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Chinese specialty-chemicals maker of semiconductor and display materials including photoresists and packaging materials.
Chinese specialty-chemicals maker of semiconductor and display materials including photoresists and packaging materials.
Moat: narrow (process know-how, customer qualification). Qualified materials supplier to fabs and panel makers, import-substitution beneficiary versus foreign incumbents.
Headquarters: Shanghai, China · Employees: 2,185
Size PhiChem (300398.SZ) is a China Industrials company (Electrical Products) with a market value of $2.43B, the 1054th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.62 on 6 Nov 2026.
Performance Over six months the shares fell 5.9%, against -21.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +25.0%); the operating margin is 16.7% (peer median 10.3%).
Valuation It trades at 27.3× forward earnings against a peer median of 25.3× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +8 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 0.0 points above its cost of capital (12.4% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.54B | CN¥3.21B | CN¥2.91B | CN¥2.72B | CN¥2.90B |
| Revenue growth | — | +11% | +7% | -6% | — |
| Gross profit | CN¥1.52B | CN¥1.06B | CN¥922M | CN¥823M | CN¥1.04B |
| EBITDA | n/a | CN¥690M | CN¥534M | CN¥299M | CN¥689M |
| Net income | CN¥516M | CN¥390M | CN¥247M | CN¥112M | CN¥435M |
| Free cash flow | CN¥704M | CN¥207M | CN¥458M | CN¥29.6M | CN¥205M |
| Capital expenditure | CN¥370M | CN¥494M | CN¥237M | CN¥271M | CN¥199M |
| Total debt | CN¥817M | CN¥1.19B | CN¥1.70B | CN¥1.96B | CN¥1.93B |
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 |
|---|---|---|---|---|---|---|
| PhiChem 300398.SZ | $2.43B | -6% | +15% | 17% | 27.3× | 19.6% |
| Tokyo Ohka Kogyo 4186.T | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% |
| Dongjin Semichem 005290.KS | $1.18B | -44% | -4% | 16% | n/a | -4.4% |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | $3.58B | -20% | +33% | 15% | 54.8× | 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 | 300398.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -17.0% | 8th highest of 21 |
| 6-month return | -5.9% | -21.6% | 6th highest of 20 |
| Distance from 52-week high | -56.2% | -50.2% | 9th lowest of 21 |
| Revenue growth (TTM) | +14.6% | +25.0% | 7th lowest of 21 |
| Operating margin | 16.7% | 10.3% | 6th highest of 21 |
| Forward P/E | 27.3× | 25.3× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 19.6% | 15.2% | 6th most demanding of 13 |
| Growth delivered (Del g) | +11.7% | +15.8% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | +7.9 pp | +0.3 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | +0.0 pp | +0.1 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| PhiChem 300398.SZ | China | $2.43B | -6% | +15% | 17% | 27.3× | 19.6% | +11.7% |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% | +18.6% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | n/a | n/a | n/a |
| Shenzhen Kstar Science and Technology 002518.SZ | China | $2.41B | -40% | +21% | 13% | 22.1× | 24.2% | +16.9% |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | n/a | 22.6% | +29.4% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | n/a | 7.2% | +20.3% |
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% | +9.8% |
| Tongling Jingda Special Magnet Wire 600577.SS | China | $2.39B | -45% | +26% | 3% | 20.4× | 9.8% | +14.7% |
| Shenzhen FRD Science & Technology 300602.SZ | China | $2.39B | -23% | +24% | 7% | 25.3× | n/a | n/a |
| Tianhai Auto Electronics 001365.SZ | China | $2.36B | n/a | +28% | 5% | n/a | 6.0% | +24.8% |
| Shenzhen Leadshine Technology 002979.SZ | China | $2.36B | +14% | +44% | 13% | 40.6× | n/a | n/a |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 55.3× | n/a | n/a |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | China | $2.31B | -2% | +1% | 18% | 21.8× | 10.0% | -3.9% |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 28.5× | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% | +12.3% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 9.9× | n/a | n/a |
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |