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Chinese maker of microelectronics/semiconductor materials based in Jiangyin (name-derived; specifics not fully confirmed).
Chinese maker of microelectronics/semiconductor materials based in Jiangyin (name-derived; specifics not fully confirmed).
Moat: none
Headquarters: Jiangyin, China · Employees: 846
Size Jiangyin Jianghua Micro-electronics Materials (603078.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.33B, the 1821st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥22.99 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against -23.1% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +6.8%); the operating margin is 7.3% (peer median 6.2%).
Valuation It trades at 79.3× forward earnings against a peer median of 16.7× (2nd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +17%, 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 1.4 points below its cost of capital (9.5% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.40B | CN¥1.23B | CN¥1.10B | CN¥1.03B | CN¥936M |
| Revenue growth | — | +12% | +7% | +10% | — |
| Gross profit | CN¥424M | CN¥287M | CN¥231M | CN¥220M | CN¥222M |
| EBITDA | n/a | CN¥242M | CN¥197M | CN¥184M | CN¥184M |
| Net income | CN¥93.8M | CN¥105M | CN¥98.6M | CN¥105M | CN¥106M |
| Free cash flow | CN¥4.42M | CN¥49.1M | -CN¥63.3M | CN¥49.3M | -CN¥93.1M |
| Capital expenditure | CN¥196M | CN¥138M | CN¥175M | CN¥98.6M | CN¥216M |
| Total debt | CN¥548M | CN¥487M | CN¥531M | CN¥622M | CN¥483M |
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| Measure | 603078.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.3% | -10.8% | 5th lowest of 21 |
| 6-month return | -7.3% | -23.1% | 4th highest of 21 |
| Distance from 52-week high | -61.4% | -46.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +17.8% | +6.8% | 8th highest of 21 |
| Operating margin | 7.3% | 6.2% | 9th highest of 21 |
| Forward P/E | 79.3× | 16.7× | 2nd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 32.0% | -0.4% | most demanding of 10 |
| Growth delivered (Del g) | +17.0% | +9.1% | highest of 10 |
| Hurdle (Req g minus delivered) | +15.0 pp | -4.4 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | -1.4 pp | -2.0 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | n/a | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 14.1× | n/a | n/a |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | China | $1.40B | -31% | +14% | 10% | n/a | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Anhui Guangxin Agrochemical 603599.SS | China | $1.43B | -29% | -13% | 18% | 13.1× | -3.8% | +0.6% |