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Hangzhou-based maker of power and communication cables for grid, construction and industrial customers.
Hangzhou-based maker of power and communication cables for grid, construction and industrial customers.
Moat: none. Cable manufacturing is commoditized and tender-driven with thin differentiation.
Headquarters: Hangzhou, Zhejiang, China · Employees: 1,985
Size Hangzhou Cable (603618.SS) is a China Industrials company (Electrical Products) with a market value of $2.40B, the 1072nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.17 on 6 Nov 2026.
Performance Over six months the shares fell 18.0%, against -23.4% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 18.2% over the last twelve months (peer median +27.0%); the operating margin is 7.0% (peer median 9.0%).
Valuation It trades at 10.6× forward earnings against a peer median of 27.7× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +5 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 0.1 points above its cost of capital (7.1% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.9B | CN¥9.44B | CN¥8.81B | CN¥7.33B | CN¥8.13B |
| Revenue growth | — | +7% | +20% | -10% | — |
| Gross profit | CN¥1.78B | CN¥963M | CN¥985M | CN¥1.04B | CN¥1.15B |
| EBITDA | n/a | CN¥304M | CN¥475M | CN¥449M | CN¥525M |
| Net income | CN¥595M | -CN¥299M | CN¥138M | CN¥136M | CN¥143M |
| Free cash flow | CN¥186M | -CN¥152M | -CN¥189M | -CN¥154M | -CN¥331M |
| Capital expenditure | CN¥220M | CN¥195M | CN¥280M | CN¥431M | CN¥281M |
| Total debt | CN¥7.03B | CN¥6.05B | CN¥5.57B | CN¥5.57B | CN¥5.48B |
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 |
|---|---|---|---|---|---|---|
| Hangzhou Cable 603618.SS | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% |
| Ningbo Orient Wires & Cables 603606.SS | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% |
| Jiangsu Zhongtian Technology 600522.SS | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% |
| Far East Smarter Energy 600869.SS | $4.73B | -16% | -1% | 1% | 37.4× | 38.2% |
| Baosheng Science & Technology Innovation 600973.SS | $1.11B | -26% | +31% | 1% | 60.2× | 9.1% |
| Zhejiang Wanma 002276.SZ | $1.42B | -25% | +13% | 1% | 10.8× | 5.1% |
| Qingdao Hanhe Cable 002498.SZ | $2.74B | -37% | +21% | 3% | 18.3× | n/a |
| Jiangsu Zhongchao 002471.SZ | $963M | -45% | -5% | 1% | n/a | n/a |
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 | 603618.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.8% | -15.5% | 7th lowest of 21 |
| 6-month return | -18.0% | -23.4% | 9th highest of 20 |
| Distance from 52-week high | -59.5% | -55.2% | 7th lowest of 21 |
| Revenue growth (TTM) | +18.2% | +27.0% | 7th lowest of 21 |
| Operating margin | 7.0% | 9.0% | 10th lowest of 21 |
| Forward P/E | 10.6× | 27.7× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 19.6% | 6th least demanding of 12 |
| Growth delivered (Del g) | +9.8% | +16.9% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +5.5 pp | +6.7 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | +0.1 pp | +0.1 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% | +9.8% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | n/a | 7.2% | +20.3% |
| Shenzhen Kstar Science and Technology 002518.SZ | China | $2.41B | -40% | +21% | 13% | 22.1× | 24.2% | +16.9% |
| Tongling Jingda Special Magnet Wire 600577.SS | China | $2.39B | -45% | +26% | 3% | 20.4× | 9.8% | +14.7% |
| Shenzhen FRD Science & Technology 300602.SZ | China | $2.39B | -23% | +24% | 7% | 25.3× | n/a | n/a |
| PhiChem 300398.SZ | China | $2.43B | -6% | +15% | 17% | 27.3× | 19.6% | +11.7% |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% | +18.6% |
| Tianhai Auto Electronics 001365.SZ | China | $2.36B | n/a | +28% | 5% | n/a | 6.0% | +24.8% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | n/a | n/a | n/a |
| Shenzhen Leadshine Technology 002979.SZ | China | $2.36B | +14% | +44% | 13% | 40.6× | n/a | n/a |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | n/a | 22.6% | +29.4% |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 55.3× | n/a | n/a |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | China | $2.31B | -2% | +1% | 18% | 21.8× | 10.0% | -3.9% |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 28.5× | n/a | n/a |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | n/a | n/a |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |