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Integrated Chinese petrochemical group spanning refining, PTA and polyester, including an overseas refinery in Brunei.
Integrated Chinese petrochemical group spanning refining, PTA and polyester, including an overseas refinery in Brunei.
Buys crude oil and paraxylene to make PTA, polyester chips and fiber used in clothing and bottles, so margins come from the spread between its feedstock cost and product prices rather than branded goods. Its Brunei refinery was built to supply raw material to the polyester chain, and a privately controlled Zhejiang group runs it.
In one line: A Chinese Reliance Industries for the refining-to-polyester chain.
Moat: narrow (scale, cost advantage). Full refining-to-fiber integration lowers feedstock costs versus non-integrated polyester producers.
Headquarters: Hangzhou, China · Founded: 1994 · Employees: 17,511
Size Hengyi Petrochemical (000703.SZ) is a China Consumer Discretionary company (Textiles) with a market value of $7.21B, the 341st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.39 on 6 Nov 2026.
Performance Over six months the shares fell 29.8%, against -5.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 14 in its peer set.
Growth Revenue grew 20.7% over the last twelve months (peer median +13.0%); the operating margin is 9.2% (peer median 9.4%).
Valuation It trades at 5.0× forward earnings against a peer median of 16.6× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points above its cost of capital (5.7% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥138B | CN¥113B | CN¥125B | CN¥136B | CN¥152B |
| Revenue growth | — | -9% | -8% | -10% | — |
| Gross profit | CN¥17.7B | CN¥4.75B | CN¥4.01B | CN¥4.49B | CN¥2.95B |
| EBITDA | n/a | CN¥6.22B | CN¥5.64B | CN¥5.88B | CN¥4.29B |
| Net income | CN¥8.04B | CN¥258M | CN¥234M | CN¥435M | -CN¥1.08B |
| Free cash flow | CN¥1.41B | -CN¥579M | CN¥1.77B | -CN¥164M | CN¥338M |
| Capital expenditure | CN¥7.65B | CN¥5.50B | CN¥4.44B | CN¥4.93B | CN¥2.96B |
| Total debt | CN¥73.6B | CN¥71.8B | CN¥68.7B | CN¥68.7B | CN¥68.3B |
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 |
|---|---|---|---|---|---|---|
| Hengyi Petrochemical 000703.SZ | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% |
| Tongkun 601233.SS | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% |
| Rongsheng Petrochemical 002493.SZ | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% |
| Hengli Petrochemical 600346.SS | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% |
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 | 000703.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.9% | -5.6% | 5th lowest of 14 |
| 6-month return | -29.8% | -5.5% | 5th lowest of 14 |
| Distance from 52-week high | -40.9% | -21.1% | 5th lowest of 14 |
| Revenue growth (TTM) | +20.7% | +13.0% | 4th highest of 14 |
| Operating margin | 9.2% | 9.4% | 7th lowest of 14 |
| Forward P/E | 5.0× | 16.6× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -6.6% | 3.3% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +5.6% | +6.1% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | -12.3 pp | +0.9 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +4.3 pp | +1.7 pp | 4th highest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengyi Petrochemical 000703.SZ | China | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% | +5.6% |
| Huafon Chemical 002064.SZ | China | $7.15B | -18% | +13% | 14% | 12.0× | -0.3% | +10.5% |
| Tongkun 601233.SS | China | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% | +15.4% |
| Sinoma Science & Technology 002080.SZ | China | $8.76B | -40% | +18% | 9% | 19.5× | n/a | n/a |
| Inner Mongolia ERDOS Resources 600295.SS | China | $5.49B | -5% | +2% | 9% | 14.1× | -9.2% | +2.2% |
| Grace Fabric Technology 603256.SS | China | $10.6B | -36% | +115% | 44% | 57.2× | n/a | n/a |
| Toray Industries 3402.T | Japan | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% | +6.5% |
| Xinfengming 603225.SS | China | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% | +14.1% |
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |
| HMT (Xiamen) New Technical Materials 603306.SS | China | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% | +21.4% |
| Coats COA.L | United Kingdom | $2.14B | +2% | +5% | 15% | 11.2× | 11.6% | +4.1% |
| OC Oerlikon OERL.SW | Switzerland | $1.99B | +41% | -21% | 8% | 15.8× | 1.0% | -7.0% |
| Albany International AIN | United States | $1.91B | +8% | +14% | 13% | 22.5× | 8.5% | +5.6% |
| North Chemical Industries 002246.SZ | China | $1.80B | -10% | +17% | 15% | 28.4× | 8.3% | +3.0% |