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Employees: 811
Size Zhejiang Tiantai Xianghe Industrial (603500.SS) is a China Materials company (Steel) with a market value of $515M, the 3798th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.42 on 6 Nov 2026.
Performance Over six months the shares fell 2.7%, against -15.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 21.7% over the last twelve months (peer median +1.3%); the operating margin is 20.5% (peer median 3.7%).
Valuation It trades at 4.1× enterprise value to sales against a peer median of 0.9× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (6.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥841M | CN¥831M | CN¥666M | CN¥638M | CN¥604M |
| Revenue growth | — | +25% | +4% | +6% | — |
| Gross profit | CN¥264M | CN¥250M | CN¥169M | CN¥166M | CN¥142M |
| EBITDA | CN¥206M | CN¥186M | CN¥103M | CN¥109M | CN¥94.3M |
| Net income | CN¥142M | CN¥134M | CN¥75.4M | CN¥67.1M | CN¥66.5M |
| Free cash flow | CN¥41.1M | CN¥11.5M | -CN¥49.2M | CN¥38.0M | CN¥43.7M |
| Capital expenditure | CN¥85.3M | CN¥121M | CN¥137M | CN¥26.8M | CN¥9.88M |
| Total debt | CN¥686M | CN¥350M | CN¥293M | CN¥133M | CN¥95.6M |
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| Measure | 603500.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | -7.3% | 2nd highest of 21 |
| 6-month return | -2.7% | -15.2% | 7th highest of 21 |
| Distance from 52-week high | -27.9% | -30.3% | 9th highest of 21 |
| Revenue growth (TTM) | +21.7% | +1.3% | 3rd highest of 21 |
| Operating margin | 20.5% | 3.7% | highest of 21 |
| EV / Sales | 4.1× | 0.9× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 6.0% | 7th most demanding of 14 |
| Growth delivered (Del g) | +25.0% | +6.0% | highest of 14 |
| Hurdle (Req g minus delivered) | -16.8 pp | +0.2 pp | least demanding of 14 |
| ROIC minus cost of capital | +5.3 pp | -3.9 pp | highest of 21 |
| EV / EBITDA | 16.8× | 9.1× | 2nd most expensive of 14 |
| Net debt / EBITDA | -0.1× | 1.8× | 3rd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Tiantai Xianghe Industrial 603500.SS | China | $515M | -3% | +22% | 20% | 4.1× | 8.2% | +25.0% |
| Bansal Wire Industries BANSALWIRE.NS | India | $517M | +3% | +20% | 6% | 1.1× | 31.6% | +23.0% |
| Sambhv Steel Tubes SAMBHV.NS | India | $510M | +27% | +42% | 10% | 1.8× | n/a | n/a |
| Nippon Yakin Kogyo 5480.T | Japan | $504M | +17% | +1% | 9% | 0.9× | -1.0% | +6.0% |
| Xinjiang Ba Yi Iron & Steel 600581.SS | China | $526M | -19% | 0% | -8% | 0.9× | n/a | n/a |
| Surya Roshni SURYAROSNI.NS | India | $500M | -20% | +12% | 5% | 0.6× | 20.2% | +6.3% |
| Zhejiang Huada New Materials 605158.SS | China | $496M | -17% | +22% | 0% | 0.7× | 0.1% | +2.8% |
| Guangdong Sanhe Pile 003037.SZ | China | $466M | -28% | -9% | 1% | 0.8× | n/a | n/a |
| Goodluck India GOODLUCK.NS | India | $571M | +15% | +10% | 8% | 1.2× | n/a | n/a |
| Kurimoto,Ltd 5602.T | Japan | $576M | -4% | +3% | 7% | 0.7× | 2.1% | +1.9% |
| Shandong Jinling Mining 000655.SZ | China | $578M | -22% | +11% | 3% | 1.8× | 23.3% | +3.1% |
| Shanxi Antai 600408.SS | China | $456M | -8% | -5% | -3% | 0.8× | 28.8% | -10.7% |
| Yieh United Steel 9957.TWO | Taiwan | $581M | -18% | -10% | -12% | 1.5× | n/a | n/a |
| Kyoei Steel 5440.T | Japan | $455M | -13% | +7% | 4% | 0.3× | -7.0% | +6.8% |
| Ferrexpo FXPO.L | United Kingdom | $453M | -55% | -39% | -1% | 0.8× | n/a | n/a |
| Electrosteel Castings ELECTCAST.NS | India | $450M | -25% | -16% | 2% | 0.7× | 12.6% | +11.3% |
| Chun Yuan Steel Industry 2010.TW | Taiwan | $445M | -8% | +2% | 8% | 0.7× | -11.7% | +4.7% |
| Topy Industries 7231.T | Japan | $440M | +1% | +2% | 2% | 0.3× | 6.0% | +5.8% |
| Liaoning Fu-An Heavy Industry 603315.SS | China | $439M | -46% | -4% | 3% | 3.2× | 31.1% | +7.5% |
| SK oceanplant 100090.KS | South Korea | $430M | -62% | -5% | 8% | 0.9× | n/a | n/a |
| Hsin Kuang Steel 2031.TW | Taiwan | $418M | +6% | -3% | 8% | 1.4× | 1.3% | +11.3% |