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Jiangsu-based maker of seamless steel tube, including oil-country tubular goods for energy drilling.
Jiangsu-based maker of seamless steel tube, including oil-country tubular goods for energy drilling.
Prices seamless tube off steel costs plus a processing margin, so earnings depend on that margin and on volumes more than on steel prices themselves. Tubes for oil and gas wells sell in step with drilling activity.
In one line: A Chinese OCTG maker, akin to a small Tenaris.
Moat: narrow (process know-how, customer qualification). OCTG grades require API/customer certification, a modest barrier versus plain pipe.
Headquarters: Changzhou, China · Employees: 2,118
Size Jiangsu Changbao Steel Tube (002478.SZ) is a China Materials company (Steel) with a market value of $847M, the 2630th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.35 on 6 Nov 2026.
Performance Over six months the shares fell 40.2%, against -22.5% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +1.8%); the operating margin is 6.2% (peer median 6.4%).
Valuation It trades at 17.5× forward earnings against a peer median of 17.2× (7th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points above its cost of capital (6.7% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.85B | CN¥5.88B | CN¥5.67B | CN¥6.65B | CN¥6.22B |
| Revenue growth | — | +4% | -15% | +7% | — |
| Gross profit | CN¥964M | CN¥909M | CN¥895M | CN¥1.19B | CN¥879M |
| EBITDA | n/a | CN¥742M | CN¥785M | CN¥994M | CN¥669M |
| Net income | CN¥240M | CN¥482M | CN¥634M | CN¥783M | CN¥471M |
| Free cash flow | CN¥292M | CN¥455M | CN¥606M | CN¥304M | CN¥710M |
| Capital expenditure | CN¥182M | CN¥205M | CN¥252M | CN¥196M | CN¥87.0M |
| Total debt | CN¥1.39B | CN¥1.90B | CN¥1.66B | CN¥1.77B | CN¥1.92B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jiangsu Changbao Steel Tube 002478.SZ | $847M | -40% | +2% | 6% | 17.5× | -4.8% |
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
| Tenaris TEN.MI | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% |
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 | 002478.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.8% | -7.2% | 9th lowest of 21 |
| 6-month return | -40.2% | -22.5% | 3rd lowest of 21 |
| Distance from 52-week high | -61.4% | -33.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +1.9% | +1.8% | 11th highest of 21 |
| Operating margin | 6.2% | 6.4% | 11th highest of 21 |
| Forward P/E | 17.5× | 17.2× | 7th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -4.8% | 8.1% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +8.4% | +8.5% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -13.2 pp | -5.6 pp | 2nd least demanding of 12 |
| ROIC minus cost of capital | +1.9 pp | -3.2 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Changbao Steel Tube 002478.SZ | China | $847M | -40% | +2% | 6% | 17.5× | -4.8% | +8.4% |
| SunCoke Energy SXC | United States | $832M | +34% | +3% | 4% | 23.1× | 7.2% | +6.6% |
| Hangxiao Steel Structure 600477.SS | China | $810M | -24% | -24% | 3% | 28.6× | 11.6% | -2.5% |
| Anyang Iron and Steel 600569.SS | China | $810M | -10% | +1% | -10% | n/a | n/a | n/a |
| Xinjiang Baodi Mining 601121.SS | China | $887M | -23% | +23% | 23% | n/a | n/a | n/a |
| Maharashtra Seamless MAHSEAMLES.NS | India | $809M | -12% | -12% | 13% | 15.5× | 8.1% | +15.2% |
| Yieh Phui Enterprise 2023.TW | Taiwan | $804M | +5% | -9% | 0% | 25.2× | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |
| Champion Iron CIA.AX | Australia | $799M | -60% | -7% | 7% | 11.5× | 10.4% | +7.4% |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| Silvery Dragon Group Co., Ltd Tianjin 603969.SS | China | $790M | -33% | -1% | 15% | 9.5× | -3.5% | +4.7% |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |
| Guangdong Zhongnan Iron & Steel 000717.SZ | China | $734M | -19% | -12% | -5% | n/a | n/a | n/a |
| Hanza HANZA.ST | Sweden | $978M | -11% | +72% | 8% | 18.8× | 10.4% | +22.8% |
| Labrador Iron Ore Royalty LIF.TO | Canada | $981M | -23% | -15% | 75% | 15.4× | 0.6% | -3.9% |
| Companhia Siderurgica Nacional Sponsored ADR SID | United States | $984M | -38% | +9% | 10% | n/a | n/a | n/a |
| Sunflag Iron & Steel SUNFLAG.NS | India | $730M | -7% | +9% | 9% | n/a | 23.4% | +15.7% |