Investor Presentaiton
China automation-sector peer-valuation comparisons
BBG Ticker
Company
EPS
Current
Price Upside/
CAGR
Rating
Price
(LC)
Target Downside
(LC)
(%)
12m TSR
(%)
Market Cap
(US$, m)
P/E (x)
P/B (x)
ROE (%)
EV/EBITDA (x)
(%)
2022E
2023E 2024E 2022E
2023E 2024E
2022E
2023E 2024E
2022E 2023E 2024E
22-24E
Automation
300124 CH
002747 CH
688017 CH
300024 CH
002158 CH
002371 CH
300316 CH
Shenzhen Inovance Technolo-A
Estun Automation Co Ltd-A
Leader Harmonious Drive Sy-A
Siasun Robot & Automation-A
Shanghai Hanbell Precise -A
Naura Technology Group Co-A
Zhejiang Jingsheng Mechani-A
NR
Outperform
Outperform
23.85 34.20
Underperform 116.52 98.90
11.15
58.76 98.80
68.1
68.8
22,624
35.9
31.9
26.8
7.8
6.6
5.6
24.2
22.6
22.6
38.9
28.3
23.3
15.9
43.4
43.6
3,000
124.6
73.7
45.4
6.8
6.2
5.5
5.6
8.8
12.8
56.6
54.2
34.9
65.7
-15.1
-15.1
2,843
102.4
92.4
70.7
10.1
9.2
8.2
8.2
10.5
12.2
108.3
83.2
61.9
20.4
NR
N/A
N/A
3,123
N/A
116.0
73.3
5.2
5.0
4.7
1.1
4.2
6.5
N/A
N/A
156.8
N/A
Outperform
NR
23.33 41.50
334.52
77.9
80.3
1,806
19.3
16.2
13.5
4.1
3.5
3.0
22.7
23.1
23.7
14.6
11.0
8.8
19.6
NR
N/A
N/A
24,652
75.9
56.6
42.4
8.8
7.7
6.7
12.0
14.0
16.0
59.7
46.1
35.4
33.8
NR
68.42
NR
N/A
N/A
12,694
30.6
21.0
17.0
8.8
6.1
4.7
31.9
31.7
29.4
26.5
17.6
14.3
34.1
300751 CH
Suzhou Maxwell Technologie-A
NR
274.87
NR
N/A
N/A
6,588
49.4
31.5
20.3
6.7
5.8
4.7
14.1
18.9
23.9
47.9
29.3
18.5
56.0
300724 CH
Sc New Energy Tec-A
NR
102.80
NR
N/A
N/A
5,331
36.2
26.5
21.0
5.1
4.3
3.6
14.7
17.1
18.6
29.7
20.1
15.0
31.4
603915 CH
688686 CH
002415 CH
600480 CH
002472 CH
Jiangsu Guomao Reducer Co -A
Opt Machine Vision Tech Co-A
Hangzhou Hikvision Digital-A
Lingyun Industrial Corp-A
Zhejiang Shuanghuan Drivel-A
NR
19.43
NR
N/A
N/A
1,836
27.2
21.2
16.6
3.5
3.0
2.6
13.5
15.4
16.9
20.8
16.4
11.9
28.2
Outperform
Neutral
147.39 206.40
40.0
40.9
2,604
61.4
41.9
32.1
8.6
5.9
5.2
12.3
14.7
17.1
76.6
39.6
30.2
38.2
36.06 26.80
-25.7
-24.5
48,870
25.1
21.5
18.4
4.9
4.2
3.6
20.3
20.8
20.9
20.4
16.1
13.1
16.9
NR
Outperform
7.49
23.34 38.20
NR
N/A
N/A
1,012
23.3
18.1
15.0
1.4
1.0
1.0
4.7
6.0
7.1
5.9
5.9
5.4
24.4
63.7
64.1
2,873
32.9
23.8
18.3
2.7
2.6
2.3
9.5
11.2
13.5
15.8
12.7
10.5
34.0
002050 CH
601689 CH
Zhejiang Sanhua Intelligen-A
Ningbo Tuopu Group Co Ltd-A
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
50.60
NR
N/A
N/A
7,954
31.4
23.4
17.3
4.5
3.8
3.2
14.7
16.9
19.1
21.8
15.8
12.1
34.8
601799 CH
Changzhou Xingyu Automotiv-A
NR
109.45
NR
N/A
N/A
4,391
26.3
24.0
18.2
3.5
3.2
2.8
13.4
13.0
15.1
18.9
17.4
13.6
20.4
002434 CH
Zhejiang Wanliyang Co Ltd-A
NR
8.47
NR
N/A
N/A
1,666
30.2
21.9
15.7
2.0
1.9
1.7
6.7
8.7
11.0
16.6
15.8
12.4
39.0
300258 CH
Jiangsu Pacific Precision -A
NR
9.76
NR
N/A
N/A
660
18.6
14.7
11.5
1.4
1.3
1.2
7.4
8.7
10.4
9.2
7.5
6.3
27.6
002765 CH
Landai Technology Group Co-A
NR
6.94
NR
N/A
N/A
643
17.0
13.1
9.9
1.7
1.6
1.4
10.5
12.3
14.4
10.0
8.9
7.1
31.3
300470 CH
Sinoseal Holding Co Ltd-A
Outperform
43.90
60.80
38.5
39.7
1,323
29.3
25.3
21.7
3.8
3.4
3.0
13.3
13.9
14.9
22.8
19.6
16.3
16.2
000887 CH
603308 CH
Anhui Zhongding Sealing Pa-A
Anhui Yingliu Electromecha-A
NR
11.68
NR
N/A
N/A
2,300
14.6
11.8
9.5
1.5
1.4
1.2
10.8
11.2
12.0
9.0
7.7
6.5
24.0
NR
19.81
NR
N/A
N/A
1,770
26.6
25.1
19.0
2.8
2.7
2.4
9.8
10.1
12.1
18.3
22.2
19.2
18.4
603915 CH
Jiangsu Guomao Reducer Co -A
NR
19.43
NR
N/A
N/A
1,836
27.2
21.2
16.6
3.5
3.0
2.6
13.5
15.4
16.9
20.8
16.4
11.9
28.2
300718 CH
Zhejiang Changsheng Sliding
NR
16.96
NR
N/A
N/A
730
26.9
22.0
17.2
3.5
3.4
3.0
12.7
14.3
16.0
17.7
15.8
12.8
25.1
603699 CH
Neway Valve Suzhou Co Ltd-A
NR
14.04
NR
N/A
N/A
1,444
21.6
16.4
13.1
3.0
2.6
2.2
14.1
15.7
16.5
16.2
11.6
9.6
28.1
002438 CH
Jiangsu Shentong Valve Co-A
NR
12.38
NR
N/A
N/A
869
20.2
15.6
12.2
2.1
1.9
1.6
10.4
11.7
13.1
14.1
11.2
8.9
28.5
Average
37.2
31.7
23.5
4.6
4.0
3.4
13.1
14.5
16.1
28.6
21.9
21.9
29.2
*BBG pricing as of May 5, 2023
Source: Bloomberg, Macquarie Research, May 2023
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