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Cement producer focused on Shaanxi province, China, with expanding operations in Mozambique, Congo and Ethiopia.
Cement producer focused on Shaanxi province, China, with expanding operations in Mozambique, Congo and Ethiopia.
Sells cement and clinker, the baked intermediate product, by the tonne in markets where prices are set locally, so plant utilisation and coal and power costs drive results. Shaanxi, its home base, depends on regional construction, while the overseas African plants are a newer area.
Moat: narrow (scale, installed base). Strong regional cement market share in Shaanxi, diversifying into higher-growth African markets.
Headquarters: Xi'an, China · Founded: 1997 · Employees: 9,422
Size West China Cement (2233.HK) is a Hong Kong Materials company (Construction Materials) with a market value of $1.30B, the 531st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$1.86 on 6 Nov 2026.
Performance Over six months the shares fell 28.8%, against -8.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 10.1% over the last twelve months (peer median -6.4%); the operating margin is 15.0% (peer median 9.1%).
Valuation It trades at 11.1× forward earnings against a peer median of 13.8× (4th cheapest of 15).
Capital Return on invested capital runs 2.9 points below its cost of capital (7.1% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$9.76B | HK$10.4B | HK$9.05B | HK$9.97B | HK$9.87B |
| Revenue growth | — | +15% | -9% | +1% | — |
| Gross profit | HK$2.30B | HK$2.69B | HK$2.26B | HK$2.88B | HK$2.83B |
| EBITDA | HK$1.97B | HK$2.27B | HK$1.73B | HK$2.28B | HK$2.19B |
| Net income | HK$576M | HK$954M | HK$679M | HK$466M | HK$1.41B |
| Free cash flow | -HK$1.33B | -HK$1.97B | -HK$510M | -HK$707M | -HK$1.27B |
| Capital expenditure | HK$2.68B | HK$3.26B | HK$2.41B | HK$3.23B | HK$3.44B |
| Total debt | n/a | HK$13.3B | HK$12.5B | HK$12.1B | HK$10.7B |
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 |
|---|---|---|---|---|---|---|
| West China Cement 2233.HK | $1.30B | -29% | -10% | 15% | 11.1× | n/a |
| China National Building Material 3323.HK | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% |
| Anhui Conch Cement 0914.HK | $13.9B | -11% | -7% | 8% | 16.0× | 1.0% |
| Huaxin Building Materials 600801.SS | $7.16B | +28% | +16% | 18% | 14.8× | -10.9% |
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 | 2233.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.3% | +0.5% | 8th highest of 21 |
| 6-month return | -28.8% | -8.2% | 3rd lowest of 21 |
| Distance from 52-week high | -51.3% | -28.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -10.1% | -6.4% | 9th lowest of 21 |
| Operating margin | 15.0% | 9.1% | 5th highest of 20 |
| Forward P/E | 11.1× | 13.8× | 4th cheapest of 15 |
| ROIC minus cost of capital | -2.9 pp | -3.2 pp | 10th highest of 20 |
| EV / EBITDA | 11.8× | 7.2× | most expensive of 11 |
| Net debt / EBITDA | 5.8× | 1.5× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| West China Cement 2233.HK | Hong Kong | $1.30B | -29% | -10% | 15% | 11.1× | n/a | n/a |
| Guangdong Tapai 002233.SZ | China | $1.34B | -10% | -11% | 7% | 20.3× | -15.3% | -10.2% |
| Caltagirone CALT.MI | Italy | $1.26B | +1% | +10% | 10% | n/a | 0.9% | +10.5% |
| Shandong Fiberglass 605006.SS | China | $1.25B | +10% | +31% | 5% | 64.0× | n/a | n/a |
| BBMG Jidong Cement 000401.SZ | China | $1.35B | -21% | -8% | n/a | n/a | 37.1% | -7.0% |
| Fsilon Furnishing and Construction Materials 605318.SS | China | $1.36B | -29% | -15% | -5% | 3,613.5× | n/a | n/a |
| Cementos Pacasmayo SAA Sponsored ADR CPAC | United States | $1.16B | +20% | +21% | 25% | 22.2× | -9.8% | +9.9% |
| Loma Negra Compania Industrial Argentina SA Sponsored ADR LOMA | United States | $1.12B | -21% | -5% | 9% | 16.6× | 13.6% | +2.9% |
| Mitani Sekisan 5273.T | Japan | $1.12B | +33% | +9% | 18% | n/a | -8.4% | +7.7% |
| Goldsun Building Materials 2504.TW | Taiwan | $1.06B | -14% | -3% | 22% | 8.4× | -7.1% | +3.6% |
| Breedon BREE.L | United Kingdom | $1.60B | +17% | +8% | 7% | 12.2× | 10.1% | +13.0% |
| CCCC Design And Consulting 600720.SS | China | $1.73B | -24% | -10% | 12% | 9.7× | n/a | n/a |
| Sumitomo Osaka Cement 5232.T | Japan | $969M | +49% | +5% | 7% | 13.7× | 4.6% | -1.3% |
| Maeda Kosen 7821.T | Japan | $944M | +21% | +11% | 17% | 14.8× | -4.7% | +10.6% |
| BBMG 601992.SS | China | $1.86B | -19% | -25% | -4% | n/a | 41.4% | -3.3% |
| Hanilcmt 300720.KS | South Korea | $905M | -4% | -10% | 11% | 11.9× | -3.2% | +7.9% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| China West Construction 002302.SZ | China | $884M | -16% | -24% | -7% | n/a | 12.5% | -5.0% |
| China Resources Building Materials Technology 1313.HK | Hong Kong | $873M | -31% | -12% | -3% | n/a | -8.1% | -10.6% |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |