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China's largest cement producer, also a top maker of glass fiber and gypsum board, state-owned.
China's largest cement producer, also a top maker of glass fiber and gypsum board, state-owned.
Sells cement at regional prices, so profit hinges on whether Chinese producers hold supply back to protect prices, with cement still the largest earner. Glass fibre and gypsum board track building and wind-power demand.
Moat: narrow (scale, regulatory licence). Dominant state-backed scale in cement and fiberglass, though a cyclical, commodity-priced business.
Headquarters: Beijing, China · Founded: 2005 · Employees: 129,594
Size China National Building Material (3323.HK) is a Hong Kong Materials company (Construction Materials) with a market value of $2.76B, the 358th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.85 on 6 Nov 2026.
Performance Over six months the shares fell 51.1%, against -6.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median -0.3%); the operating margin is 2.4% (peer median 10.9%).
Valuation It trades at 25.2× forward earnings against a peer median of 12.2× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is -8%, so the hurdle is +33 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 4.3 points below its cost of capital (5.2% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$196B | HK$193B | HK$197B | HK$233B | HK$273B |
| Revenue growth | — | -2% | -15% | -15% | — |
| Gross profit | HK$34.0B | HK$36.1B | HK$36.3B | HK$42.5B | HK$47.5B |
| EBITDA | HK$23.1B | HK$25.9B | HK$26.9B | HK$33.5B | HK$37.2B |
| Net income | -HK$6.53B | -HK$4.06B | HK$2.59B | HK$4.27B | HK$9.45B |
| Free cash flow | HK$4.06B | HK$6.76B | -HK$165M | HK$5.57B | -HK$7.56B |
| Capital expenditure | HK$19.0B | HK$15.6B | HK$23.6B | HK$24.4B | HK$37.1B |
| Total debt | n/a | HK$253B | HK$238B | HK$243B | HK$235B |
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 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% |
| BBMG 2009.HK | $1.87B | -20% | -22% | -4% | n/a | 42.3% |
| West China Cement 2233.HK | $1.30B | -29% | -10% | 15% | 11.1× | n/a |
| Owens Corning OC | $9.59B | 0% | -11% | 14% | 15.3× | 3.6% |
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 | 3323.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.2% | +3.0% | 6th lowest of 21 |
| 6-month return | -51.1% | -6.3% | 2nd lowest of 20 |
| Distance from 52-week high | -60.7% | -30.9% | lowest of 21 |
| Revenue growth (TTM) | +0.1% | -0.3% | 11th highest of 21 |
| Operating margin | 2.4% | 10.9% | 4th lowest of 21 |
| Forward P/E | 25.2× | 12.2× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 25.1% | 5.3% | 2nd most demanding of 17 |
| Growth delivered (Del g) | -7.7% | +6.3% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +32.8 pp | -2.3 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -4.3 pp | -1.6 pp | 6th lowest of 21 |
| EV / EBITDA | 15.0× | 7.3× | 4th most expensive of 13 |
| Net debt / EBITDA | 10.4× | 1.8× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| BBMG 2009.HK | Hong Kong | $1.87B | -20% | -22% | -4% | n/a | 42.3% | -4.0% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| CCCC Design And Consulting 600720.SS | China | $1.73B | -24% | -10% | 12% | 9.7× | n/a | n/a |
| Breedon BREE.L | United Kingdom | $1.60B | +17% | +8% | 7% | 12.2× | 10.1% | +13.0% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |