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Zhejiang maker of mica-based insulation sheets and boards used inside home appliances and EV battery packs.
Zhejiang maker of mica-based insulation sheets and boards used inside home appliances and EV battery packs.
Sells insulating materials by volume to appliance makers, where mica sheets protect heating parts, and to battery-pack makers, where they keep a failing cell from igniting others. Revenue follows appliance output and battery-pack safety requirements.
Moat: narrow (process know-how, customer qualification). Qualified insulation-material supplier to appliance and battery-pack production lines.
Headquarters: Zhejiang, China · Employees: 2,038
Size Zhejiang Rongtai Electric Material (603119.SS) is a China Materials company (Other Metals/Minerals) with a market value of $4.36B, the 589th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥61.65 on 6 Nov 2026.
Performance Over six months the shares fell 2.9%, against -35.3% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 46.4% over the last twelve months (peer median +20.1%); the operating margin is 19.6% (peer median 13.9%).
Valuation It trades at 81.0× forward earnings against a peer median of 16.2× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +30%, so the hurdle is +12 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 3.2 points above its cost of capital (10.4% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.88B | CN¥1.37B | CN¥1.13B | CN¥796M | CN¥667M |
| Revenue growth | — | +21% | +42% | +19% | — |
| Gross profit | CN¥700M | CN¥462M | CN¥382M | CN¥286M | CN¥233M |
| EBITDA | n/a | CN¥351M | CN¥272M | CN¥210M | CN¥168M |
| Net income | CN¥320M | CN¥278M | CN¥230M | CN¥172M | CN¥134M |
| Free cash flow | CN¥181M | CN¥51.1M | CN¥112M | CN¥167M | -CN¥16.5M |
| Capital expenditure | CN¥286M | CN¥238M | CN¥104M | CN¥54.2M | CN¥103M |
| Total debt | CN¥595M | CN¥657M | CN¥50.6M | CN¥68.1M | CN¥206M |
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| Measure | 603119.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +26.2% | -13.2% | highest of 21 |
| 6-month return | -2.9% | -35.3% | 2nd highest of 20 |
| Distance from 52-week high | -35.6% | -55.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +46.4% | +20.1% | 3rd highest of 19 |
| Operating margin | 19.6% | 13.9% | 8th highest of 19 |
| Forward P/E | 81.0× | 16.2× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 42.2% | 3.3% | most demanding of 8 |
| Growth delivered (Del g) | +30.2% | +22.4% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +12.0 pp | -9.7 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | +3.2 pp | +1.4 pp | 8th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Rongtai Electric Material 603119.SS | China | $4.36B | -3% | +46% | 20% | 81.0× | 42.2% | +30.2% |
| Hindustan Copper HINDCOPPER.NS | India | $4.31B | -26% | +67% | 42% | 21.6× | 38.7% | +11.5% |
| Sichuan Hongda 600331.SS | China | $4.30B | -40% | 0% | -1% | 543.0× | n/a | n/a |
| Western Superconducting Technologies 688122.SS | China | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% | +19.9% |
| Dazhong Mining 001203.SZ | China | $4.20B | -64% | +3% | 26% | 30.5× | n/a | n/a |
| Shenghe Resources 600392.SS | China | $4.09B | -40% | +34% | 8% | 16.2× | n/a | n/a |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 31% | 11.1× | n/a | n/a |
| Grinm Advanced Materials 600206.SS | China | $4.85B | +40% | +23% | 2% | 72.2× | n/a | n/a |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 7.4× | n/a | n/a |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 34% | n/a | 13.4% | +22.4% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |