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Hangzhou maker of polymer films: solar-panel encapsulant films and backsheets, plus photosensitive dry film for circuit boards and battery films.
Hangzhou maker of polymer films: solar-panel encapsulant films and backsheets, plus photosensitive dry film for circuit boards and battery films.
Earns most from encapsulant films, the adhesive layers that seal solar cells inside a panel, sold to panel makers, so its volumes follow solar installations. It has spent years adding electronic materials, notably photosensitive dry film used to print circuits, and battery packaging films to lessen that dependence.
Moat: narrow (scale, customer qualification). Scale in encapsulant film with qualified module-maker relationships; commodity-like and tied to the solar cycle.
Headquarters: Hangzhou, China · Founded: 2003 · Employees: 4,555
Size HANGZHOU FIRST APPLIED MATERIAL (603806.SS) is a China Industrials company (Electrical Products) with a market value of $5.14B, the 488th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.13 on 6 Nov 2026.
Performance Over six months the shares fell 29.9%, against -30.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 9.1% over the last twelve months (peer median +7.5%); the operating margin is 8.7% (peer median 12.6%).
Valuation It trades at 22.0× forward earnings against a peer median of 21.1× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points above its cost of capital (7.3% WACC).
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥14.3B | CN¥15.4B | CN¥19.1B | CN¥22.5B | CN¥18.8B |
| Revenue growth | — | -19% | -15% | +20% | — |
| Gross profit | CN¥2.43B | CN¥1.55B | CN¥2.66B | CN¥3.19B | CN¥2.85B |
| EBITDA | n/a | CN¥1.33B | CN¥1.87B | CN¥2.30B | CN¥1.73B |
| Net income | CN¥1.21B | CN¥770M | CN¥1.31B | CN¥1.85B | CN¥1.58B |
| Free cash flow | CN¥1.96B | CN¥1.10B | CN¥3.77B | -CN¥760M | -CN¥532M |
| Capital expenditure | CN¥287M | CN¥436M | CN¥643M | CN¥743M | CN¥577M |
| Total debt | CN¥3.59B | CN¥3.31B | CN¥3.64B | CN¥4.42B | CN¥4.72B |
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 FIRST APPLIED MATERIAL 603806.SS | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% |
| Cybrid Technologies 603212.SS | $725M | -19% | -9% | -7% | n/a | n/a |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
| Eternal Materials 1717.TW | $2.06B | -27% | -2% | 5% | 17.2× | 19.9% |
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 | 603806.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.8% | -15.5% | 6th highest of 21 |
| 6-month return | -29.9% | -30.3% | 10th highest of 20 |
| Distance from 52-week high | -34.9% | -51.0% | 6th highest of 21 |
| Revenue growth (TTM) | -9.1% | +7.5% | 3rd lowest of 21 |
| Operating margin | 8.7% | 12.6% | 9th lowest of 21 |
| Forward P/E | 22.0× | 21.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.5% | 16.1% | 4th least demanding of 16 |
| Growth delivered (Del g) | +13.1% | +12.6% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -5.6 pp | +0.2 pp | 3rd least demanding of 16 |
| ROIC minus cost of capital | +2.1 pp | -0.9 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HANGZHOU FIRST APPLIED MATERIAL 603806.SS | China | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% | +13.1% |
| EnerSys ENS | United States | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% | +4.7% |
| Qingdao TGOOD Electric 300001.SZ | China | $4.97B | +6% | +14% | 9% | 21.9× | 12.0% | +16.2% |
| Ningbo Orient Wires & Cables 603606.SS | China | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% | +16.5% |
| Sunwoda Electronic 300207.SZ | China | $5.37B | -33% | +36% | -1% | 16.0× | n/a | n/a |
| Wolong Electric 600580.SS | China | $5.39B | -39% | -11% | 4% | 39.6× | 25.2% | +4.2% |
| Powell Industries POWL | United States | $4.85B | -57% | +7% | 20% | 21.2× | 11.2% | +16.3% |
| Fortune Electric 1519.TW | Taiwan | $4.75B | -50% | +5% | 21% | 26.0× | 16.1% | +23.6% |
| Far East Smarter Energy 600869.SS | China | $4.73B | -16% | -1% | 1% | 37.4× | 38.2% | +7.3% |
| CNGR Advanced Material 300919.SZ | China | $4.72B | -48% | +46% | 7% | 12.6× | n/a | n/a |
| Hebei Sinopack Electronic Technology 003031.SZ | China | $5.62B | -33% | +43% | 19% | 36.1× | 34.9% | +28.6% |
| Suzlon Energy SUZLON.NS | India | $5.65B | -30% | +34% | 15% | 21.2× | 34.0% | +37.9% |
| Shandong Sinocera Functional Material 300285.SZ | China | $5.67B | +8% | +23% | 14% | 48.6× | 40.1% | +12.6% |
| Yaskawa Electric 6506.T | Japan | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% | +6.8% |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| Henan Pinggao Electric 600312.SS | China | $4.43B | -1% | -6% | 13% | 21.1× | n/a | n/a |
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% | +4.3% |
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% | +5.5% |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 32.1× | 26.4% | +30.6% |
| DPC DPC | United States | $4.30B | n/a | +12% | -1% | 31.9× | n/a | n/a |
| Teco Electric & Machinery 1504.TW | Taiwan | $4.23B | -13% | +8% | 9% | 19.5× | 9.3% | +5.2% |