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Major Chinese maker of lithium-ion battery electrolytes, a key chemical input supplied to battery cell manufacturers.
Major Chinese maker of lithium-ion battery electrolytes, a key chemical input supplied to battery cell manufacturers.
Sells electrolyte to cell makers by volume, with prices following the cost of the lithium salt and solvents it is made from, so revenue moves with both battery output and chemical prices. Additives are where each customer's formula is specific, which keeps a qualified supplier in place. CATL is a major customer.
In one line: China's a specialty-chemicals supplier to CATL/LG (like Entek/Novolyte).
Moat: narrow (scale, customer qualification, process know-how). Qualified long-term supplier to top battery makers with formulation know-how on additive chemistry.
Headquarters: Shenzhen, China · Founded: 1997 · Employees: 4,465
Size Shenzhen Capchem Technology (300037.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $6.16B, the 405th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥54.69 on 6 Nov 2026.
Performance Over six months the shares fell 20.9%, against -8.4% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 71.8% over the last twelve months (peer median +9.2%); the operating margin is 12.9% (peer median 15.1%).
Valuation It trades at 19.0× forward earnings against a peer median of 22.1× (10th cheapest of 20).
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 +27%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (11.2% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥15.1B | CN¥9.60B | CN¥7.82B | CN¥7.44B | CN¥9.61B |
| Revenue growth | — | +23% | +5% | -23% | — |
| Gross profit | CN¥3.93B | CN¥2.17B | CN¥1.94B | CN¥2.02B | CN¥2.94B |
| EBITDA | n/a | CN¥1.66B | CN¥1.56B | CN¥1.44B | CN¥2.25B |
| Net income | CN¥1.89B | CN¥1.10B | CN¥942M | CN¥1.01B | CN¥1.76B |
| Free cash flow | CN¥1.01B | CN¥210M | -CN¥320M | CN¥1.71B | CN¥67.0M |
| Capital expenditure | CN¥1.42B | CN¥972M | CN¥1.18B | CN¥1.79B | CN¥1.76B |
| Total debt | CN¥8.23B | CN¥4.93B | CN¥4.87B | CN¥5.66B | CN¥4.55B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Capchem Technology 300037.SZ | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% |
| Guangzhou Tinci Materials Technology 002709.SZ | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | n/a |
| Mitsubishi Chemical 4188.T | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% |
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 | 300037.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.2% | +1.7% | 7th lowest of 21 |
| 6-month return | -20.9% | -8.4% | 4th lowest of 21 |
| Distance from 52-week high | -43.1% | -28.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +71.8% | +9.2% | 2nd highest of 21 |
| Operating margin | 12.9% | 15.1% | 9th lowest of 21 |
| Forward P/E | 19.0× | 22.1× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.3% | 7.3% | 5th most demanding of 17 |
| Growth delivered (Del g) | +26.6% | +11.2% | highest of 17 |
| Hurdle (Req g minus delivered) | -7.3 pp | -0.5 pp | 5th least demanding of 17 |
| ROIC minus cost of capital | -0.9 pp | +0.4 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 5.0× | n/a | n/a |
| Nissan Chemical 4021.T | Japan | $5.72B | 0% | +10% | 23% | 15.9× | 9.3% | +6.0% |
| Zhejiang Longsheng 600352.SS | China | $5.70B | -11% | -1% | 19% | 13.7× | -5.2% | -3.1% |
| Coromandel International COROMANDEL.NS | India | $5.69B | -7% | +24% | 8% | 27.3× | n/a | n/a |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |