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Beijing-based maker of refractory materials that line the high-temperature furnaces used in steel, cement and glass.
Beijing-based maker of refractory materials that line the high-temperature furnaces used in steel, cement and glass.
Sells heat-resistant bricks and linings that wear out inside furnaces, so demand repeats each time a furnace is relined, and often supplies installation and upkeep with the material. Steel mills are the main customer.
In one line: A small, Chinese-focused RHI Magnesita.
Moat: narrow (process know-how, switching costs). Refractory formulations are furnace-specific; mills stick with qualified suppliers to avoid downtime.
Headquarters: Beijing, China · Employees: 2,737
Size Beijing Lier High-Temperature Materials (002392.SZ) is a China Materials company (Steel) with a market value of $1.20B, the 1966th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.55 on 6 Nov 2026.
Performance Over six months the shares fell 28.9%, against -24.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 15.9% over the last twelve months (peer median -1.0%); the operating margin is 3.7% (peer median 1.4%).
Valuation It trades at 14.7× forward earnings against a peer median of 28.2× (4th cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.8 points below its cost of capital (7.5% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.86B | CN¥6.96B | CN¥6.32B | CN¥5.65B | CN¥4.71B |
| Revenue growth | — | +10% | +12% | +20% | — |
| Gross profit | CN¥1.14B | CN¥927M | CN¥855M | CN¥983M | CN¥750M |
| EBITDA | n/a | CN¥456M | CN¥523M | CN¥574M | CN¥379M |
| Net income | CN¥530M | CN¥401M | CN¥319M | CN¥392M | CN¥256M |
| Free cash flow | CN¥144M | CN¥84.6M | CN¥134M | -CN¥220M | CN¥425M |
| Capital expenditure | CN¥77.0M | CN¥47.3M | CN¥32.4M | CN¥61.5M | CN¥24.2M |
| Total debt | CN¥3.54B | CN¥2.93B | CN¥2.07B | CN¥1.81B | CN¥1.34B |
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 |
|---|---|---|---|---|---|---|
| Beijing Lier High-Temperature Materials 002392.SZ | $1.20B | -29% | +16% | 4% | 14.7× | 15.4% |
| RHI Magnesita RHIM.L | $1.74B | +2% | -1% | 11% | 6.9× | 3.0% |
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 | 002392.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -5.7% | 4th lowest of 21 |
| 6-month return | -28.9% | -24.8% | 7th lowest of 20 |
| Distance from 52-week high | -42.2% | -43.9% | 10th highest of 21 |
| Revenue growth (TTM) | +15.9% | -1.0% | 4th highest of 19 |
| Operating margin | 3.7% | 1.4% | 5th highest of 19 |
| Forward P/E | 14.7× | 28.2× | 4th cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 9.2% | 4th most demanding of 8 |
| Growth delivered (Del g) | +10.2% | +11.7% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +5.3 pp | -5.7 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -3.8 pp | -5.5 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 14.7× | 15.4% | +10.2% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | n/a | n/a | n/a |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 102.8× | n/a | n/a |
| Guizhou Aviation Technical Development 688239.SS | China | $1.19B | -39% | +23% | 12% | 26.1× | 17.7% | +25.0% |
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | n/a | 20.8% | +41.6% |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | n/a | n/a | n/a |
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 53.7× | n/a | n/a |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | n/a | n/a | n/a |
| Gansu Jiu Steel Group Hongxing Iron & Steel 600307.SS | China | $1.25B | -25% | -6% | -5% | n/a | n/a | n/a |
| Liuzhou Iron & Steel 601003.SS | China | $1.28B | -29% | 0% | 1% | 28.2× | -0.3% | +4.7% |
| Yongjin Technology 603995.SS | China | $1.28B | +22% | +11% | 2% | 12.1× | n/a | n/a |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 11.4× | -1.6% | +11.7% |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | n/a | 0.3% | +6.0% |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| HBIS Resources 000923.SZ | China | $1.33B | -19% | -5% | 0% | 52.4× | n/a | n/a |
| Gallantt Ispat GALLANTT.NS | India | $1.36B | -38% | +6% | 11% | n/a | 39.6% | +16.0% |