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Employees: 1,108
Size Silvery Dragon Group Co., Ltd Tianjin (603969.SS) is a China Materials company (Steel) with a market value of $790M, the 2798th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.93 on 6 Nov 2026.
Performance Over six months the shares fell 33.5%, against -19.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +3.6%); the operating margin is 15.0% (peer median 5.2%).
Valuation It trades at 9.5× forward earnings against a peer median of 15.4× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.27B | CN¥3.20B | CN¥3.05B | CN¥2.74B | CN¥2.46B |
| Revenue growth | — | +5% | +11% | +12% | — |
| Gross profit | CN¥949M | CN¥785M | CN¥545M | CN¥401M | CN¥310M |
| EBITDA | n/a | CN¥589M | CN¥403M | CN¥270M | CN¥159M |
| Net income | CN¥420M | CN¥366M | CN¥237M | CN¥172M | CN¥104M |
| Free cash flow | CN¥123M | CN¥103M | -CN¥131M | -CN¥98.3M | CN¥125M |
| Capital expenditure | CN¥31.6M | CN¥23.8M | CN¥24.7M | CN¥31.9M | CN¥66.8M |
| Total debt | CN¥1.36B | CN¥1.27B | CN¥1.23B | CN¥924M | CN¥931M |
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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 | 603969.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -10.9% | 8th lowest of 21 |
| 6-month return | -33.5% | -19.3% | 6th lowest of 21 |
| Distance from 52-week high | -48.6% | -31.9% | 7th lowest of 21 |
| Revenue growth (TTM) | -0.7% | +3.6% | 7th lowest of 21 |
| Operating margin | 15.0% | 5.2% | 3rd highest of 21 |
| Forward P/E | 9.5× | 15.4× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -3.5% | 8.4% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +4.7% | +14.0% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | -8.1 pp | -5.6 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +4.6 pp | -4.0 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Silvery Dragon Group Co., Ltd Tianjin 603969.SS | China | $790M | -33% | -1% | 15% | 9.5× | -3.5% | +4.7% |
| Champion Iron CIA.AX | Australia | $799M | -60% | -7% | 7% | 11.5× | 10.4% | +7.4% |
| Yieh Phui Enterprise 2023.TW | Taiwan | $804M | +5% | -9% | 0% | 25.2× | n/a | n/a |
| Maharashtra Seamless MAHSEAMLES.NS | India | $809M | -12% | -12% | 13% | 15.5× | 8.1% | +15.2% |
| Anyang Iron and Steel 600569.SS | China | $810M | -10% | +1% | -10% | n/a | n/a | n/a |
| Hangxiao Steel Structure 600477.SS | China | $810M | -24% | -24% | 3% | 28.6× | 11.6% | -2.5% |
| SunCoke Energy SXC | United States | $832M | +34% | +3% | 4% | 23.1× | 7.2% | +6.6% |
| Jiangsu Changbao Steel Tube 002478.SZ | China | $847M | -40% | +2% | 6% | 17.5× | -4.8% | +8.4% |
| Guangdong Zhongnan Iron & Steel 000717.SZ | China | $734M | -19% | -12% | -5% | n/a | n/a | n/a |
| Sunflag Iron & Steel SUNFLAG.NS | India | $730M | -7% | +9% | 9% | n/a | 23.4% | +15.7% |
| SBHC 001430.KS | South Korea | $712M | -64% | +11% | 3% | 14.2× | n/a | n/a |
| Xinjiang Baodi Mining 601121.SS | China | $887M | -23% | +23% | 23% | n/a | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| Metallus MTUS | United States | $687M | -10% | +11% | 1% | 15.3× | n/a | n/a |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| Kirloskar Ferrous Industries KIRLFER.NS | India | $674M | -15% | +7% | 8% | 9.1× | 14.2% | +27.6% |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Jai Balaji Industries JAIBALAJI.NS | India | $651M | -20% | +2% | 4% | 6.3× | 35.8% | +15.7% |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |