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Chinese fluorochemicals maker producing battery-grade lithium hexafluorophosphate electrolyte salt and other fluoride chemicals.
Chinese fluorochemicals maker producing battery-grade lithium hexafluorophosphate electrolyte salt and other fluoride chemicals.
Sells the lithium salt dissolved in battery electrolyte to electrolyte formulators, in a market where the price swings sharply with battery-maker demand and industry capacity. Its fluorochemicals base, from which the salt is made, and interests in lithium mining aim to steady its input costs.
In one line: A fluorochemicals supplier to the EV battery electrolyte chain.
Moat: narrow (process know-how, scale). Fluorine-chemistry process know-how and scale support cost position in electrolyte-salt supply.
Headquarters: Jiaozuo, China · Founded: 1999 · Employees: 8,040
Size Do-Fluoride New Materials (002407.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $4.06B, the 629th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.20 on 6 Nov 2026.
Performance Over six months the shares fell 36.1%, against -21.5% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 69.4% over the last twelve months (peer median +10.3%); the operating margin is 6.7% (peer median 12.0%).
Valuation It trades at 38.0× forward earnings against a peer median of 15.9× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +2 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 3.8 points below its cost of capital (10.4% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥13.6B | CN¥9.43B | CN¥8.24B | CN¥11.9B | CN¥12.3B |
| Revenue growth | — | +14% | -31% | -3% | — |
| Gross profit | CN¥3.32B | CN¥1.11B | CN¥545M | CN¥1.71B | CN¥3.52B |
| EBITDA | n/a | CN¥1.22B | CN¥742M | CN¥1.46B | CN¥2.91B |
| Net income | CN¥727M | CN¥213M | -CN¥308M | CN¥511M | CN¥1.95B |
| Free cash flow | CN¥474M | -CN¥852M | -CN¥1.31B | -CN¥1.17B | -CN¥818M |
| Capital expenditure | CN¥998M | CN¥1.06B | CN¥1.02B | CN¥1.51B | CN¥2.57B |
| Total debt | CN¥13.1B | CN¥10.5B | CN¥9.21B | CN¥7.67B | CN¥6.63B |
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 |
|---|---|---|---|---|---|---|
| Do-Fluoride New Materials 002407.SZ | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% |
| Tonze New Energy Technology 002759.SZ | $694M | -68% | +106% | 16% | n/a | n/a |
| Zhejiang Yongtai Technology 002326.SZ | $2.04B | -40% | +38% | 11% | n/a | n/a |
| Shenzhen Capchem Technology 300037.SZ | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% |
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 | 002407.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.8% | -5.1% | 3rd lowest of 21 |
| 6-month return | -36.1% | -21.5% | 2nd lowest of 20 |
| Distance from 52-week high | -59.6% | -38.9% | 2nd lowest of 21 |
| Revenue growth (TTM) | +69.4% | +10.3% | highest of 21 |
| Operating margin | 6.7% | 12.0% | 4th lowest of 21 |
| Forward P/E | 38.0× | 15.9× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 19.2% | 5.3% | 4th most demanding of 18 |
| Growth delivered (Del g) | +17.5% | +8.5% | 7th highest of 18 |
| Hurdle (Req g minus delivered) | +1.7 pp | -5.7 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -3.8 pp | +2.7 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |
| Novoray 688300.SS | China | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% | +22.6% |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Zhejiang Sanmei Chemical Industry 603379.SS | China | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% | +16.5% |
| Tosoh 4042.T | Japan | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% | +6.8% |
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |