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Chinese maker of etched and formed aluminum foil used inside aluminum electrolytic capacitors.
Chinese maker of etched and formed aluminum foil used inside aluminum electrolytic capacitors.
Buys high-purity aluminium foil, etches and electrically treats it to build the surface area a capacitor needs, and sells the processed foil by weight to capacitor makers, so earnings come from the processing margin over the metal and track capacitor makers' output. The process uses a lot of electricity, making power cost important.
Moat: narrow (process know-how). Etching/forming capacitor-grade foil requires specialized process control few suppliers master.
Headquarters: Nantong, Jiangsu, China · Employees: 1,010
Size Nantong Haixing Electronics (603115.SS) is a China Materials company (Aluminum) with a market value of $1.62B, the 1529th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥44.14 on 6 Nov 2026.
Performance Over six months the shares fell 22.4%, against -28.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +17.5%); the operating margin is 8.4% (peer median 6.8%).
Valuation It trades at 33.5× forward earnings against a peer median of 11.3× (2nd most expensive of 15).
Capital Return on invested capital runs 0.4 points above its cost of capital (10.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.69B | CN¥2.29B | CN¥1.92B | CN¥1.79B | CN¥1.76B |
| Revenue growth | — | +19% | +8% | +1% | — |
| Gross profit | CN¥693M | CN¥487M | CN¥396M | CN¥349M | CN¥426M |
| EBITDA | n/a | CN¥303M | CN¥245M | CN¥198M | CN¥271M |
| Net income | CN¥218M | CN¥206M | CN¥161M | CN¥137M | CN¥228M |
| Free cash flow | -CN¥120M | -CN¥136M | -CN¥86.7M | CN¥34.2M | CN¥38.9M |
| Capital expenditure | CN¥332M | CN¥267M | CN¥157M | CN¥154M | CN¥151M |
| Total debt | CN¥781M | CN¥531M | CN¥110M | CN¥25.3M | CN¥23.4M |
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 |
|---|---|---|---|---|---|---|
| Nantong Haixing Electronics 603115.SS | $1.62B | -22% | +21% | 8% | 33.5× | n/a |
| Nantong Jianghai Capacitor 002484.SZ | $4.28B | -15% | +17% | 14% | 27.6× | 23.2% |
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 | 603115.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.4% | -9.5% | lowest of 21 |
| 6-month return | -22.4% | -28.3% | 8th highest of 21 |
| Distance from 52-week high | -66.7% | -40.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +20.8% | +17.5% | 10th highest of 21 |
| Operating margin | 8.4% | 6.8% | 8th highest of 21 |
| Forward P/E | 33.5× | 11.3× | 2nd most expensive of 15 |
| ROIC minus cost of capital | +0.4 pp | +0.7 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nantong Haixing Electronics 603115.SS | China | $1.62B | -22% | +21% | 8% | 33.5× | n/a | n/a |
| Jiaozuo Wanfang Aluminum Manufacturing 000612.SZ | China | $1.71B | -28% | +13% | 32% | n/a | -13.0% | +6.6% |
| Kaiser Aluminum KALU | United States | $1.75B | -41% | +40% | 8% | 10.9× | 0.8% | +23.5% |
| Granges GRNG.ST | Sweden | $1.83B | -6% | +27% | 6% | 12.1× | n/a | n/a |
| Giansun Precision Technology 001400.SZ | China | $1.41B | -35% | 0% | 10% | n/a | n/a | n/a |
| Innovation New Material Technology 600361.SS | China | $1.91B | -24% | +4% | 1% | 10.7× | n/a | n/a |
| Shanghai Huafon Aluminium Corporation 601702.SS | China | $1.98B | -29% | +10% | 10% | 9.2× | n/a | n/a |
| Jiangsu Dingsheng New Material Joint-Stock 603876.SS | China | $2.00B | -52% | +10% | 4% | 12.4× | 8.1% | +16.2% |
| UACJ 5741.T | Japan | $2.06B | -36% | +28% | 9% | 6.2× | -5.3% | +15.7% |
| Grinm Metal Composites (Beijing) Technology 688811.SS | China | $1.27B | -30% | 0% | 11% | n/a | n/a | n/a |
| Xinjiang Joinworld 600888.SS | China | $2.07B | +3% | +21% | 7% | 11.7× | n/a | n/a |
| Elkem ELK.OL | Norway | $1.18B | +7% | -12% | 3% | n/a | 17.0% | -7.2% |
| Yinbang Clad Material 300337.SZ | China | $1.06B | -38% | +45% | 3% | n/a | n/a | n/a |
| Yong Jie New Material 603271.SS | China | $1.03B | -33% | +57% | 4% | n/a | 9.1% | +20.3% |
| Guangdong Haomei New Material 002988.SZ | China | $1.01B | -22% | +16% | 1% | 55.2× | n/a | n/a |
| Yechiu Metal Recycling (China) 601388.SS | China | $1.01B | -25% | +10% | 7% | 16.2× | 2.0% | +6.2% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |
| Nippon Light Metal 5703.T | Japan | $949M | -15% | +14% | 5% | 8.8× | -4.1% | +6.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Jiangsu Asia-Pacific Light Alloy Technology 002540.SZ | China | $885M | -20% | +26% | 2% | 11.8× | n/a | n/a |
| GETO New Materials 300986.SZ | China | $856M | -39% | +23% | 9% | 23.5× | n/a | n/a |