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China's largest maker of prebaked carbon anodes, a key consumable used in aluminum electrolysis smelting.
China's largest maker of prebaked carbon anodes, a key consumable used in aluminum electrolysis smelting.
Anodes are used up in aluminium smelting, so demand repeats with every tonne of metal produced, and prices follow the cost of the petroleum coke they are made from. It builds plants beside large smelters and sells under long-term supply contracts.
Moat: narrow (scale, cost advantage). Largest scale anode producer in China, giving cost and integration advantages over smaller carbon-anode makers.
Headquarters: Liaocheng, Shandong, China · Founded: 2005 · Employees: 5,955
Size Sunstone Development (603612.SS) is a China Industrials company (Electrical Products) with a market value of $1.25B, the 1905th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.94 on 6 Nov 2026.
Performance Over six months the shares fell 32.0%, against -32.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 19 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +21.0%); the operating margin is 7.9% (peer median 3.0%).
Valuation It trades at 10.1× forward earnings against a peer median of 22.5× (2nd cheapest of 13).
Capital Return on invested capital runs 2.3 points above its cost of capital (6.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥21.3B | CN¥17.7B | CN¥13.7B | CN¥15.3B | CN¥19.4B |
| Revenue growth | — | +29% | -10% | -21% | — |
| Gross profit | CN¥3.22B | CN¥2.38B | CN¥1.19B | CN¥178M | CN¥2.51B |
| EBITDA | n/a | CN¥2.47B | CN¥1.29B | CN¥176M | CN¥2.16B |
| Net income | CN¥750M | CN¥747M | CN¥272M | -CN¥723M | CN¥905M |
| Free cash flow | -CN¥1.67B | CN¥65.3M | -CN¥268M | CN¥352M | -CN¥1.31B |
| Capital expenditure | CN¥520M | CN¥647M | CN¥694M | CN¥1.30B | CN¥966M |
| Total debt | CN¥10.9B | CN¥8.78B | CN¥8.43B | CN¥7.59B | CN¥8.20B |
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| Measure | 603612.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.8% | -17.3% | highest of 21 |
| 6-month return | -32.0% | -32.6% | 10th highest of 19 |
| Distance from 52-week high | -53.4% | -53.4% | 11th highest of 21 |
| Revenue growth (TTM) | +28.1% | +21.0% | 8th highest of 20 |
| Operating margin | 7.9% | 3.0% | 5th highest of 20 |
| Forward P/E | 10.1× | 22.5× | 2nd cheapest of 13 |
| ROIC minus cost of capital | +2.3 pp | -3.9 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sunstone Development 603612.SS | China | $1.25B | -32% | +28% | 8% | 10.1× | n/a | n/a |
| Sinofibers Technology 300777.SZ | China | $1.26B | -48% | -61% | -25% | 40.7× | 55.1% | +16.7% |
| Volex VLX.L | United Kingdom | $1.27B | -20% | +9% | 9% | 13.4× | 13.2% | +22.3% |
| FOCI Fiber Optic Communications 3363.TWO | Taiwan | $1.24B | -59% | -2% | -16% | 92.0× | n/a | n/a |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | n/a | n/a | n/a |
| Shandong Sacred Sun Power Sources 002580.SZ | China | $1.23B | -34% | +22% | 4% | n/a | 21.6% | +14.2% |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 23.0× | n/a | n/a |
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | n/a | n/a | n/a |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 12.8× | -0.5% | +11.2% |
| Taihan Fiberoptics 010170.KS | South Korea | $1.21B | -30% | +6% | -10% | n/a | n/a | n/a |
| Jiangsu Xihua New Energy Technology 603248.SS | China | $1.21B | -31% | +32% | 33% | n/a | n/a | n/a |
| Lotte Energy Materials 020150.KS | South Korea | $1.21B | -53% | -12% | -13% | n/a | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 22.0× | 16.2% | +10.4% |
| Shenzhen Desay Battery Technology 000049.SZ | China | $1.20B | -28% | +9% | 2% | 19.5× | n/a | n/a |
| SPG 058610.KS | South Korea | $1.20B | -42% | -7% | 5% | 104.8× | 40.9% | -0.8% |
| PowerX 485A.T | Japan | $1.20B | -55% | +213% | -1% | n/a | n/a | n/a |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 39.4× | n/a | n/a |
| Atlanta Electricals ATLANTAELE.NS | India | $1.19B | -10% | +59% | 16% | 38.9× | 20.6% | +28.4% |
| Jiangsu Zenergy Battery Technologies 3677.HK | Hong Kong | $1.19B | -56% | +58% | 6% | 8.1× | n/a | n/a |
| PFISTERER PFS0.DE | Germany | $1.18B | n/a | +17% | 14% | 16.6× | 15.5% | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |