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Operator of ferry and ro-ro shipping services across the Qiongzhou Strait between Hainan and mainland China.
Operator of ferry and ro-ro shipping services across the Qiongzhou Strait between Hainan and mainland China.
Earns fares from every passenger, car and truck crossing the Qiongzhou Strait, where road traffic to and from Hainan island must go by ferry because there is no fixed link. Volumes swing with tourist seasons, freight demand and fuel cost.
Moat: narrow (regulatory licence, installed base). Licensed operator of the key strait crossing linking Hainan island to the mainland.
Headquarters: Haikou, Hainan, China · Employees: 3,230
Size Hainan Strait Shipping (002320.SZ) is a China Industrials company (Other Transportation) with a market value of $1.88B, the 1331st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.61 on 6 Nov 2026.
Performance Over six months the shares fell 34.0%, against -2.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median +4.0%); the operating margin is 23.4% (peer median 15.7%).
Valuation It trades at 70.1× forward earnings against a peer median of 11.2× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +37%, so the hurdle is -37 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.6 points above its cost of capital (7.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.14B | CN¥5.10B | CN¥5.12B | CN¥3.92B | CN¥2.96B |
| Revenue growth | — | 0% | +30% | +32% | — |
| Gross profit | CN¥2.15B | CN¥1.69B | CN¥1.83B | CN¥1.89B | CN¥1.19B |
| EBITDA | n/a | CN¥1.70B | CN¥1.85B | CN¥1.86B | CN¥1.22B |
| Net income | CN¥121M | CN¥173M | CN¥310M | CN¥434M | CN¥152M |
| Free cash flow | CN¥971M | CN¥1.04B | CN¥1.41B | CN¥1.62B | CN¥989M |
| Capital expenditure | CN¥583M | CN¥482M | CN¥264M | CN¥163M | CN¥418M |
| Total debt | CN¥2.10B | CN¥2.41B | CN¥1.89B | CN¥606M | CN¥478M |
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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 | 002320.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.7% | 0.0% | 2nd lowest of 21 |
| 6-month return | -34.0% | -2.2% | 2nd lowest of 21 |
| Distance from 52-week high | -65.5% | -12.8% | lowest of 21 |
| Revenue growth (TTM) | +4.5% | +4.0% | 11th highest of 21 |
| Operating margin | 23.4% | 15.7% | 6th highest of 21 |
| Forward P/E | 70.1× | 11.2× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | -7.0% | 5th most demanding of 13 |
| Growth delivered (Del g) | +36.7% | +4.9% | highest of 13 |
| Hurdle (Req g minus delivered) | -37.2 pp | -12.2 pp | least demanding of 13 |
| ROIC minus cost of capital | +6.6 pp | -0.1 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hainan Strait Shipping 002320.SZ | China | $1.88B | -34% | +4% | 23% | 70.1× | -0.5% | +36.7% |
| Tianjin Port 600717.SS | China | $1.89B | -2% | -8% | 18% | n/a | -14.6% | -1.6% |
| Westshore Terminals Investment WTE.TO | Canada | $1.90B | +16% | -16% | 33% | 26.3× | 11.9% | -2.6% |
| Hutchison Port Holdings Trust NS8U.SI | Singapore | $1.96B | +7% | +5% | 42% | 15.3× | -10.5% | +1.7% |
| NANKAI 9044.T | Japan | $2.03B | 0% | +7% | 15% | 13.1× | n/a | n/a |
| Hamburger Hafen und Logistik HHFA.DE | Germany | $1.72B | -2% | +3% | 7% | n/a | n/a | n/a |
| Shenzhen Airport 000089.SZ | China | $2.08B | -5% | +5% | 17% | 14.2× | -6.4% | +11.4% |
| Evergreen Aviation Technologies 2645.TW | Taiwan | $1.67B | -8% | +10% | 17% | 16.2× | -1.0% | +11.2% |
| Comfortdelgro C52.SI | Singapore | $2.19B | -10% | +9% | 9% | 15.0× | -8.2% | +9.3% |
| FirstGroup FGP.L | United Kingdom | $1.60B | +40% | -6% | 5% | 11.4× | -7.6% | +1.9% |
| Dongguan Development (Holdings) 000828.SZ | China | $1.57B | -3% | -4% | 39% | 10.7× | 0.7% | +4.4% |
| Sotetsu 9003.T | Japan | $1.55B | -4% | +9% | 13% | 10.1× | n/a | n/a |
| Shreeji Shipping Global SHREEJISPG.NS | India | $1.53B | +111% | +21% | 24% | n/a | n/a | n/a |
| Fujian Expressway Development 600033.SS | China | $1.51B | +1% | -3% | 47% | n/a | -16.1% | +5.6% |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| Shenzhen International 0152.HK | Hong Kong | $1.49B | -35% | +15% | 11% | 6.1× | n/a | n/a |
| Henan Zhongyuan Expressway 600020.SS | China | $1.43B | +5% | -11% | 20% | 9.4× | 5.9% | +5.4% |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Nishi-Nippon Railroad 9031.T | Japan | $1.37B | 0% | +10% | 7% | 9.0× | n/a | n/a |
| Qinhuangdao Port 601326.SS | China | $2.70B | -5% | +2% | 23% | 10.3× | -10.9% | +2.7% |