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AVIC-linked maker of aircraft oxygen and environmental-control systems, also cold-chain insulated containers.
AVIC-linked maker of aircraft oxygen and environmental-control systems, also cold-chain insulated containers.
Supplies oxygen and cabin-air control systems that are specified into each new aircraft model, so sales follow aircraft production rates, and replacement units and servicing continue for the aircraft's life. Cold-chain insulated containers give a civilian line unrelated to aviation cycles.
Moat: narrow (regulatory licence, customer qualification). Certified life-support systems supplier to AVIC aircraft programs.
Headquarters: Hefei, Anhui, China · Employees: 1,292
Size Hefei Jianghang Aircraft Equipment (688586.SS) is a China Industrials company (Aerospace & Defense) with a market value of $1.38B, the 1765th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.64 on 6 Nov 2026.
Performance Over six months the shares fell 11.5%, against -18.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue fell 3.7% over the last twelve months (peer median +17.5%); the operating margin is 2.1% (peer median 2.8%).
Valuation It trades at 27.1× forward earnings against a peer median of 31.0× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 50% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +47 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 5.1 points below its cost of capital (8.3% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥903M | CN¥942M | CN¥1.09B | CN¥1.21B | CN¥1.10B |
| Revenue growth | — | -13% | -10% | +9% | — |
| Gross profit | CN¥277M | CN¥225M | CN¥354M | CN¥440M | CN¥420M |
| EBITDA | n/a | CN¥71.2M | CN¥146M | CN¥231M | CN¥253M |
| Net income | CN¥53.9M | CN¥55.0M | CN¥125M | CN¥193M | CN¥244M |
| Free cash flow | CN¥19.8M | -CN¥117M | -CN¥168M | CN¥9.33M | CN¥111M |
| Capital expenditure | CN¥29.8M | CN¥51.1M | CN¥66.5M | CN¥63.2M | CN¥64.8M |
| Total debt | CN¥74.8M | CN¥95.4M | CN¥119M | CN¥93.5M | CN¥81.8M |
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 |
|---|---|---|---|---|---|---|
| Hefei Jianghang Aircraft Equipment 688586.SS | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | $1.46B | -17% | +36% | 28% | 38.2× | 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 | 688586.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.3% | -4.1% | 3rd highest of 21 |
| 6-month return | -11.5% | -18.1% | 8th highest of 20 |
| Distance from 52-week high | -35.9% | -37.5% | 9th highest of 21 |
| Revenue growth (TTM) | -3.7% | +17.5% | 5th lowest of 21 |
| Operating margin | 2.1% | 2.8% | 11th highest of 21 |
| Forward P/E | 27.1× | 31.0× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 49.7% | 16.9% | most demanding of 8 |
| Growth delivered (Del g) | +2.6% | +10.6% | lowest of 8 |
| Hurdle (Req g minus delivered) | +47.1 pp | +8.3 pp | most demanding of 8 |
| ROIC minus cost of capital | -5.1 pp | -6.6 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 54.6× | n/a | n/a |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | n/a | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 43.9× | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Guanglian Aviation Industry 300900.SZ | China | $1.07B | -51% | +1% | -10% | 57.5× | n/a | n/a |