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Chinese maker of air-filtration products for cleanrooms, semiconductor fabs, pharma and HVAC systems.
Chinese maker of air-filtration products for cleanrooms, semiconductor fabs, pharma and HVAC systems.
Sells replacement filters that cleanrooms must change on a schedule, which gives repeat demand, plus larger sales of filtration systems when a new fab or pharma plant is built. Display-panel and chip fabs make new-build capital spending its swing factor.
Moat: narrow (process know-how, customer qualification). Cleanroom filtration performance is qualified into fab/pharma facility specifications.
Headquarters: Suzhou, China · Employees: 1,358
Size MayAir Technology (China) (688376.SS) is a China Industrials company (Industrial Machinery) with a market value of $1.04B, the 2219th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥51.40 on 6 Nov 2026.
Performance Over six months the shares fell 26.8%, against -23.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +15.3%); the operating margin is 8.9% (peer median 8.0%).
Valuation It trades at 28.2× forward earnings against a peer median of 20.0× (5th most expensive of 15).
Capital Return on invested capital runs 2.6 points below its cost of capital (9.6% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.14B | CN¥1.92B | CN¥1.72B | CN¥1.50B | CN¥1.22B |
| Revenue growth | — | +12% | +14% | +23% | — |
| Gross profit | CN¥640M | CN¥460M | CN¥473M | CN¥376M | CN¥321M |
| EBITDA | n/a | CN¥221M | CN¥268M | CN¥211M | CN¥166M |
| Net income | CN¥135M | CN¥121M | CN¥192M | CN¥173M | CN¥123M |
| Free cash flow | -CN¥159,900 | CN¥64.6M | -CN¥392M | -CN¥224M | -CN¥132M |
| Capital expenditure | CN¥220M | CN¥248M | CN¥199M | CN¥359M | CN¥55.2M |
| Total debt | CN¥1.39B | CN¥1.18B | CN¥1.16B | CN¥638M | CN¥526M |
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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 | 688376.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -15.5% | 6th highest of 21 |
| 6-month return | -26.8% | -23.3% | 8th lowest of 20 |
| Distance from 52-week high | -59.6% | -45.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +6.8% | +15.3% | 7th lowest of 20 |
| Operating margin | 8.9% | 8.0% | 10th highest of 20 |
| Forward P/E | 28.2× | 20.0× | 5th most expensive of 15 |
| ROIC minus cost of capital | -2.6 pp | -1.1 pp | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MayAir Technology (China) 688376.SS | China | $1.04B | -27% | +7% | 9% | 28.2× | n/a | n/a |
| Ningbo Cixing 300307.SZ | China | $1.05B | +24% | +31% | 9% | n/a | 11.0% | +9.5% |
| Ningbo Kangqiang Electronics 002119.SZ | China | $1.04B | -12% | +49% | 5% | n/a | n/a | n/a |
| Suzhou SLAC Precision Equipment 300382.SZ | China | $1.04B | -31% | +11% | -4% | 67.4× | n/a | n/a |
| Nikkiso 6376.T | Japan | $1.05B | -5% | +11% | 8% | 10.0× | 6.3% | +6.3% |
| Guangzhou KDT Machinery 002833.SZ | China | $1.05B | -20% | +19% | 20% | 13.4× | 1.5% | +7.6% |
| Tsugami 6101.T | Japan | $1.03B | -23% | +24% | 27% | n/a | -5.3% | +15.9% |
| Morimatsu International 2155.HK | Hong Kong | $1.03B | -16% | +14% | 3% | 14.2× | -2.4% | +17.6% |
| Allied Machinery 605060.SS | China | $1.03B | -51% | +24% | 22% | 21.1× | 15.5% | +13.2% |
| Miracle Automation Engineering 002009.SZ | China | $1.03B | -27% | +6% | 1% | 28.8× | 34.6% | -5.1% |
| Hangzhou XZB Tech 603040.SS | China | $1.06B | -34% | +4% | 34% | 26.2× | 18.2% | +16.5% |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | China | $1.06B | -40% | +28% | 5% | 51.7× | n/a | n/a |
| Jiangsu Shentong Valve 002438.SZ | China | $1.01B | -23% | -5% | 17% | 17.5× | 5.9% | +6.1% |
| Lindab International LIAB.ST | Sweden | $1.01B | -10% | -3% | 7% | 17.7× | 4.2% | +9.4% |
| MACHVISION 3563.TW | Taiwan | $1.08B | -36% | +17% | 37% | 26.2× | 7.5% | +5.9% |
| Est Tools 300488.SZ | China | $1.01B | +17% | +15% | 29% | n/a | 15.3% | +13.1% |
| Linco Technology 3644.TWO | Taiwan | $1.08B | n/a | n/a | n/a | n/a | n/a | n/a |
| Sunonwealth Electric Machine Industry 2421.TW | Taiwan | $1.08B | -16% | +21% | 16% | 9.6× | -2.5% | +7.9% |
| Lanzhou LS Heavy Equipment 603169.SS | China | $1.09B | -34% | -29% | -19% | 34.6× | n/a | n/a |
| Sichuan Zigong Conveying Machine 001288.SZ | China | $999M | +1% | -20% | 3% | 19.0× | n/a | n/a |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | n/a | n/a | n/a |