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Large state-owned general contractor building commercial, residential and infrastructure projects in Shanghai and abroad.
Large state-owned general contractor building commercial, residential and infrastructure projects in Shanghai and abroad.
Is paid by clients as buildings and infrastructure are constructed, so income follows the volume of contracts won rather than any product. Shanghai government bodies, developers and corporate owners are the main buyers. The real estate arm is different: it builds and sells property itself, which ties that part to the property market.
In one line: A Chinese Turner Construction/Bechtel for building and infrastructure.
Moat: narrow (scale, installed base). One of Shanghai's largest state-owned contractors with a deep project track record.
Headquarters: Shanghai, China · Employees: 44,126
Size Shanghai Construction (600170.SS) is a China Industrials company (Engineering & Construction) with a market value of $2.89B, the 889th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.17 on 6 Nov 2026.
Performance Over six months the shares fell 19.6%, against -6.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 22.3% over the last twelve months (peer median +8.7%); the operating margin is 1.0% (peer median 5.1%).
Valuation It trades at 16.7× forward earnings against a peer median of 12.2× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥190B | CN¥206B | CN¥300B | CN¥304B | CN¥286B |
| Revenue growth | — | -31% | -1% | +7% | — |
| Gross profit | CN¥22.8B | CN¥20.2B | CN¥25.0B | CN¥25.7B | CN¥25.2B |
| EBITDA | n/a | CN¥6.28B | CN¥7.38B | CN¥8.64B | CN¥7.73B |
| Net income | CN¥860M | CN¥681M | CN¥1.61B | CN¥1.56B | CN¥1.36B |
| Free cash flow | CN¥5.42B | CN¥4.98B | CN¥10.0B | CN¥18.4B | CN¥7.71B |
| Capital expenditure | CN¥2.31B | CN¥1.80B | CN¥2.46B | CN¥3.04B | CN¥2.17B |
| Total debt | CN¥102B | CN¥102B | CN¥103B | CN¥102B | CN¥110B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Construction 600170.SS | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% |
| China State Construction Engineering 601668.SS | $28.3B | -4% | -9% | n/a | 5.6× | n/a |
| China Communications Construction 601800.SS | $12.8B | -12% | -4% | 3% | 6.8× | n/a |
| China Railway Construction 601186.SS | $11.4B | -11% | -9% | 4% | 4.9× | n/a |
| China Railway 601390.SS | $15.1B | -13% | -7% | 4% | 6.0× | n/a |
| Power Construction Corporation of China 601669.SS | $11.5B | -20% | -2% | 4% | 8.4× | n/a |
| Metallurgical Corporation of China 601618.SS | $7.54B | -10% | -21% | -4% | 11.4× | -0.5% |
| Shanghai Tunnel Engineering 600820.SS | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% |
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 | 600170.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -2.2% | 10th lowest of 21 |
| 6-month return | -19.6% | -6.6% | 6th lowest of 21 |
| Distance from 52-week high | -33.4% | -22.6% | 5th lowest of 21 |
| Revenue growth (TTM) | -22.3% | +8.7% | lowest of 21 |
| Operating margin | 1.0% | 5.1% | lowest of 21 |
| Forward P/E | 16.7× | 12.2× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -10.4% | 4.7% | least demanding of 17 |
| Growth delivered (Del g) | -2.3% | +8.4% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | -8.1 pp | -5.8 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +1.5 pp | +4.0 pp | 7th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| Kraftia 1959.T | Japan | $3.10B | -29% | +5% | 12% | 10.8× | 2.8% | +4.0% |
| Veidekke VEI.OL | Norway | $3.13B | +25% | +8% | 5% | 17.1× | -3.5% | +2.5% |
| Sinoma International Engineering 600970.SS | China | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% | +10.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| China Communications Services 0552.HK | Hong Kong | $3.19B | -19% | 0% | 2% | 5.7× | n/a | n/a |
| Downer EDI DOW.AX | Australia | $3.21B | -6% | -7% | 4% | 15.8× | 11.1% | -3.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |