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One of the world's largest makers of ductile iron pipes, used for water supply and gas distribution infrastructure.
One of the world's largest makers of ductile iron pipes, used for water supply and gas distribution infrastructure.
Sells pipes by the tonne, mainly to municipal water and gas networks, so volumes follow government infrastructure budgets while costs swing with pig iron and scrap prices. Pipes are made in a few very large plants, and exports to overseas utilities add sales beyond China.
In one line: A Chinese ductile-iron-pipe maker at large scale, akin to McWane.
Moat: narrow (scale). Large-scale, quality-certified ductile pipe production for critical water/gas infrastructure.
Headquarters: Xingtai, China · Founded: 1988 · Employees: 14,115
Size Xinxing Ductile Iron Pipes (000778.SZ) is a China Materials company (Steel) with a market value of $2.05B, the 1230th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.48 on 6 Nov 2026.
Performance Over six months the shares fell 24.4%, against -20.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median -1.0%); the operating margin is 1.8% (peer median 4.7%).
Valuation It trades at 20.5× forward earnings against a peer median of 18.0× (6th most expensive of 16).
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 -3%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below 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¥41.6B | CN¥36.9B | CN¥36.1B | CN¥43.2B | CN¥47.5B |
| Revenue growth | — | +2% | -16% | -9% | — |
| Gross profit | CN¥3.73B | CN¥2.65B | CN¥1.77B | CN¥2.52B | CN¥3.11B |
| EBITDA | n/a | CN¥2.76B | CN¥1.70B | CN¥2.42B | CN¥3.26B |
| Net income | CN¥692M | CN¥947M | CN¥167M | CN¥1.35B | CN¥1.68B |
| Free cash flow | CN¥3.34B | CN¥2.48B | -CN¥23.4M | CN¥1.03B | CN¥1.13B |
| Capital expenditure | CN¥947M | CN¥1.10B | CN¥955M | CN¥1.34B | CN¥2.34B |
| Total debt | CN¥12.6B | CN¥13.9B | CN¥15.8B | CN¥16.5B | CN¥17.2B |
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 |
|---|---|---|---|---|---|---|
| Xinxing Ductile Iron Pipes 000778.SZ | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% |
| Jindal Saw JINDALSAW.NS | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% |
| Electrosteel Castings ELECTCAST.NS | $450M | -25% | -16% | 2% | 26.5× | 12.6% |
| Kubota 6326.T | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% |
| Kurimoto,Ltd 5602.T | $576M | -4% | +3% | 7% | 10.5× | 2.1% |
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 | 000778.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | -8.2% | 7th highest of 21 |
| 6-month return | -24.4% | -20.0% | 10th lowest of 21 |
| Distance from 52-week high | -34.6% | -38.8% | 9th highest of 21 |
| Revenue growth (TTM) | +14.8% | -1.0% | 6th highest of 21 |
| Operating margin | 1.8% | 4.7% | 7th lowest of 20 |
| Forward P/E | 20.5× | 18.0× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | 10.6% | 2nd least demanding of 18 |
| Growth delivered (Del g) | -2.8% | +6.2% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | -4.1 pp | +5.5 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | -1.0 pp | -4.4 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| Angang Steel 0347.HK | Hong Kong | $2.48B | -32% | -1% | -7% | n/a | n/a | n/a |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |