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Xi'an-based maker of titanium and other rare-metal alloy materials, largely for aerospace and industrial uses.
Xi'an-based maker of titanium and other rare-metal alloy materials, largely for aerospace and industrial uses.
Sells titanium and other rare-metal products in forms such as plate, tube and bar to aerospace, nuclear, chemical-plant and defence equipment makers, each product qualified customer by customer. It grew out of a state-owned research institute in Xi'an and remains part of that group.
Moat: narrow (process know-how, customer qualification). Aerospace-grade titanium processing requires qualification that is slow to replicate.
Headquarters: Xi'an, China · Employees: 1,958
Size Western Metal Materials (002149.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $2.76B, the 926th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥37.74 on 6 Nov 2026.
Performance Over six months the shares fell 40.6%, against -27.3% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +43.0%); the operating margin is 0.4% (peer median 12.3%).
Valuation It trades at 139.8× forward earnings against a peer median of 13.8× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 54% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +45 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 7.3 points below its cost of capital (8.7% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.10B | CN¥3.22B | CN¥2.94B | CN¥3.22B | CN¥2.93B |
| Revenue growth | — | +10% | -9% | +10% | — |
| Gross profit | CN¥660M | CN¥526M | CN¥560M | CN¥653M | CN¥604M |
| EBITDA | n/a | CN¥238M | CN¥289M | CN¥413M | CN¥361M |
| Net income | CN¥89.6M | CN¥103M | CN¥158M | CN¥196M | CN¥185M |
| Free cash flow | CN¥34.8M | CN¥118M | CN¥296M | CN¥157M | -CN¥163M |
| Capital expenditure | CN¥169M | CN¥147M | CN¥136M | CN¥100M | CN¥192M |
| Total debt | CN¥2.24B | CN¥2.29B | CN¥2.19B | CN¥2.17B | CN¥2.23B |
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 |
|---|---|---|---|---|---|---|
| Western Metal Materials 002149.SZ | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% |
| Baoji Titanium Industry 600456.SS | $1.76B | -26% | +14% | 7% | 26.4× | n/a |
| Western Superconducting Technologies 688122.SS | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% |
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 | 002149.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | -18.8% | highest of 21 |
| 6-month return | -40.6% | -27.3% | 5th lowest of 20 |
| Distance from 52-week high | -52.1% | -51.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +3.5% | +43.0% | 3rd lowest of 20 |
| Operating margin | 0.4% | 12.3% | 2nd lowest of 20 |
| Forward P/E | 139.8× | 13.8× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 54.3% | 15.0% | most demanding of 9 |
| Growth delivered (Del g) | +9.7% | +9.1% | 4th highest of 9 |
| Hurdle (Req g minus delivered) | +44.5 pp | +7.7 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -7.3 pp | -0.9 pp | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 44.4× | 48.1% | +9.7% |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | n/a | 51.8% | +2.2% |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 9.8× | n/a | n/a |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | n/a | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 1% | 15.3× | n/a | n/a |
| Almonty Industries ALM | United States | $2.34B | -59% | +208% | 5% | 12.3× | n/a | n/a |
| Paladin Energy PDN.AX | Australia | $2.32B | -33% | +64% | 4% | 50.9× | n/a | n/a |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |