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Employees: 1,761
Size Shanghai Smith Adhesive New Material (603683.SS) is a China Materials company (Industrial Specialties) with a market value of $706M, the 3039th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.48 on 6 Nov 2026.
Performance Over six months the shares fell 42.9%, against -5.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 18.6% over the last twelve months (peer median +1.4%); the operating margin is 3.9% (peer median 6.2%).
Valuation It trades at 2.3× enterprise value to sales against a peer median of 1.3× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 33% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +17 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 5.5 points below its cost of capital (8.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.34B | CN¥2.17B | CN¥1.88B | CN¥1.55B | CN¥1.41B |
| Revenue growth | — | +15% | +21% | +10% | — |
| Gross profit | CN¥402M | CN¥356M | CN¥307M | CN¥236M | CN¥182M |
| EBITDA | CN¥213M | CN¥204M | CN¥175M | CN¥164M | CN¥122M |
| Net income | CN¥99.9M | CN¥89.3M | CN¥67.0M | CN¥56.6M | CN¥5.82M |
| Free cash flow | CN¥74.0M | CN¥31.0M | -CN¥131M | -CN¥3.00M | CN¥94.3M |
| Capital expenditure | CN¥183M | CN¥169M | CN¥409M | CN¥153M | CN¥97.5M |
| Total debt | CN¥991M | CN¥821M | CN¥752M | CN¥480M | CN¥578M |
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| Measure | 603683.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.9% | -9.9% | 2nd highest of 21 |
| 6-month return | -42.9% | -5.2% | 2nd lowest of 21 |
| Distance from 52-week high | -52.3% | -33.6% | 5th lowest of 21 |
| Revenue growth (TTM) | +18.6% | +1.4% | 2nd highest of 21 |
| Operating margin | 3.9% | 6.2% | 8th lowest of 21 |
| EV / Sales | 2.3× | 1.3× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 33.2% | 2.3% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +16.0% | +4.9% | highest of 12 |
| Hurdle (Req g minus delivered) | +17.2 pp | -1.1 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | -5.5 pp | -2.8 pp | 7th lowest of 21 |
| EV / EBITDA | 25.6× | 6.6× | 2nd most expensive of 13 |
| Net debt / EBITDA | 3.4× | 0.9× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Smith Adhesive New Material 603683.SS | China | $706M | -43% | +19% | 4% | 2.3× | 33.2% | +16.0% |
| Shenzhen Cotran Industrial Material 300731.SZ | China | $707M | -47% | -1% | -1% | 4.4× | n/a | n/a |
| Shandong Ruifeng Chemical 300243.SZ | China | $715M | -19% | +2% | 5% | 2.5× | 35.4% | +8.6% |
| Shanghai Xinpeng Industry 002328.SZ | China | $723M | -39% | -23% | 2% | 1.4× | 14.7% | -2.0% |
| Kama KAMAHOLD.NS | India | $725M | -19% | +13% | 19% | 0.4× | -17.3% | +13.5% |
| Sakata Inx 4633.T | Japan | $732M | +8% | +9% | 6% | 0.5× | -4.0% | +9.8% |
| Chengdu Guibao Science and Technology 300019.SZ | China | $737M | -29% | +9% | 6% | 1.2× | n/a | n/a |
| Pizu 9893.HK | Hong Kong | $677M | -8% | -8% | 22% | 4.4× | n/a | n/a |
| SGL Carbon SGL.DE | Germany | $668M | +2% | -16% | 8% | 0.8× | 2.3% | -1.6% |
| Guangdong Silver Age Sci & Tech 300221.SZ | China | $667M | -16% | +7% | 7% | 2.0× | 27.7% | +6.0% |
| Keshun Waterproof Technologies 300737.SZ | China | $656M | -41% | -12% | -8% | 1.2× | -15.7% | -0.6% |
| Toyo Tanso 5310.T | Japan | $765M | -5% | -8% | 10% | 2.4× | n/a | n/a |
| Jiangsu Canlon Building Materials 300715.SZ | China | $770M | -1% | +3% | -2% | 2.7× | 33.6% | +3.8% |
| Central Glass 4044.T | Japan | $648M | 0% | +4% | 8% | 0.7× | -6.5% | -5.4% |
| Mativ MATV | United States | $646M | +27% | +1% | 4% | 0.8× | 6.2% | +13.0% |
| Rain Industries RAIN.NS | India | $645M | +35% | +17% | 10% | 0.8× | n/a | n/a |
| Konishi 4956.T | Japan | $643M | +9% | +7% | 9% | 0.6× | -10.1% | +4.9% |
| Shanghai Yaohua Pilkington Glass 600819.SS | China | $643M | -24% | 0% | 2% | 1.1× | n/a | n/a |
| Hubei Sanxia New Building Materials 600293.SS | China | $640M | +15% | -34% | -21% | 5.3× | n/a | n/a |
| Fineotex Chemical FCL.NS | India | $635M | +86% | +91% | 15% | 5.9× | n/a | n/a |
| New East New Materials 603110.SS | China | $633M | -5% | -5% | 2% | 10.1× | n/a | n/a |