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Chinese maker of air-separation equipment and industrial-gas plants, and a supplier of industrial gases (oxygen, nitrogen) itself.
Chinese maker of air-separation equipment and industrial-gas plants, and a supplier of industrial gases (oxygen, nitrogen) itself.
Builds air-separation plants, which split air into oxygen and nitrogen, and sells them to steel, chemical and coal-chemical makers as large projects delivered over a year or more. It also sells oxygen and nitrogen itself, which gives steadier income than equipment orders. Demand follows heavy-industry investment.
In one line: A Chinese Linde Engineering for air-separation equipment.
Moat: narrow (scale, installed base, process know-how). Leading domestic air-separation equipment maker with a large installed base across heavy industry.
Headquarters: Hangzhou, China · Employees: 5,752
Size Hangzhou Oxygen Plant (002430.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $3.89B, the 660th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.51 on 6 Nov 2026.
Performance Over six months the shares fell 15.7%, against -21.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 15.7% over the last twelve months (peer median +10.3%); the operating margin is 10.6% (peer median 13.3%).
Valuation It trades at 20.9× forward earnings against a peer median of 15.9× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.7 points above its cost of capital (7.5% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥17.1B | CN¥15.0B | CN¥13.7B | CN¥13.3B | CN¥12.7B |
| Revenue growth | — | +10% | +3% | +4% | — |
| Gross profit | CN¥4.62B | CN¥3.00B | CN¥2.71B | CN¥2.91B | CN¥3.11B |
| EBITDA | n/a | CN¥2.57B | CN¥2.29B | CN¥2.50B | CN¥2.34B |
| Net income | CN¥1.18B | CN¥949M | CN¥922M | CN¥1.22B | CN¥1.21B |
| Free cash flow | CN¥1.22B | CN¥543M | -CN¥696M | -CN¥603M | -CN¥569M |
| Capital expenditure | CN¥928M | CN¥1.70B | CN¥2.96B | CN¥3.08B | CN¥2.02B |
| Total debt | CN¥7.71B | CN¥7.81B | CN¥7.54B | CN¥6.79B | CN¥5.18B |
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 |
|---|---|---|---|---|---|---|
| Hangzhou Oxygen Plant 002430.SZ | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
| Air Liquide AI.PA | $134B | +15% | -1% | 21% | 29.0× | 18.1% |
| Air Products APD | $67.9B | +4% | +5% | 24% | 21.2× | n/a |
| Nippon Sanso 4091.T | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% |
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 | 002430.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | -5.6% | highest of 21 |
| 6-month return | -15.7% | -21.5% | 8th highest of 20 |
| Distance from 52-week high | -23.7% | -39.2% | 6th highest of 21 |
| Revenue growth (TTM) | +15.7% | +10.3% | 7th highest of 21 |
| Operating margin | 10.6% | 13.3% | 10th lowest of 21 |
| Forward P/E | 20.9× | 15.9× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 5.3% | 5th least demanding of 16 |
| Growth delivered (Del g) | +8.5% | +8.4% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -5.7 pp | -4.4 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +3.7 pp | +0.6 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |
| Novoray 688300.SS | China | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% | +22.6% |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |