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Sichuan chemical new-materials maker: insulation films, optical polyester film, high-speed electronic resins for servers and circuit boards, and flame retardants.
Sichuan chemical new-materials maker: insulation films, optical polyester film, high-speed electronic resins for servers and circuit boards, and flame retardants.
Started in 1966 making insulation materials for power equipment and has shifted to higher-value chemicals: electronic resins used in server circuit boards, optical polyester film for displays, and films for capacitors in electric vehicles and the grid. Electronic materials and optical film now lead the business, and the company sells mostly to makers of laminates, boards and capacitors.
Moat: narrow (process know-how, IP / patents). Resin formulation and film-making know-how qualified in server and grid supply chains; older lines are commodity-like.
Headquarters: Mianyang, China · Founded: 1966 · Employees: 3,421
Size Sichuan EM Technology (601208.SS) is a China Materials company (Industrial Specialties) with a market value of $4.88B, the 517th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥33.15 on 6 Nov 2026.
Performance Over six months the shares fell 15.3%, against -7.6% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 23.3% over the last twelve months (peer median +11.0%); the operating margin is 7.0% (peer median 12.9%).
Valuation It trades at 51.1× forward earnings against a peer median of 20.8× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +22%, so the hurdle is +22 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 8.3 points below its cost of capital (14.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.17B | CN¥5.16B | CN¥4.46B | CN¥3.73B | CN¥3.63B |
| Revenue growth | — | +16% | +20% | +3% | — |
| Gross profit | CN¥1.31B | CN¥741M | CN¥569M | CN¥669M | CN¥701M |
| EBITDA | n/a | CN¥719M | CN¥455M | CN¥576M | CN¥561M |
| Net income | CN¥446M | CN¥285M | CN¥181M | CN¥326M | CN¥415M |
| Free cash flow | CN¥183M | -CN¥127M | -CN¥443M | -CN¥705M | -CN¥1.19B |
| Capital expenditure | CN¥293M | CN¥211M | CN¥545M | CN¥906M | CN¥567M |
| Total debt | CN¥3.63B | CN¥3.69B | CN¥4.36B | CN¥4.07B | CN¥3.83B |
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 |
|---|---|---|---|---|---|---|
| Sichuan EM Technology 601208.SS | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% |
| Toray Industries 3402.T | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% |
| SKC 011790.KS | $2.14B | -46% | +24% | -9% | n/a | n/a |
| Mitsubishi Gas Chemical 4182.T | $3.78B | -31% | +3% | 8% | 10.6× | n/a |
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 | 601208.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.9% | -2.9% | 2nd lowest of 20 |
| 6-month return | -15.3% | -7.6% | 8th lowest of 20 |
| Distance from 52-week high | -58.8% | -26.6% | 2nd lowest of 20 |
| Revenue growth (TTM) | +23.3% | +11.0% | 5th highest of 21 |
| Operating margin | 7.0% | 12.9% | 5th lowest of 21 |
| Forward P/E | 51.1× | 20.8× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 44.5% | 10.6% | most demanding of 14 |
| Growth delivered (Del g) | +22.5% | +10.1% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | +22.0 pp | -2.7 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | -8.3 pp | +1.0 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| SICC 688234.SS | China | $4.98B | -24% | +20% | -5% | 202.4× | n/a | n/a |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |