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Employees: 503
Size Argus (Shanghai) Textile Chemicals (603790.SS) is a China Materials company (Chemicals: Specialty) with a market value of $618M, the 3353rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.85 on 6 Nov 2026.
Performance Over six months the shares fell 11.0%, against -22.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 20.6% over the last twelve months (peer median +10.8%); the operating margin is 13.8% (peer median 3.9%).
Valuation It trades at 4.2× enterprise value to sales against a peer median of 2.1× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +11 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 2.4 points above its cost of capital (6.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.00B | CN¥827M | CN¥856M | CN¥772M | CN¥766M |
| Revenue growth | — | -3% | +11% | +1% | — |
| Gross profit | CN¥356M | CN¥248M | CN¥236M | CN¥204M | CN¥204M |
| EBITDA | n/a | CN¥140M | CN¥110M | CN¥75.5M | CN¥64.0M |
| Net income | CN¥118M | CN¥72.0M | CN¥56.9M | CN¥43.8M | CN¥41.3M |
| Free cash flow | CN¥36.0M | CN¥52.7M | CN¥58.6M | CN¥35.9M | -CN¥1.13M |
| Capital expenditure | CN¥47.1M | CN¥40.9M | CN¥41.9M | CN¥61.5M | CN¥146M |
| Total debt | CN¥299M | CN¥247M | CN¥198M | CN¥229M | CN¥231M |
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| Measure | 603790.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | -10.1% | 10th lowest of 21 |
| 6-month return | -11.0% | -22.0% | 10th highest of 21 |
| Distance from 52-week high | -35.6% | -43.0% | 8th highest of 21 |
| Revenue growth (TTM) | +20.6% | +10.8% | 8th highest of 21 |
| Operating margin | 13.8% | 3.9% | 3rd highest of 21 |
| EV / Sales | 4.2× | 2.1× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 2.2% | 5th most demanding of 11 |
| Growth delivered (Del g) | +0.7% | +8.3% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +11.1 pp | -5.3 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | +2.4 pp | -3.0 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Argus (Shanghai) Textile Chemicals 603790.SS | China | $618M | -11% | +21% | 14% | 4.2× | 11.7% | +0.7% |
| Anshan Hifichem 300758.SZ | China | $615M | -22% | +11% | 9% | 3.0× | 15.5% | +8.2% |
| Longyan Zhuoyue New Energy 688196.SS | China | $622M | -38% | +2% | 1% | 1.4× | n/a | n/a |
| Formosan Union Chemical 1709.TW | Taiwan | $607M | +128% | -3% | 14% | 2.2× | -1.6% | +1.2% |
| Allied Supreme 4770.TW | Taiwan | $629M | +12% | -15% | 19% | 3.6× | 3.4% | +12.4% |
| Chori 8014.T | Japan | $629M | -6% | +3% | 4% | 0.2× | -13.4% | +6.7% |
| Hangzhou Gaoxin Materials Technology 300478.SZ | China | $631M | +11% | -21% | -9% | 12.6× | 30.8% | -0.9% |
| Zanyu Technology 002637.SZ | China | $605M | -34% | -3% | 3% | 0.5× | -0.9% | +11.0% |
| Xilong Scientific 002584.SZ | China | $632M | -11% | +23% | 1% | 0.7× | n/a | n/a |
| Balaji Amines BALAMINES.NS | India | $604M | +15% | +21% | 19% | 3.5× | n/a | n/a |
| Miracll Chemicals 300848.SZ | China | $632M | -45% | +23% | 1% | 2.8× | n/a | n/a |
| LOTTE Fine Chem 004000.KS | South Korea | $634M | -51% | +18% | 7% | 0.4× | -8.2% | +6.8% |
| Yueyang Xingchang Petro-Chemical 000819.SZ | China | $636M | -29% | +44% | 1% | 1.0× | n/a | n/a |
| Hubei Hongyuan Pharmaceutical Technology 301246.SZ | China | $639M | -47% | +45% | 12% | 1.5× | n/a | n/a |
| Ishihara Sangyo Kaisha 4028.T | Japan | $596M | -22% | +1% | 11% | 0.9× | 1.1% | +8.8% |
| Jiangsu Hengxing New Material Technology 603276.SS | China | $596M | +7% | +29% | 8% | 3.3× | 18.5% | +15.2% |
| Cytech 301557.SZ | China | $595M | -3% | +13% | 7% | 3.5× | n/a | n/a |
| Guangzhou Lushan New Materials 603051.SS | China | $595M | +5% | -5% | 0% | 2.2× | 32.5% | +8.5% |
| Everlight Chemical Industrial 1711.TW | Taiwan | $593M | -45% | -2% | -1% | 2.8× | n/a | n/a |
| Hongbaoli 002165.SZ | China | $645M | -32% | +10% | -19% | 2.0× | n/a | n/a |
| Shandong Fengyuan Chemical 002805.SZ | China | $591M | -38% | +281% | 1% | 1.2× | n/a | n/a |