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Major Chinese paint and coatings maker, a key competitor to Oriental Yuhong in waterproofing materials and architectural coatings.
Major Chinese paint and coatings maker, a key competitor to Oriental Yuhong in waterproofing materials and architectural coatings.
Sells through dealers and shops to households and small contractors and through direct orders from property developers for new apartments, so developer financial stress cuts into one channel while repainting demand supports the other. Waterproofing membranes are sold mainly to builders.
Moat: narrow (brand, distribution). Established Sankeshu brand recognition and distribution network in China's coatings market.
Headquarters: Beijing, China · Founded: 2002 · Employees: 8,924
Size SKSHU Paint (603737.SS) is a China Materials company (Industrial Specialties) with a market value of $3.14B, the 825th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.65 on 6 Nov 2026.
Performance Over six months the shares fell 33.5%, against -18.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +10.6%); the operating margin is 3.5% (peer median 11.5%).
Valuation It trades at 29.5× forward earnings against a peer median of 31.9× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +19 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 3.8 points below its cost of capital (11.5% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.3B | CN¥12.5B | CN¥12.1B | CN¥12.4B | CN¥11.3B |
| Revenue growth | — | +3% | -3% | +10% | — |
| Gross profit | CN¥4.07B | CN¥3.93B | CN¥3.30B | CN¥3.66B | CN¥3.08B |
| EBITDA | n/a | CN¥1.45B | CN¥735M | CN¥695M | CN¥685M |
| Net income | CN¥405M | CN¥775M | CN¥332M | CN¥174M | CN¥330M |
| Free cash flow | CN¥529M | CN¥1.37B | -CN¥61.7M | CN¥800M | CN¥20.9M |
| Capital expenditure | CN¥614M | CN¥497M | CN¥1.07B | CN¥609M | CN¥935M |
| Total debt | CN¥6.25B | CN¥5.35B | CN¥6.17B | CN¥6.15B | CN¥5.57B |
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 |
|---|---|---|---|---|---|---|
| SKSHU Paint 603737.SS | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| Nippon Paint 4612.T | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% |
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 | 603737.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | -10.5% | 4th highest of 20 |
| 6-month return | -33.5% | -18.5% | 4th lowest of 19 |
| Distance from 52-week high | -51.4% | -38.7% | 6th lowest of 20 |
| Revenue growth (TTM) | -0.4% | +10.6% | 4th lowest of 21 |
| Operating margin | 3.5% | 11.5% | 5th lowest of 21 |
| Forward P/E | 29.5× | 31.9× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 27.7% | 8.2% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +8.9% | +10.1% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +18.7 pp | -4.7 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -3.8 pp | -0.1 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | n/a | 8.2% | +20.0% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |