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Toll-road operator running expressways mainly in Guangdong and other Chinese provinces under the China Merchants Group.
Toll-road operator running expressways mainly in Guangdong and other Chinese provinces under the China Merchants Group.
In one line: A Chinese toll-road operator like Transurban.
Moat: wide (regulatory licence, scale). Long-term government concessions on expressways create durable, low-competition toll revenue.
Headquarters: Guangzhou, China · Employees: 7,836
Size China Merchants Expressway Network & Technology (001965.SZ) is a China Industrials company (Other Transportation) with a market value of $10.6B, the 234th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.37 on 6 Nov 2026.
Performance Over six months the shares gained 10.3%, against +1.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 26.5% over the last twelve months (peer median +8.6%); the operating margin is 14.6% (peer median 24.3%).
Valuation It trades at 14.6× forward earnings against a peer median of 16.5× (9th cheapest of 20).
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 +14%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 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¥15.6B | CN¥13.3B | CN¥12.7B | CN¥9.70B | CN¥8.27B |
| Revenue growth | — | +5% | +31% | +17% | — |
| Gross profit | CN¥6.74B | CN¥3.87B | CN¥4.22B | CN¥3.49B | CN¥2.84B |
| EBITDA | n/a | CN¥6.80B | CN¥7.33B | CN¥5.14B | CN¥3.97B |
| Net income | CN¥4.61B | CN¥4.61B | CN¥5.32B | CN¥6.77B | CN¥4.86B |
| Free cash flow | CN¥7.28B | CN¥8.32B | CN¥8.39B | CN¥6.12B | CN¥5.26B |
| Capital expenditure | CN¥2.46B | CN¥1.16B | CN¥1.25B | CN¥539M | CN¥748M |
| Total debt | CN¥60.0B | CN¥57.4B | CN¥58.3B | CN¥67.0B | CN¥42.2B |
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 |
|---|---|---|---|---|---|---|
| China Merchants Expressway Network & Technology 001965.SZ | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% |
| Shenzhen Expressway 600548.SS | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% |
| Sichuan Expressway 601107.SS | $2.89B | +16% | +7% | 27% | 13.2× | n/a |
| Jiangsu Expressway 600377.SS | $9.75B | +13% | +3% | 25% | 14.5× | 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 | 001965.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | +8.3% | 4th lowest of 21 |
| 6-month return | +10.3% | +1.5% | 5th highest of 21 |
| Distance from 52-week high | -3.2% | -18.2% | 3rd highest of 21 |
| Revenue growth (TTM) | +26.5% | +8.6% | 2nd highest of 21 |
| Operating margin | 14.6% | 24.3% | 5th lowest of 21 |
| Forward P/E | 14.6× | 16.5× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.7% | 2.1% | 5th most demanding of 16 |
| Growth delivered (Del g) | +13.7% | +21.5% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -7.0 pp | -16.6 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | -2.3 pp | +0.4 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Jiangsu Expressway 600377.SS | China | $9.75B | +13% | +3% | 25% | 14.5× | n/a | n/a |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| China Merchants Port 001872.SZ | China | $9.20B | +14% | +8% | 32% | 12.9× | 2.1% | +6.2% |
| 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% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| 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% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |
| 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% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| Shanghai International Port (Group) 600018.SS | China | $19.7B | +14% | +9% | 23% | 8.6× | -3.6% | +9.0% |
| 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 |