Industry: Tungsten Electrodes, Non-ferrous Metals Processing
Region: Shenzhen, Guangdong


Company Overview

Founded in 1995, Winner is a national high- tech enterprise specialized in research and development of new tungsten materials. With three divisions in Hangzhou, Shimen and Hengshan, Winner establishes the complete supply chain from producing high-purity Ammonium Paratungstate (intermediate material for tungsten compounds), to various Tungsten electrodes such as thorium tungsten, cerium and lanthanum tungsten, tungsten and molybdenum Filaments, tungsten metal powder and customized tungsten units. These products are continually and extensively demanded by high value-added manufacturing industries of Aerospace, Aviation, Military, Nuclear Power and High-speed Rail.

At present, Winner devotes to marketing its new product, non-radioactive tungsten cathode unit for cavity magnetron used by microwave and military devices. Capable of mastering the sophisticated techniques and ensuring the measurement precision and accuracy, Winner can raise the productivity of the tungsten cathode to 20 million sets per year, earning the domestic market shares from foreign suppliers.

Shenzhen Shenzhen Winner Tungsten Products Co., LTD. (WQTB)

Industry Prospect

Tungsten is characterized by low thermal expansion, high melting point over 1650°C (close to 3000°F), high tensile strength and excellent electrical conductivity. With high resistance to corrosion, heat and wear, tungsten products are used in alloys, such as steel, to improve the strength, many other hear-temperature applications and the fields of medical and thin-film technology.

Based on the mineral yearbook published by USGS in 2016, China ranks first in the world in terms of tungsten resources and reserves, holding 58% of global supplies. Tungsten supply and processing industry is one of the new high-tech industries supported by the China's government and related policy. With the expending global market, it is expected that the industry of processing high quality tungsten products is growing at a CAGR of 30%.

Return Projection

Net Income Projection: 
​Winner expects to generate revenue of 260 million RMB (close to $40 million) and net income of 50 million RMB (close to $7.7 million) in 2016, growing at 60% annually on average.

In 2015, the enterprise value of Winner is valued at 400 million in RMB (close to $61.7 million) with 58 million equity shares outstanding. Winner is under the process to IPO on NEEQ in February 2016 expected to generate a 20x return in three years.

Key Growth Drivers

Supply Chain Management: Winner sestablishes a more complete supply chain of tungsten and molybdenum products.​

Customer Relationship: 
​Winner maintains strong customer relationship with over 1,000 domestic and international downstream manufacturers.

New Products: 
​Winner expects after launching the new product of tungsten cathode, the net income will grow at 76% in the next three years.