | 22.7× | 20.5% | +7.4% |
| Sulzer SUN.SW | Switzerland | $7.39B | +23% | -3% | 13% | 17.9× | -1.4% | +3.7% |
| INDO-MIM INDOMIM.NS | India | $6.39B | n/a | +26% | 20% | 60.8× | 30.3% | +15.8% |
| MISUMI 9962.T | Japan | $6.25B | +3% | +24% | 13% | 17.9× | 9.3% | +7.3% |
| Zoomlion Heavy Industry Science & Technology 000157.SZ | China | $7.61B | -22% | +14% | 7% | 11.2× | 2.8% | -4.3% |
| Kokusai Electric 6525.T | Japan | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% | -1.5% |
| Middleby MIDD | United States | $6.17B | +3% | -7% | 17% | 18.5× | 6.9% | +5.0% |
| Shanghai BOCHU Electronic Technology 688188.SS | China | $6.16B | 0% | +20% | 44% | 29.6× | 18.0% | +30.9% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | China | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% | +24.6% |
| 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% |
| Leader Harmonious Drive Systems 688017.SS | China | $7.84B | +27% | +46% | 15% | 283.8× | n/a | n/a |
| Wuxi Lead Intelligent Equipment 300450.SZ | China | $7.88B | -41% | +28% | 10% | 22.9× | 10.4% | +19.9% |
| Valmet VALMT.HE | Finland | $5.97B | +30% | +3% | 10% | 13.8× | 2.1% | +6.8% |