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Chinese maker of electronic-grade chemicals and materials used in display-panel and semiconductor processing.
Chinese maker of electronic-grade chemicals and materials used in display-panel and semiconductor processing.
Sells high-purity process chemicals by the tonne to display and chip plants, which approve each supplier before using it; once approved, reorders follow the plant's running rate.
Moat: narrow (customer qualification, process know-how). Fab-grade chemicals require qualification, creating switching costs once approved.
Headquarters: Hangzhou, Zhejiang, China · Employees: 270
Size Hangzhou Greenda Electronic Materials (603931.SS) is a China Materials company (Chemicals: Specialty) with a market value of $797M, the 2772nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.62 on 6 Nov 2026.
Performance Over six months the shares fell 31.4%, against -21.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 3.6% over the last twelve months (peer median +7.0%); the operating margin is 19.8% (peer median 8.8%).
Valuation It trades at 39.7× forward earnings against a peer median of 22.1× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 21% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +20 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 1.1 points above its cost of capital (9.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥603M | CN¥622M | CN¥652M | CN¥689M | CN¥843M |
| Revenue growth | — | -5% | -5% | -18% | — |
| Gross profit | CN¥231M | CN¥182M | CN¥214M | CN¥247M | CN¥244M |
| EBITDA | n/a | CN¥173M | CN¥200M | CN¥206M | CN¥192M |
| Net income | CN¥122M | CN¥123M | CN¥146M | CN¥175M | CN¥163M |
| Free cash flow | CN¥137M | CN¥92.2M | CN¥171M | CN¥115M | CN¥37.0M |
| Capital expenditure | CN¥17.8M | CN¥42.4M | CN¥57.5M | CN¥94.0M | CN¥160M |
| Total debt | CN¥8.96M | CN¥9.92M | CN¥11.3M | CN¥160,119 | CN¥3.86M |
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| Measure | 603931.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.8% | -15.9% | 9th highest of 21 |
| 6-month return | -31.4% | -21.8% | 4th lowest of 21 |
| Distance from 52-week high | -60.4% | -43.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | -3.6% | +7.0% | 6th lowest of 21 |
| Operating margin | 19.8% | 8.8% | 2nd highest of 21 |
| Forward P/E | 39.7× | 22.1× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 21.4% | 15.1% | 5th most demanding of 11 |
| Growth delivered (Del g) | +1.4% | +8.1% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +20.0 pp | +7.5 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | +1.1 pp | -4.2 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Greenda Electronic Materials 603931.SS | China | $797M | -31% | -4% | 20% | 39.7× | 21.4% | +1.4% |
| Sinolong New Materials 301565.SZ | China | $799M | -27% | +20% | 1% | 23.9× | n/a | n/a |
| Toyobo 3101.T | Japan | $793M | -1% | +2% | 7% | 13.6× | 2.0% | +4.6% |
| Pan Asian Microvent Tech (Jiangsu) 688386.SS | China | $792M | -40% | +37% | 18% | 40.7× | n/a | n/a |
| Zhejiang Jihua 603980.SS | China | $788M | +22% | +2% | 2% | n/a | 27.0% | -3.6% |
| Sichuan Lutianhua Company Limited By Shares 000912.SZ | China | $785M | -31% | -5% | -4% | n/a | n/a | n/a |
| Neogen Chemicals NEOGEN.NS | India | $809M | +47% | +27% | 14% | 109.3× | n/a | n/a |
| Jiangsu Aisen Semiconductor Material 688720.SS | China | $817M | -21% | +29% | 5% | 40.2× | n/a | n/a |
| Zhejiang Xinhua Chemical 603867.SS | China | $817M | -27% | +7% | 10% | 16.1× | 12.8% | +4.9% |
| Neo Performance Materials NEO.TO | Canada | $821M | -13% | +24% | 14% | 12.2× | n/a | n/a |
| Riken Technos 4220.T | Japan | $771M | +46% | +6% | 11% | 10.4× | -4.8% | +8.3% |
| Zhejiang Zhengguang Industrial 301092.SZ | China | $823M | -1% | -5% | 13% | 53.7× | n/a | n/a |
| Shanxi Lu'an Chemical Technology 600691.SS | China | $827M | -31% | -14% | -8% | 232.0× | 27.2% | -11.2% |
| HuBei NengTer Technology 002102.SZ | China | $832M | -12% | -59% | -3% | 16.6× | n/a | n/a |
| China Petrochemical Development 1314.TW | Taiwan | $833M | -1% | -35% | -18% | n/a | n/a | n/a |
| Poly Plastic Masterbatch (SuZhou) 300905.SZ | China | $758M | -59% | +10% | 11% | n/a | 29.1% | +17.2% |
| Nanjing COSMOS Chemical 300856.SZ | China | $757M | -24% | +12% | 12% | 35.0× | 3.3% | +8.0% |
| Fujian Yuanli Active Carbon 300174.SZ | China | $840M | -14% | +7% | 9% | 20.2× | 17.3% | +10.1% |
| Clean Science & Technology CLEAN.NS | India | $753M | -24% | +5% | 26% | 26.6× | 31.8% | +13.2% |
| Shandong Longhua New Material 301149.SZ | China | $751M | -39% | +33% | 2% | 8.7× | n/a | n/a |
| Sinosteel New Materials 002057.SZ | China | $849M | -22% | +13% | 9% | 12.3× | 12.4% | +13.5% |