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Employees: 734
Size Suzhou Xingye Materials Technology (603928.SS) is a China Materials company (Industrial Specialties) with a market value of $540M, the 3670th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.57 on 6 Nov 2026.
Performance Over six months the shares fell 13.8%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +4.3%); the operating margin is 7.3% (peer median 3.4%).
Valuation It trades at 2.1× enterprise value to sales against a peer median of 2.5× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +15 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 1.8 points below its cost of capital (7.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.76B | CN¥1.59B | CN¥1.48B | CN¥1.50B | CN¥1.78B |
| Revenue growth | — | +7% | -1% | -16% | — |
| Gross profit | CN¥275M | CN¥233M | CN¥163M | CN¥210M | CN¥248M |
| EBITDA | CN¥181M | CN¥158M | CN¥99.0M | CN¥127M | CN¥172M |
| Net income | CN¥121M | CN¥102M | CN¥40.5M | CN¥75.9M | CN¥116M |
| Free cash flow | CN¥89.1M | CN¥45.8M | CN¥157M | CN¥59.1M | CN¥49.9M |
| Capital expenditure | CN¥18.7M | CN¥23.4M | CN¥19.1M | CN¥194M | CN¥49.0M |
| Total debt | CN¥324M | CN¥220M | CN¥40.0M | CN¥136M | CN¥331M |
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| Measure | 603928.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.5% | -10.0% | 2nd lowest of 21 |
| 6-month return | -13.8% | -20.7% | 7th highest of 21 |
| Distance from 52-week high | -46.6% | -45.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +14.9% | +4.3% | 5th highest of 21 |
| Operating margin | 7.3% | 3.4% | 3rd highest of 21 |
| EV / Sales | 2.1× | 2.5× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 17.2% | 16.6% | 6th least demanding of 11 |
| Growth delivered (Del g) | +1.8% | +7.7% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +15.4 pp | +5.9 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | -1.8 pp | -5.7 pp | 5th highest of 21 |
| EV / EBITDA | 20.4× | 18.0× | 4th cheapest of 7 |
| Net debt / EBITDA | 0.6× | 3.3× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suzhou Xingye Materials Technology 603928.SS | China | $540M | -14% | +15% | 7% | 2.1× | 17.2% | +1.8% |
| Dongguan Golden Sun Abrasives 300606.SZ | China | $545M | -29% | -12% | 5% | 7.7× | 35.2% | +5.8% |
| Zhejiang Runyang New Material Technology 300920.SZ | China | $548M | -6% | -1% | 5% | 8.9× | 51.7% | -0.5% |
| Rayitek Hi-Tech Film 688323.SS | China | $554M | -23% | +8% | -11% | 10.9× | n/a | n/a |
| HankukCarbon 017960.KS | South Korea | $526M | -71% | +11% | 18% | 0.6× | -20.0% | +17.2% |
| Changzhou Almaden Stock 002623.SZ | China | $558M | -11% | -22% | -11% | 2.5× | n/a | n/a |
| Shanghai Yongguan Adhesive Products 603681.SS | China | $520M | -20% | +7% | 1% | 0.8× | 28.1% | +22.6% |
| Changchun Gas 600333.SS | China | $520M | -1% | +15% | 4% | 2.4× | 21.2% | +9.6% |
| Dongguan Changlian New Materials Technology 301618.SZ | China | $519M | -21% | +23% | 4% | 5.0× | 48.7% | +3.2% |
| Lucky Film 600135.SS | China | $568M | -40% | +14% | -4% | 2.2× | n/a | n/a |
| Shenzhen King Explorer Science & Technology 002917.SZ | China | $509M | -25% | +1% | 11% | 2.2× | -1.1% | +22.8% |
| NanJing Sanchao Advanced Materials 300554.SZ | China | $508M | -27% | +6% | -51% | 12.4× | n/a | n/a |
| Shenzhen Xinhao Photoelectricity Technology 301051.SZ | China | $577M | -19% | -23% | -26% | 3.6× | n/a | n/a |
| Tianyang New Materials (Shanghai) Technology 603330.SS | China | $579M | +21% | -35% | -29% | 5.4× | 10.6% | +4.2% |
| Kangda New Materials (Group) 002669.SZ | China | $498M | -18% | +23% | 3% | 1.2× | n/a | n/a |
| Beijing Comens New Materials 300200.SZ | China | $491M | -24% | +20% | 4% | 2.4× | n/a | n/a |
| ZACROS 7917.T | Japan | $596M | -11% | +6% | 7% | 0.6× | n/a | n/a |
| Shanxi Huhua 003002.SZ | China | $482M | -52% | -4% | 6% | 2.2× | 12.0% | +18.8% |
| Jiangsu Xiuqiang Glasswork 300160.SZ | China | $478M | -20% | -8% | 7% | 1.4× | 1.7% | +5.3% |
| SANVO Fine Chemicals 0301.HK | Hong Kong | $476M | +269% | +3% | -3% | 3.5× | n/a | n/a |
| Sokan New Materials 688157.SS | China | $476M | -44% | -8% | -3% | 4.7× | n/a | n/a |