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Chinese maker of superconducting wire (NbTi/Nb3Sn) and magnets used in MRI machines and scientific/fusion research.
Chinese maker of superconducting wire (NbTi/Nb3Sn) and magnets used in MRI machines and scientific/fusion research.
Beyond superconducting wire, titanium and other high-end alloy materials for aircraft and industry make up a large share of its sales, so aerospace and defence demand drives results as much as MRI orders. Its roots lie in a state research institute in Xi'an, which controls it.
In one line: A China-based Oxford Instruments/Luvata superconducting-wire peer.
Moat: wide (IP / patents, process know-how, scale). One of very few global makers of low-temperature superconducting wire at scale.
Headquarters: Xi'an, China · Employees: 1,758
Size Western Superconducting Technologies (688122.SS) is a China Materials company (Other Metals/Minerals) with a market value of $4.21B, the 613th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥43.25 on 6 Nov 2026.
Performance Over six months the shares fell 33.2%, against -35.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 4.8% over the last twelve months (peer median +22.8%); the operating margin is 8.3% (peer median 15.4%).
Valuation It trades at 43.2× forward earnings against a peer median of 17.0× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +9 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 3.6 points below its cost of capital (7.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.11B | CN¥5.21B | CN¥4.60B | CN¥4.15B | CN¥4.21B |
| Revenue growth | — | +13% | +11% | -1% | — |
| Gross profit | CN¥1.52B | CN¥1.75B | CN¥1.51B | CN¥1.29B | CN¥1.63B |
| EBITDA | n/a | CN¥1.07B | CN¥1.04B | CN¥887M | CN¥1.27B |
| Net income | CN¥452M | CN¥839M | CN¥801M | CN¥752M | CN¥1.08B |
| Free cash flow | CN¥416M | CN¥310M | CN¥126M | -CN¥205M | -CN¥334M |
| Capital expenditure | CN¥298M | CN¥315M | CN¥352M | CN¥409M | CN¥662M |
| Total debt | CN¥5.40B | CN¥4.47B | CN¥3.45B | CN¥3.38B | CN¥3.30B |
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 |
|---|---|---|---|---|---|---|
| Western Superconducting Technologies 688122.SS | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% |
| Bruker BRKR | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% |
| Furukawa Electric 5801.T | $8.75B | -54% | +13% | 6% | 11.9× | n/a |
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 | 688122.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -13.2% | 7th lowest of 21 |
| 6-month return | -33.2% | -35.3% | 10th highest of 20 |
| Distance from 52-week high | -60.7% | -54.1% | 7th lowest of 21 |
| Revenue growth (TTM) | -4.8% | +22.8% | 2nd lowest of 20 |
| Operating margin | 8.3% | 15.4% | 8th lowest of 20 |
| Forward P/E | 43.2× | 17.0× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 29.3% | 8.4% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +19.9% | +26.3% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | +9.4 pp | -9.3 pp | 4th most demanding of 9 |
| ROIC minus cost of capital | -3.6 pp | +2.4 pp | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Western Superconducting Technologies 688122.SS | China | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% | +19.9% |
| Dazhong Mining 001203.SZ | China | $4.20B | -64% | +3% | 26% | 30.5× | n/a | n/a |
| Sichuan Hongda 600331.SS | China | $4.30B | -40% | 0% | -1% | 543.0× | n/a | n/a |
| Hindustan Copper HINDCOPPER.NS | India | $4.31B | -26% | +67% | 42% | 21.6× | 38.7% | +11.5% |
| Shenghe Resources 600392.SS | China | $4.09B | -40% | +34% | 8% | 16.2× | n/a | n/a |
| Zhejiang Rongtai Electric Material 603119.SS | China | $4.36B | -3% | +46% | 20% | 81.0× | 42.2% | +30.2% |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 31% | 11.1× | n/a | n/a |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 7.4× | n/a | n/a |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| Grinm Advanced Materials 600206.SS | China | $4.85B | +40% | +23% | 2% | 72.2× | n/a | n/a |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 34% | n/a | 13.4% | +22.4% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |