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Zhejiang waste-to-energy operator running municipal garbage-incineration power plants, after a corporate pivot from its earlier textile business.
Zhejiang waste-to-energy operator running municipal garbage-incineration power plants, after a corporate pivot from its earlier textile business.
In one line: A regional Chinese waste-to-energy operator.
Moat: narrow (regulatory licence, installed base). Long-term municipal incineration concessions provide stable, utility-like cash flow.
Headquarters: Huzhou, Zhejiang, China · Employees: 2,307
Size Wangneng Environment (002034.SZ) is a China Industrials company (Environmental Services) with a market value of $1.12B, the 2077th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.80 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -14.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 0.3% over the last twelve months (peer median +1.7%); the operating margin is 30.0% (peer median 14.8%).
Valuation It trades at 9.6× forward earnings against a peer median of 14.2× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.31B | CN¥3.22B | CN¥3.15B | CN¥3.16B | CN¥3.33B |
| Revenue growth | — | +2% | 0% | -5% | — |
| Gross profit | CN¥1.99B | CN¥1.28B | CN¥1.16B | CN¥1.14B | CN¥1.17B |
| EBITDA | n/a | CN¥1.63B | CN¥1.52B | CN¥1.41B | CN¥1.50B |
| Net income | CN¥817M | CN¥721M | CN¥561M | CN¥602M | CN¥728M |
| Free cash flow | CN¥1.07B | CN¥1.17B | CN¥805M | CN¥248M | -CN¥114M |
| Capital expenditure | CN¥666M | CN¥599M | CN¥801M | CN¥1.01B | CN¥1.62B |
| Total debt | CN¥3.08B | CN¥4.81B | CN¥5.74B | CN¥5.91B | CN¥5.99B |
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 |
|---|---|---|---|---|---|---|
| Wangneng Environment 002034.SZ | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% |
| Zhejiang Weiming Environment Protection 603568.SS | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% |
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 | 002034.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.4% | -3.0% | 6th highest of 21 |
| 6-month return | -15.4% | -14.4% | 10th lowest of 21 |
| Distance from 52-week high | -37.8% | -27.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +0.3% | +1.7% | 10th lowest of 21 |
| Operating margin | 30.0% | 14.8% | 3rd highest of 19 |
| Forward P/E | 9.6× | 14.2× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -13.6% | -4.5% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +14.1% | +9.5% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -27.7 pp | -11.3 pp | least demanding of 12 |
| ROIC minus cost of capital | +5.0 pp | -0.9 pp | 4th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| Zhongyuan Environmental Protection 000544.SZ | China | $1.05B | -15% | 0% | 32% | 5.1× | n/a | n/a |
| Daiseki 9793.T | Japan | $1.02B | -20% | +4% | 21% | 14.0× | -7.6% | +6.9% |
| China Sciences Ecorizon Tech 301175.SZ | China | $1.01B | -7% | +42% | 25% | 18.1× | n/a | n/a |
| Huaxin Resources Technology 301265.SZ | China | $1,000M | -14% | +13% | 7% | n/a | n/a | n/a |
| Wuhan Tianyuan 301127.SZ | China | $1.31B | -5% | +5% | 17% | 31.1× | n/a | n/a |
| EIT Environmental Development 300815.SZ | China | $962M | -25% | +4% | 13% | 10.7× | -7.0% | +12.3% |
| Cleanaway 8422.TW | Taiwan | $937M | -20% | +5% | 30% | 21.0× | n/a | n/a |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |
| Onterris ONT | United States | $770M | -1% | -1% | 1% | n/a | 44.1% | +20.4% |
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| Shenzhen Lions King Hi-Tech 301305.SZ | China | $758M | -22% | +19% | 18% | 13.4× | n/a | n/a |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| China Resources and Environment 600217.SS | China | $719M | -24% | -19% | -8% | n/a | -13.6% | -2.2% |
| Seche Environnement SCHP.PA | France | $689M | -7% | +2% | 6% | 19.9× | 4.8% | +13.3% |
| Jiangxi JDL Environmental Protection 688057.SS | China | $662M | +28% | -22% | -6% | n/a | -5.3% | -19.8% |
| QiaoYin City Management 002973.SZ | China | $661M | -14% | -12% | 10% | 14.0× | 8.9% | +4.9% |
| Zhejiang Feida Environmental Science & Technology 600526.SS | China | $596M | -18% | +3% | 7% | n/a | -5.3% | +9.5% |
| ECOVE Environment 6803.TWO | Taiwan | $545M | -12% | +6% | 18% | n/a | -4.5% | +11.4% |
| Wuhan Sanzhen Industry 600168.SS | China | $539M | -13% | -3% | 8% | n/a | n/a | n/a |