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One of China's largest makers of plastic pipes and building-materials products (PVC, PPR) for construction and home improvement.
One of China's largest makers of plastic pipes and building-materials products (PVC, PPR) for construction and home improvement.
Sells plastic pipes mostly through a large network of distributors and dealers, with pipe prices tied to PVC and other resin costs, so profit depends on keeping the spread over resin. The Wong family, led by the founder, is the controlling shareholder.
In one line: China's answer to a scaled Mueller Water Products for plastic piping.
Moat: narrow (scale, distribution, brand). Largest domestic plastic-pipe manufacturing scale and distribution network in a fragmented building-materials market.
Headquarters: Guangdong, China · Founded: 1996 · Employees: 21,400
Size China Lesso (2128.HK) is a Hong Kong Industrials company (Miscellaneous Manufacturing) with a market value of $1.20B, the 551st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.06 on 6 Nov 2026.
Performance Over six months the shares fell 42.2%, against -11.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 5.2% over the last twelve months (peer median +5.9%); the operating margin is 13.4% (peer median 9.7%).
Valuation It trades at 5.7× forward earnings against a peer median of 16.0× (cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (6.4% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$26.5B | HK$26.4B | HK$29.3B | HK$34.1B | HK$35.8B |
| Revenue growth | — | -10% | -14% | -5% | — |
| Gross profit | HK$7.38B | HK$7.25B | HK$7.91B | HK$8.97B | HK$9.58B |
| EBITDA | HK$5.32B | HK$5.27B | HK$5.61B | HK$6.48B | HK$7.74B |
| Net income | HK$1.06B | HK$1.37B | HK$1.83B | HK$2.62B | HK$2.93B |
| Free cash flow | HK$768M | HK$1.76B | HK$1.23B | HK$1.68B | HK$1.25B |
| Capital expenditure | HK$2.53B | HK$2.31B | HK$1.90B | HK$4.65B | HK$3.37B |
| Total debt | n/a | HK$25.5B | HK$26.4B | HK$28.4B | HK$29.5B |
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 |
|---|---|---|---|---|---|---|
| China Lesso 2128.HK | $1.20B | -42% | -5% | 13% | 5.7× | -4.5% |
| Mueller Water Products MWA | $3.75B | -9% | +6% | 21% | 15.3× | 2.4% |
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 | 2128.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -8.8% | 5th highest of 21 |
| 6-month return | -42.2% | -11.2% | 2nd lowest of 21 |
| Distance from 52-week high | -57.1% | -36.4% | 5th lowest of 21 |
| Revenue growth (TTM) | -5.2% | +5.9% | 2nd lowest of 21 |
| Operating margin | 13.4% | 9.7% | 6th highest of 21 |
| Forward P/E | 5.7× | 16.0× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -4.5% | 10.3% | 4th least demanding of 15 |
| Growth delivered (Del g) | -3.5% | +4.8% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | -0.9 pp | +1.8 pp | 6th least demanding of 15 |
| ROIC minus cost of capital | -0.6 pp | -0.3 pp | 11th highest of 21 |
| EV / EBITDA | 5.9× | 7.7× | 2nd cheapest of 8 |
| Net debt / EBITDA | 4.0× | 1.6× | most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Lesso 2128.HK | Hong Kong | $1.20B | -42% | -5% | 13% | 5.7× | -4.5% | -3.5% |
| Suzhou Victory Precision Manufacture 002426.SZ | China | $1.17B | -41% | +7% | -20% | n/a | 30.8% | -18.0% |
| PILLAR 6490.T | Japan | $1.25B | -9% | +10% | 22% | 11.5× | 18.0% | +14.5% |
| Takuma 6013.T | Japan | $1.26B | -1% | +18% | 10% | 13.6× | -5.4% | +2.5% |
| Cangzhou Mingzhu Plastic 002108.SZ | China | $1.10B | -28% | +14% | 5% | n/a | n/a | n/a |
| Shanghai PRET Composites 002324.SZ | China | $1.36B | -44% | +27% | 1% | 45.7× | n/a | n/a |
| INDUS INH.DE | Germany | $1.03B | +11% | +8% | 13% | 7.0× | -6.8% | +2.2% |
| Shanghai Hajime Advanced Material Technology 301000.SZ | China | $986M | -1% | +4% | 16% | 40.9× | n/a | n/a |
| Shanghai Yanpu Precision Technology (Group) 605128.SS | China | $978M | -9% | +3% | 9% | 27.1× | 15.4% | +25.0% |
| Xiamen Voke Mold & Plastic Engineering 301196.SZ | China | $1.48B | -34% | +34% | 12% | 32.6× | 19.6% | +19.4% |
| Vesuvius VSVS.L | United Kingdom | $1.49B | +2% | +2% | 7% | 14.7× | 8.2% | +4.4% |
| Jinfu Technology 003018.SZ | China | $1.51B | -30% | +85% | 26% | 39.3× | 18.0% | +8.2% |
| Finolex Industries FINPIPE.NS | India | $932M | -20% | +3% | 14% | 16.4× | 13.0% | +3.5% |
| FP Corporation 7947.T | Japan | $1.61B | +35% | +4% | 9% | 15.5× | -1.0% | +5.1% |
| Jiangsu Changhai Composite Materials 300196.SZ | China | $897M | -25% | +3% | 11% | 17.9× | 3.8% | +9.0% |
| Genuit GEN.L | United Kingdom | $897M | +8% | +4% | 12% | 12.1× | 12.4% | +8.6% |
| Shenzhen Jame Technology 300868.SZ | China | $878M | -36% | +8% | -7% | n/a | n/a | n/a |
| Blue Sail Medical 002382.SZ | China | $861M | -24% | +23% | 7% | 11.8× | -6.5% | -6.1% |
| Riverstone AP4.SI | Singapore | $824M | -13% | -4% | 25% | 15.5× | 2.1% | -12.8% |
| Zhejiang Goldensea Hi-Tech 603311.SS | China | $823M | +28% | +3% | 7% | 59.6× | n/a | n/a |
| Zhejiang Kaier New Materials 300234.SZ | China | $816M | +73% | -17% | -9% | n/a | n/a | n/a |