# Zhejiang Jingsheng Mech Electric (300316.SHE)

Canonical: https://gigainvestors.com/s/300316.SHE

Analysis as of: 2026-10-16T07:36:51.478Z. Financial observations: FY2008–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 33.16 per share; close as of 2026-10-15.

Estimated value: low CNY 22.11 per share, central CNY 24.72 per share, high CNY 28.21 per share. Buy at or below the central value CNY 24.72 per share. Valuation as of 2026-10-16T07:36:51.478Z; scenarios are not confidence intervals.

Expected annual return: 8.0% at the stated quote. About 8.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.22×

- FY2018: 0.26×

- FY2019: 0.24×

- FY2020: 0.26×

- FY2021: 0.33×

- FY2022: 0.32×

- FY2023: 0.33×

- FY2024: 0.18×

- FY2025: 0.18×

### moat: fail

- Recent gross margin fell 9.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.1%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: 9.0 pp

- Typical gross margin (annual median): 37.9%

- Recent gross margin (lower of latest and 3-year median): 28.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.9%

- ROIC including acquisitions, ten-year median: 16.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 12.9%

- FY2018: 16.5%

- FY2019: 16.4%

- FY2020: 21.6%

- FY2021: 37.4%

- FY2022: 36.7%

- FY2023: 41.8%

- FY2024: 17.8%

- FY2025: 10.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 12B

- Net income, five-year total: CNY 13B

- Return on incremental invested capital: 13.1%

- Working capital / revenue, annual change: -3.4 pp

- Working capital / revenue, change between three-year averages: -28.2 pp

- Working capital / revenue, final three-year average: 65.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.99×

- FY2022: 0.97×

- FY2023: 1.00×

- FY2024: 0.60×

- FY2025: 1.20×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.9% vs 17.8%

- Per-share earnings: 0.17 to 1.92 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: CNY 34B

- Cumulative retained earnings: CNY 11B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 35.1%

- Per-share value change: CNY 1.75

- Per-share value, starting three-year median: CNY 0.17

- Per-share value, ending three-year median: CNY 1.92

- Buybacks concentrated in cheaper years (correlation): 0.25

- Average buyback yield: 0.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 562M

- Cumulative net income, 10 years: CNY 15B

- ROIC, first three-year median: 12.9%

- ROIC, last three-year median: 17.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.17

- FY2017: CNY 0.29

- FY2018: CNY 0.47

- FY2019: CNY 0.49

- FY2020: CNY 0.66

- FY2021: CNY 1.34

- FY2022: CNY 2.26

- FY2023: CNY 3.49

- FY2024: CNY 1.92

- FY2025: CNY 0.68

### accounting: pass

- Sloan accruals: 0.5%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.5%

- FY2017: 9.1%

- FY2018: 6.6%

- FY2019: -1.8%

- FY2020: -0.9%

- FY2021: -0.1%

- FY2022: 5.6%

- FY2023: 4.0%

- FY2024: 2.3%

- FY2025: 0.5%

## Holders

## Price story

Down 57% since Oct 2021 · sales -35.4%

Story as of 2026-10-16T10:00:08.241Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

### Sales · FY2024–2025

sales -35.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.1B 

- FY2017: CNY 1.9B 

- FY2018: CNY 2.5B 

- FY2019: CNY 3.1B 

- FY2020: CNY 3.8B 

- FY2021: CNY 6.0B 

- FY2022: CNY 11B 

- FY2023: CNY 18B 

- FY2024: CNY 18B 

- FY2025: CNY 11B 

### Gross margin · FY2025

gross margin 28.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.6% 

- FY2017: 38.1% 

- FY2018: 37.7% 

- FY2019: 33.9% 

- FY2020: 35.2% 

- FY2021: 39.0% 

- FY2022: 38.9% 

- FY2023: 40.2% 

- FY2024: 27.9% 

- FY2025: 28.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are CNY 11.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2025: revenue 11357487102.93; grossProfit 3280074546.43; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300316.SHE: Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. engages in the research, development, production, and sale of semiconductor equipment, semiconductor substrate materials, consumables, and components in China and internationally. It offers advanced equipment, such as power semiconductors and advanced process equipment, and photovoltaic equipment, as well as semiconductor materials and equipment; and advanced materials, including diamond, sapphire, quartz crucible, diamond wire, and graphite products and silicon carbide components. The company also provides smart factory solutions and customer services. Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. was founded in 2006 and is headquartered in Shaoxing, China.

### Why customers stay

Margins ranged from 27.9% to 40.2% during 2023–25; it earns 17.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2023: grossProfit / revenue = 40.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2024: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2025: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); 10-year return on capital observations [[2016,0.06967557652875588],[2017,0.12910548243422185],[2018,0.16480575580524012],[2019,0.16354046825839252],[2020,0.21595901109438204],[2021,0.3736431603607602],[2022,0.3668996024131786],[2023,0.4181289639885527],[2024,0.17761738286045897],[2025,0.10011006837051006]]; median 0.17121156933284953. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 39% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); Gross margin observations: [[2021,0.3902336671693764],[2022,0.38906161725849064],[2023,0.4021123611917528]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 198.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2016: growth capex 50761965; upkeep 42459372; owner earnings 203748570. Growth capex / owner earnings = 0.2491402270946.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2017: growth capex 100529829; upkeep 51262449; owner earnings 386642458. Growth capex / owner earnings = 0.2600072157621137.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2018: growth capex 161709209; upkeep 73385094; owner earnings 582151150. Growth capex / owner earnings = 0.27777873323792285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2019: growth capex 0; upkeep 94519344; owner earnings 643987238. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2020: growth capex 106701063; upkeep 121954307; owner earnings 858159942. Growth capex / owner earnings = 0.12433703529825213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2021: growth capex 639582572; upkeep 138600205; owner earnings 1690475473.224. Growth capex / owner earnings = 0.37834478058425564.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2022: growth capex 1912410488.9267776; upkeep 410634047.0732224; owner earnings 2833836317.0307775. Growth capex / owner earnings = 0.6748486062633827.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2023: growth capex 2015113635; upkeep 459623892; owner earnings 4535251653.69. Growth capex / owner earnings = 0.4443223417074223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2024: growth capex 0; upkeep 1645300520; owner earnings 1494493794.402. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2025: growth capex 0; upkeep 559207780.17; owner earnings 1058327101.38. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); Dividend observations: [[2016,59175103],[2017,104680403],[2018,107511678],[2019,134991438],[2020,128448936],[2021,173525864],[2022,365527950],[2023,588922245],[2024,969744583],[2025,565972227.48]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); FY2025: cash repurchases 198808433.8825 CNY.

### Are managers owners

Insiders own 55.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300316.SHE SharesStats.PercentInsiders = 55.139 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 24.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:51.478Z); Ten-year compound average after fade. Initial solved rate 0.059070197152340076. Price 33.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.09173573401197586 → FY2025 0.8134217586199534. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 13.49 per share

- 2016-11: CNY 12.39 per share

- 2016-12: CNY 11.98 per share

- 2017-01: CNY 12.03 per share

- 2017-02: CNY 12.85 per share

- 2017-03: CNY 14.25 per share

- 2017-04: CNY 13.01 per share

- 2017-05: CNY 12.43 per share

- 2017-06: CNY 12.49 per share

- 2017-07: CNY 14.39 per share

- 2017-08: CNY 14.71 per share

- 2017-09: CNY 15.31 per share

- 2017-10: CNY 16.70 per share

- 2017-11: CNY 19.26 per share

- 2017-12: CNY 20.91 per share

- 2018-01: CNY 17.86 per share

- 2018-02: CNY 17.85 per share

- 2018-03: CNY 23.86 per share

- 2018-04: CNY 23.84 per share

- 2018-05: CNY 15.77 per share

- 2018-06: CNY 13.29 per share

- 2018-07: CNY 13.81 per share

- 2018-08: CNY 12.35 per share

- 2018-09: CNY 11.24 per share

- 2018-10: CNY 9.21 per share

- 2018-11: CNY 10.21 per share

- 2018-12: CNY 10.02 per share

- 2019-01: CNY 10.34 per share

- 2019-02: CNY 13.42 per share

- 2019-03: CNY 14.34 per share

- 2019-04: CNY 12.80 per share

- 2019-05: CNY 12.56 per share

- 2019-06: CNY 12.69 per share

- 2019-07: CNY 13.12 per share

- 2019-08: CNY 13.55 per share

- 2019-09: CNY 14.89 per share

- 2019-10: CNY 14.70 per share

- 2019-11: CNY 13.54 per share

- 2019-12: CNY 15.72 per share

- 2020-01: CNY 19.55 per share

- 2020-02: CNY 23.60 per share

- 2020-03: CNY 19.09 per share

- 2020-04: CNY 23.48 per share

- 2020-05: CNY 21.35 per share

- 2020-06: CNY 24.74 per share

- 2020-07: CNY 24.81 per share

- 2020-08: CNY 26.06 per share

- 2020-09: CNY 30.63 per share

- 2020-10: CNY 28.95 per share

- 2020-11: CNY 28.04 per share

- 2020-12: CNY 30.08 per share

- 2021-01: CNY 40.14 per share

- 2021-02: CNY 37.39 per share

- 2021-03: CNY 32.94 per share

- 2021-04: CNY 38.68 per share

- 2021-05: CNY 43.07 per share

- 2021-06: CNY 50.50 per share

- 2021-07: CNY 63.86 per share

- 2021-08: CNY 77.67 per share

- 2021-09: CNY 64.35 per share

- 2021-10: CNY 76.41 per share

- 2021-11: CNY 71.83 per share

- 2021-12: CNY 69.50 per share

- 2022-01: CNY 57.29 per share

- 2022-02: CNY 65.00 per share

- 2022-03: CNY 60.00 per share

- 2022-04: CNY 50.55 per share

- 2022-05: CNY 55.32 per share

- 2022-06: CNY 67.59 per share

- 2022-07: CNY 73.02 per share

- 2022-08: CNY 76.00 per share

- 2022-09: CNY 67.62 per share

- 2022-10: CNY 71.26 per share

- 2022-11: CNY 64.50 per share

- 2022-12: CNY 63.56 per share

- 2023-01: CNY 68.76 per share

- 2023-02: CNY 68.60 per share

- 2023-03: CNY 65.29 per share

- 2023-04: CNY 68.42 per share

- 2023-05: CNY 68.95 per share

- 2023-06: CNY 70.90 per share

- 2023-07: CNY 61.78 per share

- 2023-08: CNY 56.33 per share

- 2023-09: CNY 47.71 per share

- 2023-10: CNY 43.49 per share

- 2023-11: CNY 43.17 per share

- 2023-12: CNY 44.09 per share

- 2024-01: CNY 32.74 per share

- 2024-02: CNY 37.00 per share

- 2024-03: CNY 34.27 per share

- 2024-04: CNY 33.92 per share

- 2024-05: CNY 32.09 per share

- 2024-06: CNY 28.73 per share

- 2024-07: CNY 29.88 per share

- 2024-08: CNY 23.68 per share

- 2024-09: CNY 32.39 per share

- 2024-10: CNY 36.00 per share

- 2024-11: CNY 34.83 per share

- 2024-12: CNY 31.90 per share

- 2025-01: CNY 30.60 per share

- 2025-02: CNY 33.06 per share

- 2025-03: CNY 31.98 per share

- 2025-04: CNY 27.42 per share

- 2025-05: CNY 26.96 per share

- 2025-06: CNY 27.15 per share

- 2025-07: CNY 27.88 per share

- 2025-08: CNY 30.17 per share

- 2025-09: CNY 45.51 per share

- 2025-10: CNY 39.00 per share

- 2025-11: CNY 36.51 per share

- 2025-12: CNY 36.75 per share

- 2026-01: CNY 44.52 per share

- 2026-02: CNY 55.74 per share

- 2026-03: CNY 41.11 per share

- 2026-04: CNY 42.62 per share

- 2026-05: CNY 50.82 per share

- 2026-06: CNY 60.40 per share

- 2026-07: CNY 38.60 per share

- 2026-08: CNY 43.20 per share

- 2026-09: CNY 35.88 per share

- 2026-10: CNY 34.54 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.67 per share, central CNY 2.92 per share, high CNY 3.25 per share

- FY2017: low CNY 3.45 per share, central CNY 3.84 per share, high CNY 4.37 per share

- FY2018: low CNY 5.75 per share, central CNY 7.99 per share, high CNY 9.28 per share

- FY2019: low CNY 6.99 per share, central CNY 9.76 per share, high CNY 11.37 per share

- FY2020: low CNY 9.18 per share, central CNY 12.71 per share, high CNY 14.77 per share

- FY2021: low CNY 16.04 per share, central CNY 22.17 per share, high CNY 25.74 per share

- FY2022: low CNY 28.21 per share, central CNY 39.20 per share, high CNY 45.61 per share

- FY2023: low CNY 50.05 per share, central CNY 70.29 per share, high CNY 82.07 per share

- FY2024: low CNY 48.48 per share, central CNY 68.24 per share, high CNY 79.74 per share

- FY2025: low CNY 32.38 per share, central CNY 45.21 per share, high CNY 52.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:34.544Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.