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Chinese maker of aluminum electrolytic capacitors used across consumer, industrial and power electronics.
Chinese maker of aluminum electrolytic capacitors used across consumer, industrial and power electronics.
In one line: A Chinese Nichicon/Rubycon.
Moat: narrow (scale, process know-how). One of China's largest electrolytic-capacitor makers, but a commoditized, price-competitive category.
Headquarters: Hunan, China · Employees: 5,010
Size Hunan Aihua (603989.SS) is a China Information Technology company (Electronic Components) with a market value of $1.33B, the 1817th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥22.29 on 6 Nov 2026.
Performance Over six months the shares gained 12.2%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 17.2% over the last twelve months (peer median +20.0%); the operating margin is 8.4% (peer median 8.0%).
Valuation It trades at 2.0× enterprise value to sales against a peer median of 3.3× (4th 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 +10%, so the hurdle is +7 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 below its cost of capital (11.0% WACC).
Next results Next results expected around 7 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.56B | CN¥3.96B | CN¥3.91B | CN¥3.35B | CN¥3.42B |
| Revenue growth | — | +1% | +17% | -2% | — |
| Gross profit | CN¥1.18B | CN¥774M | CN¥695M | CN¥783M | CN¥862M |
| EBITDA | n/a | CN¥513M | CN¥430M | CN¥562M | CN¥640M |
| Net income | CN¥355M | CN¥265M | CN¥194M | CN¥351M | CN¥446M |
| Free cash flow | CN¥92.9M | -CN¥93.0M | -CN¥43.5M | CN¥137M | CN¥53.8M |
| Capital expenditure | CN¥99.4M | CN¥80.2M | CN¥187M | CN¥78.9M | CN¥93.3M |
| Total debt | CN¥1.28B | CN¥1.47B | CN¥1.57B | CN¥1.33B | CN¥1.46B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Hunan Aihua 603989.SS | $1.33B | +12% | +17% | 8% | 2.0× | 16.9% |
| Nichicon 6996.T | $758M | -27% | 0% | 5% | 0.7× | 15.3% |
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 | 603989.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.1% | -26.1% | 7th highest of 21 |
| 6-month return | +12.2% | -22.1% | 2nd highest of 21 |
| Distance from 52-week high | -61.6% | -48.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +17.2% | +20.0% | 9th lowest of 21 |
| Operating margin | 8.4% | 8.0% | 9th highest of 21 |
| EV / Sales | 2.0× | 3.3× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 15.2% | 5th most demanding of 10 |
| Growth delivered (Del g) | +9.6% | +11.1% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | +7.2 pp | +0.8 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | -1.1 pp | -0.5 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hunan Aihua 603989.SS | China | $1.33B | +12% | +17% | 8% | 2.0× | 16.9% | +9.6% |
| NCAB NCAB.ST | Sweden | $1.37B | 0% | +25% | 11% | 3.1× | 19.2% | +12.1% |
| Cembre CMB.MI | Italy | $1.37B | -24% | +11% | 26% | 4.8× | 12.8% | +12.2% |
| Huizhou CEE Technology 002579.SZ | China | $1.29B | 0% | -2% | -2% | 3.5× | n/a | n/a |
| Beijing Yuanliu Hongyuan Electronic Technology 603267.SS | China | $1.28B | -30% | -2% | 8% | 4.4× | 24.4% | +1.1% |
| Jiangxi Welgao Electronics 301251.SZ | China | $1.39B | +9% | +62% | 9% | 4.3× | n/a | n/a |
| Wenzhou Yihua Connector 002897.SZ | China | $1.24B | -26% | -7% | 6% | 1.7× | 15.2% | +14.4% |
| Shenzhen Jufei Optoelectronics 300303.SZ | China | $1.23B | -35% | +2% | 5% | 2.1× | 18.0% | +8.1% |
| Guangdong Goworld 000823.SZ | China | $1.45B | +9% | +13% | 8% | 1.3× | 8.8% | +4.2% |
| Dongguan YuTong Optical Technology 300790.SZ | China | $1.23B | -24% | +21% | 8% | 2.7× | n/a | n/a |
| Sunshine Global Circuits 300739.SZ | China | $1.22B | -19% | +36% | 7% | 3.3× | n/a | n/a |
| Bellwether Electronic 7861.TWO | Taiwan | $1.20B | -31% | +113% | 30% | 7.9× | 17.8% | +53.7% |
| Guangdong Ellington Electronics Technology 603328.SS | China | $1.49B | -13% | +14% | 10% | 2.3× | 8.9% | +9.3% |
| Bomin Electronics 603936.SS | China | $1.18B | -21% | +19% | 1% | 2.9× | n/a | n/a |
| YD Electronic Technology 301123.SZ | China | $1.50B | -37% | +44% | -3% | 3.3× | n/a | n/a |
| Sihui Fuji Electronics Technology 300852.SZ | China | $1.18B | +8% | +48% | 13% | 2.8× | n/a | n/a |
| Guangdong Cellwise Microelectronics 688325.SS | China | $1.18B | -24% | +18% | 7% | 13.2× | n/a | n/a |
| Ennoconn 6414.TW | Taiwan | $1.54B | -6% | +8% | 6% | 0.6× | -6.8% | +11.1% |
| Shenzhen Colibri Technologies 002957.SZ | China | $1.57B | -43% | +31% | 9% | 3.5× | n/a | n/a |
| Shenzhen Edadoc Technology 301366.SZ | China | $1.13B | +18% | +51% | 12% | 4.6× | n/a | n/a |
| Browave 3163.TWO | Taiwan | $1.13B | -62% | +21% | 4% | 14.6× | n/a | n/a |