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Chinese maker of composite (fiberglass-reinforced) materials, potentially including wind-turbine blade materials.
Chinese maker of composite (fiberglass-reinforced) materials, potentially including wind-turbine blade materials.
Moat: none
Headquarters: Jiangsu, China · Employees: 3,071
Size Jiangsu Changhai Composite Materials (300196.SZ) is a China Industrials company (Miscellaneous Manufacturing) with a market value of $897M, the 2523rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.63 on 6 Nov 2026.
Performance Over six months the shares fell 25.2%, against -16.7% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 2.8% over the last twelve months (peer median +5.5%); the operating margin is 11.2% (peer median 7.9%).
Valuation It trades at 17.9× forward earnings against a peer median of 24.5× (6th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points above its cost of capital (8.5% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.21B | CN¥3.13B | CN¥2.66B | CN¥2.60B | CN¥3.01B |
| Revenue growth | — | +18% | +3% | -14% | — |
| Gross profit | CN¥1.02B | CN¥677M | CN¥566M | CN¥588M | CN¥966M |
| EBITDA | n/a | CN¥640M | CN¥491M | CN¥520M | CN¥879M |
| Net income | CN¥328M | CN¥326M | CN¥275M | CN¥296M | CN¥817M |
| Free cash flow | CN¥140M | -CN¥214M | -CN¥158M | CN¥42.4M | -CN¥219M |
| Capital expenditure | CN¥152M | CN¥363M | CN¥629M | CN¥685M | CN¥786M |
| Total debt | CN¥2.18B | CN¥1.77B | CN¥1.51B | CN¥1.29B | CN¥765M |
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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 | 300196.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.3% | -8.0% | 7th lowest of 21 |
| 6-month return | -25.2% | -16.7% | 5th lowest of 21 |
| Distance from 52-week high | -57.3% | -35.3% | 3rd lowest of 21 |
| Revenue growth (TTM) | +2.8% | +5.5% | 7th lowest of 21 |
| Operating margin | 11.2% | 7.9% | 10th highest of 21 |
| Forward P/E | 17.9× | 24.5× | 6th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 3.8% | 9.8% | 5th least demanding of 15 |
| Growth delivered (Del g) | +9.0% | +3.6% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | -5.2 pp | +3.6 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +0.6 pp | -0.6 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Changhai Composite Materials 300196.SZ | China | $897M | -25% | +3% | 11% | 17.9× | 3.8% | +9.0% |
| Genuit GEN.L | United Kingdom | $897M | +8% | +4% | 12% | 12.1× | 12.4% | +8.6% |
| Shenzhen Jame Technology 300868.SZ | China | $878M | -36% | +8% | -7% | n/a | n/a | n/a |
| Finolex Industries FINPIPE.NS | India | $932M | -20% | +3% | 14% | 16.4× | 13.0% | +3.5% |
| Blue Sail Medical 002382.SZ | China | $861M | -24% | +23% | 7% | 11.8× | -6.5% | -6.1% |
| Riverstone AP4.SI | Singapore | $824M | -13% | -4% | 25% | 15.5× | 2.1% | -12.8% |
| Shanghai Yanpu Precision Technology (Group) 605128.SS | China | $978M | -9% | +3% | 9% | 27.1× | 15.4% | +25.0% |
| Zhejiang Goldensea Hi-Tech 603311.SS | China | $823M | +28% | +3% | 7% | 59.6× | n/a | n/a |
| Shanghai Hajime Advanced Material Technology 301000.SZ | China | $986M | -1% | +4% | 16% | 40.9× | n/a | n/a |
| Zhejiang Kaier New Materials 300234.SZ | China | $816M | +73% | -17% | -9% | n/a | n/a | n/a |
| Hubei Huaqiang High-Tech 688151.SS | China | $800M | -22% | +13% | -5% | n/a | 47.9% | -5.6% |
| Changyuan Technology 600525.SS | China | $799M | -24% | +7% | -7% | n/a | -12.4% | +5.1% |
| Unilumin 300232.SZ | China | $796M | -23% | +1% | 0% | 32.5× | 6.4% | +10.3% |
| RHI Magnesita India RHIM.NS | India | $789M | -13% | +8% | 7% | 25.4× | 27.1% | +24.1% |
| INDUS INH.DE | Germany | $1.03B | +11% | +8% | 13% | 7.0× | -6.8% | +2.2% |
| Apex Dynamics 4583.TW | Taiwan | $775M | -58% | +14% | 33% | 24.3× | 4.5% | +1.1% |
| Fuling Technology 001356.SZ | China | $756M | -22% | +17% | 6% | n/a | n/a | n/a |
| Sichuan Goldstone Asia Pharmaceutical 300434.SZ | China | $745M | +8% | -1% | 18% | n/a | 12.2% | +6.2% |
| Daoming Optics & Chemical 002632.SZ | China | $740M | -28% | -10% | 12% | n/a | 7.5% | +3.3% |
| Cangzhou Mingzhu Plastic 002108.SZ | China | $1.10B | -28% | +14% | 5% | n/a | n/a | n/a |
| Jiangsu Boiln Plastics 301003.SZ | China | $688M | -11% | +7% | 20% | 24.7× | 21.2% | +3.6% |