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Chinese maker of spherical silica and alumina powder fillers used in chip packaging, circuit-board laminates and thermal materials.
Chinese maker of spherical silica and alumina powder fillers used in chip packaging, circuit-board laminates and thermal materials.
Sells powders by the tonne to makers of chip-packaging resin, circuit-board laminates and heat-conducting materials, who mix them in as fillers to improve heat flow, insulation and reliability. Spherical grades are the main line. Demand follows chip packaging and AI server hardware.
Moat: narrow (process know-how, customer qualification). Fine-powder grading and sphericity know-how, qualified by electronics-materials customers; early domestic spherical-silica producer.
Headquarters: Lianyungang, China · Employees: 785
Size Novoray (688300.SS) is a China Materials company (Chemicals: Specialty) with a market value of $3.76B, the 688th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥79.90 on 6 Nov 2026.
Performance Over six months the shares fell 8.6%, against -21.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 22.8% over the last twelve months (peer median +12.2%); the operating margin is 26.2% (peer median 11.9%).
Valuation It trades at 52.7× forward earnings against a peer median of 18.4× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +23%, so the hurdle is +25 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 5.9 points above its cost of capital (13.1% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.34B | CN¥1.11B | CN¥957M | CN¥708M | CN¥658M |
| Revenue growth | — | +16% | +35% | +8% | — |
| Gross profit | CN¥555M | CN¥438M | CN¥378M | CN¥268M | CN¥248M |
| EBITDA | n/a | CN¥371M | CN¥309M | CN¥217M | CN¥199M |
| Net income | CN¥333M | CN¥293M | CN¥251M | CN¥174M | CN¥188M |
| Free cash flow | CN¥94.1M | CN¥169M | CN¥179M | CN¥204M | CN¥90.7M |
| Capital expenditure | CN¥190M | CN¥98.3M | CN¥89.6M | CN¥53.0M | CN¥155M |
| Total debt | CN¥881M | CN¥274M | CN¥178M | CN¥157M | CN¥73.0M |
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 |
|---|---|---|---|---|---|---|
| Novoray 688300.SS | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% |
| Denka 4061.T | $1.51B | -33% | -3% | 9% | 12.7× | n/a |
| Anhui Estone Materials Technology 688733.SS | $676M | -25% | +44% | -5% | 51.9× | 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 | 688300.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -42.7% | -5.6% | lowest of 21 |
| 6-month return | -8.6% | -21.8% | 4th highest of 20 |
| Distance from 52-week high | -73.1% | -39.2% | lowest of 21 |
| Revenue growth (TTM) | +22.8% | +12.2% | 6th highest of 21 |
| Operating margin | 26.2% | 11.9% | 3rd highest of 21 |
| Forward P/E | 52.7× | 18.4× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 47.6% | 4.4% | most demanding of 15 |
| Growth delivered (Del g) | +22.6% | +8.4% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | +25.0 pp | -5.4 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +5.9 pp | +0.6 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Novoray 688300.SS | China | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% | +22.6% |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |