# Wuxi Lead Auto Equipment (300450.SHE)

Canonical: https://gigainvestors.com/s/300450.SHE

Analysis as of: 2026-10-16T07:36:20.980Z. Financial observations: FY2011–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 32.35 per share; close as of 2026-10-15.

Estimated value: low CNY 22.25 per share, central CNY 27.99 per share, high CNY 31.33 per share. Buy at or below the central value CNY 27.99 per share. Valuation as of 2026-10-16T07:36:20.980Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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

- FY2024 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.42×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.31

- Recovered dip fiscal year: FY2024

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.28×

- FY2018: 0.25×

- FY2019: 0.19×

- FY2020: 0.14×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.11×

- FY2024: 0.02×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 38.3%

- ROIC, second-lowest year: 23.2%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 35.2%

- Recent gross margin (lower of latest and 3-year median): 32.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 25.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.0%

- FY2017: 72.1%

- FY2018: 57.5%

- FY2019: 38.5%

- FY2020: 38.0%

- FY2021: 58.6%

- FY2022: 59.3%

- FY2023: 23.2%

- FY2024: 2.0%

- FY2025: 25.9%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 6.3B

- Net income, five-year total: CNY 7.5B

- Return on incremental invested capital: 10.6%

- Working capital / revenue, annual change: 4.4 pp

- Working capital / revenue, change between three-year averages: 33.0 pp

- Working capital / revenue, final three-year average: 115.9%

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

- FY2021: 0.96×

- FY2022: 0.85×

- FY2023: 0.97×

- FY2024: -1.47×

- FY2025: 0.94×

### management: fail

- 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: 57.5% vs 23.2%

- Per-share earnings: 0.22 to 1.00 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: CNY 50B

- Cumulative retained earnings: CNY 6.6B

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.6%

- Per-share value change: CNY 0.78

- Per-share value, starting three-year median: CNY 0.22

- Per-share value, ending three-year median: CNY 1.00

- Buybacks concentrated in cheaper years (correlation): 0.46

- Average buyback yield: 0.3%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.8B

- Cumulative net income, 10 years: CNY 11B

- ROIC, first three-year median: 57.5%

- ROIC, last three-year median: 23.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.22

- FY2017: CNY 0.41

- FY2018: CNY 0.53

- FY2019: CNY 0.54

- FY2020: CNY 0.54

- FY2021: CNY 1.28

- FY2022: CNY 1.48

- FY2023: CNY 1.13

- FY2024: CNY 0.18

- FY2025: CNY 1.00

### accounting: pass

- Sloan accruals: -8.7%

- Receivables to sales index (DSRI): 0.49×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.7%

- FY2017: 7.6%

- FY2018: 9.2%

- FY2019: 2.4%

- FY2020: -4.6%

- FY2021: 1.0%

- FY2022: 1.9%

- FY2023: 7.5%

- FY2024: 5.1%

- FY2025: -8.7%

## Holders

## Price story

Down 60% since Oct 2021 · sales +21.8%

Story as of 2026-10-16T10:00:07.250Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2024–2025

sales +21.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.1B 

- FY2017: CNY 2.2B 

- FY2018: CNY 3.9B 

- FY2019: CNY 4.7B 

- FY2020: CNY 5.9B 

- FY2021: CNY 10B 

- FY2022: CNY 14B 

- FY2023: CNY 17B 

- FY2024: CNY 12B 

- FY2025: CNY 14B 

### Gross margin · FY2025

gross margin 33.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 42.3% 

- FY2017: 40.8% 

- FY2018: 38.8% 

- FY2019: 38.3% 

- FY2020: 33.5% 

- FY2021: 33.4% 

- FY2022: 36.8% 

- FY2023: 32.8% 

- FY2024: 29.6% 

- FY2025: 33.3% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CNY 14.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2025: revenue 14443080424.36; grossProfit 4812670739.44; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300450.SHE: Wuxi Lead Intelligent Equipment CO.,LTD. engages in the research and development, design, production, and sales of intelligent equipment in Mainland China and internationally. It operates through Lead Intelligence and Titan New Power segments. The company offers lithium-ion battery intelligent, solid-state battery intelligent, photovoltaic (PV) intelligent, 3C, automotive and energy storage intelligent, intelligent logistics systems, hydrogen energy, and laser precision processing equipment, as well as consumer electronics products. It also provides smart logistics and smart factory solutions. The company was formerly known as Wuxi Lead Auto Equipment Co., Ltd. and changed its name to Wuxi Lead Intelligent Equipment CO.,LTD. in August 2015. Wuxi Lead Intelligent Equipment CO.,LTD. was founded in 2002 and is headquartered in Wuxi, China.

### Why customers stay

Margins ranged from 29.6% to 33.3% during 2023–25; it earns 38.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2023: grossProfit / revenue = 32.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2024: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2025: grossProfit / revenue = 33.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); 10-year return on capital observations [[2016,0.2898761961402647],[2017,0.7209488212549748],[2018,0.5754039870465414],[2019,0.3852641764468836],[2020,0.3800243144823555],[2021,0.5861825899459819],[2022,0.5933769255231783],[2023,0.23178754286840725],[2024,0.02016599741371847],[2025,0.25891500492598446]]; median 0.38264424546461956. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 7.3% of cash earnings on expansion; earns 10.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2016: growth capex 104155689; upkeep 17265779; owner earnings 290652086. Growth capex / owner earnings = 0.35835176837505994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2017: growth capex 18880006; upkeep 26469528; owner earnings 537499998. Growth capex / owner earnings = 0.03512559268883941.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2018: growth capex 36448412; upkeep 39897483; owner earnings 742441278. Growth capex / owner earnings = 0.04909265295456808.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2019: growth capex 143047737.1512698; upkeep 70553027.8487302; owner earnings 757584680.1512698. Growth capex / owner earnings = 0.18882078914624686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2020: growth capex 180375043.4101708; upkeep 245820533.5898292; owner earnings 601571080.4101708. Growth capex / owner earnings = 0.29983995122768403.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2021: growth capex 402877766; upkeep 103677457; owner earnings 1520781024.836. Growth capex / owner earnings = 0.26491503998312055.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2022: growth capex 553489028.317485; upkeep 433319059.682515; owner earnings 1970011315.177485. Growth capex / owner earnings = 0.2809572838761179.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2023: growth capex 337216896; upkeep 214365911; owner earnings 1712586267.296. Growth capex / owner earnings = 0.1969050566617186.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2025: growth capex 106708321.49000001; upkeep 448071442.38; owner earnings 1468102544.224. Growth capex / owner earnings = 0.07268451506321937.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); Incremental return on capital 0.10648374566559302, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); Dividend observations: [[2016,75111202],[2017,54326597],[2018,128355065],[2019,282347360],[2020,143676965],[2021,277785737],[2022,781878372],[2023,841029541],[2024,564504561],[2025,194652092.8]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); FY2025: cash repurchases 874503496.5125 CNY.

### Are managers owners

Insiders own 32.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300450.SHE SharesStats.PercentInsiders = 32.64 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years; actual growth was 23.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:20.980Z); Ten-year compound average after fade. Initial solved rate 0.1174721652260794. Price 32.35; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.11164718782631666 → FY2025 0.9388178357389173. Closing-price date 2026-10-15.

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

- 2016-10: CNY 21.93 per share

- 2016-11: CNY 21.24 per share

- 2016-12: CNY 21.24 per share

- 2017-01: CNY 21.24 per share

- 2017-02: CNY 21.25 per share

- 2017-03: CNY 26.72 per share

- 2017-04: CNY 28.49 per share

- 2017-05: CNY 25.16 per share

- 2017-06: CNY 32.36 per share

- 2017-07: CNY 41.78 per share

- 2017-08: CNY 41.48 per share

- 2017-09: CNY 46.62 per share

- 2017-10: CNY 50.68 per share

- 2017-11: CNY 41.93 per share

- 2017-12: CNY 35.61 per share

- 2018-01: CNY 33.04 per share

- 2018-02: CNY 39.61 per share

- 2018-03: CNY 47.89 per share

- 2018-04: CNY 39.24 per share

- 2018-05: CNY 19.04 per share

- 2018-06: CNY 18.90 per share

- 2018-07: CNY 18.72 per share

- 2018-08: CNY 14.53 per share

- 2018-09: CNY 16.43 per share

- 2018-10: CNY 15.02 per share

- 2018-11: CNY 17.74 per share

- 2018-12: CNY 18.09 per share

- 2019-01: CNY 18.75 per share

- 2019-02: CNY 20.39 per share

- 2019-03: CNY 23.24 per share

- 2019-04: CNY 625,000.00 per share

- 2019-05: CNY 17.86 per share

- 2019-06: CNY 21.00 per share

- 2019-07: CNY 22.63 per share

- 2019-08: CNY 19.19 per share

- 2019-09: CNY 21.06 per share

- 2019-10: CNY 20.47 per share

- 2019-11: CNY 23.62 per share

- 2019-12: CNY 28.09 per share

- 2020-01: CNY 27.49 per share

- 2020-02: CNY 35.09 per share

- 2020-03: CNY 23.56 per share

- 2020-04: CNY 23.84 per share

- 2020-05: CNY 26.16 per share

- 2020-06: CNY 28.88 per share

- 2020-07: CNY 27.50 per share

- 2020-08: CNY 28.09 per share

- 2020-09: CNY 30.22 per share

- 2020-10: CNY 37.18 per share

- 2020-11: CNY 39.39 per share

- 2020-12: CNY 52.49 per share

- 2021-01: CNY 55.94 per share

- 2021-02: CNY 52.44 per share

- 2021-03: CNY 49.37 per share

- 2021-04: CNY 55.25 per share

- 2021-05: CNY 59.87 per share

- 2021-06: CNY 60.14 per share

- 2021-07: CNY 76.00 per share

- 2021-08: CNY 74.60 per share

- 2021-09: CNY 69.82 per share

- 2021-10: CNY 81.24 per share

- 2021-11: CNY 79.27 per share

- 2021-12: CNY 74.37 per share

- 2022-01: CNY 71.86 per share

- 2022-02: CNY 67.23 per share

- 2022-03: CNY 58.44 per share

- 2022-04: CNY 44.27 per share

- 2022-05: CNY 48.54 per share

- 2022-06: CNY 63.18 per share

- 2022-07: CNY 59.64 per share

- 2022-08: CNY 55.16 per share

- 2022-09: CNY 47.31 per share

- 2022-10: CNY 50.09 per share

- 2022-11: CNY 43.76 per share

- 2022-12: CNY 40.25 per share

- 2023-01: CNY 46.13 per share

- 2023-02: CNY 43.50 per share

- 2023-03: CNY 40.48 per share

- 2023-04: CNY 38.25 per share

- 2023-05: CNY 33.65 per share

- 2023-06: CNY 36.17 per share

- 2023-07: CNY 33.15 per share

- 2023-08: CNY 29.51 per share

- 2023-09: CNY 27.22 per share

- 2023-10: CNY 27.99 per share

- 2023-11: CNY 26.16 per share

- 2023-12: CNY 25.60 per share

- 2024-01: CNY 19.86 per share

- 2024-02: CNY 22.70 per share

- 2024-03: CNY 24.17 per share

- 2024-04: CNY 22.30 per share

- 2024-05: CNY 19.99 per share

- 2024-06: CNY 16.63 per share

- 2024-07: CNY 16.87 per share

- 2024-08: CNY 14.36 per share

- 2024-09: CNY 19.35 per share

- 2024-10: CNY 18.78 per share

- 2024-11: CNY 23.62 per share

- 2024-12: CNY 20.02 per share

- 2025-01: CNY 19.44 per share

- 2025-02: CNY 22.87 per share

- 2025-03: CNY 21.03 per share

- 2025-04: CNY 19.92 per share

- 2025-05: CNY 19.93 per share

- 2025-06: CNY 24.85 per share

- 2025-07: CNY 25.46 per share

- 2025-08: CNY 35.51 per share

- 2025-09: CNY 62.22 per share

- 2025-10: CNY 58.53 per share

- 2025-11: CNY 49.05 per share

- 2025-12: CNY 49.98 per share

- 2026-01: CNY 57.71 per share

- 2026-02: CNY 54.80 per share

- 2026-03: CNY 47.70 per share

- 2026-04: CNY 55.22 per share

- 2026-05: CNY 50.81 per share

- 2026-06: CNY 40.72 per share

- 2026-07: CNY 33.85 per share

- 2026-08: CNY 33.62 per share

- 2026-09: CNY 34.94 per share

- 2026-10: CNY 37.88 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.29 per share, central CNY 2.55 per share, high CNY 2.91 per share

- FY2017: low CNY 5.21 per share, central CNY 5.82 per share, high CNY 6.64 per share

- FY2018: low CNY 8.51 per share, central CNY 9.53 per share, high CNY 10.90 per share

- FY2019: low CNY 10.45 per share, central CNY 11.68 per share, high CNY 13.33 per share

- FY2020: low CNY 10.75 per share, central CNY 11.95 per share, high CNY 13.54 per share

- FY2021: low CNY 22.58 per share, central CNY 30.23 per share, high CNY 34.68 per share

- FY2022: low CNY 22.30 per share, central CNY 30.15 per share, high CNY 34.73 per share

- FY2023: low CNY 22.56 per share, central CNY 31.30 per share, high CNY 36.39 per share

- FY2024: low CNY 11.55 per share, central CNY 13.22 per share, high CNY 14.94 per share

- FY2025: low CNY 17.63 per share, central CNY 23.17 per share, high CNY 26.39 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 2026-10-15T06:42:05.265Z 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.