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Shanghai maker of copper-clad laminates and prepreg for printed circuit boards, with a smaller medical-health business.
Shanghai maker of copper-clad laminates and prepreg for printed circuit boards, with a smaller medical-health business.
Sells copper-clad laminates and prepreg to circuit-board makers at prices that follow copper, glass-cloth and resin costs, so profit depends on the spread and on plant utilisation. Its own glass-cloth unit gives some cost control upstream, and a small medical-health arm adds a separate line.
In one line: A Chinese electrical-components manufacturer.
Moat: narrow (scale, customer relationships). Large laminate capacity and long PCB-maker relationships, though standard grades are largely commoditised.
Headquarters: Shanghai, China · Founded: 2000 · Employees: 2,779
Size Goldenmax International (002636.SZ) is a China Industrials company (Electrical Products) with a market value of $7.20B, the 342nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥65.95 on 6 Nov 2026.
Performance Over six months the shares gained 46.9%, against -19.6% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 78.9% over the last twelve months (peer median +14.1%); the operating margin is 29.9% (peer median 12.8%).
Valuation It trades at 6.4× enterprise value to sales against a peer median of 2.6× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +20 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 12.0 points above its cost of capital (13.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.77B | CN¥4.47B | CN¥4.03B | CN¥3.55B | CN¥3.75B |
| Revenue growth | — | +11% | +13% | -5% | — |
| Gross profit | CN¥3.05B | CN¥602M | CN¥247M | CN¥250M | CN¥392M |
| EBITDA | n/a | CN¥392M | CN¥37.5M | CN¥27.9M | CN¥86.1M |
| Net income | CN¥2.05B | CN¥301M | CN¥37.1M | -CN¥78.8M | CN¥87.1M |
| Free cash flow | CN¥744M | -CN¥128M | -CN¥112M | CN¥144M | -CN¥94.3M |
| Capital expenditure | CN¥323M | CN¥145M | CN¥130M | CN¥140M | CN¥566M |
| Total debt | CN¥2.45B | CN¥1.84B | CN¥1.76B | CN¥1.49B | CN¥1.33B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Goldenmax International 002636.SZ | $7.20B | +47% | +79% | 30% | 6.4× | 24.4% |
| Shengyi Technology 600183.SS | $25.7B | -8% | +56% | 22% | 4.4× | 20.5% |
| Kingboard Laminates 1888.HK | $12.2B | -26% | +32% | 21% | 3.9× | n/a |
| Elite Material 2383.TW | $41.4B | -19% | +89% | 26% | 8.3× | n/a |
| Zhejiang Wazam New Material 603186.SS | $3.33B | +79% | +60% | 14% | 3.7× | 24.9% |
| Nan Ya Plastic 1303.TW | $57.4B | +155% | +6% | 6% | 7.1× | n/a |
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 | 002636.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -3.3% | 7th lowest of 21 |
| 6-month return | +46.9% | -19.6% | highest of 21 |
| Distance from 52-week high | -47.0% | -44.1% | 8th lowest of 21 |
| Revenue growth (TTM) | +78.9% | +14.1% | 3rd highest of 21 |
| Operating margin | 29.9% | 12.8% | 3rd highest of 21 |
| EV / Sales | 6.4× | 2.6× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 24.4% | 9.0% | 4th most demanding of 10 |
| Growth delivered (Del g) | +4.4% | +16.6% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +20.0 pp | -4.2 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | +12.0 pp | +0.8 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | 6.4× | 24.4% | +4.4% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 14.6× | 28.1% | +42.8% |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 1.6× | 4.4% | +8.2% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 2.7× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 2.8× | 39.8% | +16.6% |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 2.6× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 1.6× | n/a | n/a |
| Zhuzhou CRRC Times Electric 688187.SS | China | $7.80B | -3% | +12% | 14% | 1.9× | n/a | n/a |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 2.6× | 9.0% | +17.2% |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 3.8× | n/a | n/a |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 3.9× | n/a | n/a |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 1.8× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 3.2× | 5.3% | +25.9% |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 0.8× | n/a | n/a |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 1.9× | n/a | n/a |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 6.0× | n/a | n/a |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 5.2× | 26.4% | +30.6% |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 2.1× | n/a | n/a |
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 0.8× | 5.6% | +5.5% |
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 2.2× | 9.7% | +4.3% |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 6.9× | n/a | n/a |