Investor Presentaiton
China automation-sector peer-valuation comparisons
Price
Upside/
BBG Ticker
Company
Rating
Current
Price (LC)
Target
Downside 12m TSR Market Cap
EPS
(LC)
(%)
(%)
(US$, m)
P/E (x)
P/B (x)
ROE (%)
EV/EBITDA (x)
CAGR (%)
2022E 2023E 2024E 2022E 2023E 2024E
2022E
2023E 2024E 2022E
2023E 2024E
22-24E
Service Robot
603486 CH
688169 CH
603666 CH
000651 CH
600690 CH
000333 CH
1810 HK
Ecovacs Robotics Co Ltd-A
Beijing Roborock Technolog-A
Yijiahe Technology Co Ltd-A
Gree Electric Appliances I-A
Haier Smart Home Co Ltd-A
Midea Group Co Ltd-A
Xiaomi Corp-Class B
Outperform
Neutral
69.04 101.70
311.80 321.00
47.3
48.1
5,720 23.3
19.2
13.6
6.0
4.9
3.7
29.5
28.2
31.0
17.3
13.8
9.3
31.0
3.0
3.6
4,228 23.6
23.1
19.4
2.2
2.7
2.4
13.1
12.5
13.2
13.1
15.7 12.8
10.3
Underperform
39.66
21.40
-46.0
-45.7
1,194 N/A
46.3
38.0
3.4
3.2
3.0
-3.9
7.2
8.1
-105.1
36.0 28.8
N/A
Outperform
35.15
47.00
33.7
39.4
28,648
8.2
7.4
6.8
2.0
1.8
1.5
24.5
26.0
24.3
4.2
3.8
2.9
9.7
Outperform
22.60
37.00
63.7
66.9
29,829 15.5
13.7
12.1
2.3
2.0
1.8
17.0
17.1
17.4
8.3
6.9
5.8
13.4
Outperform
55.33
91.00
64.5
68.0
56,229 13.2
12.1
11.0
2.7
2.4
Underperform
11.16
9.77
-12.5
-12.5
35,527 29.4
26.0
19.8
1.7
1.6
21
2.1
22.1
21.8
21.2
10.9
9.3
7.9
9.7
1.4
1.8
7.8
8.9
26.8
30.6 19.2
21.8
1691 HK
Js Global Lifestyle Co Ltd
Underperform
6.92
5.50
-20.5
-20.5
3,081
9.1
7.2
6.6
603195 CH
Gongniu Group Co Ltd-A
NR
148.20
NR
N/A
N/A
12,921 28.4
24.1
20.8
88
1.6
1.3
1.1
17.7
20.1
18.0
5.8
3.9
3.1
17.5
7.2
6.1
5.1
25.3
25.2
24.8
20.3
17.2 14.8
16.8
002032 CH
Zhejiang Supor Co Ltd -A
NR
51.50
NR
N/A
N/A
5,980 20.1
18.1
16.4
5.1
5.2
4.6
25.1
28.5
28.2
15.4
14.0 12.6
10.8
603355 CH
Kingclean Electric Co Ltd-A
NR
27.09
NR
N/A
N/A
2,065 15.1
14.0
12.0
3.9
3.4
2.9
28.3
25.3
24.4
11.1
9.7
8.4
12.0
000921 CH
Hisense Home Appliances G-A
NR
24.79
NR
N/A
N/A
4,134 24.4
18.3
15.5
2.9
2.6
002242 CH
Joyoung Co Ltd -A
NR
16.28
NR
N/A
N/A
1,767
17.4
16.3
14.2
2.8
3.3
23
2.3
12.4
13.9
15.5
9.5
7.9
6.8
25.7
3.0
16.2
20.3
21.5
16.1
14.6 12.7
10.7
002959 CH
Bear Electric Appliance Co-A
NR
84.42
NR
N/A
N/A
1,912 35.4
27.1
23.2
5.7
4.8
4.2
16.0
17.9
18.0
21.6
17.6
15.2
23.5
2148 HK
Vesync Co Ltd
NR
3.06
NR
N/A
N/A
498
12.2
9.7
7.6
1.4
1.5
1.3
11.6
15.4
17.5
8.6
6.8
5.2
26.5
300853 CH
Hangzhou Shenhao Technolog-A
NR
32.16
NR
N/A
N/A
711
38.2
20.6
15.6
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A
56.3
Average
TIC
20.9
18.9
15.8
3.4
3.1
2.7
17.1
19.1
19.5
5.6
13.9 11.0
19.7
300012 CH
300887 CH
002967 CH
603060 CH
300416 CH
Average
Construction
603338 CH
Centre Testing Intl Group-A
Pony Testing International-A
Guangzhou Grg Metrology & -A
China Testing & Certificat-A
Suzhou Sushi Testing Group-A
Outperform
19.01
26.10
37.3
37.8
4,630 34.8
27.5
21.9
5.6
4.7
3.9
17.6
Outperform
35.48
51.70
45.7
46.8
1,474 30.7
28.7
20.6
NR
22.66
NR
N/A
N/A
1,837 51.7
37.2
27.4
NR
11.82
NR
N/A
N/A
1,252
32.5
25.8
20.7
NR
28.60
NR
N/A
N/A
1,559
38.9
29.5
22.2
2345
2.9
2.8
2.5
11.5
806
18.6
19.6
22.9
18.5 14.5
26.1
9.8
12.7
14.2
16.0 12.2
22.1
3.5
3.3
3.0
6.7
8.8
10.9
22.2
18.3 14.6
37.3
4.7
4.1
3.5
15.0
16.6
17.8
18.0
14.8 11.9
25.2
5.2
4.4
37.7
29.8
22.6
4.4
3.9
33
3.7
13.9
15.0
16.9
20.4
17.2 13.4
32.3
3.3
13.0
13.8
15.6
19.5
17.0 13.3
28.6
601100 CH
600031 CH
002050 CH
002884 CH
603956 CH
Zhejiang Dingli Machinery -A
Jiangsu Hengli Hydraulic C-A
Sany Heavy Industry Co Ltd-A.
Zhejiang Sanhua Intelligen-A
Guangdong Lingxiao Pump In-A
Wpg Shanghai Smart Water P-A
Outperform
49.15
87.10
77.2
78.4
3,602
19.8
17.5
14.1
3.5
3.0
2.6
19.3
18.6
19.7
17.1
12.4
9.3
18.5
Neutral
58.94
53.40
-9.4
-8.0
11,438 32.9
27.7
22.1
6.1
5.3
4.5
21.5
20.4
22.1
27.2
18.9 14.6
22.0
Neutral
16.24
18.10
11.5
12.8
19,947 32.1
21.6
18.4
2.1
2.0
1.8
6.6
9.4
10.2
29.4
19.5 16.2
32.2
Outperform
23.29
36.30
55.9
56.9
12,104 32.5
28.0
22.7
6.5
5.4
4.6
21.4
21.1
22.0
25.3
19.0
15.4
19.7
NR
15.36
NR
N/A
N/A
804 N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A
N/A
NR
7.98
NR
N/A
N/A
603 N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A N/A
N/A
3339 HK
Lonking Holdings Ltd
NR
1.39
NR
N/A
N/A
785 12.1
8.2
7.0
0.6
0.5
0.5
5.0
6.6
7.4
5.0
4.3
3.9
30.9
000528 CH
Guangxi Liugong Machinery-A
NR
7.62
NR
N/A
N/A
2,180 16.3
13.4
11.4
0.9
0.9
0.8
5.9
6.7
7.5
14.0
11.7 11.0
19.9
000157 CH
Zoomlion Heavy Industry S-A
NR
6.48
NR
N/A
N/A
7,693 21.2
16.2
12.7
1.0
1.0
0.9
4.6
6.1
7.4
18.2
14.3 12.2
29.3
000425 CH
Xcmg Construction Machin-A
NR
6.86
NR
N/A
N/A
10,996 12.4
10.5
9.3
1.3
1.2
1.1
10.5
10.6
11.5
16.6
15.3 14.4
15.3
Average
22.4
17.9
14.7
2.7
2.4
2.1
11.8
12.4
13.5
19.1
14.4 12.1
23.5
*BBG pricing as of May 5, 2023
Source: Bloomberg, Macquarie Research, May 2023
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