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Wenzhou maker of silver-based electrical contact materials used inside switches, relays and circuit breakers.
Wenzhou maker of silver-based electrical contact materials used inside switches, relays and circuit breakers.
Silver is the dominant raw-material cost, so revenue moves with the silver price while earned margin depends on fabrication know-how. Contact alloys are shaped into strips and rivets that switchgear and relay makers fit directly into their products.
Moat: narrow (process know-how). Precious-metal contact alloy formulation and precision fabrication know-how.
Headquarters: Wenzhou, Zhejiang, China · Employees: 1,778
Size Wenzhou Hongfeng Electrical Alloy (300283.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $712M, the 3029th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.55 on 6 Nov 2026.
Performance Over six months the shares fell 23.3%, against -24.4% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 47.6% over the last twelve months (peer median +31.2%); the operating margin is 4.5% (peer median 7.0%).
Valuation It trades at 1.2× enterprise value to sales against a peer median of 2.0× (5th cheapest of 14).
Capital Return on invested capital runs 0.7 points below its cost of capital (8.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.37B | CN¥3.65B | CN¥2.93B | CN¥2.90B | CN¥2.13B |
| Revenue growth | — | +25% | +1% | +36% | — |
| Gross profit | CN¥696M | CN¥404M | CN¥249M | CN¥209M | CN¥218M |
| EBITDA | n/a | CN¥267M | CN¥106M | CN¥75.7M | CN¥143M |
| Net income | CN¥132M | CN¥25.2M | -CN¥73.7M | CN¥21.1M | CN¥30.3M |
| Free cash flow | -CN¥153M | -CN¥48.7M | -CN¥324M | -CN¥389M | -CN¥344M |
| Capital expenditure | CN¥81.3M | CN¥108M | CN¥274M | CN¥362M | CN¥218M |
| Total debt | CN¥1.94B | CN¥1.69B | CN¥1.73B | CN¥1.41B | CN¥1.12B |
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| Measure | 300283.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.2% | -17.3% | 4th lowest of 20 |
| 6-month return | -23.3% | -24.4% | 9th highest of 20 |
| Distance from 52-week high | -64.0% | -47.6% | 6th lowest of 20 |
| Revenue growth (TTM) | +47.6% | +31.2% | 5th highest of 14 |
| Operating margin | 4.5% | 7.0% | 5th lowest of 14 |
| EV / Sales | 1.2× | 2.0× | 5th cheapest of 14 |
| ROIC minus cost of capital | -0.7 pp | -8.4 pp | 7th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wenzhou Hongfeng Electrical Alloy 300283.SZ | China | $712M | -23% | +48% | 5% | 1.2× | n/a | n/a |
| Lithium Americas LAC.TO | Canada | $712M | -64% | n/a | n/a | n/a | n/a | n/a |
| Gold Royalty GROY | United States | $723M | -14% | +82% | 23% | 31.4× | 54.3% | +58.2% |
| NorthIsle Copper and Gold NCX.V | Canada | $725M | +3% | n/a | n/a | n/a | n/a | n/a |
| Talamore Mining TALA.TO | Canada | $728M | -32% | n/a | n/a | n/a | n/a | n/a |
| Infund 002141.SZ | China | $738M | +32% | -3% | 11% | 3.8× | 8.4% | +3.8% |
| Lithium Argentina LAR | United States | $686M | -64% | n/a | n/a | n/a | n/a | n/a |
| Alnera Aluminium 301613.SZ | China | $749M | -36% | +31% | 5% | 2.0× | 13.7% | +56.0% |
| Mishra Dhatu Nigam MIDHANI.NS | India | $753M | -8% | +18% | 14% | 5.6× | 45.3% | +8.2% |
| Enviri NVRI | United States | $672M | +24% | -23% | -19% | 0.5× | n/a | n/a |
| Gruvaktiebolaget Viscaria VISC.ST | Sweden | $669M | -1% | n/a | n/a | n/a | n/a | n/a |
| Imperial Metals III.TO | Canada | $759M | -2% | +5% | 32% | 1.8× | -7.6% | +36.1% |
| Sigma Lithium SGML | United States | $655M | -73% | -14% | 24% | 6.5× | 14.8% | -13.9% |
| Marimaca Copper MARI.TO | Canada | $652M | -18% | n/a | n/a | n/a | n/a | n/a |
| GRIPM Advanced Materials 688456.SS | China | $780M | -24% | +34% | 2% | 1.1× | n/a | n/a |
| Fuda New Material 603045.SS | China | $645M | -31% | +63% | 7% | 0.9× | n/a | n/a |
| Lingyuan Iron & Steel 600231.SS | China | $642M | -31% | -3% | -14% | 0.8× | n/a | n/a |
| Jiangyin Electrical Alloy 300697.SZ | China | $791M | -24% | +54% | 5% | 1.3× | n/a | n/a |
| Indian Metals & Ferro Alloys IMFA.NS | India | $633M | -25% | +32% | 23% | 2.0× | n/a | n/a |
| Develop Global DVP.AX | Australia | $801M | -43% | +68% | 4% | 3.0× | n/a | n/a |
| Abenojar Tungsten ABT.L | United Kingdom | $619M | n/a | n/a | n/a | n/a | n/a | n/a |