Loading…
Sichuan-based miner of vanadium-titanium magnetite ore in the Panzhihua-Xichang region, supplying iron, titanium and vanadium raw materials.
Sichuan-based miner of vanadium-titanium magnetite ore in the Panzhihua-Xichang region, supplying iron, titanium and vanadium raw materials.
Mines vanadium-titanium magnetite and separates it into iron concentrate, titanium concentrate and vanadium material, so one orebody serves three metal markets, each with its own price cycle. Titanium concentrate goes to makers of white pigment for paint and plastics, and vanadium to steel and, in smaller amounts, flow batteries.
In one line: A small Chinese vanadium-titanium iron ore miner.
Moat: narrow (scale). Access to one of the world's largest vanadium-titanium magnetite deposits, though still a commodity miner.
Headquarters: Xichang, China · Employees: 1,964
Size Sichuan Anning Iron and Titanium (002978.SZ) is a China Materials company (Steel) with a market value of $1.72B, the 1445th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.27 on 6 Nov 2026.
Performance Over six months the shares fell 22.0%, against -21.6% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 10.3% over the last twelve months (peer median +0.7%); the operating margin is 40.6% (peer median 3.9%).
Valuation It trades at 18.4× forward earnings against a peer median of 20.3× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +4%, 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 1.2 points below its cost of capital (7.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.87B | CN¥1.99B | CN¥1.79B | CN¥1.80B | CN¥1.94B |
| Revenue growth | — | +11% | 0% | -8% | — |
| Gross profit | CN¥1.34B | CN¥1.20B | CN¥1.11B | CN¥1.16B | CN¥1.35B |
| EBITDA | n/a | CN¥1.24B | CN¥1.22B | CN¥1.23B | CN¥1.38B |
| Net income | CN¥561M | CN¥720M | CN¥852M | CN¥936M | CN¥1.09B |
| Free cash flow | CN¥544M | -CN¥556M | CN¥164M | CN¥79.2M | CN¥612M |
| Capital expenditure | CN¥1.36B | CN¥1.77B | CN¥1.05B | CN¥865M | CN¥401M |
| Total debt | CN¥5.68B | CN¥6.05B | CN¥599M | CN¥421M | CN¥394M |
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 |
|---|---|---|---|---|---|---|
| Sichuan Anning Iron and Titanium 002978.SZ | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% |
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 | 002978.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | -3.5% | 9th lowest of 21 |
| 6-month return | -22.0% | -21.6% | 11th highest of 21 |
| Distance from 52-week high | -44.1% | -34.6% | 6th lowest of 21 |
| Revenue growth (TTM) | -10.3% | +0.7% | 2nd lowest of 21 |
| Operating margin | 40.6% | 3.9% | highest of 20 |
| Forward P/E | 18.4× | 20.3× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 10.6% | 7th least demanding of 16 |
| Growth delivered (Del g) | +4.2% | +6.3% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | +1.9 pp | +6.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -1.2 pp | -2.5 pp | 7th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 42.2× | 34.8% | +7.1% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 12.5× | 21.7% | +6.3% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | n/a | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 10.6× | n/a | n/a |
| Fangda Special Steel Technology 600507.SS | China | $1.38B | -32% | +8% | 3% | 23.4× | n/a | n/a |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Gallantt Ispat GALLANTT.NS | India | $1.36B | -38% | +6% | 11% | n/a | 39.6% | +16.0% |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 52.4× | n/a | n/a |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | n/a | 0.3% | +6.0% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |