China Tungsten and Hightech Materials Co., Ltd. (TUNGSTEN) financials

SHZ · Basic Materials · Industrial Materials · 9,155 employees · CEO Dan Wang

Price: CN¥36.78 +2.71%
Market cap: CN¥83.8B
Enterprise value: CN¥90.4B
Last report: Q3 '26 filed 2026-09-30
Next report: 2027-04-23

Revenue (TTM)CN¥28.6B+65.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)16.5%+5.3 pp vs a year agoOperating income CN¥4.73B

Net income (TTM)CN¥3.41B+116.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-CN¥1.25B-715.6% vs a year agoCapex CN¥1.11B

Diluted EPS (TTM)CN¥1.51+101.3% vs a year agoSum of the last 4 quarters

Net cash-CN¥6.6B-160.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: CN¥83.8B
Revenue: CN¥28.6B
Revenue growth: +95%
Profit margin: 11.9%
P/E: 24.4×
P/S: 2.9×
EV / EBITDA: 18.2×
Free cash flow: -CN¥1.25B
Net income: CN¥3.41B
Revenue estimate: CN¥34.4B
Earnings: 2027-04-23
Dividend: CN¥0.23

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: 49.1% year on yearQ3 '26 revenue CN¥7.31B, against an average of 67.1% over the four quarters before.
Operating margin 16.5% (TTM), +5.3 pp on a year agoOperating income grew 142.9% while revenue grew 65.5%.
Capex 3.9% of revenue (a year ago 5.2%)CN¥1.11B invested in the last 4 quarters (+22.6% on a year earlier). Free cash flow -CN¥1.25B = -36.5% of net income.
Diluted share count down 0.0% in a year2.28B diluted shares in Q3 '26, 2.28B a year earlier.
Net debt CN¥6.6BCash + short-term investments CN¥2.43B, debt incl. leases CN¥9.03B; a year ago net debt CN¥2.53B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	CN¥7.31B	CN¥4.91B	+49.1%
Gross margin	32.4%	22.9%	+9.6 pp
Operating income	CN¥1.4B	CN¥412M	+240.3%
Operating margin	19.2%	8.4%	+10.8 pp
Net income	CN¥903M	CN¥335M	+169.1%
Diluted EPS	CN¥0.40	CN¥0.15	+166.7%
Operating cash flow	CN¥693M	CN¥364M	+90.3%
Capex	CN¥230M	CN¥122M	+88.8%
Free cash flow	CN¥463M	CN¥243M	+91.0%
R&D	CN¥314M	CN¥228M	+37.5%
Stock-based compensation	CN¥0	CN¥0	–

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	CN¥7.26B	CN¥7.31B	-0.7%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: -CN¥139M
Capex: -CN¥1.11B
Buybacks: CN¥0
Dividends: CN¥0
Acquisitions: -CN¥745M
Net debt issued: -CN¥623M
Stock-based compensation: CN¥0
Free cash flow: -CN¥1.25B
Returned to shareholders / FCF: 0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	24.4×	29.5×	14.9× – 47.8×
EV / EBITDA	18.2×	14.4×	7.7× – 24.5×
EV / Sales	3.2×	1.7×	1.0× – 3.5×
Price / FCF	-67.2×	93.4× 4 of 5 years	46.5× – 165.5×
Price / Book	6.8×	3.4×	1.7× – 6.3×
FCF yield	-1.5%	0.9%	-0.6% – 2.2%
Return on invested capital	16.6%	8.4%	7.5% – 9.5%
Return on equity	31.1%	11.5%	9.9% – 13.2%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CN¥34.4B	+95.1%	CN¥1.84	+217.2%	20.0×	4
FY2027	CN¥37B	+7.6%	CN¥2.12	+15.3%	17.3×	4
FY2028	CN¥38.5B	+4.0%	CN¥2.58	+21.6%	14.3×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02