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Chinese oil refining and petrochemical company operating a refinery in northeast China.
Chinese oil refining and petrochemical company operating a refinery in northeast China.
Buys crude oil, refines it into fuels and chemicals and sells them at market-linked prices, so profit follows the gap between product and crude prices. The refinery is in Panjin, Liaoning, and the company belongs to the Norinco defence-industrial group.
Moat: none (scale). Regional refiner exposed to refining-margin cycles.
Headquarters: Liaoning, China · Employees: 6,769
Size North Huajin Chemical Industries (000059.SZ) is a China Energy company (Oil Refining/Marketing) with a market value of $1.10B, the 2124th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.58 on 6 Nov 2026.
Performance Over six months the shares fell 19.5%, against +4.4% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +12.1%); the operating margin is 1.2% (peer median 7.6%).
Valuation It trades at 14.1× forward earnings against a peer median of 7.8× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥39.3B | CN¥37.0B | CN¥31.4B | CN¥41.3B | CN¥43.9B |
| Revenue growth | — | +18% | -24% | -6% | — |
| Gross profit | CN¥7.24B | CN¥176M | -CN¥698M | CN¥1.91B | CN¥2.82B |
| EBITDA | n/a | -CN¥101M | -CN¥1.51B | CN¥1.92B | CN¥2.70B |
| Net income | CN¥10.9M | -CN¥1.76B | -CN¥2.79B | CN¥70.3M | CN¥529M |
| Free cash flow | CN¥1.93B | -CN¥3.07B | -CN¥512M | CN¥656M | CN¥1.56B |
| Capital expenditure | CN¥374M | CN¥514M | CN¥977M | CN¥318M | CN¥205M |
| Total debt | CN¥10.9B | CN¥12.2B | CN¥13.6B | CN¥13.0B | CN¥13.4B |
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| Measure | 000059.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.6% | -11.3% | 5th lowest of 19 |
| 6-month return | -19.5% | +4.4% | 5th lowest of 19 |
| Distance from 52-week high | -33.6% | -26.8% | 7th lowest of 19 |
| Revenue growth (TTM) | +3.1% | +12.1% | 8th lowest of 19 |
| Operating margin | 1.2% | 7.6% | 4th lowest of 19 |
| Forward P/E | 14.1× | 7.8× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | -6.3% | 7th least demanding of 15 |
| Growth delivered (Del g) | +4.6% | +13.3% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -12.7 pp | -19.9 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | +0.9 pp | +8.4 pp | 5th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Seobu T&D 006730.KS | South Korea | $479M | -31% | +52% | 27% | 13.1× | 8.2% | +24.0% |
| SHINANEN 8132.T | Japan | $463M | +7% | -3% | 2% | n/a | -3.2% | +6.6% |
| SINOPEC Shandong Taishan Petroleum 000554.SZ | China | $445M | -24% | -8% | 9% | n/a | -6.7% | +5.6% |
| Star Group LP SGU | United States | $432M | +2% | +8% | 6% | n/a | -17.8% | +4.0% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Oiltek International HQU.SI | Singapore | $339M | -52% | -5% | 19% | 41.7× | 11.6% | +17.6% |
| Sinopec Shanghai Petrochemical 0338.HK | Hong Kong | $3.71B | -8% | -6% | -2% | 20.8× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |