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Chinese producer of advanced metal/mineral materials; specific product line not confidently known.
Chinese producer of advanced metal/mineral materials; specific product line not confidently known.
Moat: none
Headquarters: China · Employees: 996
Size Sanxiang Advanced Materials (603663.SS) is a China Materials company (Other Metals/Minerals) with a market value of $2.65B, the 978th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥29.76 on 6 Nov 2026.
Performance Over six months the shares fell 10.1%, against -30.0% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +34.5%); the operating margin is 17.6% (peer median 10.2%).
Valuation It trades at 44.4× forward earnings against a peer median of 15.3× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +38 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 2.5 points below its cost of capital (12.6% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.11B | CN¥1.16B | CN¥1.05B | CN¥1.08B | CN¥969M |
| Revenue growth | — | +10% | -2% | +11% | — |
| Gross profit | CN¥384M | CN¥289M | CN¥242M | CN¥278M | CN¥315M |
| EBITDA | n/a | CN¥226M | CN¥151M | CN¥150M | CN¥250M |
| Net income | CN¥146M | CN¥118M | CN¥75.8M | CN¥79.2M | CN¥151M |
| Free cash flow | CN¥176M | CN¥115M | -CN¥7.18M | -CN¥13.1M | -CN¥6.10M |
| Capital expenditure | CN¥137M | CN¥62.9M | CN¥79.3M | CN¥94.3M | CN¥134M |
| Total debt | CN¥522M | CN¥315M | CN¥417M | CN¥433M | CN¥316M |
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| Measure | 603663.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.7% | -18.4% | 4th lowest of 21 |
| 6-month return | -10.1% | -30.0% | 4th highest of 20 |
| Distance from 52-week high | -60.6% | -51.9% | 7th lowest of 21 |
| Revenue growth (TTM) | +5.3% | +34.5% | 4th lowest of 21 |
| Operating margin | 17.6% | 10.2% | 7th highest of 21 |
| Forward P/E | 44.4× | 15.3× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 48.1% | 12.8% | 3rd most demanding of 8 |
| Growth delivered (Del g) | +9.7% | +8.5% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | +38.4 pp | +4.3 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -2.5 pp | -1.2 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 44.4× | 48.1% | +9.7% |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | n/a | 51.8% | +2.2% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 9.8× | n/a | n/a |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | n/a | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 1% | 15.3× | n/a | n/a |
| Almonty Industries ALM | United States | $2.34B | -59% | +208% | 5% | 12.3× | n/a | n/a |
| Paladin Energy PDN.AX | Australia | $2.32B | -33% | +64% | 4% | 50.9× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| Ningbo Boway Alloy Material 601137.SS | China | $2.26B | -6% | +31% | 0% | 19.8× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| Co-tech Development 8358.TWO | Taiwan | $2.24B | -30% | +31% | 23% | 19.9× | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |