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Employees: 1,447
Size Dongguan HuaLi Industries (603038.SS) is a China Materials company (Forest Products) with a market value of $498M, the 3881st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.35 on 6 Nov 2026.
Performance Over six months the shares fell 26.7%, against -12.0% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median -1.1%); the operating margin is 6.4% (peer median 3.8%).
Valuation It trades at 2.9× enterprise value to sales against a peer median of 2.8× (11th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +13 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 3.9 points below its cost of capital (6.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.39B | CN¥1.24B | CN¥1.05B | CN¥791M | CN¥771M |
| Revenue growth | — | +18% | +33% | +3% | — |
| Gross profit | CN¥380M | CN¥304M | CN¥262M | CN¥152M | CN¥125M |
| EBITDA | CN¥183M | CN¥155M | CN¥129M | CN¥81.3M | CN¥61.0M |
| Net income | CN¥79.5M | CN¥21.6M | CN¥23.1M | CN¥18.6M | CN¥10.7M |
| Free cash flow | CN¥162M | -CN¥7.65M | CN¥227M | -CN¥7.85M | -CN¥74.1M |
| Capital expenditure | CN¥110M | CN¥129M | CN¥81.0M | CN¥135M | CN¥236M |
| Total debt | CN¥827M | CN¥998M | CN¥634M | CN¥430M | CN¥452M |
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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 | 603038.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.0% | -11.0% | 5th lowest of 21 |
| 6-month return | -26.7% | -12.0% | 4th lowest of 21 |
| Distance from 52-week high | -47.2% | -40.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +15.0% | -1.1% | 5th highest of 21 |
| Operating margin | 6.4% | 3.8% | 9th highest of 21 |
| EV / Sales | 2.9× | 2.8× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.6% | 27.9% | 5th least demanding of 11 |
| Growth delivered (Del g) | +7.5% | +2.3% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +13.1 pp | +23.9 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -3.9 pp | -5.3 pp | 10th highest of 21 |
| EV / EBITDA | 21.7× | 16.8× | 4th most expensive of 9 |
| Net debt / EBITDA | 2.2× | 0.4× | 4th most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dongguan HuaLi Industries 603038.SS | China | $498M | -27% | +15% | 6% | 2.9× | 20.6% | +7.5% |
| Greenlam Industries GREENLAM.NS | India | $550M | -11% | +20% | 7% | 1.6× | 28.3% | +20.7% |
| Stylam Industries STYLAMIND.NS | India | $563M | +19% | +10% | 18% | 4.5× | n/a | n/a |
| Dare Power Dekor Home 000910.SZ | China | $414M | -26% | -4% | -9% | 0.2× | n/a | n/a |
| Mengtian Home 603216.SS | China | $607M | -39% | -5% | 3% | 2.6× | 39.4% | -2.6% |
| Responsive Industries RESPONIND.NS | India | $391M | -24% | -13% | 10% | 3.0× | 42.5% | +13.0% |
| Interfor IFP.TO | Canada | $634M | +42% | -7% | 1% | 0.6× | n/a | n/a |
| Suncha Technology 001211.SZ | China | $387M | -14% | +18% | 0% | 1.8× | n/a | n/a |
| Newtechwood 301588.SZ | China | $376M | -39% | +20% | 7% | 3.1× | n/a | n/a |
| Harbin Sayyas Windows 301227.SZ | China | $368M | -13% | -10% | -21% | 3.6× | 33.7% | -6.0% |
| Guangxi Fenglin Wood Industry 601996.SS | China | $360M | -21% | -7% | -12% | 1.4× | n/a | n/a |
| Zhejiang Tianzhen Technology 301356.SZ | China | $713M | -7% | +2% | 4% | 2.3× | 27.5% | -7.1% |
| Fujian Jinsen Forestry 002679.SZ | China | $343M | -11% | +4% | 10% | 21.2× | 43.6% | +0.2% |
| Yunnan Jinggu Forestry 600265.SS | China | $338M | -21% | -45% | -13% | 16.0× | n/a | n/a |
| Bunka Shutter 5930.T | Japan | $779M | -1% | +3% | 6% | 0.4× | -12.9% | +6.4% |
| Keding Enterprises 6655.TW | Taiwan | $310M | -6% | +15% | 15% | 5.3× | 13.5% | +4.5% |
| Conch (Anhui) Energy Saving and Environment Protection New Material 000619.SZ | China | $309M | -24% | -4% | -4% | 0.8× | n/a | n/a |
| Jilin Quanyangquan 600189.SS | China | $897M | +1% | +9% | 11% | 4.6× | 16.6% | -1.7% |
| XIAMEN WANLI STONE STOCK 002785.SZ | China | $1.03B | -40% | -33% | -7% | 7.8× | n/a | n/a |
| Der Future Science & Technology 002631.SZ | China | $1.04B | +10% | -26% | -23% | 7.1× | n/a | n/a |
| Sakata Seed 1377.T | Japan | $1.13B | +2% | +12% | 11% | 1.5× | 0.2% | +8.5% |