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Chinese maker of nickel-metal-hydride and other battery materials, historically tied to a Toyota hybrid-battery joint venture.
Chinese maker of nickel-metal-hydride and other battery materials, historically tied to a Toyota hybrid-battery joint venture.
Sells materials and battery components that go into nickel-metal-hydride packs, a chemistry still used in many hybrid cars, so orders depend on hybrid production by a small group of customers. A joint venture with Toyota's group gave it entry to that business.
Moat: narrow (customer qualification). Long-standing supplier relationships in hybrid battery materials via a foreign JV heritage.
Headquarters: Hunan, China · Employees: 3,310
Size Hunan Corun New Energy (600478.SS) is a China Industrials company (Metal Fabrication) with a market value of $901M, the 2518th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.56 on 6 Nov 2026.
Performance Over six months the shares fell 53.1%, against -22.5% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 45.9% over the last twelve months (peer median +12.5%); the operating margin is 3.9% (peer median 4.8%).
Valuation It trades at 1.6× enterprise value to sales against a peer median of 3.9× (5th cheapest of 21).
Capital Return on invested capital runs 2.0 points below its cost of capital (6.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.65B | CN¥5.73B | CN¥3.93B | CN¥3.70B | CN¥3.78B |
| Revenue growth | — | +46% | +6% | -2% | — |
| Gross profit | CN¥1.04B | CN¥665M | CN¥466M | CN¥268M | CN¥451M |
| EBITDA | n/a | CN¥512M | CN¥409M | CN¥226M | CN¥436M |
| Net income | CN¥89.8M | CN¥140M | CN¥78.1M | -CN¥68.5M | CN¥179M |
| Free cash flow | -CN¥342M | CN¥306M | CN¥318M | -CN¥262M | -CN¥132M |
| Capital expenditure | CN¥500M | CN¥331M | CN¥284M | CN¥722M | CN¥464M |
| Total debt | CN¥7.47B | CN¥5.86B | CN¥4.67B | CN¥4.64B | CN¥3.70B |
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| Measure | 600478.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.3% | -7.0% | 2nd lowest of 21 |
| 6-month return | -53.1% | -22.5% | 3rd lowest of 21 |
| Distance from 52-week high | -58.4% | -48.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +45.9% | +12.5% | 3rd highest of 21 |
| Operating margin | 3.9% | 4.8% | 10th lowest of 21 |
| EV / Sales | 1.6× | 3.9× | 5th cheapest of 21 |
| ROIC minus cost of capital | -2.0 pp | -2.3 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hunan Corun New Energy 600478.SS | China | $901M | -53% | +46% | 4% | 1.6× | n/a | n/a |
| Ningxia Guoyun New Energy 000595.SZ | China | $903M | -16% | +142% | 21% | 16.2× | n/a | n/a |
| Guangzhou Newlife New Material 301323.SZ | China | $896M | -15% | +26% | 13% | 4.2× | n/a | n/a |
| Ningbo Sunrise Elc Technology 002937.SZ | China | $908M | -42% | +12% | 8% | 2.9× | 21.4% | +11.2% |
| Troax TROAX.ST | Sweden | $908M | +46% | 0% | 8% | 3.6× | 28.3% | +11.1% |
| Shandong Golden Empire Precision Machinery Technology 603270.SS | China | $886M | -4% | +35% | 5% | 3.7× | n/a | n/a |
| Lucky Harvest 002965.SZ | China | $923M | -21% | +18% | 0% | 0.8× | n/a | n/a |
| Changjiang & Jinggong Steel Building (Group) 600496.SS | China | $931M | -25% | +1% | 3% | 0.4× | -1.5% | +12.7% |
| Zhejiang JW Precision Machinery 300984.SZ | China | $931M | -29% | +9% | 4% | 4.4× | n/a | n/a |
| Jiangsu LiXing General Steel Ball 300421.SZ | China | $866M | -30% | +4% | 4% | 5.4× | 35.0% | +7.1% |
| Evergreen Steel 2211.TW | Taiwan | $943M | -24% | +9% | 21% | 2.1× | -9.2% | +10.4% |
| Chongqing Millison Technologies 301307.SZ | China | $851M | -18% | +13% | -11% | 2.1× | n/a | n/a |
| Hsino Tower 601096.SS | China | $961M | -31% | -7% | 3% | 0.8× | n/a | n/a |
| Gibraltar Industries ROCK | United States | $964M | -20% | +14% | 11% | 1.6× | 7.3% | +1.9% |
| Zhejiang Huayuan Auto Technology 301535.SZ | China | $836M | -30% | +66% | 12% | 6.7× | 22.2% | +17.2% |
| Kennametal India KENNAMET.NS | India | $832M | +27% | +29% | 17% | 5.2× | n/a | n/a |
| Juli Sling 002342.SZ | China | $989M | -66% | +19% | 3% | 2.9× | n/a | n/a |
| Jiangsu NanFang Precision 002553.SZ | China | $813M | -29% | +5% | 13% | 5.3× | n/a | n/a |
| HuiZhou Intelligence Technology 002122.SZ | China | $802M | -10% | +10% | -16% | 4.5× | n/a | n/a |
| J.Pond Precision Technology 301326.SZ | China | $791M | -60% | +15% | -6% | 4.5× | n/a | n/a |
| China Harzone Industry 300527.SZ | China | $1.03B | -18% | -12% | 1% | 5.4× | n/a | n/a |