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Jiangxi-based civil-explosives and blasting-engineering group serving mining and infrastructure projects.
Jiangxi-based civil-explosives and blasting-engineering group serving mining and infrastructure projects.
Sells explosives under government-set production quotas and also contracts to do the drilling and blasting itself at mines and construction sites, charging for the whole job. Bundling product and service ties the customer in, and demand follows mining and infrastructure activity.
Moat: narrow (regulatory licence). Operates under China's state explosives-production quota system.
Headquarters: Jiangxi, China · Employees: 2,122
Size Jiangxi Guotai (603977.SS) is a China Materials company (Industrial Specialties) with a market value of $914M, the 2482nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.81 on 6 Nov 2026.
Performance Over six months the shares fell 29.3%, against -23.8% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 15.0% over the last twelve months (peer median +6.3%); the operating margin is 9.3% (peer median 6.4%).
Valuation It trades at 14.2× forward earnings against a peer median of 16.8× (6th cheapest of 15).
Capital Return on invested capital runs 0.9 points below its cost of capital (5.5% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.58B | CN¥2.35B | CN¥2.34B | CN¥2.52B | CN¥2.14B |
| Revenue growth | — | +1% | -7% | +18% | — |
| Gross profit | CN¥916M | CN¥795M | CN¥796M | CN¥848M | CN¥710M |
| EBITDA | n/a | CN¥460M | CN¥452M | CN¥455M | CN¥379M |
| Net income | CN¥215M | CN¥252M | CN¥181M | CN¥306M | CN¥144M |
| Free cash flow | -CN¥528M | -CN¥228M | -CN¥14.6M | -CN¥22.0M | CN¥159M |
| Capital expenditure | CN¥446M | CN¥436M | CN¥290M | CN¥401M | CN¥143M |
| Total debt | CN¥2.30B | CN¥2.01B | CN¥1.22B | CN¥1.14B | CN¥1.09B |
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 |
|---|---|---|---|---|---|---|
| Jiangxi Guotai 603977.SS | $914M | -29% | +15% | 9% | 14.2× | n/a |
| Jiangsu Guotai International 002091.SZ | $1.91B | -11% | +7% | 6% | 10.0× | -20.9% |
| Explosive 002096.SZ | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% |
| Guangdong Hongda 002683.SZ | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% |
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 | 603977.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.4% | -7.9% | 10th highest of 21 |
| 6-month return | -29.3% | -23.8% | 8th lowest of 21 |
| Distance from 52-week high | -44.1% | -37.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +15.0% | +6.3% | 7th highest of 21 |
| Operating margin | 9.3% | 6.4% | 9th highest of 21 |
| Forward P/E | 14.2× | 16.8× | 6th cheapest of 15 |
| ROIC minus cost of capital | -0.9 pp | -1.9 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 9% | 14.2× | n/a | n/a |
| Hainan Development Holdings Nanhai 002163.SZ | China | $892M | -44% | -9% | -3% | 37.0× | n/a | n/a |
| Guangdong Tloong Technology 300063.SZ | China | $946M | -26% | +21% | 2% | n/a | 25.0% | -6.6% |
| Mattr MATR.TO | Canada | $879M | +108% | +25% | 7% | 15.6× | 5.8% | +1.5% |
| TOCALO 3433.T | Japan | $864M | -26% | +6% | 23% | 11.8× | n/a | n/a |
| Morgan Advanced Materials MGAM.L | United Kingdom | $981M | +22% | -6% | 9% | 14.6× | 9.4% | +1.8% |
| ZETTA 002256.SZ | China | $843M | -40% | +25% | -5% | n/a | n/a | n/a |
| Shenma Industry 600810.SS | China | $838M | -33% | -9% | 0% | 28.6× | 9.7% | +7.1% |
| ELANTAS Beck India ELANTAS.NS | India | $999M | +23% | +19% | 21% | n/a | 32.4% | +17.2% |
| ZJMI Environmental Energy 603071.SS | China | $1.00B | -15% | -4% | 3% | 9.2× | n/a | n/a |
| Suzhou Xinguangyi Electronics 301687.SZ | China | $831M | -34% | +7% | 19% | n/a | 42.9% | +11.3% |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 22.0× | 0.5% | +15.8% |
| Hubei Huitian New Materials 300041.SZ | China | $820M | -13% | +15% | 6% | 19.3× | 10.3% | +15.5% |
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% | +11.1% |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | n/a | -19.4% | +5.2% |
| Shandong Jinjing Science & Technology 600586.SS | China | $806M | -35% | -23% | -23% | 31.6× | 0.5% | -1.3% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | n/a | n/a | n/a |
| Jiangsu Favored Nanotechnology 688371.SS | China | $797M | -34% | -7% | -29% | 18.1× | n/a | n/a |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 10.8× | 10.6% | +3.1% |
| Jiangxi Black Cat Carbon Black 002068.SZ | China | $795M | -22% | +1% | -4% | 30.8× | n/a | n/a |
| SP Group A/S SPG.CO | Denmark | $788M | +17% | +18% | 14% | 13.5× | -6.2% | +6.2% |