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Chinese maker of ultra-thin aluminum foil used as the cathode current collector in lithium-ion batteries, plus packaging foil.
Chinese maker of ultra-thin aluminum foil used as the cathode current collector in lithium-ion batteries, plus packaging foil.
Prices its foil as the aluminium metal cost plus a processing fee per tonne, so earnings follow the fee level and volumes rather than the metal price. Battery foil must be extremely thin and free of pinholes, so supply to battery makers is qualified customer by customer. Packaging and household foil supply steadier, lower-value work.
In one line: A Chinese battery-foil supplier to CATL-scale customers.
Moat: narrow (process know-how, customer qualification). Producing ultra-thin defect-free battery foil requires qualified precision rolling processes.
Headquarters: Jiangyin, Jiangsu, China · Employees: 8,491
Size Jiangsu Dingsheng New Material Joint-Stock (603876.SS) is a China Materials company (Aluminum) with a market value of $2.00B, the 1266th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.34 on 6 Nov 2026.
Performance Over six months the shares fell 51.8%, against -27.8% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +17.5%); the operating margin is 3.6% (peer median 8.1%).
Valuation It trades at 12.4× forward earnings against a peer median of 10.8× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points below its cost of capital (6.2% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥28.5B | CN¥26.3B | CN¥24.0B | CN¥19.0B | CN¥21.6B |
| Revenue growth | — | +10% | +26% | -12% | — |
| Gross profit | CN¥2.88B | CN¥2.29B | CN¥2.05B | CN¥2.00B | CN¥3.40B |
| EBITDA | CN¥1.82B | CN¥1.60B | CN¥1.17B | CN¥1.23B | CN¥2.44B |
| Net income | CN¥805M | CN¥513M | CN¥301M | CN¥535M | CN¥1.38B |
| Free cash flow | CN¥1.25B | CN¥793M | -CN¥354M | CN¥592M | CN¥1.27B |
| Capital expenditure | CN¥499M | CN¥480M | CN¥432M | CN¥565M | CN¥563M |
| Total debt | CN¥18.1B | CN¥13.3B | CN¥14.5B | CN¥11.2B | CN¥13.5B |
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 |
|---|---|---|---|---|---|---|
| Jiangsu Dingsheng New Material Joint-Stock 603876.SS | $2.00B | -52% | +10% | 4% | 12.4× | 8.1% |
| Henan Mingtai Aluminum Industrial 601677.SS | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% |
| Shandong Nanshan Aluminium 600219.SS | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% |
| Henan Zhongfu Industrial 600595.SS | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% |
| UACJ 5741.T | $2.06B | -36% | +28% | 9% | 6.2× | -5.3% |
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 | 603876.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.2% | -8.6% | 4th lowest of 21 |
| 6-month return | -51.8% | -27.8% | lowest of 21 |
| Distance from 52-week high | -57.2% | -40.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +10.2% | +17.5% | 7th lowest of 21 |
| Operating margin | 3.6% | 8.1% | 5th lowest of 21 |
| Forward P/E | 12.4× | 10.8× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 8.1% | 0.8% | 4th most demanding of 12 |
| Growth delivered (Del g) | +16.2% | +9.5% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -8.1 pp | -15.4 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -1.7 pp | +1.8 pp | 6th lowest of 21 |
| EV / EBITDA | 12.6× | 7.3× | most expensive of 8 |
| Net debt / EBITDA | 5.2× | 1.8× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Dingsheng New Material Joint-Stock 603876.SS | China | $2.00B | -52% | +10% | 4% | 12.4× | 8.1% | +16.2% |
| Shanghai Huafon Aluminium Corporation 601702.SS | China | $1.98B | -29% | +10% | 10% | 9.2× | n/a | n/a |
| UACJ 5741.T | Japan | $2.06B | -36% | +28% | 9% | 6.2× | -5.3% | +15.7% |
| Xinjiang Joinworld 600888.SS | China | $2.07B | +3% | +21% | 7% | 11.7× | n/a | n/a |
| Innovation New Material Technology 600361.SS | China | $1.91B | -24% | +4% | 1% | 10.7× | n/a | n/a |
| Granges GRNG.ST | Sweden | $1.83B | -6% | +27% | 6% | 12.1× | n/a | n/a |
| Kaiser Aluminum KALU | United States | $1.75B | -41% | +40% | 8% | 10.9× | 0.8% | +23.5% |
| Jiaozuo Wanfang Aluminum Manufacturing 000612.SZ | China | $1.71B | -28% | +13% | 32% | n/a | -13.0% | +6.6% |
| Nantong Haixing Electronics 603115.SS | China | $1.62B | -22% | +21% | 8% | 33.5× | n/a | n/a |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |
| Giansun Precision Technology 001400.SZ | China | $1.41B | -35% | 0% | 10% | n/a | n/a | n/a |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Grinm Metal Composites (Beijing) Technology 688811.SS | China | $1.27B | -30% | 0% | 11% | n/a | n/a | n/a |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Elkem ELK.OL | Norway | $1.18B | +7% | -12% | 3% | n/a | 17.0% | -7.2% |
| Yinbang Clad Material 300337.SZ | China | $1.06B | -38% | +45% | 3% | n/a | n/a | n/a |
| Yong Jie New Material 603271.SS | China | $1.03B | -33% | +57% | 4% | n/a | 9.1% | +20.3% |
| Guangdong Haomei New Material 002988.SZ | China | $1.01B | -22% | +16% | 1% | 55.2× | n/a | n/a |
| Yechiu Metal Recycling (China) 601388.SS | China | $1.01B | -25% | +10% | 7% | 16.2× | 2.0% | +6.2% |