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Chinese maker of mica-based pearlescent pigments used in cosmetics, coatings, plastics and printing inks.
Chinese maker of mica-based pearlescent pigments used in cosmetics, coatings, plastics and printing inks.
In one line: A Chinese Merck KGaA (pigments) / Sun Chemical for pearlescent pigments.
Moat: narrow (process know-how, scale). Large-scale mica-processing and coating technology, a leading domestic and growing global pearlescent-pigment producer.
Headquarters: Fujian, China · Employees: 827
Size Fujian Kuncai Material Technology (603826.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.64B, the 1514th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.81 on 6 Nov 2026.
Performance Over six months the shares fell 50.7%, against -21.4% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 59.2% over the last twelve months (peer median +14.2%); the operating margin is 5.2% (peer median 7.6%).
Valuation It trades at 61.0× forward earnings against a peer median of 13.7× (2nd most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +13 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 0.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.64B | CN¥1.25B | CN¥965M | CN¥825M | CN¥817M |
| Revenue growth | — | +30% | +17% | +1% | — |
| Gross profit | CN¥505M | CN¥320M | CN¥315M | CN¥269M | CN¥226M |
| EBITDA | n/a | CN¥67.8M | CN¥217M | CN¥277M | CN¥241M |
| Net income | CN¥23.6M | -CN¥92.1M | CN¥35.1M | CN¥83.9M | CN¥88.0M |
| Free cash flow | CN¥37.3M | -CN¥66.1M | -CN¥399M | -CN¥408M | -CN¥538M |
| Capital expenditure | CN¥131M | CN¥42.7M | CN¥239M | CN¥493M | CN¥553M |
| Total debt | CN¥2.15B | CN¥2.33B | CN¥2.13B | CN¥1.92B | CN¥1.47B |
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 |
|---|---|---|---|---|---|---|
| Fujian Kuncai Material Technology 603826.SS | $1.64B | -51% | +59% | 5% | 61.0× | 24.1% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
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 | 603826.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.5% | -15.4% | 9th highest of 21 |
| 6-month return | -50.7% | -21.4% | 2nd lowest of 20 |
| Distance from 52-week high | -56.2% | -41.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +59.2% | +14.2% | 2nd highest of 21 |
| Operating margin | 5.2% | 7.6% | 7th lowest of 21 |
| Forward P/E | 61.0× | 13.7× | 2nd most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 6.7% | 4th most demanding of 13 |
| Growth delivered (Del g) | +11.0% | +4.3% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +13.2 pp | +2.8 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -0.8 pp | -1.5 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujian Kuncai Material Technology 603826.SS | China | $1.64B | -51% | +59% | 5% | 61.0× | 24.1% | +11.0% |
| Ningbo Yunsheng 600366.SS | China | $1.64B | -24% | +33% | 6% | 19.3× | 19.1% | +17.9% |
| Huabao Technology 300741.SZ | China | $1.63B | +7% | +17% | 1% | n/a | 45.3% | -8.5% |
| Chambal Fertilisers & Chemicals CHAMBLFERT.NS | India | $1.63B | -15% | +6% | 12% | 7.2× | n/a | n/a |
| Tokuyama 4043.T | Japan | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% | +2.9% |
| Shenzhen Dynanonic 300769.SZ | China | $1.65B | -50% | +188% | 4% | 12.5× | n/a | n/a |
| Shida Shinghwa Advanced Material 603026.SS | China | $1.68B | -58% | +58% | 8% | 7.5× | n/a | n/a |
| Guangdong Dowstone Technology 300409.SZ | China | $1.59B | -50% | +34% | 6% | 14.0× | n/a | n/a |
| Genesis Energy, L.P GEL | United States | $1.57B | -21% | -17% | 19% | n/a | 2.2% | -2.2% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Befar 6745.HK | Hong Kong | $1.52B | n/a | +25% | 5% | 9.7× | 3.6% | +17.3% |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Anhui Wanwei Updated High-Tech Material Industry 600063.SS | China | $1.49B | -32% | +3% | 4% | 20.0× | n/a | n/a |
| Shaily Engineering Plastics SHAILY.NS | India | $1.48B | +14% | +18% | 24% | 56.7× | 35.8% | +22.8% |