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Chinese civil-explosives maker producing industrial blasting agents and detonators for mining and construction, plus blasting services.
Chinese civil-explosives maker producing industrial blasting agents and detonators for mining and construction, plus blasting services.
Sells explosives and also carries out the drilling and blasting at mines and construction sites, so one customer contract can cover materials and service. Mining output and infrastructure starts set demand, and sales are made locally because explosives are costly to transport.
Moat: narrow (regulatory licence). China licenses explosives output by state quota, limiting new entrants in a region.
Headquarters: Hunan, China · Employees: 7,045
Size Explosive (002096.SZ) is a China Materials company (Industrial Specialties) with a market value of $1.74B, the 1422nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.36 on 6 Nov 2026.
Performance Over six months the shares fell 13.8%, against -10.7% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 2.8% over the last twelve months (peer median +13.4%); the operating margin is 9.3% (peer median 9.7%).
Valuation It trades at 12.8× forward earnings against a peer median of 22.1× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +38%, so the hurdle is -40 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.9 points above its cost of capital (5.4% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.09B | CN¥9.80B | CN¥8.52B | CN¥8.40B | CN¥5.50B |
| Revenue growth | — | +15% | +1% | +53% | — |
| Gross profit | CN¥2.17B | CN¥2.30B | CN¥2.07B | CN¥2.06B | CN¥1.22B |
| EBITDA | CN¥1.16B | CN¥1.26B | CN¥1.14B | CN¥1.07B | CN¥809M |
| Net income | CN¥711M | CN¥793M | CN¥713M | CN¥634M | CN¥635M |
| Free cash flow | CN¥195M | CN¥596M | CN¥411M | CN¥561M | CN¥652M |
| Capital expenditure | CN¥278M | CN¥233M | CN¥285M | CN¥183M | CN¥115M |
| Total debt | CN¥767M | CN¥1.38B | CN¥1.02B | CN¥1.02B | CN¥1.00B |
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 |
|---|---|---|---|---|---|---|
| Explosive 002096.SZ | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% |
| Jiangsu Guotai International 002091.SZ | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% |
| Guangdong Hongda 002683.SZ | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% |
| Anhui Jiangnan Chemical Industry 002226.SZ | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% |
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 | 002096.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.2% | -13.5% | 3rd highest of 21 |
| 6-month return | -13.8% | -10.7% | 11th highest of 21 |
| Distance from 52-week high | -36.1% | -34.5% | 10th lowest of 21 |
| Revenue growth (TTM) | -2.8% | +13.4% | 2nd lowest of 21 |
| Operating margin | 9.3% | 9.7% | 11th highest of 21 |
| Forward P/E | 12.8× | 22.1× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 21.7% | 4th least demanding of 19 |
| Growth delivered (Del g) | +37.7% | +10.0% | highest of 19 |
| Hurdle (Req g minus delivered) | -40.2 pp | +5.5 pp | least demanding of 19 |
| ROIC minus cost of capital | +3.9 pp | -0.3 pp | 8th highest of 21 |
| EV / EBITDA | 8.3× | 12.0× | 5th cheapest of 11 |
| Net debt / EBITDA | -2.2× | -1.0× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |
| Kansai Nerolac Paints KANSAINER.NS | India | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% | +9.7% |
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 34.2× | 23.1% | +14.5% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |