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Dalian-based heavy-equipment maker of port cranes, mining, metallurgical and wind-power machinery, not a steelmaker.
Dalian-based heavy-equipment maker of port cranes, mining, metallurgical and wind-power machinery, not a steelmaker.
In one line: A smaller, more diversified Terex/Konecranes.
Moat: narrow (scale, installed base). Large heavy-casting/forging capacity and long-standing state-linked customer relationships.
Headquarters: Dalian, China · Employees: 6,509
Size Dalian Huarui Heavy Industry (002204.SZ) is a China Materials company (Steel) with a market value of $1.43B, the 1703rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.93 on 6 Nov 2026.
Performance Over six months the shares fell 28.0%, against -24.9% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +3.2%); the operating margin is 3.9% (peer median 3.3%).
Valuation It trades at 0.7× enterprise value to sales against a peer median of 1.2× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥15.9B | CN¥15.5B | CN¥14.2B | CN¥12.0B | CN¥10.3B |
| Revenue growth | — | +9% | +19% | +16% | — |
| Gross profit | CN¥2.97B | CN¥2.81B | CN¥2.35B | CN¥2.13B | CN¥1.94B |
| EBITDA | n/a | CN¥910M | CN¥769M | CN¥477M | CN¥320M |
| Net income | CN¥667M | CN¥583M | CN¥498M | CN¥363M | CN¥288M |
| Free cash flow | CN¥1.22B | CN¥593M | CN¥128M | -CN¥1.03B | -CN¥45.3M |
| Capital expenditure | CN¥152M | CN¥194M | CN¥481M | CN¥890M | CN¥83.6M |
| Total debt | CN¥5.63B | CN¥5.19B | CN¥4.95B | CN¥4.20B | CN¥2.92B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Dalian Huarui Heavy Industry 002204.SZ | $1.43B | -28% | +5% | 4% | 0.7× | -3.8% |
| Shanghai Zhenhua Heavy Industries 600320.SS | $2.64B | -21% | +6% | 5% | 1.1× | -4.9% |
| XCMG Construction Machinery 000425.SZ | $12.6B | -28% | +8% | 8% | 1.3× | -3.2% |
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 1.4× | -2.6% |
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 | 002204.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.5% | -5.5% | 9th lowest of 21 |
| 6-month return | -28.0% | -24.9% | 8th lowest of 21 |
| Distance from 52-week high | -40.5% | -41.8% | 10th highest of 21 |
| Revenue growth (TTM) | +5.0% | +3.2% | 11th highest of 21 |
| Operating margin | 3.9% | 3.3% | 9th highest of 21 |
| EV / Sales | 0.7× | 1.2× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.8% | 15.4% | least demanding of 12 |
| Growth delivered (Del g) | +13.9% | +10.2% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | -17.6 pp | +0.8 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +1.1 pp | -4.5 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | 0.7× | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 0.4× | n/a | n/a |
| Fangda Special Steel Technology 600507.SS | China | $1.38B | -32% | +8% | 3% | 0.6× | n/a | n/a |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 2.4× | 21.7% | +6.3% |
| Gallantt Ispat GALLANTT.NS | India | $1.36B | -38% | +6% | 11% | 2.9× | 39.6% | +16.0% |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 4.0× | 34.8% | +7.1% |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 1.9× | n/a | n/a |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | 0.8× | 0.3% | +6.0% |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 2.0× | -1.6% | +11.7% |
| Yongjin Technology 603995.SS | China | $1.28B | +22% | +11% | 2% | 0.3× | n/a | n/a |
| Liuzhou Iron & Steel 601003.SS | China | $1.28B | -29% | 0% | 1% | 0.7× | -0.3% | +4.7% |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | 2.8× | 10.6% | +20.9% |
| Gansu Jiu Steel Group Hongxing Iron & Steel 600307.SS | China | $1.25B | -25% | -6% | -5% | 1.3× | n/a | n/a |
| Chongqing Iron & Steel 601005.SS | China | $1.63B | -17% | -12% | -13% | 0.8× | n/a | n/a |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | 0.8× | n/a | n/a |
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | 0.8× | 20.8% | +41.6% |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 1.5× | n/a | n/a |
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 1.3× | 15.4% | +10.2% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 1.1× | 17.5% | +10.9% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | 0.4× | n/a | n/a |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | 1.5× | 9.1% | +8.4% |