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Chinese maker of kitchen and bathroom faucets and plumbing hardware, sold mainly to export OEM/ODM customers (name-derived; specifics not fully confirmed).
Chinese maker of kitchen and bathroom faucets and plumbing hardware, sold mainly to export OEM/ODM customers (name-derived; specifics not fully confirmed).
Moat: none
Headquarters: Xiamen, China · Employees: 5,527
Size Xiamen Solex High-Tech Industries (603992.SS) is a China Industrials company (Building Products) with a market value of $1.38B, the 1770th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.75 on 6 Nov 2026.
Performance Over six months the shares fell 35.0%, against -6.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 18.2% over the last twelve months (peer median +2.0%); the operating margin is 7.8% (peer median 8.8%).
Valuation It trades at 29.9× forward earnings against a peer median of 16.2× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +8 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 5.0 points above its cost of capital (7.6% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.16B | CN¥2.60B | CN¥3.00B | CN¥2.96B | CN¥3.17B |
| Revenue growth | — | -13% | +1% | -6% | — |
| Gross profit | CN¥1.06B | CN¥792M | CN¥1.00B | CN¥959M | CN¥877M |
| EBITDA | n/a | CN¥315M | CN¥583M | CN¥559M | CN¥514M |
| Net income | CN¥249M | CN¥205M | CN¥446M | CN¥352M | CN¥261M |
| Free cash flow | CN¥91.7M | CN¥25.2M | CN¥371M | CN¥341M | CN¥405M |
| Capital expenditure | CN¥206M | CN¥286M | CN¥253M | CN¥151M | CN¥214M |
| Total debt | CN¥105M | CN¥372M | CN¥435M | CN¥763M | CN¥920M |
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| Measure | 603992.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.1% | -5.1% | 5th highest of 21 |
| 6-month return | -35.0% | -6.1% | 2nd lowest of 21 |
| Distance from 52-week high | -56.9% | -30.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +18.2% | +2.0% | 3rd highest of 21 |
| Operating margin | 7.8% | 8.8% | 10th lowest of 21 |
| Forward P/E | 29.9× | 16.2× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 7.2% | 6th most demanding of 16 |
| Growth delivered (Del g) | +5.2% | +5.7% | 8th lowest of 16 |
| Hurdle (Req g minus delivered) | +8.4 pp | +2.7 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | +5.0 pp | +1.5 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| Takara standard 7981.T | Japan | $1.20B | +2% | +2% | 7% | n/a | -5.5% | +5.7% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| Solareast 603366.SS | China | $1.07B | +8% | 0% | -2% | n/a | 39.8% | +2.9% |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Suzhou Huaya Intelligence Technology 003043.SZ | China | $990M | -20% | +2% | 11% | 78.3× | 27.6% | +22.3% |
| Zehnder ZEHN.SW | Switzerland | $983M | +10% | +2% | 8% | 17.5× | 2.5% | +1.5% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Apogee Enterprises APOG | United States | $956M | +25% | +3% | 9% | 13.6× | -0.3% | +2.7% |
| Guangzhou Guangri Stock 600894.SS | China | $956M | -20% | +2% | 0% | 9.6× | 7.2% | +1.4% |
| Quanex Building Products NX | United States | $949M | +2% | +1% | 6% | 10.7× | 6.0% | +16.6% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Zhenjiang Dongfang Electric Heating Technology 300217.SZ | China | $944M | -17% | -23% | 0% | 26.6× | 22.5% | +6.5% |
| Jiangsu Seagull Cooling Tower 603269.SS | China | $943M | +40% | +8% | 11% | 38.4× | n/a | n/a |
| Arrow Home 001322.SZ | China | $887M | -14% | -12% | -2% | 280.0× | 15.8% | -0.1% |
| Samhyun 437730.KS | South Korea | $860M | -31% | -18% | -17% | n/a | n/a | n/a |
| Center International 603098.SS | China | $847M | -26% | -30% | 4% | n/a | n/a | n/a |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |