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Guizhou-based maker of titanium and superalloy ring/structural forgings for aircraft engines and airframes.
Guizhou-based maker of titanium and superalloy ring/structural forgings for aircraft engines and airframes.
Makes ring forgings, large seamless metal rings, for aircraft engines, sold after long customer qualification, so a part approved for an engine programme tends to be reordered for years. Most orders come from China's aero-engine makers, and it has also won some overseas customers.
In one line: A small, forgings-focused Howmet Aerospace.
Moat: narrow (process know-how, customer qualification). Isothermal-forging know-how and long aerospace qualification cycles limit new entrants.
Headquarters: Guiyang, China · Employees: 939
Size Guizhou Aviation Technical Development (688239.SS) is a China Materials company (Steel) with a market value of $1.19B, the 1985th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥41.45 on 6 Nov 2026.
Performance Over six months the shares fell 39.5%, against -18.9% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 23.4% over the last twelve months (peer median -1.0%); the operating margin is 11.8% (peer median 1.4%).
Valuation It trades at 26.1× forward earnings against a peer median of 32.0× (5th cheapest of 11).
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 +25%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (7.8% WACC).
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.35B | CN¥2.03B | CN¥1.80B | CN¥2.10B | CN¥1.45B |
| Revenue growth | — | +13% | -14% | +45% | — |
| Gross profit | CN¥725M | CN¥541M | CN¥486M | CN¥553M | CN¥452M |
| EBITDA | n/a | CN¥307M | CN¥295M | CN¥288M | CN¥251M |
| Net income | CN¥224M | CN¥186M | CN¥189M | CN¥186M | CN¥183M |
| Free cash flow | CN¥210M | -CN¥84.2M | -CN¥34.1M | -CN¥78.0M | -CN¥178M |
| Capital expenditure | CN¥289M | CN¥369M | CN¥180M | CN¥221M | CN¥227M |
| Total debt | CN¥2.26B | CN¥1.86B | CN¥1.78B | CN¥1.21B | CN¥1.26B |
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 |
|---|---|---|---|---|---|---|
| Guizhou Aviation Technical Development 688239.SS | $1.19B | -39% | +23% | 12% | 26.1× | 17.7% |
| Avic Heavy Machinery 600765.SS | $2.84B | -23% | -13% | 4% | 23.1× | n/a |
| Howmet Aerospace HWM | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% |
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 | 688239.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.6% | -5.7% | 2nd lowest of 21 |
| 6-month return | -39.5% | -18.9% | 3rd lowest of 20 |
| Distance from 52-week high | -49.1% | -41.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +23.4% | -1.0% | 3rd highest of 19 |
| Operating margin | 11.8% | 1.4% | 2nd highest of 19 |
| Forward P/E | 26.1× | 32.0× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 17.7% | 9.2% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +25.0% | +10.2% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -7.3 pp | -5.0 pp | 3rd least demanding of 8 |
| ROIC minus cost of capital | -0.9 pp | -5.4 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guizhou Aviation Technical Development 688239.SS | China | $1.19B | -39% | +23% | 12% | 26.1× | 17.7% | +25.0% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | n/a | n/a | n/a |
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 14.7× | 15.4% | +10.2% |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | n/a | n/a | n/a |
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 53.7× | n/a | n/a |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 102.8× | n/a | n/a |
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | n/a | 20.8% | +41.6% |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | n/a | n/a | n/a |
| Gansu Jiu Steel Group Hongxing Iron & Steel 600307.SS | China | $1.25B | -25% | -6% | -5% | n/a | n/a | n/a |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Liuzhou Iron & Steel 601003.SS | China | $1.28B | -29% | 0% | 1% | 28.2× | -0.3% | +4.7% |
| Yongjin Technology 603995.SS | China | $1.28B | +22% | +11% | 2% | 12.1× | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 11.4× | -1.6% | +11.7% |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | n/a | 0.3% | +6.0% |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 52.4× | n/a | n/a |
| Hengong Precision Equipment 301261.SZ | China | $1.04B | -9% | +34% | 5% | 41.5× | 26.1% | +15.8% |