Chinese Capital Goods Undervalued over 20% based on DCF

Contemporary Amperex Technology

Market Cap: CN¥1.7t

Engages in the research, development, production, and sale of electric vehicle and energy storage system batteries in China and internationally.

Sungrow Power Supply

Market Cap: CN¥217.3b

Engages in the research and development, manufacture, sale, and service of new energy power supply equipment.

Ningbo Deye Technology Group

Market Cap: CN¥105.2b

Researches, designs, develops, produces, sells and services solar inverter systems, frequency conversion control systems, environmental electrical appliances, and heat exchangers in China.

XCMG Construction Machinery

Market Cap: CN¥99.1b

Engages in the manufacturing and sale of construction machinery in China.

Sichuan Road & Bridge GroupLtd

Market Cap: CN¥71.6b

Engages in the investment, development, construction, and operation of engineering construction, clean energy, and mining and new materials in China and internationally.

Jiujiang Defu Technology

Market Cap: CN¥67.4b

Engages in the research, development, production, and sale of electrolytic copper foils in China and internationally.

China Shipbuilding Industry Group Power

Market Cap: CN¥66.5b

China Shipbuilding Industry Group Power Co., Ltd.

Hunan Yuneng New Energy Battery MaterialLtd

Market Cap: CN¥51.6b

Engages in the research, development, production, and sale of lithium-ion battery cathode materials in China and internationally.

L&K Engineering (Suzhou)Ltd

Market Cap: CN¥40.2b

Engages in the provision of specialized engineering technical services in China.

China International Marine Containers (Group)

Market Cap: CN¥34.8b

Manufactures and sells logistics and energy equipment in China, America, Europe, Asia, and internationally.

Ningbo Orient Wires & CablesLtd

Market Cap: CN¥32.0b

Engages in the research, development, manufacturing, and sale of various submarine and terrestrial cable products in China and internationally.

Neway Valve (Suzhou)

Market Cap: CN¥31.9b

Researches, develops, produces, and sells industrial valves in the People’s Republic of China and internationally.

Sinotruk Jinan TruckLtd

Market Cap: CN¥24.5b

Develops, produces, and sells various types of heavy-duty vehicles, special vehicles, specialized vehicles, engines, transmissions, axles, and other assemblies and automotive components in China.

XTC New Energy Materials(Xiamen)Ltd

Market Cap: CN¥23.3b

XTC New Energy Materials(Xiamen) Co.,Ltd.

XJ Electric

Market Cap: CN¥20.3b

Provides energy and power and technology equipment in China and internationally.

Tiandi Science & TechnologyLtd

Market Cap: CN¥19.8b

Engages in the research, technology development, equipment manufacturing, engineering demonstration, testing, and inspection activities for the coal industry in China.

Shanghai Zhenhua Heavy Industries

Market Cap: CN¥16.9b

Engages in the manufacture and sale of heavy-duty equipment in Chinese Mainland, rest of Asia, Africa, North America, Europe, South America, Oceania, and internationally.

CECEP Environmental Protection

Market Cap: CN¥16.1b

Engages in the energy-saving and environmental protection equipment and electrical special equipment business worldwide.

GKG Precision Machine

Market Cap: CN¥16.1b

Engages in the provision of precision automation equipment in China and internationally.

Anhui HeliLtd

Market Cap: CN¥14.9b

Engages in the manufacture and sale of industrial vehicles in the People’s Republic of China and internationally.

Xizi Clean Energy Equipment Manufacturing

Market Cap: CN¥13.2b

Provides energy utilization and engineering solutions in China and internationally.

Hefei Metalforming Intelligent Manufacturing

Market Cap: CN¥11.1b

Hefei Metalforming Intelligent Manufacturing Co., Ltd.

Zhejiang Communications Technology

Market Cap: CN¥9.6b

Zhejiang Communications Technology Co., Ltd.

Yizumi Holdings

Market Cap: CN¥9.5b

Engages in designs, researches and develops, manufactures, sells, and services of various molding machines in China and internationally.

Zhejiang Haikong Nanke Huatie Digital Intelligence and Technology

Market Cap: CN¥9.3b

Zhejiang Haikong Nanke Huatie Digital Intelligence and Technology Co., Ltd.

3S Industry Group

Market Cap: CN¥8.1b

Provides wind energy, construction, and safety protection equipment in China and internationally.

Gold cup Electric ApparatusLtd

Market Cap: CN¥7.5b

Researches, develops, manufactures, and sells flat magnet wires and cables in China and internationally.

Zhejiang Wanliyang

Market Cap: CN¥7.5b

Engages in the research and development, production, and sale of automotive transmissions and transmission/drive system products for new energy vehicles in China and internationally.

Jingjin Equipment

Market Cap: CN¥7.2b

Offers environmental protection products and services in China and internationally.

Fujian Furi ElectronicsLtd

Market Cap: CN¥7.1b

Engages in the research, development, production, and sale of smart terminal and LED optoelectronic products in China.

Nanjing LES Information Technology

Market Cap: CN¥6.6b

Nanjing LES Information Technology Co., Ltd.

Zhongzhong Science & Technology (Tianjin)

Market Cap: CN¥6.4b

Zhongzhong Science & Technology (Tianjin) Co., Ltd.

Beijing Watertek Information Technology

Market Cap: CN¥6.4b

Beijing Watertek Information Technology Co., Ltd.

Shenzhen Coship Electronics

Market Cap: CN¥6.3b

Engages in the manufacture and sale of smart home products and services in China and internationally.

Sinoseal Holding

Market Cap: CN¥5.9b

Engages in the research and development, manufacture, and sale of mechanical seals and their auxiliary systems in China and internationally.

Shanghai Research Institute of Building Sciences Group

Market Cap: CN¥5.5b

Shanghai Research Institute of Building Sciences Group Co., Ltd.