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Fujian-based maker of CNC saws/grinding machines and metal-cutting tools (saw blades) plus linear-guide components.
Fujian-based maker of CNC saws/grinding machines and metal-cutting tools (saw blades) plus linear-guide components.
In one line: A small Chinese Kennametal/machine-tool and cutting-tool maker.
Moat: narrow (process know-how). Precision cutting-tool and CNC-equipment know-how, a recognized national 'little giant' specialist.
Headquarters: Fujian, China · Founded: 1995 · Employees: 995
Size Hengerda New Materials (Fujian) (300946.SZ) is a China Industrials company (Tools & Hardware) with a market value of $1.12B, the 2080th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥31.68 on 6 Nov 2026.
Performance Over six months the shares fell 33.5%, against -21.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 16 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +1.0%); the operating margin is 6.1% (peer median 1.7%).
Valuation It trades at 31.9× forward earnings against a peer median of 22.9× (4th most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 55% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +43 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 5.4 points below its cost of capital (7.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥704M | CN¥659M | CN¥580M | CN¥540M | CN¥480M |
| Revenue growth | — | +14% | +8% | +12% | — |
| Gross profit | CN¥172M | CN¥163M | CN¥158M | CN¥153M | CN¥129M |
| EBITDA | CN¥106M | CN¥107M | CN¥141M | CN¥123M | CN¥110M |
| Net income | CN¥29.6M | CN¥36.9M | CN¥87.3M | CN¥87.3M | CN¥95.2M |
| Free cash flow | CN¥30.2M | -CN¥3.58M | -CN¥13.7M | -CN¥115M | -CN¥204M |
| Capital expenditure | CN¥66.0M | CN¥115M | CN¥81.4M | CN¥188M | CN¥233M |
| Total debt | CN¥386M | CN¥318M | CN¥179M | CN¥193M | CN¥93.2M |
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 |
|---|---|---|---|---|---|---|
| Hengerda New Materials (Fujian) 300946.SZ | $1.12B | -34% | +14% | 6% | 31.9× | 55.3% |
| Kennametal KMT | $1.76B | -36% | +32% | 31% | 8.9× | n/a |
| Sandvik SAND.ST | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% |
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 | 300946.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.9% | -5.0% | 7th lowest of 16 |
| 6-month return | -33.5% | -21.0% | 3rd lowest of 16 |
| Distance from 52-week high | -48.5% | -45.6% | 7th lowest of 16 |
| Revenue growth (TTM) | +14.3% | +1.0% | 3rd highest of 16 |
| Operating margin | 6.1% | 1.7% | 5th highest of 16 |
| Forward P/E | 31.9× | 22.9× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 55.3% | 5.8% | most demanding of 9 |
| Growth delivered (Del g) | +11.8% | +4.3% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +43.5 pp | -1.0 pp | most demanding of 9 |
| ROIC minus cost of capital | -5.4 pp | -5.7 pp | 8th highest of 16 |
| EV / EBITDA | 72.9× | 10.0× | most expensive of 6 |
| Net debt / EBITDA | 2.4× | 1.4× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengerda New Materials (Fujian) 300946.SZ | China | $1.12B | -34% | +14% | 6% | 31.9× | 55.3% | +11.8% |
| Finework (Hu Nan) New Energy Technology 301232.SZ | China | $1.17B | -52% | +11% | 2% | n/a | n/a | n/a |
| Fiskars Oyj Abp FSKRS.HE | Finland | $1.20B | 0% | 0% | 7% | 20.9× | 8.1% | +0.4% |
| Shenzhen Lihexing 301013.SZ | China | $855M | -3% | +8% | -22% | 43.5× | n/a | n/a |
| Einhell Germany AG Pref EIN.DE | Germany | $801M | -12% | 0% | 10% | 9.6× | -6.8% | +9.8% |
| Zhejiang FORE Intelligent Technology 301368.SZ | China | $796M | -24% | +10% | -11% | n/a | n/a | n/a |
| Xianheng International Science&Technology 605056.SS | China | $773M | -50% | +18% | 6% | 17.7× | 6.6% | +18.1% |
| Guangdong Kinlong Hardware Products 002791.SZ | China | $741M | -24% | -20% | -8% | 279.4× | 16.9% | -3.8% |
| Bergman & Beving BERG-B.ST | Sweden | $704M | -9% | +1% | 9% | 24.9× | 5.0% | +2.9% |
| Husqvarna HUSQ-A.ST | Sweden | $1.94B | -24% | -6% | 6% | 13.5× | -2.0% | +2.1% |
| Keystone Electrical (Zhejiang) 301448.SZ | China | $578M | +19% | +5% | 1% | n/a | n/a | n/a |
| Wangli Security & Surveillance Product 605268.SS | China | $576M | -33% | -2% | 4% | 33.5× | 13.7% | +8.9% |
| Guangxi Oriental Intelligent Manufacturing Technology 002175.SZ | China | $439M | -9% | +22% | -9% | n/a | n/a | n/a |
| Bosun 002282.SZ | China | $434M | -21% | -6% | 9% | n/a | -3.7% | +5.7% |
| Nanjing Toua Hardware & Tools 301125.SZ | China | $414M | -20% | +1% | -9% | n/a | n/a | n/a |
| Ken 300126.SZ | China | $332M | -31% | +13% | -17% | n/a | n/a | n/a |