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Employees: 931
Size Nanjing Develop Advanced Manufacturing Co. Ltd. Class 1 (688377.SS) is a China Energy company (Oilfield Services/Equipment) with a market value of $554M, the 3617th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.21 on 6 Nov 2026.
Performance Over six months the shares fell 51.8%, against -26.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue was unchanged over the last twelve months (peer median -4.9%); the operating margin is 9.0% (peer median 2.0%).
Valuation It trades at 30.2× forward earnings against a peer median of 14.2× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (6.0% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.19B | CN¥1.20B | CN¥1.11B | CN¥1.21B | CN¥981M |
| Revenue growth | — | +8% | -8% | +23% | — |
| Gross profit | CN¥337M | CN¥252M | CN¥189M | CN¥252M | CN¥217M |
| EBITDA | n/a | CN¥232M | CN¥157M | CN¥215M | CN¥156M |
| Net income | CN¥75.5M | CN¥119M | CN¥85.6M | CN¥142M | CN¥121M |
| Free cash flow | CN¥91.2M | CN¥32.8M | -CN¥74.9M | -CN¥61.3M | -CN¥196M |
| Capital expenditure | CN¥132M | CN¥160M | CN¥181M | CN¥265M | CN¥186M |
| Total debt | CN¥1.35B | CN¥612M | CN¥575M | CN¥499M | CN¥455M |
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| Measure | 688377.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.8% | -9.0% | 11th highest of 21 |
| 6-month return | -51.8% | -26.7% | 4th lowest of 21 |
| Distance from 52-week high | -65.9% | -48.0% | 6th lowest of 21 |
| Revenue growth (TTM) | 0.0% | -4.9% | 8th highest of 21 |
| Operating margin | 9.0% | 2.0% | 7th highest of 21 |
| Forward P/E | 30.2× | 14.2× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | -2.1% | 4th most demanding of 12 |
| Growth delivered (Del g) | +11.4% | +8.7% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -3.8 pp | -5.6 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +0.9 pp | -6.1 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nanjing Develop Advanced Manufacturing Co. Ltd. Class 1 688377.SS | China | $554M | -52% | 0% | 9% | 30.2× | 7.5% | +11.4% |
| ProFrac ACDC | United States | $547M | -55% | -16% | -11% | n/a | n/a | n/a |
| Dalipal 1921.HK | Hong Kong | $603M | -29% | +3% | 3% | 14.5× | n/a | n/a |
| Calfrac Well Services CFW.TO | Canada | $506M | +36% | -15% | 6% | 7.2× | -10.9% | +14.5% |
| China Oil HBP Science & Technology 002554.SZ | China | $502M | -28% | -29% | -17% | n/a | n/a | n/a |
| Oil States International OIS | United States | $499M | -4% | -1% | 1% | 13.5× | 27.7% | +1.0% |
| HMH HMH | United States | $482M | -49% | -10% | 12% | 3.6× | -2.1% | +6.7% |
| Ashtead Technology AT..L | United Kingdom | $660M | +26% | +9% | 26% | 16.2× | -5.5% | +36.8% |
| Haimo Technologies 300084.SZ | China | $667M | -31% | -7% | -12% | n/a | n/a | n/a |
| Atlas Energy Solutions AESI | United States | $678M | -71% | -4% | -11% | n/a | n/a | n/a |
| Shandong Molong Petroleum Machinery 0568.HK | Hong Kong | $698M | -48% | +58% | 0% | n/a | n/a | n/a |
| Deep Industries DEEPINDS.NS | India | $433M | +38% | +41% | 12% | 12.5× | 25.4% | +35.7% |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| SEAMEC SEAMECLTD.NS | India | $397M | -5% | +60% | 24% | 13.8× | n/a | n/a |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| Jiangsu Rutong Petro-Machinery 603036.SS | China | $373M | -29% | -3% | 25% | n/a | 5.7% | +8.7% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| New JCM 300157.SZ | China | $371M | -44% | +77% | -8% | n/a | n/a | n/a |