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Chinese group combining international trading (textiles/garments) with battery-electrolyte chemical manufacturing.
Chinese group combining international trading (textiles/garments) with battery-electrolyte chemical manufacturing.
Two businesses behave differently: export trading, mostly of textiles and garments, earns a thin margin on large sales volumes, while the electrolyte unit sells the liquid used inside battery cells and moves with EV battery output and the cost of the lithium salts it uses.
Moat: narrow (scale). Diversified trading-plus-chemicals group; electrolyte unit rides EV battery growth.
Headquarters: Jiangsu, China · Employees: 62,904
Size Jiangsu Guotai International (002091.SZ) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $1.91B, the 1314th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.93 on 6 Nov 2026.
Performance Over six months the shares fell 11.4%, against -2.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +14.6%); the operating margin is 6.3% (peer median 13.5%).
Valuation It trades at 10.0× forward earnings against a peer median of 22.1× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -21% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (5.1% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥42.3B | CN¥39.4B | CN¥38.9B | CN¥37.2B | CN¥42.7B |
| Revenue growth | — | +1% | +5% | -13% | — |
| Gross profit | CN¥6.77B | CN¥6.16B | CN¥5.61B | CN¥6.07B | CN¥5.91B |
| EBITDA | n/a | CN¥3.39B | CN¥2.81B | CN¥3.49B | CN¥3.47B |
| Net income | CN¥1.13B | CN¥1.29B | CN¥1.11B | CN¥1.60B | CN¥1.72B |
| Free cash flow | CN¥1.38B | CN¥1.52B | CN¥472M | CN¥1.41B | CN¥2.70B |
| Capital expenditure | CN¥947M | CN¥1.06B | CN¥1.42B | CN¥1.43B | CN¥1.12B |
| Total debt | CN¥12.7B | CN¥13.0B | CN¥12.6B | CN¥12.4B | CN¥11.0B |
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| Measure | 002091.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +4.0% | 11th highest of 21 |
| 6-month return | -11.4% | -2.0% | 8th lowest of 21 |
| Distance from 52-week high | -28.6% | -30.3% | 11th highest of 21 |
| Revenue growth (TTM) | +7.0% | +14.6% | 7th lowest of 19 |
| Operating margin | 6.3% | 13.5% | 4th lowest of 20 |
| Forward P/E | 10.0× | 22.1× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -20.9% | 12.4% | least demanding of 13 |
| Growth delivered (Del g) | +5.5% | +11.0% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | -26.5 pp | -8.3 pp | least demanding of 13 |
| ROIC minus cost of capital | +6.4 pp | +0.4 pp | 3rd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Guotai International 002091.SZ | China | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% | +5.5% |
| Insperity NSP | United States | $1.90B | +53% | +2% | 0% | 19.9× | 19.5% | +9.7% |
| Xi'an Taijin New Energy & Materials Sci-Tech 688813.SS | China | $1.93B | -13% | n/a | n/a | n/a | n/a | n/a |
| Heron Neutron Medical 7799.TW | Taiwan | $1.94B | +15% | n/a | -5,071% | 380.6× | n/a | n/a |
| Anhui XDLK Microsystem 688582.SS | China | $1.95B | -36% | -38% | 21% | 37.3× | 55.7% | +37.0% |
| International Gemological Institute IGIL.NS | India | $1.86B | +12% | +21% | 58% | 24.4× | 14.6% | +37.6% |
| Focus Technology 002315.SZ | China | $1.86B | -1% | +14% | 24% | 22.1× | 3.2% | +10.6% |
| Teemsun Technology 301571.SZ | China | $1.86B | 0% | +61% | 22% | n/a | n/a | n/a |
| Beijing Orient EcoEnergy 002310.SZ | China | $1.81B | -24% | +35% | 12% | n/a | 36.4% | -47.6% |
| Hoist Finance HOFI.ST | Sweden | $1.79B | +29% | +16% | 30% | 11.9× | n/a | n/a |
| China Conch Venture 0586.HK | Hong Kong | $1.79B | -36% | +21% | 18% | 5.5× | n/a | n/a |
| Prosegur Compania de Seguridad PSG.MC | Spain | $1.79B | +9% | +1% | 6% | 11.8× | -5.3% | +6.7% |
| Syngene International SYNGENE.NS | India | $1.78B | -11% | -6% | 13% | 67.8× | 35.3% | +11.4% |
| Choice International CHOICEIN.NS | India | $1.76B | +8% | +34% | 27% | 49.8× | n/a | n/a |
| Ipsos IPS.PA | France | $1.74B | -3% | +3% | 12% | 7.0× | -10.8% | +6.6% |
| GRG Metrology & Test 002967.SZ | China | $1.72B | -16% | +13% | 13% | 22.7× | 3.9% | +14.4% |
| Visual China 000681.SZ | China | $1.71B | -25% | -9% | 4% | 44.0× | n/a | n/a |
| Sagility SAGILITY.NS | India | $2.15B | +2% | +28% | 18% | 16.4× | 10.3% | +19.5% |
| Firstsource Solutions FSL.NS | India | $2.16B | +25% | +20% | 12% | 22.0× | 20.3% | +13.5% |
| Guangdong Feinan Resources Recycling 301500.SZ | China | $1.68B | -31% | +42% | 7% | n/a | n/a | n/a |
| China Automotive Engineering Research Institute 601965.SS | China | $2.18B | -8% | +12% | 24% | 13.2× | -5.6% | +7.9% |