Loading…
One of China's largest waste-to-energy and water-treatment operators, running municipal incineration and treatment plants nationwide.
One of China's largest waste-to-energy and water-treatment operators, running municipal incineration and treatment plants nationwide.
Is paid by local governments for the waste it burns, usually a fee per tonne, and sells the electricity the plants generate to the grid, under long-term concessions to build and operate plants. Water treatment earns per-tonne fees in the same way. Payment depends on municipal budgets.
In one line: A large Chinese Covanta/American Water hybrid for waste and water utilities.
Moat: narrow (scale, regulatory licence). Large national footprint of long-term municipal concessions provides stable, utility-like cash flow.
Headquarters: Hangzhou, China · Employees: 23,443
Size Grandblue Environment (600323.SS) is a China Industrials company (Environmental Services) with a market value of $3.78B, the 679th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥30.90 on 6 Nov 2026.
Performance Over six months the shares fell 3.5%, against -9.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 18 in its peer set.
Growth Revenue grew 23.9% over the last twelve months (peer median +4.8%); the operating margin is 23.8% (peer median 16.4%).
Valuation It trades at 11.0× forward earnings against a peer median of 14.9× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥16.0B | CN¥13.9B | CN¥11.9B | CN¥12.5B | CN¥12.8B |
| Revenue growth | — | +17% | -5% | -3% | — |
| Gross profit | CN¥6.89B | CN¥4.47B | CN¥3.30B | CN¥3.03B | CN¥2.49B |
| EBITDA | n/a | CN¥5.06B | CN¥3.60B | CN¥3.38B | CN¥2.75B |
| Net income | CN¥2.21B | CN¥1.97B | CN¥1.66B | CN¥1.43B | CN¥1.14B |
| Free cash flow | CN¥2.97B | CN¥2.66B | CN¥1.63B | CN¥465M | -CN¥1.94B |
| Capital expenditure | CN¥1.50B | CN¥1.54B | CN¥1.67B | CN¥2.05B | CN¥2.39B |
| Total debt | CN¥33.2B | CN¥33.9B | CN¥16.8B | CN¥15.8B | CN¥14.9B |
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 |
|---|---|---|---|---|---|---|
| Grandblue Environment 600323.SS | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% |
| China Everbright Environment 0257.HK | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% |
| China Tianying 000035.SZ | $1.64B | -30% | -1% | 16% | 21.9× | n/a |
| Chongqing Sanfeng Environment 601827.SS | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% |
| Shanghai Environment 601200.SS | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% |
| Zhejiang Weiming Environment Protection 603568.SS | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% |
| Beijing Enterprises Water 0371.HK | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% |
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 | 600323.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +1.7% | 8th highest of 18 |
| 6-month return | -3.5% | -9.9% | 6th highest of 18 |
| Distance from 52-week high | -6.3% | -24.6% | 3rd highest of 18 |
| Revenue growth (TTM) | +23.9% | +4.8% | 3rd highest of 18 |
| Operating margin | 23.8% | 16.4% | 5th highest of 16 |
| Forward P/E | 11.0× | 14.9× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -4.7% | 2.9% | 4th least demanding of 12 |
| Growth delivered (Del g) | +13.3% | +12.6% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -18.0 pp | -9.3 pp | 3rd least demanding of 12 |
| ROIC minus cost of capital | +2.5 pp | -0.3 pp | 7th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Grandblue Environment 600323.SS | China | $3.78B | -3% | +24% | 24% | 11.0× | -4.7% | +13.3% |
| Cleanaway Waste Management CWY.AX | Australia | $4.68B | +35% | +13% | 8% | 28.2× | 20.5% | +12.6% |
| Fomento de Construcciones y Contratas FCC.MC | Spain | $5.53B | -10% | +10% | 7% | 15.1× | 2.9% | +9.5% |
| Daiei Kankyo 9336.T | Japan | $2.57B | +8% | +14% | 26% | 24.2× | 4.2% | +7.4% |
| Beijing GeoEnviron Engineering & Technology 603588.SS | China | $2.55B | -23% | +50% | 12% | 10.5× | 2.7% | +16.6% |
| Casella Waste Systems CWST | United States | $6.25B | +15% | +14% | 5% | 72.1× | 36.3% | +18.8% |
| Hunan Junxin Environmental Protection 301109.SZ | China | $1.73B | -9% | +1% | n/a | 14.2× | n/a | n/a |
| Befesa BFSA.DE | Germany | $1.67B | +6% | -2% | n/a | 13.0× | 3.1% | +14.4% |
| China Tianying 000035.SZ | China | $1.64B | -30% | -1% | 16% | 21.9× | n/a | n/a |
| Shanghai Environment 601200.SS | China | $1.40B | -16% | -10% | 18% | 14.7× | -2.6% | +6.8% |
| Wuhan Tianyuan 301127.SZ | China | $1.31B | -5% | +5% | 17% | 31.1× | n/a | n/a |
| Wangneng Environment 002034.SZ | China | $1.12B | -15% | 0% | 30% | 9.6× | -13.6% | +14.1% |
| Zhongyuan Environmental Protection 000544.SZ | China | $1.05B | -15% | 0% | 32% | 5.1× | n/a | n/a |
| Daiseki 9793.T | Japan | $1.02B | -20% | +4% | 21% | 14.0× | -7.6% | +6.9% |
| China Sciences Ecorizon Tech 301175.SZ | China | $1.01B | -7% | +42% | 25% | 18.1× | n/a | n/a |
| Huaxin Resources Technology 301265.SZ | China | $1,000M | -14% | +13% | 7% | n/a | n/a | n/a |
| EIT Environmental Development 300815.SZ | China | $962M | -25% | +4% | 13% | 10.7× | -7.0% | +12.3% |
| Clean Harbors CLH | United States | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% | +13.9% |