Breaking Down Keli Sensing Technology (Ningbo) Co.,Ltd. Financial Health: Key Insights for Investors

Keli Sensing Technology's recent figures make for a compelling read: 2024 revenue reached CNY 1.30 billion (up 20.79% YoY) with TTM revenue to Sept 30, 2025 at CNY 1.46 billion (23.01% YoY growth), Q3 2025 revenue of CNY 396 million (+9.06% YoY) and revenue per employee ≈ CNY 535,424 across 2,723 staff; profitability shows a 2024 net income decline to CNY 260.51 million (‑16.62% YoY) but TTM net income of CNY 323.97 million, a 43.10% gross margin and improving net margin (Q1 2025: 27.78%), while returns sit at ROE 12.40% and ROA 3.92%; balance sheet and liquidity highlight total assets of CNY 4.57 billion, total liabilities CNY 1.35 billion, a conservative debt-to-equity of 0.23, cash and short-term investments CNY 906.05 million and net cash CNY 183.06 million with operating cash flow TTM CNY 172.21 million and free cash flow CNY 127.65 million; market valuation is elevated-market cap CNY 17.56 billion, TTM P/E 54.65, forward P/E 48.78, P/S 12.04 and P/FCF 136.84-while enterprise value-to-EBITDA sits at 52.68, and key risks (competition, raw material price swings, regulatory shifts, customer concentration, economic cycles, tech disruption) contrast with growth levers in tactile/multi‑physical sensors, robotics sensors, smart logistics, international expansion, R&D and strategic acquisitions-dive into the full breakdown for detailed implications for investors.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Revenue Analysis

Keli Sensing Technology Co.,Ltd. (603662.SS) has shown sustained top-line growth through 2024-2025, underpinned by its leadership in domestic weighing and force sensors. Key headline figures highlight accelerating revenue and solid per-employee productivity relative to the company's scale.

• 2024 revenue: CNY 1.30 billion (up 20.79% vs. CNY 1.07 billion in 2023)
• TTM revenue (as of 2025-09-30): CNY 1.46 billion (YoY growth 23.01%)
• Q3 2025 revenue: CNY 396 million (up 9.06% vs. Q3 2024)
• Revenue per employee: ≈ CNY 535,424 (2,723 employees)
• Market capitalization: CNY 17.56 billion; Price-to-Sales (P/S): 12.04
• Number one domestic market share in weighing & force sensors for 15 consecutive years

Revenue growth has been driven by both volume expansion and sustained pricing/ASP stability in core sensor lines, supported by scale advantages from long-term market leadership. For additional company background and context on strategic positioning, see: Keli Sensing Technology (Ningbo) Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

Keli Sensing Technology Co.,Ltd. (603662.SS) - Profitability Metrics

• Net income attributable to shareholders (2024): CNY 260.51 million (down 16.62% from CNY 312.13 million in 2023).
• Trailing twelve months (TTM) net income as of Sep 30, 2025: CNY 323.97 million.
• Half-year net profit (H1 2025): CNY 172.83 million, up 31.66% from CNY 116.83 million in H1 2024.
• Q1 2025 net profit margin: 27.78%, an improvement of 7.48 percentage points year-over-year.

• Margin profile: A 43.10% gross margin in 2024 combined with a 22.22% net margin indicates strong pricing or cost control relative to peers in sensing and industrial electronics.
• Profitability trajectory: Despite a 2024 dip in annual net income, H1 2025 and Q1 2025 margins show recovery and acceleration, supported by a higher TTM net income by Sep 2025.
• Capital efficiency: ROE at 12.40% suggests shareholder capital is delivering mid-double-digit returns; ROA at 3.92% reflects asset base scale relative to profits.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Debt vs. Equity Structure

As of June 30, 2025, Keli Sensing Technology Co.,Ltd. (603662.SS) presents a conservative balance sheet with low leverage, solid liquidity and a strong interest coverage profile, highlighting capacity to support operations and service debt while pursuing growth.

• Total assets: CNY 4.57 billion
• Total liabilities: CNY 1.35 billion
• Total debt: CNY 722.99 million
• Net cash position: CNY 183.06 million

• Low leverage: A debt-to-equity ratio of 0.23 indicates the company relies far more on equity than on debt financing, limiting financial risk from interest and principal repayments.
• Liquidity cushion: Current ratio (1.83) and quick ratio (1.29) show adequate short-term resources to cover obligations without needing to liquidate long-term assets.
• Interest coverage strength: An interest coverage ratio of 17.44 implies operating earnings comfortably cover interest expense, reducing default risk even if margins compress.

Key capital structure takeaways can be cross-referenced with the company's background and strategy at Keli Sensing Technology (Ningbo) Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Liquidity and Solvency

Keli Sensing Technology Co.,Ltd. (603662.SS) shows a mixed short-term liquidity profile with solid operating cash generation but signs of tightening cash balances and rising liabilities.

Key implications for short- and medium-term solvency:

• Cash buffers remain under CNY 1.0 billion and have declined 6.37% YoY, reducing headroom for unexpected outflows.
• Positive free cash flow of CNY 127.65 million indicates internal funding capability for operations and selective reinvestment.
• Quarterly net cash decline of CNY 38.28 million (a sharp YoY deterioration) suggests seasonality, working capital swings, or financing/repayment activity that investors should monitor.
• Rising total liabilities (+5.13% YoY to CNY 1.35 billion) modestly increases leverage risk; the gap between liabilities and cash/short-term investments merits attention.
• ROA (3.92%) and ROIC (4.61%) reflect moderate efficiency and returns on capital-positive but not robust versus high-growth hardware peers.

Operational and capital deployment context can be cross-referenced with corporate strategy and stated objectives: Mission Statement, Vision, & Core Values (2026) of Keli Sensing Technology (Ningbo) Co.,Ltd.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Valuation Analysis

• Trailing twelve months (TTM) P/E: 54.65 - indicates high earnings multiple based on last 12 months of net income.
• Forward P/E: 48.78 - market expects earnings growth or improvement versus TTM.
• P/B: 5.56 - equity is trading substantially above book value, implying strong intangible value or growth expectations.
• EV/EBITDA: 52.68 - suggests a lofty valuation relative to operating cash profits before non-cash items.
• Market Cap: CNY 17.56 billion; Enterprise Value: CNY 17.67 billion - EV closely tracks market cap, indicating modest net debt or cash position.
• P/S: 12.04 - revenue is being capitalized at a high multiple, reflecting revenue growth expectations or high margin profile.
• P/FCF: 136.84 - free cash flow is valued extremely highly relative to price, signaling either low current FCF or high future expectations.

• Investors should weigh these multiples against peer group medians, sector growth rates and Keli's historical trajectory.
• High P/E, P/S and P/FCF indicate market optimism - validate via revenue growth, margin expansion, and FCF conversion trends.
• EV ≈ Market Cap suggests limited leverage; confirm balance sheet cash/debt composition for capital structure risk assessment.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Risk Factors

• Competitive pressure: intensified competition can compress ASPs (average selling prices) and gross margins.
• Raw material volatility: fluctuations in key inputs (e.g., semiconductor wafers, specialty metals, PCB components) can swing cost of goods sold (COGS) and gross margin.
• Regulatory change: new product safety, export controls, or certification requirements may raise compliance costs or delay time-to-market.
• Customer concentration: reliance on a few large OEMs or integrators creates revenue vulnerability if purchasing patterns shift.
• Macroeconomic sensitivity: industrial and automotive cycles influence order books; downturns can quickly reduce sales and inventory turns.
• Technological disruption: rapid innovation by competitors could shorten product lifecycles and require elevated R&D spending to remain competitive.

• Revenue mix: share of top-5 customers - a concentration >30-40% raises single-counterparty risk.
• Margin trends: consecutive quarterly declines in gross or operating margin suggest pricing or cost pressure.
• Inventory and receivables: rising days sales outstanding (DSO) or inventories can indicate weakening demand or channel stuffing.
• CapEx and R&D cadence: sharp increases without commensurate revenue growth may indicate defensive spending to catch up technologically.
• Supply chain indicators: longer supplier lead times or rising purchase price variances point to input-cost risk.

Keli Sensing Technology Co.,Ltd. (603662.SS) - Growth Opportunities

• New sensor technology development: tactile and multi-physical quantity sensors can open high-value verticals (medical devices, advanced robotics).
• Robotics sensors & smart logistics: targeting factory automation and intralogistics where demand is accelerating with Industry 4.0 adoption.
• International expansion: reducing domestic concentration risk by scaling sales in APAC, Europe and North America.
• Collaborations: partnering with automation and AI firms to bundle sensors with software/solutions and expand addressable market.
• R&D enhancement: shifting from component sales toward system-level, higher-margin products via increased R&D capacity.
• Acquisitions: bolt-on purchases of complementary sensor, firmware or robotics integrators to accelerate capabilities and customer access.

• Accelerate tactile & multi-physical sensor commercialization - target +5-8 percentage points in gross margin within 24-36 months by selling higher-value products.
• Create dedicated robotics/smart logistics business unit - aim to capture 10-15% of segment revenue within 3 years through product suites and channel partnerships.
• Deploy international go-to-market strategy (local distributors, certifications) - increase export share from ~25% to 40% over 3 years.
• Pursue strategic collaborations with AI/automation firms - shorten time-to-market for integrated offerings and increase recurring software/services revenue to 10-20% of total.
• Scale R&D headcount and facilities - double advanced R&D investment over 2 fiscal years to accelerate product roadmap and secure IP.
• Selective acquisitions (target size CNY 50-300M) - accelerate entry into complementary sensing niches or system integration capabilities.

• R&D execution risk: timing and cost of bringing tactile/multi-physical sensors to market.
• Competitive pressure: global sensor incumbents and low-cost manufacturers.
• Integration risk for acquisitions and partnerships.
• Regulatory and certification timelines for international markets.
• Supply-chain constraints affecting sensor component availability and margins.