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Employees: 655
Size Zhejiang Dragon Technology (603004.SS) is a China Materials company (Chemicals: Major Diversified) with a market value of $597M, the 3431st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.99 on 6 Nov 2026.
Performance Over six months the shares fell 18.0%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 11.4% over the last twelve months (peer median +6.9%); the operating margin is 16.2% (peer median 5.2%).
Valuation It trades at 19.1× forward earnings against a peer median of 24.6× (4th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +15 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 0.1 points above its cost of capital (10.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥669M | CN¥697M | CN¥698M | CN¥737M | CN¥827M |
| Revenue growth | — | 0% | -5% | -11% | — |
| Gross profit | CN¥261M | CN¥239M | CN¥254M | CN¥287M | CN¥250M |
| EBITDA | n/a | CN¥197M | CN¥208M | CN¥239M | n/a |
| Net income | CN¥101M | CN¥149M | CN¥163M | CN¥174M | CN¥151M |
| Free cash flow | CN¥134M | CN¥190M | CN¥91.2M | CN¥81.1M | CN¥91.2M |
| Capital expenditure | CN¥43.2M | CN¥61.6M | CN¥111M | CN¥119M | CN¥69.0M |
| Total debt | CN¥73.9M | CN¥85.8M | CN¥57.9M | CN¥77.9M | CN¥83.7M |
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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 | 603004.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.1% | -11.5% | 9th lowest of 21 |
| 6-month return | -18.0% | -21.9% | 8th highest of 21 |
| Distance from 52-week high | -35.9% | -38.8% | 8th highest of 21 |
| Revenue growth (TTM) | -11.4% | +6.9% | 2nd lowest of 21 |
| Operating margin | 16.2% | 5.2% | 3rd highest of 21 |
| Forward P/E | 19.1× | 24.6× | 4th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 16.4% | 6.8% | 4th most demanding of 11 |
| Growth delivered (Del g) | +1.7% | +11.3% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +14.7 pp | -2.6 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +0.1 pp | -3.1 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Dragon Technology 603004.SS | China | $597M | -18% | -11% | 16% | 19.1× | 16.4% | +1.7% |
| Shandong Taihe Technologies 300801.SZ | China | $589M | -41% | -2% | 7% | n/a | 5.3% | +12.9% |
| Ningbo Bohui Chemical Technology 300839.SZ | China | $606M | -4% | +42% | 4% | 24.6× | 3.2% | +23.1% |
| China Catalyst 688267.SS | China | $578M | -27% | -3% | 18% | 16.0× | n/a | n/a |
| Hunan Lead Power Technology 300530.SZ | China | $621M | +2% | +16% | -61% | n/a | n/a | n/a |
| Hunan Xiangtou Goldsky Titanium Industry Technology 688750.SS | China | $629M | -27% | +4% | 6% | n/a | 30.5% | -4.3% |
| Shandong Jianbang New Material 603285.SS | China | $631M | -40% | +8% | 22% | n/a | n/a | n/a |
| Ningxia Yinglite Chemicals 000635.SZ | China | $562M | +17% | -14% | -48% | n/a | n/a | n/a |
| Hubei Kailong Chemical 002783.SZ | China | $554M | -17% | -2% | 8% | n/a | -2.4% | +12.0% |
| Shandong Yanggu Huatai Chemical 300121.SZ | China | $648M | -20% | +11% | 8% | 16.1× | 3.2% | +12.1% |
| Beijing WBD New Materials 300055.SZ | China | $549M | -59% | +13% | -9% | n/a | n/a | n/a |
| Nanjing Well Pharmaceutical 603351.SS | China | $548M | -1% | +9% | 13% | n/a | 9.7% | +12.7% |
| Archean Chemical Industries ACI.NS | India | $544M | -33% | +6% | 12% | 25.5× | n/a | n/a |
| Jiangsu Kuangshun Photosensitivity New Material Stock 300537.SZ | China | $536M | -24% | +4% | 4% | 122.9× | 58.4% | -8.5% |
| Shandong Sanyuan Biotechnology 301206.SZ | China | $676M | -18% | +15% | 4% | n/a | n/a | n/a |
| Ningxia Zhongke Biotechnology 600165.SS | China | $679M | -19% | +8% | -73% | n/a | n/a | n/a |
| Jiansu Huachang Chemical 002274.SZ | China | $679M | -25% | +9% | -3% | 5.7× | 23.6% | +1.3% |
| Shandong Rike Chemical 300214.SZ | China | $514M | -5% | -6% | 2% | 254.7× | 8.3% | +10.5% |
| Liaoning Oxiranchem,Inc 300082.SZ | China | $716M | -39% | +4% | 0% | 35.1× | n/a | n/a |
| China Steel Chemical 1723.TW | Taiwan | $496M | -9% | +8% | 12% | 19.3× | 4.1% | +1.6% |
| China Sanjiang Fine Chemicals 2198.HK | Hong Kong | $492M | -37% | +1% | 7% | n/a | n/a | n/a |