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Chinese maker of machine-vision systems and optical components used in industrial inspection and automation.
Chinese maker of machine-vision systems and optical components used in industrial inspection and automation.
In one line: A Chinese Cognex.
Moat: narrow (process know-how, IP / patents). Vision-algorithm and optics expertise differentiate it in a technically demanding automation niche.
Headquarters: Beijing, China · Employees: 1,896
Size Luster LightTech (688400.SS) is a China Industrials company (Electrical Products) with a market value of $2.63B, the 986th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.38 on 6 Nov 2026.
Performance Over six months the shares fell 37.0%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 10.1% over the last twelve months (peer median +17.8%); the operating margin is -0.5% (peer median 10.6%).
Valuation It trades at 28.1× forward earnings against a peer median of 19.4× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 57% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +46 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 10.5 points below its cost of capital (12.4% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.06B | CN¥2.90B | CN¥2.22B | CN¥2.63B | CN¥2.74B |
| Revenue growth | — | +31% | -15% | -4% | — |
| Gross profit | CN¥1.24B | CN¥921M | CN¥688M | CN¥745M | CN¥866M |
| EBITDA | n/a | CN¥55.9M | -CN¥11.8M | -CN¥1.25M | CN¥112M |
| Net income | CN¥457M | CN¥161M | CN¥107M | CN¥164M | CN¥188M |
| Free cash flow | CN¥255M | CN¥54.4M | -CN¥88.7M | CN¥143M | -CN¥289M |
| Capital expenditure | CN¥232M | CN¥95.7M | CN¥281M | CN¥132M | CN¥124M |
| Total debt | CN¥462M | CN¥769M | CN¥668M | CN¥164M | CN¥152M |
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 |
|---|---|---|---|---|---|---|
| Luster LightTech 688400.SS | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% |
| Cognex CGNX | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% |
| Keyence 6861.T | $107B | -2% | +25% | 54% | 28.7× | 21.1% |
| Suzhou Novosense Microelectronics 688052.SS | $3.60B | -15% | +77% | -2% | 209.7× | n/a |
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 | 688400.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.5% | -9.9% | 8th highest of 21 |
| 6-month return | -37.0% | -21.9% | 5th lowest of 21 |
| Distance from 52-week high | -49.5% | -48.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +10.1% | +17.8% | 7th lowest of 21 |
| Operating margin | -0.5% | 10.6% | 2nd lowest of 21 |
| Forward P/E | 28.1× | 19.4× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 56.8% | 15.1% | most demanding of 12 |
| Growth delivered (Del g) | +10.7% | +11.7% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +46.1 pp | -1.8 pp | most demanding of 12 |
| ROIC minus cost of capital | -10.5 pp | +0.1 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% | +12.3% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 9.9× | n/a | n/a |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 45.8× | 13.8% | +6.2% |
| Schneider Electric Infrastructure SCHNEIDER.NS | India | $2.69B | -21% | +10% | 10% | 76.0× | 56.2% | +17.4% |
| Daming Electronics 603376.SS | China | $2.71B | -22% | +110% | 9% | n/a | n/a | n/a |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | n/a | 7.7% | +9.5% |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 18.3× | n/a | n/a |
| Fortior Technology (Shenzhen) 1304.HK | Hong Kong | $2.76B | -15% | +54% | 25% | 31.8× | n/a | n/a |
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% | +5.4% |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 16.6× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 27.4× | n/a | n/a |
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 19.4× | n/a | n/a |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | n/a | 22.6% | +29.4% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | n/a | n/a | n/a |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% | +18.6% |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 17.9× | 5.8% | +11.5% |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 10.8× | n/a | n/a |
| PhiChem 300398.SZ | China | $2.43B | -6% | +15% | 17% | 27.3× | 19.6% | +11.7% |