Employees: 951
Size Shanghai Huide Science & Technology (603192.SS) is a China Materials company (Chemicals: Specialty) with a market value of $476M, the 3971st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.23 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -16.0% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 1.7% over the last twelve months (peer median +14.7%); the operating margin is 3.0% (peer median 4.6%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 1.5× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +5 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 3.8 points below its cost of capital (7.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.58B | CN¥2.47B | CN¥2.67B | CN¥2.70B | CN¥3.01B |
| Revenue growth | — | -7% | -1% | -10% | — |
| Gross profit | CN¥324M | CN¥342M | CN¥352M | CN¥261M | CN¥266M |
| EBITDA | CN¥153M | CN¥165M | CN¥215M | CN¥139M | CN¥120M |
| Net income | CN¥71.9M | CN¥81.3M | CN¥125M | CN¥63.9M | CN¥61.9M |
| Free cash flow | CN¥170M | CN¥204M | -CN¥21.6M | CN¥193M | -CN¥40.6M |
| Capital expenditure | CN¥38.9M | CN¥125M | CN¥49.5M | CN¥46.3M | CN¥97.9M |
| Total debt | CN¥495M | CN¥480M | CN¥508M | CN¥722M | CN¥690M |
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| Measure | 603192.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.1% | -13.9% | 7th highest of 21 |
| 6-month return | -15.4% | -16.0% | 11th highest of 21 |
| Distance from 52-week high | -49.9% | -39.0% | 5th lowest of 21 |
| Revenue growth (TTM) | +1.7% | +14.7% | 5th lowest of 21 |
| Operating margin | 3.0% | 4.6% | 10th lowest of 21 |
| EV / Sales | 1.0× | 1.5× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.5% | 9.8% | 8th least demanding of 15 |
| Growth delivered (Del g) | +10.5% | +12.7% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +5.0 pp | -10.5 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -3.8 pp | -1.8 pp | 9th lowest of 21 |
| EV / EBITDA | 16.4× | 8.9× | 3rd most expensive of 10 |
| Net debt / EBITDA | -4.2× | 1.4× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Huide Science & Technology 603192.SS | China | $476M | -15% | +2% | 3% | 1.0× | 15.5% | +10.5% |
| Gujarat Alkalies & Chemicals GUJALKALI.NS | India | $476M | -23% | +7% | 2% | 1.0× | 39.8% | +12.5% |
| Zhejiang Hisun Biomaterials 688203.SS | China | $473M | +16% | +47% | 4% | 2.5× | 16.5% | +26.6% |
| Shaanxi Xinghua Chemistry 002109.SZ | China | $473M | -39% | +20% | -1% | 1.6× | 2.0% | +13.0% |
| Tian Jin Bohai Chemical 600800.SS | China | $479M | -37% | -24% | -20% | 1.7× | n/a | n/a |
| Soulbrain 036830.KS | South Korea | $480M | -55% | +16% | -3% | 1.5× | n/a | n/a |
| Laxmi Organic Industries LXCHEM.NS | India | $480M | 0% | +5% | 6% | 1.4× | n/a | n/a |
| Jiangxi Chenguang New Materials 605399.SS | China | $482M | -30% | +15% | -9% | 2.8× | n/a | n/a |
| Kente Catalysts 603120.SS | China | $465M | +6% | +9% | 12% | 3.9× | 18.3% | -8.9% |
| Dymatic Chemicals 002054.SZ | China | $465M | -25% | +21% | 8% | 1.7× | -0.8% | +12.9% |
| Lee & Man Chemical 0746.HK | Hong Kong | $465M | -9% | +3% | 18% | 1.1× | -8.5% | +3.9% |
| Nantong Jiangtian Chemical 300927.SZ | China | $463M | -29% | +51% | 5% | 1.7× | 18.0% | +29.0% |
| Guangdong Tianan New Material 603725.SS | China | $489M | +9% | -12% | 2% | 1.5× | 21.7% | +29.0% |
| JSP 7942.T | Japan | $462M | +29% | +14% | 8% | 0.5× | -4.0% | +7.2% |
| Savita Oil Technologies SOTL.NS | India | $491M | +61% | +26% | 10% | 1.0× | 17.5% | +16.8% |
| FuJian Nox Bellcow 300132.SZ | China | $459M | -37% | +18% | 7% | 1.0× | 3.1% | -10.5% |
| Ho Tung Chemical 1714.TW | Taiwan | $459M | +67% | +36% | 10% | 0.5× | -17.3% | -1.5% |
| Braskem S.A. Sponsored ADR Pfd BAK | United States | $457M | -70% | -1% | 1% | 0.9× | n/a | n/a |
| Tidewater Renewables LCFS.TO | Canada | $495M | +97% | +24% | 20% | 2.4× | -3.0% | +126.4% |
| Valhi VHI | United States | $456M | +11% | +3% | 1% | 0.6× | 32.2% | +2.3% |
| Great Chinasoft Technology 002453.SZ | China | $497M | -27% | -5% | -54% | 8.2× | n/a | n/a |