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Chinese producer of zirconium chemicals (zirconium oxychloride, zirconia) used in ceramics, catalysts and refractories.
Chinese producer of zirconium chemicals (zirconium oxychloride, zirconia) used in ceramics, catalysts and refractories.
Buys zircon sand, largely imported, and processes it into zirconium chemicals, so earnings depend on the gap between sand costs and the selling price of its chemicals. The products are bought in bulk by ceramics and chemicals makers.
Moat: narrow (process know-how). Zircon-sand processing know-how and China's zircon-chemical scale give some cost edge.
Headquarters: Guangdong, China · Employees: 1,117
Size Guangdong Orient Zirconic Industry Science & Technology (002167.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $1.44B, the 1685th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.58 on 6 Nov 2026.
Performance Over six months the shares gained 5.2%, against -26.3% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 17.4% over the last twelve months (peer median +9.1%); the operating margin is 14.1% (peer median 7.0%).
Valuation It trades at 48.5× forward earnings against a peer median of 19.2× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +22 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 1.9 points below its cost of capital (12.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.44B | CN¥1.24B | CN¥1.52B | CN¥1.43B | CN¥1.36B |
| Revenue growth | — | -19% | +6% | +5% | — |
| Gross profit | CN¥420M | CN¥181M | CN¥109M | CN¥152M | CN¥275M |
| EBITDA | n/a | CN¥127M | CN¥48.0M | -CN¥4.42M | CN¥176M |
| Net income | CN¥181M | CN¥52.8M | CN¥177M | -CN¥77.6M | CN¥99.1M |
| Free cash flow | CN¥208M | CN¥303M | CN¥641M | -CN¥254M | -CN¥294M |
| Capital expenditure | CN¥103M | CN¥92.5M | CN¥77.0M | CN¥322M | CN¥332M |
| Total debt | CN¥303M | CN¥192M | CN¥813M | CN¥1.52B | CN¥1.19B |
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| Measure | 002167.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | -16.1% | 6th highest of 21 |
| 6-month return | +5.2% | -26.3% | 4th highest of 21 |
| Distance from 52-week high | -49.4% | -41.5% | 7th lowest of 21 |
| Revenue growth (TTM) | +17.4% | +9.1% | 7th highest of 21 |
| Operating margin | 14.1% | 7.0% | 7th highest of 21 |
| Forward P/E | 48.5× | 19.2× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 32.4% | 15.9% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +10.1% | +6.0% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +22.3 pp | +10.9 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -1.9 pp | -1.8 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangdong Orient Zirconic Industry Science & Technology 002167.SZ | China | $1.44B | +5% | +17% | 14% | 48.5× | 32.4% | +10.1% |
| Jilin OLED Material Tech 688378.SS | China | $1.45B | -17% | +74% | 18% | 28.1× | 46.2% | +15.2% |
| Elementis ELM.L | United Kingdom | $1.45B | +34% | -12% | 20% | 16.9× | 16.9% | -4.8% |
| LOTTE CHEMICAL 011170.KS | South Korea | $1.45B | -59% | +5% | -2% | n/a | n/a | n/a |
| Anhui Guangxin Agrochemical 603599.SS | China | $1.43B | -29% | -13% | 18% | 13.1× | -3.8% | +0.6% |
| Shaily Engineering Plastics SHAILY.NS | India | $1.48B | +14% | +18% | 24% | 56.7× | 35.8% | +22.8% |
| Anhui Wanwei Updated High-Tech Material Industry 600063.SS | China | $1.49B | -32% | +3% | 4% | 20.0× | n/a | n/a |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | China | $1.40B | -31% | +14% | 10% | n/a | n/a | n/a |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| Befar 601678.SS | China | $1.51B | -14% | +19% | 5% | 21.8× | -6.4% | +18.2% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |