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Part of the Rastar group (known for toy manufacturing); makes recycled/environmental-protection plastic materials.
Part of the Rastar group (known for toy manufacturing); makes recycled/environmental-protection plastic materials.
Moat: none (scale). Recycled-plastics processing is a fragmented, price-competitive business.
Headquarters: Shantou, Guangdong, China · Employees: 178
Size Rastar Environmental Protection Materials (300834.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $933M, the 2439th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.77 on 6 Nov 2026.
Performance Over six months the shares fell 8.8%, against -26.8% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 22.9% over the last twelve months (peer median +6.7%); the operating margin is 1.3% (peer median 5.5%).
Valuation It trades at 5.9× enterprise value to sales against a peer median of 3.1× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 44% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +44 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 5.8 points below its cost of capital (6.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.10B | CN¥1.30B | CN¥1.69B | CN¥1.60B | CN¥1.87B |
| Revenue growth | — | -23% | +6% | -15% | — |
| Gross profit | CN¥71.3M | CN¥21.8M | CN¥61.1M | CN¥49.1M | CN¥120M |
| EBITDA | n/a | CN¥33.1M | CN¥73.1M | CN¥64.7M | CN¥106M |
| Net income | CN¥67.2M | CN¥50.2M | CN¥97.2M | CN¥80.1M | CN¥140M |
| Free cash flow | CN¥147M | CN¥154M | CN¥20.1M | -CN¥24.1M | -CN¥394M |
| Capital expenditure | CN¥569,366 | CN¥4.88M | CN¥14.7M | CN¥40.2M | CN¥401M |
| Total debt | CN¥1.23B | CN¥1.15B | CN¥877M | CN¥420M | CN¥322M |
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| Measure | 300834.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.8% | -12.6% | 9th highest of 21 |
| 6-month return | -8.8% | -26.8% | 5th highest of 20 |
| Distance from 52-week high | -36.9% | -44.6% | 7th highest of 21 |
| Revenue growth (TTM) | -22.9% | +6.7% | 2nd lowest of 21 |
| Operating margin | 1.3% | 5.5% | 7th lowest of 21 |
| EV / Sales | 5.9× | 3.1× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 43.9% | 19.4% | 2nd most demanding of 13 |
| Growth delivered (Del g) | 0.0% | +3.9% | lowest of 12 |
| Hurdle (Req g minus delivered) | +44.0 pp | +15.7 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -5.8 pp | -2.2 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rastar Environmental Protection Materials 300834.SZ | China | $933M | -9% | -23% | 1% | 5.9× | 43.9% | 0.0% |
| Zhejiang Oceanking Development 603213.SS | China | $938M | +1% | -17% | 0% | 3.0× | 38.3% | +17.9% |
| Jiangsu Chengxing Phosph-Chemicals 600078.SS | China | $928M | -29% | +27% | 13% | 1.7× | 2.6% | +2.9% |
| Green Plains GPRE | United States | $927M | -27% | -22% | 7% | 0.7× | -1.0% | +1.8% |
| Quechen Silicon Chemical 605183.SS | China | $926M | -12% | +7% | 19% | 2.4× | 2.0% | +16.1% |
| Changzhou Tronly New Electronic Materials 300429.SZ | China | $923M | -37% | +14% | -14% | 6.3× | 56.6% | +5.0% |
| Guangzhou Human New Material Science & Technology 301683.SZ | China | $918M | -25% | +20% | 38% | 4.0× | 11.3% | n/a |
| Shenzhen Wote Advanced Materials 002886.SZ | China | $906M | -15% | +10% | 4% | 3.2× | 31.3% | +12.2% |
| Sichuan Xinjinlu 000510.SZ | China | $906M | -32% | -4% | -15% | 3.8× | n/a | n/a |
| Compass Minerals International CMP | United States | $962M | -18% | +5% | 8% | 1.3× | 8.1% | +2.8% |
| Guangdong Sinoplast Adv Matl 301686.SZ | China | $962M | n/a | +7% | 19% | 8.0× | n/a | n/a |
| Longkou Union Chemical 301209.SZ | China | $904M | -39% | -3% | 9% | 11.4× | 36.9% | +1.6% |
| Henan Jindan Lactic Acid Technology 300829.SZ | China | $900M | +52% | +5% | 3% | 3.8× | n/a | n/a |
| Boai NKY Medical 300109.SZ | China | $896M | -32% | -17% | 15% | 5.0× | 19.9% | +3.9% |
| Sudarshan Chemical Industries SUDARSCHEM.NS | India | $893M | +10% | +90% | 4% | 0.8× | 27.0% | +39.5% |
| TETRA Technologies TTI | United States | $891M | -39% | +6% | 7% | 1.5× | n/a | n/a |
| Lihuayi Weiyuan Chemical 600955.SS | China | $978M | -39% | +18% | -8% | 0.8× | n/a | n/a |
| Jiujiang Shanshui Technology 301190.SZ | China | $983M | +32% | +54% | 19% | 5.9× | n/a | n/a |
| Hangjin Technology 000818.SZ | China | $988M | -35% | -29% | -8% | 3.2× | 18.9% | +3.2% |
| Zhejiang Wansheng 603010.SS | China | $872M | -25% | +19% | -26% | 1.9× | n/a | n/a |
| Yibin Tianyuan 002386.SZ | China | $1,000M | -27% | +14% | 3% | 1.1× | n/a | n/a |