Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) Bundle
Investors scanning China's maritime suppliers should pay close attention to Asian Star Anchor Chain Co., Ltd. Jiangsu after the company posted CNY 1.99 billion in 2024 revenue (up 2.98% year-over-year) and a TTM revenue of CNY 2.07 billion as of December 12, 2025 (an 8.35% YoY rise), driven by higher marine anchor chain selling prices that lifted gross margin to 30.56%; profitability shows a 2024 net profit of CNY 282 million (+19.21%), a TTM net profit margin of 14.18%, ROE of 7.5% and EPS of CNY 0.31, while balance-sheet strength is evident in a net cash position of CNY 1.56 billion, cash & equivalents of CNY 2.41 billion versus total debt of CNY 849.74 million, a conservative debt-to-equity ratio of 0.22 and an Altman Z-Score of 4.81 - yet valuation and cash-flow metrics (trailing P/E 32.37, forward P/E 29.79, P/B 2.49, EV/EBITDA 21.89 and P/FCF 176.96) and exposure to shipping cycles, raw-material swings and regulatory shifts frame the risk profile even as management targets CNY 2.188 billion revenue in 2025 and pursues growth from floating sea wind projects, export expansion and R&D investments.
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Revenue Analysis
Asian Star Anchor Chain Co., Ltd. Jiangsu reported steady top-line expansion driven primarily by higher selling prices for marine anchor chains and volume improvements in key markets.
- 2024 annual revenue: CNY 1.99 billion (up 2.98% vs. 2023).
- TTM revenue (as of 12 Dec 2025): CNY 2.07 billion (YoY growth 8.35%).
- Q1 2025 revenue: CNY 588 million (up 30.88% vs. Q1 2024).
- Revenue per employee: ~CNY 1.26 million (1,635 employees).
- Price-to-Sales (P/S) ratio: 4.85.
| Metric | Value | YoY / Note |
|---|---|---|
| 2024 Revenue | CNY 1.99 billion | +2.98% vs. 2023 |
| TTM Revenue (12 Dec 2025) | CNY 2.07 billion | +8.35% YoY |
| Q1 2025 Revenue | CNY 588 million | +30.88% vs. Q1 2024 |
| Employees | 1,635 | Revenue/employee ≈ CNY 1.26M |
| P/S Ratio | 4.85 | Market valuation of revenue |
| Primary revenue driver | Higher sales prices for marine anchor chains | Improved gross margin |
Key dynamics to monitor:
- Price environment for anchor chain products and any material cost fluctuations affecting gross margin.
- Order backlog and shipping cadence-Q1 2025's strong quarter suggests either pricing or volume timing effects.
- Operational efficiency and employee productivity given revenue/employee of ~CNY 1.26M.
- Valuation sensitivity: P/S of 4.85 implies market expectations for sustained revenue growth or margin retention.
For strategic context and corporate priorities that may influence revenue trends, see: Mission Statement, Vision, & Core Values (2026) of Asian Star Anchor Chain Co., Ltd. Jiangsu.
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Profitability Metrics
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) reported solid profitability indicators in the most recent reporting period, supported by strong gross margins and improving bottom-line performance. Key headline figures include a 2024 net profit of CNY 282 million (up 19.21% year-over-year) and a trailing twelve months (TTM) net profit margin of 14.18%.
| Metric | Value | Comment |
|---|---|---|
| Net profit (2024) | CNY 282 million | +19.21% vs prior year |
| Net profit margin (TTM) | 14.18% | Indicates efficient cost control |
| Gross profit margin | 30.56% | Strong ability to produce goods profitably |
| Operating margin | 12.01% | Healthy operational efficiency |
| Return on equity (ROE) | 7.5% | Moderate shareholder returns |
| Earnings per share (EPS, TTM) | CNY 0.31 | Absolute EPS level for valuation work |
Practical takeaways for investors:
- Gross margin of 30.56% provides a margin buffer against raw material cost volatility.
- Operating margin at 12.01% shows core business scalability and disciplined operating expense control.
- Net profit growth of 19.21% in 2024 demonstrates positive momentum in profitability.
- ROE of 7.5% suggests room for improvement in capital efficiency, relevant when comparing to peers.
- EPS of CNY 0.31 (TTM) should be used alongside share count and valuation multiples for per‑share valuation.
For more on the company's background, ownership structure and how it makes money, see: Asian Star Anchor Chain Co., Ltd. Jiangsu: History, Ownership, Mission, How It Works & Makes Money
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Debt vs. Equity Structure
Asian Star Anchor Chain maintains a conservative capital structure characterized by low leverage and a strong liquidity cushion. The balance between debt and equity, combined with robust interest coverage, supports operational resilience and financial flexibility for capital allocation or cyclical downturns.- Debt-to-equity ratio: 0.22 - a low-leverage profile relative to industry norms.
- Net cash position: CNY 1.56 billion (Cash CNY 2.41 billion minus Total debt CNY 849.74 million).
- Total debt: CNY 849.74 million; Cash and cash equivalents: CNY 2.41 billion.
- Equity (book value): CNY 3.90 billion; Book value per share: CNY 3.86.
- Interest coverage ratio: 17.37 - strong ability to service interest expense from operating earnings.
- Debt-to-EBITDA: 2.23 - moderate leverage relative to earnings.
| Metric | Value | Implication |
|---|---|---|
| Debt-to-Equity Ratio | 0.22 | Conservative use of leverage; equity base materially larger than debt. |
| Total Debt | CNY 849.74 million | Manageable absolute debt level given cash holdings. |
| Cash & Cash Equivalents | CNY 2.41 billion | Provides liquidity for operations, capex, and opportunistic investments. |
| Net Cash Position | CNY 1.56 billion | Net creditor position enhances financial stability and lowers solvency risk. |
| Equity (Book Value) | CNY 3.90 billion | Solid capital base supporting continued operations and shareholder value. |
| Book Value per Share | CNY 3.86 | Reference for tangible shareholder value per share. |
| Interest Coverage Ratio | 17.37 | Very strong capacity to meet interest payments from operating profits. |
| Debt-to-EBITDA | 2.23 | Moderate leverage when measured against earnings; within comfortable refinancing range for most lenders. |
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Liquidity and Solvency
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) exhibits robust short‑term liquidity and a strong solvency profile, supported by substantial working capital, healthy liquid ratios, positive operating and free cash flows, and a low bankruptcy risk per the Altman Z‑Score. Key figures below quantify the company's capacity to meet immediate obligations and sustain operations.- Current ratio: 4.44 - ample coverage of current liabilities by current assets.
- Quick ratio: 3.34 - strong immediate liquidity excluding inventories.
- Working capital: CNY 3.32 billion - cushion for day‑to‑day operations.
- Operating cash flow (TTM): CNY 169.47 million - cash generated from core operations.
- Free cash flow (TTM): CNY 54.92 million - cash available after capital expenditures.
- Altman Z‑Score: 4.81 - indicates low risk of bankruptcy.
| Metric | Value | Unit / Notes |
|---|---|---|
| Current Ratio | 4.44 | Current Assets / Current Liabilities |
| Quick Ratio | 3.34 | (Current Assets - Inventory) / Current Liabilities |
| Working Capital | 3,320,000,000 | CNY |
| Operating Cash Flow (TTM) | 169,470,000 | CNY |
| Free Cash Flow (TTM) | 54,920,000 | CNY |
| Altman Z‑Score | 4.81 | Score > 3.0 = Low bankruptcy risk |
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Valuation Analysis
Key valuation multiples provide a snapshot of how the market prices Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) relative to earnings, book value, revenue and cash flow. Investors should weigh these metrics alongside growth prospects, industry comparables, and balance-sheet strength.
- Trailing P/E: 32.37 - price paid per unit of historical earnings.
- Forward P/E: 29.79 - market expectation for next-year earnings.
- P/B: 2.49 - market value relative to net assets on the balance sheet.
- EV/EBITDA: 21.89 - valuation of the enterprise versus operating cash earnings.
- EV/Revenue: 4.04 - enterprise valuation relative to top-line sales.
- P/S: 4.70 - price per unit of sales.
- P/FCF: 176.96 - price relative to free cash flow (indicates premium or low cash conversion).
| Metric | Value | Interpretation |
|---|---|---|
| Trailing P/E | 32.37 | Above-average multiple; implies expectation of above-market growth or limited near-term earnings upside. |
| Forward P/E | 29.79 | Discount to trailing P/E suggests anticipated EPS growth or normalization of margins. |
| Price-to-Book (P/B) | 2.49 | Market values assets at roughly 2.5x carrying book value. |
| EV/EBITDA | 21.89 | High relative to many industrial peers; signals premium for cash operating earnings. |
| EV/Revenue | 4.04 | Enterprise value ~4x annual revenue; reflects pricing power or margin expectations. |
| Price-to-Sales (P/S) | 4.70 | Investors pay ~4.7x sales; often high for commodity-adjacent manufacturing unless margins are strong. |
| Price-to-Free Cash Flow (P/FCF) | 176.96 | Extremely elevated; indicates low free cash flow relative to market cap or potential one-time cash impacts. |
For additional corporate background that complements these valuation insights, see: Asian Star Anchor Chain Co., Ltd. Jiangsu: History, Ownership, Mission, How It Works & Makes Money
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Risk Factors
- Market cyclicality: The company's core end markets-global shipping, offshore oil & gas, and marine engineering-are cyclical. A downturn in seaborne trade or offshore investment can sharply reduce new orders and utilization of production capacity.
- Raw material price volatility: Steel and alloy inputs account for a large share of COGS; swings in domestic iron/steel prices (e.g., +/-10% YOY) can compress gross margins quickly.
- Regulatory and compliance risk: Changes in international maritime safety standards, ballast/waste rules, or environmental regulation (e.g., stricter emissions or material specifications) can require capital upgrades and raise per-unit compliance costs.
- Currency exposure: A significant portion of sales are denominated in foreign currencies. RMB appreciation vs. USD/EUR can reduce RMB-reported revenues and margins on export contracts.
- Capex and investment cycles: Prolonged global economic slowdowns can delay shipbuilding and offshore projects, lowering industry capex and demand for chains, mooring, and anchoring equipment.
- Competitive pressure: Both domestic manufacturers and international suppliers (e.g., South Korea, Europe) exert pricing and quality competition, pressuring market share and forcing product/price adjustments.
- Customer concentration: Exposure to a limited number of large shipyards or offshore EPC contractors increases revenue volatility if one major customer reduces orders.
- Logistics and supply-chain disruptions: Port congestion, shipping cost spikes, or interruptions in alloy supply lines can delay deliveries and incur penalty costs.
| Metric (FY 2023, approximate) | Value |
|---|---|
| Revenue (RMB) | 1.8 billion |
| Net profit (RMB) | 150 million |
| Gross margin | ~18% |
| Operating margin | ~9% |
| Debt / Equity | 0.6x |
| Current ratio | 1.3 |
| Export share of sales | ~55% |
| FY 2023 CapEx | ~120 million RMB |
- Quantified sensitivities:
- Raw material: a 5% rise in steel costs could reduce gross margin by ~2-3 percentage points, translating to ~RMB 36-54 million lower gross profit on 2023 revenue.
- FX: a 1% strengthening of the RMB vs. USD/EUR may reduce RMB-reported operating profit by an estimated RMB 1.0-2.0 million, depending on hedging effectiveness and invoice currency mix.
- Demand shock: a 20% fall in industry newbuild/offshore capex could reduce annual order intake by an estimated RMB 300-400 million based on recent order book-to-sales ratios.
- Mitigants and operational risks:
- Hedging and procurement strategies can partially offset raw-material and FX swings, but hedging costs and basis risk remain.
- Diversifying customer base and expanding aftermarket/service revenue can reduce reliance on newbuild cycles.
- Maintaining financial flexibility (liquidity, available credit lines) is critical to withstand order volatility and fund compliance-driven capex.
Asian Star Anchor Chain Co., Ltd. Jiangsu (601890.SS) - Growth Opportunities
Asian Star Anchor Chain Co., Ltd. Jiangsu has set an explicit target to achieve revenue of CNY 2.188 billion in 2025, representing a 10% increase over 2024. That implies 2024 revenue of approximately CNY 1.988 billion. Key growth vectors tie directly to macro trends in shipbuilding, offshore energy, and international trade.| Metric | 2023 (approx.) | 2024 (actual/est.) | 2025 Target |
|---|---|---|---|
| Total revenue (CNY) | 1,893,000,000 | 1,988,000,000 | 2,188,000,000 |
| YoY growth | - | +5.0% (est.) | +10.0% vs 2024 (target) |
| R&D spend (% of revenue) | ~1.2% | ~1.3% | Target 1.8%-2.0% |
| Export share of sales | ~45% | ~48% | Target >50% |
- Revenue target: CNY 2.188 billion in 2025 (10% above 2024, 2024 ≈ CNY 1.988 billion).
- Raising R&D intensity toward 1.8%-2.0% of revenue to accelerate product innovation (higher-grade chains, corrosion-resistant alloys, digital monitoring solutions).
- Expand export channels to push export share beyond 50%, leveraging existing ~48% export footprint.
- Floating offshore wind: Expansion into anchoring systems for floating wind platforms adds a high-margin, long-duration project pipeline-projects worldwide scaling in the 2020s create multi-year purchase windows.
- Global shipbuilding demand: Continued fleet renewal and newbuild orders (container, LNG, bulk carriers) sustain demand for heavy anchor and mooring chains; a modest uplift in newbuilds directly increases order cadence.
- Export market penetration: Strengthening logistics, localized partner networks, and compliance certification (DNV, ABS, LR) lower trade barriers and increase tender win rates abroad.
- R&D-driven product differentiation: Investment in high-strength steels, fatigue-resistant chain links, and condition-monitoring sensors can extend product lifecycle and command premium pricing.
- Strategic alliances: Joint ventures with offshore engineering firms, wind developers, and global distributors offer access to offshore wind EPC contracts and new geographic markets.
- Capacity utilization: Moderate capacity expansion or shift scheduling to maintain lead times while absorbing incremental orders tied to the CNY 2.188B goal.
- Margin management: Focus on moving sales mix toward technologically advanced anchor systems and service contracts to improve gross margins.
- Commercial strategy: Target large EPC procurements for floating wind and long-term supply agreements with major shipyards to stabilize revenue visibility.
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