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Hangzhou maker of copper-clad laminates and prepreg, plus thermal and composite materials for transport and logistics vehicles.
Hangzhou maker of copper-clad laminates and prepreg, plus thermal and composite materials for transport and logistics vehicles.
Sells copper-clad laminates and bonding sheets to circuit-board makers, earning the spread over copper foil and glass-cloth costs. Laminates carry most of the business, while thermal and composite materials add smaller lines. Tight supply for higher-grade laminates and plant utilisation carry the results.
Moat: narrow (process know-how, customer qualification). Qualified high-grade laminate lines at Hangzhou and Zhuhai serving PCB makers who rarely switch grades.
Headquarters: Hangzhou, China · Founded: 2003 · Employees: 2,682
Size Zhejiang Wazam New Material (603186.SS) is a China Materials company (Other Metals/Minerals) with a market value of $3.33B, the 778th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥141.60 on 6 Nov 2026.
Performance Over six months the shares gained 78.8%, against -34.9% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 60.1% over the last twelve months (peer median +27.9%); the operating margin is 14.0% (peer median 12.4%).
Valuation It trades at 58.0× forward earnings against a peer median of 11.2× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +11 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 0.7 points above its cost of capital (12.6% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.78B | CN¥4.36B | CN¥3.86B | CN¥3.36B | CN¥3.27B |
| Revenue growth | — | +13% | +15% | +3% | — |
| Gross profit | CN¥1.71B | CN¥517M | CN¥333M | CN¥241M | CN¥372M |
| EBITDA | n/a | CN¥311M | CN¥152M | CN¥41.2M | CN¥122M |
| Net income | CN¥1.01B | CN¥277M | -CN¥97.4M | -CN¥121M | CN¥36.1M |
| Free cash flow | CN¥564M | CN¥151M | -CN¥77.7M | -CN¥148M | -CN¥166M |
| Capital expenditure | CN¥197M | CN¥203M | CN¥248M | CN¥396M | CN¥555M |
| Total debt | CN¥3.61B | CN¥3.25B | CN¥3.34B | CN¥3.29B | CN¥2.90B |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Wazam New Material 603186.SS | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% |
| Shengyi Technology 600183.SS | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% |
| Elite Material 2383.TW | $41.4B | -19% | +89% | 26% | 15.8× | n/a |
| Kingboard Laminates 1888.HK | $12.2B | -26% | +32% | 21% | 10.8× | n/a |
| Taiwan Union Technology 6274.TWO | $8.21B | -26% | +87% | 23% | 13.9× | n/a |
| Goldenmax International 002636.SZ | $7.20B | +47% | +79% | 30% | n/a | 24.4% |
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 | 603186.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.9% | -16.3% | 2nd lowest of 21 |
| 6-month return | +78.8% | -34.9% | highest of 20 |
| Distance from 52-week high | -47.5% | -58.5% | 5th highest of 21 |
| Revenue growth (TTM) | +60.1% | +27.9% | 5th highest of 20 |
| Operating margin | 14.0% | 12.4% | 9th highest of 20 |
| Forward P/E | 58.0× | 11.2× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 24.9% | -0.2% | 2nd most demanding of 9 |
| Growth delivered (Del g) | +13.9% | +15.1% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | +11.0 pp | -15.1 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | +0.7 pp | +2.4 pp | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 7.4× | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 31% | 11.1× | n/a | n/a |