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Xiamen-based leader in automotive passive-safety materials, making airbag fabric, airbags and seatbelts.
Xiamen-based leader in automotive passive-safety materials, making airbag fabric, airbags and seatbelts.
Sells airbag fabric and finished airbags to carmakers and the safety-system firms that assemble them, so volume follows vehicle production and the number of airbags per car. Fabric is woven from synthetic yarn, tying margins to raw-material cost.
In one line: China's Autoliv in airbag fabric/safety systems.
Moat: narrow (scale, customer qualification). Leading domestic position in airbag-fabric qualification with major automakers.
Headquarters: Xiamen, China · Founded: 2002 · Employees: 3,726
Size HMT (Xiamen) New Technical Materials (603306.SS) is a China Consumer Discretionary company (Textiles) with a market value of $2.18B, the 1168th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥44.18 on 6 Nov 2026.
Performance Over six months the shares fell 56.5%, against -4.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 0.5% over the last twelve months (peer median +8.4%); the operating margin is 0.0% (peer median 9.0%).
Valuation It trades at 57.4× forward earnings against a peer median of 12.1× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +29 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 9.0 points below its cost of capital (11.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.44B | CN¥2.49B | CN¥2.20B | CN¥2.05B | CN¥1.63B |
| Revenue growth | — | +13% | +8% | +26% | — |
| Gross profit | CN¥822M | CN¥680M | CN¥647M | CN¥597M | CN¥487M |
| EBITDA | n/a | CN¥417M | CN¥472M | CN¥366M | CN¥297M |
| Net income | CN¥84.1M | CN¥218M | CN¥277M | CN¥242M | CN¥198M |
| Free cash flow | CN¥131M | CN¥1.10M | CN¥190M | -CN¥112M | -CN¥154M |
| Capital expenditure | CN¥450M | CN¥419M | CN¥473M | CN¥343M | CN¥200M |
| Total debt | CN¥1.49B | CN¥1.65B | CN¥838M | CN¥792M | CN¥23.7M |
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 |
|---|---|---|---|---|---|---|
| HMT (Xiamen) New Technical Materials 603306.SS | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% |
| Ningbo Joyson Electronic 600699.SS | $4.44B | -27% | -6% | 5% | 21.9× | -1.1% |
| Autoliv ALV | $8.89B | +2% | +4% | 10% | 11.0× | 2.6% |
| Toyoda Gosei 7282.T | $3.81B | +26% | +13% | 7% | 9.8× | 0.5% |
| Tokai Rika 6995.T | $1.57B | 0% | +5% | 5% | 9.9× | -4.6% |
| Toyobo 3101.T | $793M | -1% | +2% | 7% | 13.6× | 2.0% |
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
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 | 603306.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.0% | -6.3% | 2nd lowest of 21 |
| 6-month return | -56.5% | -4.1% | 2nd lowest of 21 |
| Distance from 52-week high | -63.2% | -19.9% | 2nd lowest of 21 |
| Revenue growth (TTM) | -0.5% | +8.4% | 7th lowest of 21 |
| Operating margin | 0.0% | 9.0% | 2nd lowest of 21 |
| Forward P/E | 57.4× | 12.1× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 50.6% | 1.0% | most demanding of 18 |
| Growth delivered (Del g) | +21.4% | +4.1% | highest of 18 |
| Hurdle (Req g minus delivered) | +29.2 pp | +2.9 pp | 3rd most demanding of 18 |
| ROIC minus cost of capital | -9.0 pp | +1.2 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HMT (Xiamen) New Technical Materials 603306.SS | China | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% | +21.4% |
| Coats COA.L | United Kingdom | $2.14B | +2% | +5% | 15% | 11.2× | 11.6% | +4.1% |
| OC Oerlikon OERL.SW | Switzerland | $1.99B | +41% | -21% | 8% | 15.8× | 1.0% | -7.0% |
| Albany International AIN | United States | $1.91B | +8% | +14% | 13% | 22.5× | 8.5% | +5.6% |
| North Chemical Industries 002246.SZ | China | $1.80B | -10% | +17% | 15% | 28.4× | 8.3% | +3.0% |
| Tangshan Sanyou Chemical Industries 600409.SS | China | $1.72B | -28% | +1% | 1% | 24.0× | 4.5% | +1.3% |
| Ruentex Industries 2915.TW | Taiwan | $1.72B | +23% | -25% | 10% | 6.9× | 48.3% | -2.4% |
| Bros Eastern 601339.SS | China | $1.72B | -16% | +11% | 11% | 11.8× | -8.3% | +5.2% |
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |
| Luolai Lifestyle Technology 002293.SZ | China | $1.55B | +10% | +6% | 14% | 16.4× | -2.6% | -0.2% |
| Billion Industrial 2299.HK | Hong Kong | $1.48B | +136% | +13% | 6% | n/a | -8.7% | +15.6% |
| Xinxiang Chemical Fiber 000949.SZ | China | $1.46B | -27% | +19% | 8% | 12.5× | -3.3% | +12.2% |
| Sunvim 002083.SZ | China | $1.16B | -20% | +19% | 17% | 9.8× | -12.1% | +3.3% |
| Kurabo Industries 3106.T | Japan | $1.10B | +33% | -3% | 7% | n/a | 8.2% | +3.3% |
| Zhejiang Taihua New Material 603055.SS | China | $1.09B | -9% | +3% | 10% | 10.2× | -5.0% | +20.7% |
| Shanghai Haixin 600851.SS | China | $1.08B | +4% | -15% | 7% | n/a | n/a | n/a |
| Seiren 3569.T | Japan | $1.07B | -1% | +12% | 12% | 10.7× | -4.9% | +11.7% |
| Huafon Microfibre (Shanghai) 300180.SZ | China | $1.06B | -24% | -6% | -1% | n/a | 16.2% | +4.4% |
| Xinfengming 603225.SS | China | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% | +14.1% |
| Nanjing Chemical Fibre 600889.SS | China | $1.03B | -24% | +115% | 5% | n/a | 35.4% | -3.9% |
| Zhejiang Hangmin 600987.SS | China | $1.02B | -6% | -23% | 8% | n/a | n/a | n/a |