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Chinese maker of mica insulation materials, glass-fiber cloth and new-energy insulation products for cables, appliances and EV batteries.
Chinese maker of mica insulation materials, glass-fiber cloth and new-energy insulation products for cables, appliances and EV batteries.
Sells insulation sheet, tape and cloth made from mica and glass fiber to cable, appliance and battery makers, mostly as components specified into their products, so volumes follow those customers' output. The newer battery insulation line ties it to EV and energy-storage production.
Moat: narrow (process know-how). Specialized mica and insulation-material processing know-how versus generic insulation suppliers.
Headquarters: Xianning, China · Founded: 1991 · Employees: 2,584
Size Pamica Technology (001359.SZ) is a China Materials company (Industrial Specialties) with a market value of $2.41B, the 1065th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥66.66 on 6 Nov 2026.
Performance Over six months the shares fell 1.2%, against +3.8% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 22.7% over the last twelve months (peer median +12.2%); the operating margin is 23.2% (peer median 10.8%).
Valuation It trades at 36.2× forward earnings against a peer median of 31.1× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +26 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 4.2 points above its cost of capital (12.7% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.43B | CN¥1.18B | CN¥1.05B | CN¥927M | CN¥842M |
| Revenue growth | — | +12% | +14% | +10% | — |
| Gross profit | CN¥563M | CN¥399M | CN¥358M | CN¥301M | CN¥234M |
| EBITDA | n/a | CN¥322M | CN¥280M | CN¥234M | CN¥147M |
| Net income | CN¥282M | CN¥242M | CN¥217M | CN¥166M | CN¥132M |
| Free cash flow | CN¥40.0M | -CN¥2.42M | -CN¥29.5M | CN¥64.2M | CN¥110M |
| Capital expenditure | CN¥244M | CN¥169M | CN¥102M | CN¥62.9M | CN¥46.6M |
| Total debt | CN¥130M | CN¥195M | CN¥95.6M | CN¥151M | CN¥232M |
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| Measure | 001359.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.3% | -10.8% | 5th lowest of 21 |
| 6-month return | -1.2% | +3.8% | 10th lowest of 20 |
| Distance from 52-week high | -50.3% | -30.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +22.7% | +12.2% | 5th highest of 21 |
| Operating margin | 23.2% | 10.8% | 3rd highest of 21 |
| Forward P/E | 36.2× | 31.1× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 38.0% | 19.7% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +12.1% | +14.0% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +26.0 pp | +0.7 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | +4.2 pp | -0.1 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Flat Glass 6865.HK | Hong Kong | $2.87B | -40% | -20% | -2% | n/a | 11.2% | +19.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |