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Chinese maker of powder-metallurgy and metal-injection-molded parts and soft-magnetic composites for autos and electronics.
Chinese maker of powder-metallurgy and metal-injection-molded parts and soft-magnetic composites for autos and electronics.
Presses and sinters metal powder into near-finished parts, which avoids machining waste, and sells them by the piece to automotive and electronics customers. Volume depends on its parts being designed into engines, transmissions and devices for years; metal-injection-molded and soft-magnetic products are newer lines.
In one line: A smaller, China-focused GKN Powder Metallurgy.
Moat: narrow (scale, process know-how). One of China's larger powder-metallurgy makers; tooling and process scale vs small shops.
Headquarters: Ningbo, China · Employees: 5,969
Size NBTM New Materials (600114.SS) is a China Industrials company (Metal Fabrication) with a market value of $2.14B, the 1189th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.50 on 6 Nov 2026.
Performance Over six months the shares fell 39.9%, against -2.5% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +17.4%); the operating margin is 8.8% (peer median 11.1%).
Valuation It trades at 22.8× forward earnings against a peer median of 40.5× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +1 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 0.6 points above its cost of capital (9.7% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.28B | CN¥6.01B | CN¥5.12B | CN¥3.84B | CN¥3.71B |
| Revenue growth | — | +17% | +33% | +4% | — |
| Gross profit | CN¥1.72B | CN¥1.41B | CN¥1.13B | CN¥748M | CN¥705M |
| EBITDA | n/a | CN¥1.18B | CN¥950M | CN¥617M | CN¥588M |
| Net income | CN¥399M | CN¥536M | CN¥397M | CN¥198M | CN¥156M |
| Free cash flow | CN¥704M | CN¥813M | CN¥115M | CN¥41.8M | CN¥67.4M |
| Capital expenditure | CN¥305M | CN¥190M | CN¥237M | CN¥253M | CN¥242M |
| Total debt | CN¥2.39B | CN¥2.72B | CN¥3.37B | CN¥3.19B | CN¥3.01B |
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| Measure | 600114.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.5% | -7.7% | 7th lowest of 21 |
| 6-month return | -39.9% | -2.5% | 6th lowest of 20 |
| Distance from 52-week high | -54.9% | -44.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +5.9% | +17.4% | 7th lowest of 21 |
| Operating margin | 8.8% | 11.1% | 9th lowest of 21 |
| Forward P/E | 22.8× | 40.5× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 13.8% | 11.3% | 5th most demanding of 10 |
| Growth delivered (Del g) | +13.0% | +12.8% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +0.8 pp | +0.3 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +0.6 pp | -0.5 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NBTM New Materials 600114.SS | China | $2.14B | -40% | +6% | 9% | 22.8× | 13.8% | +13.0% |
| Lizhong Sitong Light Alloys 300428.SZ | China | $2.14B | -3% | +24% | 4% | 11.8× | n/a | n/a |
| Zhejiang Changsheng Sliding Bearings 300718.SZ | China | $2.25B | -29% | +20% | 21% | 47.3× | 16.5% | +14.1% |
| Anhui Honglu Steel Construction (Group) 002541.SZ | China | $2.30B | +4% | +12% | 5% | 16.0× | 3.8% | +10.4% |
| Taihan Cable & Solution 001440.KS | South Korea | $2.31B | -70% | +22% | 5% | 99.2× | n/a | n/a |
| Maruichi Steel Tube 5463.T | Japan | $2.32B | +5% | -2% | 14% | 11.9× | -2.7% | +8.6% |
| Hebei Huatong Wires and Cables 605196.SS | China | $1.94B | -41% | +49% | 10% | 13.4× | n/a | n/a |
| Bossard BOSN.SW | Switzerland | $2.42B | +55% | +7% | 11% | 20.1× | 5.9% | +5.6% |
| Jyoti Cnc Automation JYOTICNC.NS | India | $2.45B | +32% | +18% | 21% | 53.8× | n/a | n/a |
| Beijer Alma BEIA-B.ST | Sweden | $1.86B | 0% | +6% | 15% | 20.7× | 9.9% | +12.8% |
| Baoding Technology 002552.SZ | China | $1.84B | +44% | +64% | 15% | n/a | 11.3% | +54.0% |
| SF Diamond 300179.SZ | China | $1.81B | -12% | +34% | 11% | 79.8× | 49.2% | +12.2% |
| Gaona Aero Material 300034.SZ | China | $1.71B | -29% | +5% | 5% | 49.0× | 21.3% | +18.5% |
| Happy Forging HAPPYFORGE.NS | India | $1.70B | +20% | +16% | 25% | 40.5× | 42.7% | +21.2% |
| Nanshan Aluminium International 2610.HK | Hong Kong | $1.67B | -45% | -19% | 21% | 7.8× | n/a | n/a |
| Azad Engineering AZAD.NS | India | $1.66B | +8% | +29% | 28% | 91.6× | n/a | n/a |
| Changzhou Nrb 002708.SZ | China | $1.63B | +50% | +29% | 1% | 74.0× | n/a | n/a |
| Tolerance Technology (Jiangsu) 301583.SZ | China | $2.82B | n/a | +18% | 15% | n/a | n/a | n/a |
| Avic Heavy Machinery 600765.SS | China | $2.84B | -23% | -13% | 4% | 23.1× | n/a | n/a |
| Suzhou UIGreen Micro&Nano Technologies 688661.SS | China | $1.55B | -44% | -7% | -3% | 44.2× | n/a | n/a |
| Essence Fastening Systems (Shanghai) 301005.SZ | China | $1.54B | -55% | +17% | 0% | n/a | n/a | n/a |