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Materials-science company spun from China's national steel research institute, making special alloys, welding materials and rare-earth magnets.
Materials-science company spun from China's national steel research institute, making special alloys, welding materials and rare-earth magnets.
Sells advanced metal materials, such as superalloys, welding consumables and rare-earth magnets, usually qualified by customers before bulk orders, to steel, industrial equipment and motor makers. It was spun out of the China Iron & Steel Research Institute Group, which remains its controlling shareholder.
In one line: A Chinese applied-materials research spinout akin to a smaller Carpenter Technology.
Moat: narrow (IP / patents, process know-how). Backed by national steel-research IP and know-how in advanced alloys and magnetic materials.
Headquarters: Beijing, China · Founded: 1999 · Employees: 4,836
Size Advanced Technology & Materials (000969.SZ) is a China Materials company (Steel) with a market value of $2.28B, the 1118th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.47 on 6 Nov 2026.
Performance Over six months the shares fell 32.3%, against -24.4% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 36.7% over the last twelve months (peer median -0.4%); the operating margin is 4.7% (peer median 2.6%).
Valuation It trades at 40.2× forward earnings against a peer median of 15.9× (3rd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.0 points below its cost of capital (9.5% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.3B | CN¥7.91B | CN¥7.55B | CN¥8.13B | CN¥7.35B |
| Revenue growth | — | +5% | -7% | +11% | — |
| Gross profit | CN¥1.92B | CN¥1.31B | CN¥1.28B | CN¥1.34B | CN¥1.12B |
| EBITDA | n/a | CN¥612M | CN¥580M | CN¥610M | CN¥573M |
| Net income | CN¥455M | CN¥365M | CN¥372M | CN¥249M | CN¥211M |
| Free cash flow | CN¥582M | CN¥446M | CN¥347M | CN¥557M | CN¥342M |
| Capital expenditure | CN¥325M | CN¥371M | CN¥436M | CN¥231M | CN¥252M |
| Total debt | CN¥2.76B | CN¥2.16B | CN¥2.22B | CN¥2.34B | CN¥2.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Advanced Technology & Materials 000969.SZ | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% |
| Carpenter Technology CRS | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% |
| JL Mag Rare-Earth 300748.SZ | $4.54B | -27% | +39% | 11% | 33.1× | 22.1% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000969.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | -7.6% | 9th lowest of 21 |
| 6-month return | -32.3% | -24.4% | 7th lowest of 20 |
| Distance from 52-week high | -53.5% | -40.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +36.7% | -0.4% | 2nd highest of 21 |
| Operating margin | 4.7% | 2.6% | 8th highest of 20 |
| Forward P/E | 40.2× | 15.9× | 3rd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 10.8% | 5th most demanding of 19 |
| Growth delivered (Del g) | +9.8% | +6.2% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | +6.3 pp | +3.8 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | -2.0 pp | -3.8 pp | 8th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Angang Steel 0347.HK | Hong Kong | $2.48B | -32% | -1% | -7% | n/a | n/a | n/a |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |