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Hunan-based steel producer making auto-grade sheet, plate and long steel products, part of the Valin steel group.
Hunan-based steel producer making auto-grade sheet, plate and long steel products, part of the Valin steel group.
Sells steel at market prices set largely by demand, so profit is the thin gap between selling prices and the cost of iron ore and coking coal. Automotive sheet is its higher-value line, set against ordinary plate and long products that many mills can make. A provincial state steel group controls it.
In one line: A mid-sized Chinese integrated steel mill.
Moat: none (scale). Commodity steel production in a chronically oversupplied Chinese industry with thin, cyclical margins.
Headquarters: Changsha, China · Founded: 1958 · Employees: 23,130
Size Hunan Valin Steel (000932.SZ) is a China Materials company (Steel) with a market value of $3.49B, the 740th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.40 on 6 Nov 2026.
Performance Over six months the shares fell 26.7%, against -19.9% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue fell 7.0% over the last twelve months (peer median +0.5%); the operating margin is 0.9% (peer median 3.7%).
Valuation It trades at 20.0× forward earnings against a peer median of 13.6× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥119B | CN¥122B | CN¥146B | CN¥165B | CN¥168B |
| Revenue growth | — | -17% | -11% | -2% | — |
| Gross profit | CN¥12.2B | CN¥11.7B | CN¥11.3B | CN¥15.8B | CN¥17.2B |
| EBITDA | n/a | CN¥8.13B | CN¥7.21B | CN¥10.5B | CN¥11.9B |
| Net income | CN¥351M | CN¥2.61B | CN¥2.03B | CN¥5.08B | CN¥6.38B |
| Free cash flow | CN¥800M | CN¥1.02B | CN¥1.24B | -CN¥922M | CN¥3.46B |
| Capital expenditure | CN¥5.03B | CN¥6.14B | CN¥4.73B | CN¥6.21B | CN¥6.10B |
| Total debt | CN¥66.7B | CN¥54.2B | CN¥59.0B | CN¥43.7B | CN¥37.4B |
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 |
|---|---|---|---|---|---|---|
| Hunan Valin Steel 000932.SZ | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% |
| Angang Steel 000898.SZ | $2.50B | -15% | -6% | -7% | n/a | n/a |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
| Maanshan Iron & Steel 600808.SS | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% |
| HBIS 000709.SZ | $2.96B | -16% | -6% | 5% | 12.2× | n/a |
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 | 000932.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -7.1% | 7th highest of 21 |
| 6-month return | -26.7% | -19.9% | 8th lowest of 20 |
| Distance from 52-week high | -50.4% | -36.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | -7.0% | +0.5% | 3rd lowest of 21 |
| Operating margin | 0.9% | 3.7% | 6th lowest of 21 |
| Forward P/E | 20.0× | 13.6× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 7.4% | 8th least demanding of 16 |
| Growth delivered (Del g) | +0.9% | +6.1% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | +5.5 pp | -4.2 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -2.6 pp | -2.1 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |