Loading…
Chinese coal, power and electrolytic aluminum group integrating mining and captive power to smelt low-cost primary aluminum.
Chinese coal, power and electrolytic aluminum group integrating mining and captive power to smelt low-cost primary aluminum.
Aluminum is the main earner; because smelting uses vast amounts of electricity, owning coal mines and power plants lets it limit its largest input cost. Results therefore track the aluminum price against alumina and power costs, with coal prices a second driver.
In one line: A coal-to-aluminum integrated Chinese producer.
Moat: narrow (cost advantage). Coal-to-power-to-aluminum integration, including overseas smelting, lowers input costs.
Headquarters: Zhengzhou, China · Founded: 1996 · Employees: 22,709
Size Henan Shenhuo Coal Industary and Electricity Power (000933.SZ) is a China Materials company (Aluminum) with a market value of $8.45B, the 295th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.26 on 6 Nov 2026.
Performance Over six months the shares fell 21.4%, against -27.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 17 in its peer set.
Growth Revenue grew 17.4% over the last twelve months (peer median +11.9%); the operating margin is 26.5% (peer median 15.2%).
Valuation It trades at 6.2× forward earnings against a peer median of 7.3× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.0 points above its cost of capital (7.0% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥48.1B | CN¥41.1B | CN¥38.2B | CN¥37.5B | CN¥42.5B |
| Revenue growth | — | +8% | +2% | -12% | — |
| Gross profit | CN¥18.1B | CN¥9.38B | CN¥7.90B | CN¥9.66B | CN¥13.1B |
| EBITDA | n/a | CN¥9.72B | CN¥7.90B | CN¥9.80B | CN¥13.3B |
| Net income | CN¥8.00B | CN¥4.01B | CN¥4.31B | CN¥5.91B | CN¥7.58B |
| Free cash flow | CN¥12.6B | CN¥8.10B | CN¥6.55B | CN¥10.3B | CN¥13.8B |
| Capital expenditure | CN¥566M | CN¥861M | CN¥1.33B | CN¥985M | CN¥304M |
| Total debt | CN¥12.9B | CN¥11.8B | CN¥16.4B | CN¥25.4B | CN¥30.8B |
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 |
|---|---|---|---|---|---|---|
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% |
| Inner Mongolia Dian Tou Energy 002128.SZ | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% |
| Tianshan Aluminum 002532.SZ | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% |
| Aluminum Corporation of China 601600.SS | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% |
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 | 000933.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.3% | -6.7% | 8th highest of 18 |
| 6-month return | -21.4% | -27.7% | 7th highest of 17 |
| Distance from 52-week high | -36.0% | -43.2% | 8th highest of 18 |
| Revenue growth (TTM) | +17.4% | +11.9% | 6th highest of 17 |
| Operating margin | 26.5% | 15.2% | 5th highest of 17 |
| Forward P/E | 6.2× | 7.3× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -16.2% | -6.2% | least demanding of 15 |
| Growth delivered (Del g) | +17.0% | +9.5% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | -33.2 pp | -15.3 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | +21.0 pp | +9.7 pp | 4th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Henan Shenhuo Coal Industary and Electricity Power 000933.SZ | China | $8.45B | -21% | +17% | 26% | 6.2× | -16.2% | +17.0% |
| Tianshan Aluminum 002532.SZ | China | $8.36B | -28% | +17% | 31% | 6.4× | -13.0% | +1.4% |
| Shandong Nanshan Aluminium 600219.SS | China | $7.53B | -19% | +4% | 13% | 10.7× | -5.7% | +9.4% |
| Guangdong HEC Technology 600673.SS | China | $10.4B | -35% | +30% | 6% | 51.0× | n/a | n/a |
| Alcoa AA | United States | $10.4B | -37% | +10% | 14% | 7.4× | -4.9% | +7.1% |
| Vedanta VEDL.NS | India | $10.8B | -14% | -37% | 28% | 6.0× | -9.5% | -3.1% |
| National Aluminium NATIONALUM.NS | India | $6.33B | -19% | +14% | 43% | 8.3× | -4.2% | +14.7% |
| Inner Mongolia Dian Tou Energy 002128.SZ | China | $12.1B | -16% | +47% | 34% | 9.3× | -15.4% | +8.5% |
| Yunnan Aluminium 000807.SZ | China | $12.8B | -23% | +16% | 26% | 5.8× | -16.1% | +15.2% |
| Norsk Hydro NHY.OL | Norway | $14.4B | -34% | -4% | 10% | 8.3× | 0.4% | +12.7% |
| Vedanta Aluminium Metal VAML.NS | India | $15.6B | n/a | n/a | n/a | 6.7× | n/a | n/a |
| United Company RUSAL international PJSC 0486.HK | Hong Kong | $4.26B | -34% | -4% | 6% | n/a | n/a | n/a |
| Henan Zhongfu Industrial 600595.SS | China | $3.36B | -28% | +24% | 16% | 5.7× | -10.2% | +23.3% |
| Century Aluminum CENX | United States | $3.31B | -43% | +10% | 15% | 3.2× | 9.9% | +9.5% |
| Grupa Kety KTY.WA | Poland | $3.15B | +11% | +8% | 15% | 16.9× | 6.6% | +9.2% |
| Constellium CSTM | United States | $2.93B | -36% | +26% | 9% | 8.3× | -6.8% | +8.7% |
| Chinahongqiao 1378.HK | Hong Kong | $25.5B | -36% | +7% | 25% | 5.0× | -12.8% | +12.7% |
| Henan Mingtai Aluminum Industrial 601677.SS | China | $2.70B | -17% | +19% | 6% | 7.2× | -2.7% | +16.6% |