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Chinese welded steel pipe maker (oil and gas pipelines, building use) that is adding liquid-cooling equipment for AI servers.
Chinese welded steel pipe maker (oil and gas pipelines, building use) that is adding liquid-cooling equipment for AI servers.
Sells welded steel pipe by the tonne, with galvanized pipe the traditional core and the spiral and submerged-arc pipes used in oil and gas lines growing in importance. A newer subsidiary makes cold plates and immersion systems that cool AI servers, which the company hopes will become a second growth line.
Moat: narrow (scale, customer qualification). Domestic scale in welded pipe and qualification for oil and gas pipeline projects, but steel pipe is a price-competitive product.
Headquarters: Huzhou, China · Employees: 1,825
Size Zhejiang Kingland Pipeline and Technologies (002443.SZ) is a China Industrials company (Industrial Machinery) with a market value of $748M, the 2917th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.58 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -27.4% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 6.2% over the last twelve months (peer median +3.7%); the operating margin is 3.2% (peer median 3.8%).
Valuation It trades at 22.3× forward earnings against a peer median of 35.8× (4th cheapest of 12).
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 -4%, so the hurdle is +18 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 2.7 points below its cost of capital (8.4% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.11B | CN¥4.25B | CN¥4.60B | CN¥5.73B | CN¥6.08B |
| Revenue growth | — | -8% | -20% | -6% | — |
| Gross profit | CN¥517M | CN¥419M | CN¥461M | CN¥671M | CN¥629M |
| EBITDA | n/a | CN¥211M | CN¥312M | CN¥434M | CN¥378M |
| Net income | CN¥155M | CN¥138M | CN¥201M | CN¥284M | CN¥235M |
| Free cash flow | CN¥75.8M | CN¥12.3M | CN¥570M | CN¥625M | CN¥196M |
| Capital expenditure | CN¥33.4M | CN¥20.5M | CN¥21.9M | CN¥39.3M | CN¥50.4M |
| Total debt | CN¥505M | CN¥449M | CN¥100M | CN¥318M | CN¥671M |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Kingland Pipeline and Technologies 002443.SZ | $748M | -19% | -6% | 3% | 22.3× | 14.5% |
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% |
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 | 002443.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.1% | -5.9% | 2nd lowest of 21 |
| 6-month return | -19.1% | -27.4% | 8th highest of 21 |
| Distance from 52-week high | -32.8% | -48.9% | 5th highest of 21 |
| Revenue growth (TTM) | -6.2% | +3.7% | 7th lowest of 21 |
| Operating margin | 3.2% | 3.8% | 10th lowest of 21 |
| Forward P/E | 22.3× | 35.8× | 4th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 14.5% | 11.8% | 5th most demanding of 12 |
| Growth delivered (Del g) | -3.6% | +7.9% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +18.1 pp | +1.8 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -2.7 pp | -7.4 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Kingland Pipeline and Technologies 002443.SZ | China | $748M | -19% | -6% | 3% | 22.3× | 14.5% | -3.6% |
| Eureka Forbes EUREKAFORB.NS | India | $749M | -29% | +13% | 9% | 28.9× | 34.3% | +221.8% |
| Focused Photonics (Hangzhou) 300203.SZ | China | $751M | -16% | -10% | -9% | 284.8× | -4.2% | -6.0% |
| Jiangsu Rainbow Heavy Industries 002483.SZ | China | $745M | -14% | -30% | 10% | 7.8× | -16.0% | +13.6% |
| Motorcomm Electronic Technology 688515.SS | China | $757M | -41% | +54% | -15% | n/a | n/a | n/a |
| Sichuan Crun 002272.SZ | China | $757M | -34% | +11% | -4% | n/a | n/a | n/a |
| Huachangda Intelligent Equipment 300278.SZ | China | $757M | -26% | +28% | -2% | n/a | n/a | n/a |
| Jintuo Technology 603211.SS | China | $735M | -33% | +12% | 5% | n/a | n/a | n/a |
| Yijiahe Technology 603666.SS | China | $762M | -12% | -39% | -72% | 166.1× | 11.8% | -11.3% |
| Tsurumi Manufacturing 6351.T | Japan | $763M | +14% | +11% | 13% | n/a | -7.6% | +11.2% |
| Ningbo Henghe Precision Industry 300539.SZ | China | $732M | -37% | +3% | 6% | n/a | n/a | n/a |
| Jiangsu Ankura Intelligent Electric 300617.SZ | China | $732M | -50% | +5% | 2% | 27.5× | n/a | n/a |
| Zhejiang Chunhui Intelligent Control 300943.SZ | China | $732M | -16% | +10% | 4% | n/a | 57.5% | +1.7% |
| Vontron Technology 000920.SZ | China | $766M | -6% | +4% | 12% | n/a | 11.1% | +10.0% |
| Zhongzhong Science and Technology (Tianjin) 603135.SS | China | $767M | -32% | -3% | 4% | 50.5× | n/a | n/a |
| Sinopec Oilfield Equipment 000852.SZ | China | $728M | -31% | -6% | 1% | 63.1× | n/a | n/a |
| Hanyu Group Joint Stock 300403.SZ | China | $770M | -22% | +1% | 21% | 19.8× | 13.3% | +4.7% |
| Uchida Yoko 8057.T | Japan | $771M | +17% | +26% | 4% | 11.1× | -13.2% | +7.9% |
| Wuhan Huazhong Numerical Control System 300161.SZ | China | $772M | -20% | -2% | -12% | 117.7× | n/a | n/a |
| Hiecise Precision Equipment 300809.SZ | China | $776M | -36% | -13% | 4% | 35.8× | 37.2% | +18.7% |
| Saurer Intelligent Technology 600545.SS | China | $776M | -37% | -7% | -21% | n/a | 22.3% | -6.0% |