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Global port operator under China Merchants Group, holding stakes in container terminals across China and overseas.
Global port operator under China Merchants Group, holding stakes in container terminals across China and overseas.
Earns handling and storage charges on cargo moving through terminals it runs or part-owns, so profit tracks container and bulk volumes at its ports. It is part of state-owned China Merchants Group, whose Hong Kong-listed arm, China Merchants Port Holdings, is a separate listing.
In one line: A Chinese Hutchison Ports/DP World.
Moat: narrow (scale, installed base, regulatory licence). Diversified global port portfolio with Belt and Road-linked overseas terminal stakes.
Headquarters: Shenzhen, China · Employees: 15,075
Size China Merchants Port (001872.SZ) is a China Industrials company (Other Transportation) with a market value of $9.20B, the 269th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.35 on 6 Nov 2026.
Performance Over six months the shares gained 14.4%, against +1.1% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 8.4% over the last twelve months (peer median +8.5%); the operating margin is 31.9% (peer median 20.7%).
Valuation It trades at 12.9× forward earnings against a peer median of 16.8× (5th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points below its cost of capital (5.0% WACC).
Next results Next results expected around 6 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.0B | CN¥17.2B | CN¥16.1B | CN¥15.7B | CN¥16.2B |
| Revenue growth | — | +7% | +2% | -3% | — |
| Gross profit | CN¥10.5B | CN¥7.45B | CN¥6.78B | CN¥6.27B | CN¥6.42B |
| EBITDA | n/a | CN¥8.52B | CN¥7.94B | CN¥7.30B | CN¥7.18B |
| Net income | CN¥4.97B | CN¥4.61B | CN¥4.52B | CN¥3.57B | CN¥3.34B |
| Free cash flow | CN¥10.1B | CN¥9.12B | CN¥9.01B | CN¥6.98B | CN¥7.22B |
| Capital expenditure | CN¥1.60B | CN¥2.18B | CN¥1.95B | CN¥1.93B | CN¥2.13B |
| Total debt | CN¥50.8B | CN¥57.5B | CN¥57.9B | CN¥57.9B | CN¥53.9B |
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 |
|---|---|---|---|---|---|---|
| China Merchants Port 001872.SZ | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% |
| Ckh 0001.HK | $34.3B | -2% | -2% | 11% | 11.3× | 1.2% |
| COSCO SHIPPING Ports 1199.HK | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% |
| Shanghai International Port (Group) 600018.SS | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% |
| Ningbo Zhoushan Port 601018.SS | $10.4B | -4% | +12% | 16% | n/a | -7.3% |
| Qingdao Port International 601298.SS | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% |
| Adani Ports & Special Economic Zone ADANIPORTS.NS | $47.2B | +12% | +23% | 44% | 29.4× | 34.5% |
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 | 001872.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +8.3% | 7th lowest of 21 |
| 6-month return | +14.4% | +1.1% | 2nd highest of 21 |
| Distance from 52-week high | -5.7% | -18.8% | 4th highest of 21 |
| Revenue growth (TTM) | +8.4% | +8.5% | 11th highest of 21 |
| Operating margin | 31.9% | 20.7% | 7th highest of 21 |
| Forward P/E | 12.9× | 16.8× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.1% | 4.7% | 8th least demanding of 16 |
| Growth delivered (Del g) | +6.2% | +21.5% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -4.1 pp | -16.6 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -1.7 pp | +0.6 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Qingdao Port International 601298.SS | China | $8.98B | +10% | +4% | 31% | 12.0× | -12.0% | +7.2% |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 10.1× | n/a | n/a |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | n/a | -10.7% | -1.3% |