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Chinese maker of specialty magnet (enameled) wire used in motors, transformers and electrical equipment.
Chinese maker of specialty magnet (enameled) wire used in motors, transformers and electrical equipment.
Moat: none. Magnet wire is a commoditized industrial material with thin margins and many competitors.
Headquarters: Tongling, Anhui, China · Employees: 3,918
Size Tongling Jingda Special Magnet Wire (600577.SS) is a China Industrials company (Electrical Products) with a market value of $2.39B, the 1075th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.15 on 6 Nov 2026.
Performance Over six months the shares fell 45.1%, against -21.6% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 26.4% over the last twelve months (peer median +25.6%); the operating margin is 3.1% (peer median 9.0%).
Valuation It trades at 20.4× forward earnings against a peer median of 27.7× (4th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (7.7% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥30.3B | CN¥24.6B | CN¥22.3B | CN¥17.9B | CN¥17.5B |
| Revenue growth | — | +11% | +25% | +2% | — |
| Gross profit | CN¥1.75B | CN¥1.36B | CN¥1.22B | CN¥1.01B | CN¥942M |
| EBITDA | n/a | CN¥1.06B | CN¥975M | CN¥794M | CN¥746M |
| Net income | CN¥646M | CN¥599M | CN¥562M | CN¥426M | CN¥381M |
| Free cash flow | CN¥1.47B | CN¥2.35B | -CN¥709M | CN¥140M | CN¥890M |
| Capital expenditure | CN¥70.9M | CN¥165M | CN¥158M | CN¥330M | CN¥457M |
| Total debt | CN¥9.04B | CN¥7.32B | CN¥5.84B | CN¥4.90B | CN¥4.18B |
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| Measure | 600577.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.1% | -15.5% | 9th lowest of 21 |
| 6-month return | -45.1% | -21.6% | 5th lowest of 20 |
| Distance from 52-week high | -56.4% | -55.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +26.4% | +25.6% | 11th highest of 21 |
| Operating margin | 3.1% | 9.0% | 4th lowest of 21 |
| Forward P/E | 20.4× | 27.7× | 4th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 9.8% | 19.6% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +14.7% | +16.9% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -4.9 pp | +6.7 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | -1.5 pp | +0.1 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% | +9.8% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | n/a | 7.2% | +20.3% |
| Shenzhen Kstar Science and Technology 002518.SZ | China | $2.41B | -40% | +21% | 13% | 22.1× | 24.2% | +16.9% |
| 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 |
| 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 |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 55.3× | n/a | n/a |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | n/a | 22.6% | +29.4% |
| 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 |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | 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% |