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Operator of toll expressways in Henan province.
Operator of toll expressways in Henan province.
Collects tolls on the expressway sections it holds concessions for, with toll rates and concession terms set by the provincial government rather than the company. Traffic volume, split between passenger cars and trucks, drives income. The operator is controlled by Henan's state transport investment group.
Moat: narrow (regulatory licence). Regional concession-based toll-road monopoly in Henan.
Headquarters: Zhengzhou, Henan, China · Employees: 2,625
Size Henan Zhongyuan Expressway (600020.SS) is a China Industrials company (Other Transportation) with a market value of $1.43B, the 1699th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.25 on 6 Nov 2026.
Performance Over six months the shares gained 5.2%, against -2.8% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 10.7% over the last twelve months (peer median +4.0%); the operating margin is 20.0% (peer median 17.7%).
Valuation It trades at 9.4× forward earnings against a peer median of 14.0× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +1 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 1.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.39B | CN¥6.58B | CN¥6.95B | CN¥5.68B | CN¥7.40B |
| Revenue growth | — | -5% | +22% | -23% | — |
| Gross profit | CN¥3.51B | CN¥2.34B | CN¥2.26B | CN¥2.35B | CN¥1.49B |
| EBITDA | n/a | CN¥2.30B | CN¥2.93B | CN¥3.19B | CN¥2.33B |
| Net income | CN¥775M | CN¥628M | CN¥887M | CN¥828M | CN¥140M |
| Free cash flow | CN¥1.26B | CN¥585M | -CN¥785M | CN¥1.39B | -CN¥1.49B |
| Capital expenditure | CN¥1.56B | CN¥1.91B | CN¥3.05B | CN¥1.20B | CN¥3.54B |
| Total debt | CN¥37.6B | CN¥38.3B | CN¥37.4B | CN¥35.1B | CN¥35.6B |
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 |
|---|---|---|---|---|---|---|
| Henan Zhongyuan Expressway 600020.SS | $1.43B | +5% | -11% | 20% | 9.4× | 5.9% |
| Anhui Expressway 600012.SS | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% |
| Fujian Expressway Development 600033.SS | $1.51B | +1% | -3% | 47% | n/a | -16.1% |
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 | 600020.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.2% | -1.2% | 3rd highest of 21 |
| 6-month return | +5.2% | -2.8% | 6th highest of 21 |
| Distance from 52-week high | -12.0% | -18.2% | 9th highest of 21 |
| Revenue growth (TTM) | -10.7% | +4.0% | 4th lowest of 21 |
| Operating margin | 20.0% | 17.7% | 10th highest of 21 |
| Forward P/E | 9.4× | 14.0× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 5.9% | -1.0% | 4th most demanding of 14 |
| Growth delivered (Del g) | +5.4% | +4.4% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | +0.5 pp | -10.1 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | -1.8 pp | -0.6 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Henan Zhongyuan Expressway 600020.SS | China | $1.43B | +5% | -11% | 20% | 9.4× | 5.9% | +5.4% |
| Shenzhen International 0152.HK | Hong Kong | $1.49B | -35% | +15% | 11% | 6.1× | n/a | n/a |
| Nishi-Nippon Railroad 9031.T | Japan | $1.37B | 0% | +10% | 7% | 9.0× | n/a | n/a |
| Fujian Expressway Development 600033.SS | China | $1.51B | +1% | -3% | 47% | n/a | -16.1% | +5.6% |
| Shreeji Shipping Global SHREEJISPG.NS | India | $1.53B | +111% | +21% | 24% | n/a | n/a | n/a |
| Sotetsu 9003.T | Japan | $1.55B | -4% | +9% | 13% | 10.1× | n/a | n/a |
| Dongguan Development (Holdings) 000828.SZ | China | $1.57B | -3% | -4% | 39% | 10.7× | 0.7% | +4.4% |
| FirstGroup FGP.L | United Kingdom | $1.60B | +40% | -6% | 5% | 11.4× | -7.6% | +1.9% |
| Xizang Tianlu 600326.SS | China | $1.24B | -35% | -8% | 0% | 26.3× | 24.9% | -13.0% |
| Evergreen Aviation Technologies 2645.TW | Taiwan | $1.67B | -8% | +10% | 17% | 16.2× | -1.0% | +11.2% |
| Hamburger Hafen und Logistik HHFA.DE | Germany | $1.72B | -2% | +3% | 7% | n/a | n/a | n/a |
| Hainan Strait Shipping 002320.SZ | China | $1.88B | -34% | +4% | 23% | 70.1× | -0.5% | +36.7% |
| StorageVault Canada SVI.TO | Canada | $1.09B | -4% | +9% | 23% | n/a | 21.9% | +16.6% |
| Tianjin Port 600717.SS | China | $1.89B | -2% | -8% | 18% | n/a | -14.6% | -1.6% |
| Westshore Terminals Investment WTE.TO | Canada | $1.90B | +16% | -16% | 33% | 26.3× | 11.9% | -2.6% |
| Shanxi Hi-speed 000755.SZ | China | $1.07B | -3% | +3% | 47% | n/a | -7.2% | +8.4% |
| Hutchison Port Holdings Trust NS8U.SI | Singapore | $1.96B | +7% | +5% | 42% | 15.3× | -10.5% | +1.7% |
| Dazhong Transportation (Group) 600611.SS | China | $1.02B | -12% | -12% | -9% | n/a | 5.8% | -3.3% |
| CTS International Logistics 603128.SS | China | $1.02B | -5% | +15% | 3% | 15.0× | -5.1% | +5.0% |
| Guangxi Wuzhou Communications 600368.SS | China | $1.01B | +8% | -40% | 48% | n/a | n/a | n/a |
| NANKAI 9044.T | Japan | $2.03B | 0% | +7% | 15% | 13.1× | n/a | n/a |