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Shandong chemical maker of zirconium oxide/oxychloride and specialty long-chain nylon materials for autos, appliances and ceramics.
Shandong chemical maker of zirconium oxide/oxychloride and specialty long-chain nylon materials for autos, appliances and ceramics.
Sells two linked product chains: zirconium chemicals, led by zirconium oxychloride and moving into nano zirconia for ceramics and electronics, and specialty nylons built from long-carbon-chain acids. Zirconium carries most revenue, with zircon sand as the main raw material. It says it is the world's largest zirconium oxychloride producer, listed in Shanghai in 2026 and is adding capacity.
Moat: narrow (process know-how). Proprietary chemistry for high-performance zirconium and nylon materials used across several end industries.
Headquarters: Zibo, Shandong, China · Founded: 2019 · Employees: 1,240
Size Changyu (603407.SS) is a China Materials company (Other Metals/Minerals) with a market value of $2.59B, the 1003rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥42.35 on 6 Nov 2026.
Growth Revenue grew 8.8% over the last twelve months (peer median +31.6%); the operating margin is 16.2% (peer median 12.3%).
Valuation It trades at 9.1× enterprise value to sales against a peer median of 5.7× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +50 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 0.9 points below its cost of capital (18.6% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥1.77B | CN¥1.63B | CN¥1.60B | CN¥1.66B |
| Revenue growth | — | +9% | +2% | -4% | — |
| Gross profit | n/a | CN¥436M | CN¥375M | CN¥360M | CN¥458M |
| EBITDA | n/a | CN¥334M | CN¥274M | CN¥261M | CN¥343M |
| Net income | n/a | CN¥249M | CN¥212M | CN¥195M | CN¥263M |
| Free cash flow | n/a | CN¥308M | CN¥171M | CN¥150M | CN¥123M |
| Capital expenditure | n/a | CN¥11.1M | CN¥15.1M | CN¥15.7M | CN¥55.2M |
| Total debt | CN¥20.5M | CN¥143M | CN¥191M | CN¥149M | CN¥269M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Changyu 603407.SS | $2.59B | n/a | +9% | 16% | 9.1× | 51.8% |
| Cathay Biotech 688065.SS | $4.22B | -19% | +9% | 18% | 6.7× | n/a |
| Sanxiang Advanced Materials 603663.SS | $2.65B | -10% | +5% | 18% | 16.1× | 48.1% |
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 | 603407.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.0% | -18.8% | 5th lowest of 21 |
| Distance from 52-week high | -62.0% | -50.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +8.8% | +31.6% | 5th lowest of 21 |
| Operating margin | 16.2% | 12.3% | 10th highest of 21 |
| EV / Sales | 9.1× | 5.7× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 51.8% | 15.0% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +2.2% | +9.1% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +49.6 pp | +14.1 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -0.9 pp | -2.0 pp | 10th highest of 21 |
| EV / EBITDA | 48.4× | 16.2× | 2nd most expensive of 9 |
| Net debt / EBITDA | -3.4× | 0.1× | 3rd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | 9.1× | 51.8% | +2.2% |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 7.4× | 17.2% | -6.5% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 4.5× | n/a | n/a |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 16.1× | 48.1% | +9.7% |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | 9.9× | n/a | n/a |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 7.3× | 12.8% | +8.5% |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 6.7× | 54.3% | +9.7% |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 0.7× | n/a | n/a |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 2.2× | n/a | n/a |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 1% | 0.2× | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 0.8× | -1.6% | +8.5% |
| Almonty Industries ALM | United States | $2.34B | -59% | +208% | 5% | 33.0× | n/a | n/a |
| Paladin Energy PDN.AX | Australia | $2.32B | -33% | +64% | 4% | 6.7× | n/a | n/a |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | 0.7× | -3.9% | +26.8% |
| Ningbo Boway Alloy Material 601137.SS | China | $2.26B | -6% | +31% | 0% | 0.8× | n/a | n/a |
| Co-tech Development 8358.TWO | Taiwan | $2.24B | -30% | +31% | 23% | 7.8× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 2.8× | 0.4% | +20.4% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 9.7× | n/a | n/a |
| Altius Minerals ALS.TO | Canada | $2.16B | -2% | +68% | 17% | 49.7× | 57.7% | -4.5% |
| 5N Plus VNP.TO | Canada | $2.15B | -10% | +32% | 18% | 4.7× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 4.6× | n/a | n/a |