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Chinese maker of energy-storage batteries and power systems; specific product line not fully established.
Chinese maker of energy-storage batteries and power systems; specific product line not fully established.
Moat: none
Headquarters: Shenzhen, China · Employees: 4,162
Size Shenzhen VMAX New Energy (Group) (688612.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $1.63B, the 1520th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.00 on 6 Nov 2026.
Performance Over six months the shares fell 20.8%, against -15.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 5.8% over the last twelve months (peer median +4.5%); the operating margin is 9.1% (peer median 6.6%).
Valuation It trades at 17.5× forward earnings against a peer median of 23.0× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +57%, so the hurdle is -39 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.2 points above its cost of capital (13.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.22B | CN¥6.33B | CN¥6.35B | CN¥5.51B | CN¥3.83B |
| Revenue growth | — | 0% | +15% | +44% | — |
| Gross profit | CN¥1.49B | CN¥1.25B | CN¥1.05B | CN¥979M | CN¥734M |
| EBITDA | n/a | CN¥817M | CN¥616M | CN¥644M | CN¥374M |
| Net income | CN¥574M | CN¥558M | CN¥400M | CN¥502M | CN¥295M |
| Free cash flow | CN¥84.1M | CN¥443M | CN¥793M | CN¥212M | -CN¥270M |
| Capital expenditure | CN¥550M | CN¥423M | CN¥269M | CN¥518M | CN¥367M |
| Total debt | CN¥1.44B | CN¥1.82B | CN¥1.80B | CN¥1.49B | CN¥997M |
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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 | 688612.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.6% | -3.4% | 5th lowest of 21 |
| 6-month return | -20.8% | -15.7% | 9th lowest of 21 |
| Distance from 52-week high | -37.5% | -44.2% | 9th highest of 21 |
| Revenue growth (TTM) | -5.8% | +4.5% | 6th lowest of 21 |
| Operating margin | 9.1% | 6.6% | 6th highest of 21 |
| Forward P/E | 17.5× | 23.0× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 18.8% | 11.3% | 5th most demanding of 12 |
| Growth delivered (Del g) | +57.4% | +9.3% | highest of 12 |
| Hurdle (Req g minus delivered) | -38.6 pp | +1.1 pp | least demanding of 12 |
| ROIC minus cost of capital | +7.2 pp | -0.8 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Zhejiang Dali Technology 002214.SZ | China | $1.45B | -15% | +1% | -68% | n/a | n/a | n/a |
| Kinco Automation Shanghai 688160.SS | China | $1.45B | -2% | +46% | 9% | 90.3× | n/a | n/a |
| Chongqing Chuanyi Automation 603100.SS | China | $1.44B | -4% | +3% | 7% | 14.5× | 2.6% | +9.9% |
| Gl Tech 300480.SZ | China | $1.44B | -28% | +43% | 13% | 57.6× | n/a | n/a |
| Shanghai Liangxin Electrical Co 002706.SZ | China | $1.42B | -26% | +6% | 3% | 30.5× | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |