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Chinese integrated petrochemical group spanning oil refining, PX/PTA production and polyester fiber/film manufacturing.
Chinese integrated petrochemical group spanning oil refining, PX/PTA production and polyester fiber/film manufacturing.
Turns crude oil into fuels and PX, a polyester raw material, then PTA, then polyester fiber and film, so profit depends on the spreads between steps rather than any one price. A large refinery complex at Dalian that opened in the late 2010s is the core. It is privately controlled, an exception in China's mostly state-run refining sector.
In one line: An integrated refiner-to-fiber operation, similar in structure to Reliance Industries' pet.
Moat: narrow (scale, cost advantage). Fully integrated refining-to-fiber chain lowers feedstock costs versus non-integrated polyester producers.
Headquarters: Suzhou, China · Founded: 1994 · Employees: 37,368
Size Hengli Petrochemical (600346.SS) is a China Materials company (Chemicals: Specialty) with a market value of $17.5B, the 131st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.62 on 6 Nov 2026.
Performance Over six months the shares fell 24.8%, against -14.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +3.6%); the operating margin is 7.8% (peer median 13.0%).
Valuation It trades at 9.2× forward earnings against a peer median of 17.5× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (5.3% WACC).
Next results Next results expected around 14 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥195B | CN¥193B | CN¥231B | CN¥226B | CN¥216B |
| Revenue growth | — | -16% | +2% | +5% | — |
| Gross profit | CN¥34.5B | CN¥17.4B | CN¥16.9B | CN¥17.1B | CN¥11.5B |
| EBITDA | n/a | CN¥24.4B | CN¥22.6B | CN¥22.7B | CN¥14.6B |
| Net income | CN¥12.3B | CN¥7.07B | CN¥7.04B | CN¥6.90B | CN¥2.32B |
| Free cash flow | CN¥24.6B | CN¥24.0B | CN¥925M | -CN¥16.2B | CN¥239M |
| Capital expenditure | CN¥5.39B | CN¥7.11B | CN¥21.8B | CN¥39.7B | CN¥25.7B |
| Total debt | CN¥157B | CN¥160B | CN¥182B | CN¥165B | CN¥158B |
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 |
|---|---|---|---|---|---|---|
| Hengli Petrochemical 600346.SS | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% |
| Rongsheng Petrochemical 002493.SZ | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% |
| Tongkun 601233.SS | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% |
| Reliance Industries RELIANCE.NS | $189B | -8% | +20% | 11% | 19.3× | 19.1% |
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 | 600346.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | -2.0% | 6th highest of 21 |
| 6-month return | -24.8% | -14.7% | 9th lowest of 21 |
| Distance from 52-week high | -39.0% | -28.8% | 10th lowest of 21 |
| Revenue growth (TTM) | -8.0% | +3.6% | 3rd lowest of 21 |
| Operating margin | 7.8% | 13.0% | 7th lowest of 21 |
| Forward P/E | 9.2× | 17.5× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | 8.1% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +5.1% | +10.7% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -13.2 pp | -2.8 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | +4.5 pp | -0.9 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Dow DOW | United States | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% | +0.7% |
| Ningxia Baofeng Energy 600989.SS | China | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% | +24.8% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Ems-chemie EMSN.SW | Switzerland | $24.3B | +28% | -3% | 30% | 39.4× | 8.6% | +1.6% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Novonesis A/S NSIS-B.CO | Denmark | $32.1B | +22% | +5% | 21% | 30.0× | 13.2% | +17.2% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |