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Employees: 427
Size Jiangsu Hengxing New Material Technology (603276.SS) is a China Materials company (Chemicals: Specialty) with a market value of $596M, the 3440th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.27 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -20.9% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 29.2% over the last twelve months (peer median +10.5%); the operating margin is 7.7% (peer median 6.7%).
Valuation It trades at 3.3× enterprise value to sales against a peer median of 2.0× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +3 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 0.2 points below its cost of capital (8.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥997M | CN¥867M | CN¥730M | CN¥643M | CN¥677M |
| Revenue growth | — | +19% | +14% | -5% | — |
| Gross profit | CN¥250M | CN¥146M | CN¥87.3M | CN¥143M | CN¥175M |
| EBITDA | n/a | CN¥117M | CN¥83.3M | CN¥143M | CN¥160M |
| Net income | CN¥78.2M | CN¥60.0M | CN¥34.9M | CN¥78.1M | CN¥93.3M |
| Free cash flow | CN¥80.2M | CN¥882,740 | -CN¥68.4M | -CN¥37.5M | CN¥25.9M |
| Capital expenditure | CN¥129M | CN¥116M | CN¥118M | CN¥72.8M | CN¥161M |
| Total debt | CN¥5.50M | CN¥33.8M | CN¥29.8M | CN¥39.9M | CN¥129M |
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| Measure | 603276.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.0% | -14.7% | highest of 21 |
| 6-month return | +7.0% | -20.9% | 5th highest of 21 |
| Distance from 52-week high | -6.3% | -43.4% | highest of 21 |
| Revenue growth (TTM) | +29.2% | +10.5% | 4th highest of 21 |
| Operating margin | 7.7% | 6.7% | 9th highest of 21 |
| EV / Sales | 3.3× | 2.0× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.5% | 7.6% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +15.2% | +8.6% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | +3.3 pp | +1.2 pp | 6th least demanding of 11 |
| ROIC minus cost of capital | -0.2 pp | -2.4 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Hengxing New Material Technology 603276.SS | China | $596M | +7% | +29% | 8% | 3.3× | 18.5% | +15.2% |
| Cytech 301557.SZ | China | $595M | -3% | +13% | 7% | 3.5× | n/a | n/a |
| Ishihara Sangyo Kaisha 4028.T | Japan | $596M | -22% | +1% | 11% | 0.9× | 1.1% | +8.8% |
| Guangzhou Lushan New Materials 603051.SS | China | $595M | +5% | -5% | 0% | 2.2× | 32.5% | +8.5% |
| Everlight Chemical Industrial 1711.TW | Taiwan | $593M | -45% | -2% | -1% | 2.8× | n/a | n/a |
| Shandong Fengyuan Chemical 002805.SZ | China | $591M | -38% | +281% | 1% | 1.2× | n/a | n/a |
| Shenzhen Jdd Tech New Material 301538.SZ | China | $591M | -33% | +10% | 18% | 3.4× | 15.3% | +25.6% |
| Skchem 285130.KS | South Korea | $588M | -27% | +27% | 0% | 0.9× | n/a | n/a |
| Balaji Amines BALAMINES.NS | India | $604M | +15% | +21% | 19% | 3.5× | n/a | n/a |
| Zanyu Technology 002637.SZ | China | $605M | -34% | -3% | 3% | 0.5× | -0.9% | +11.0% |
| Formosan Union Chemical 1709.TW | Taiwan | $607M | +128% | -3% | 14% | 2.2× | -1.6% | +1.2% |
| Hebei Jianxin Chemical Industry 300107.SZ | China | $581M | -6% | +39% | 11% | 5.4× | n/a | n/a |
| Shandong Sunway Chemical 002469.SZ | China | $579M | -20% | -19% | 3% | 1.6× | n/a | n/a |
| MEC 4971.T | Japan | $578M | -47% | +29% | 31% | 3.3× | 17.2% | +11.9% |
| Anshan Hifichem 300758.SZ | China | $615M | -22% | +11% | 9% | 3.0× | 15.5% | +8.2% |
| Dainichiseika Color & Chemicals Mfg.Co 4116.T | Japan | $576M | +18% | +2% | 7% | 0.7× | 3.4% | -2.1% |
| TSRC 2103.TW | Taiwan | $576M | +17% | 0% | 7% | 0.7× | n/a | n/a |
| Argus (Shanghai) Textile Chemicals 603790.SS | China | $618M | -11% | +21% | 14% | 4.2× | 11.7% | +0.7% |
| Grand Pacific Petrochemical 1312.TW | Taiwan | $571M | +3% | +28% | -15% | 1.8× | n/a | n/a |
| Guangdong Yussen Energy Technology 002986.SZ | China | $571M | -30% | +57% | 2% | 0.7× | -5.0% | +27.8% |
| Longyan Zhuoyue New Energy 688196.SS | China | $622M | -38% | +2% | 1% | 1.4× | n/a | n/a |