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Toll-road and infrastructure operator in Shandong province, also holding investments in finance and other infrastructure assets.
Toll-road and infrastructure operator in Shandong province, also holding investments in finance and other infrastructure assets.
Collects tolls on expressways it operates under government concessions, with toll rates and concession terms set by provincial authorities, so traffic volume and approved rates drive income. The state-owned Shandong Hi-Speed Group is the controlling shareholder, and investments in other assets supply a smaller part of income.
Moat: wide (regulatory licence, installed base). Government-granted toll concessions on Shandong's expressway network are essentially irreplaceable.
Headquarters: Jinan, Shandong, China · Founded: 1997 · Employees: 10,562
Size Shandong Hi-speed (600350.SS) is a China Industrials company (Other Transportation) with a market value of $8.06B, the 309th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.11 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against +0.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 4.5% over the last twelve months (peer median +10.3%); the operating margin is 20.0% (peer median 23.1%).
Valuation It trades at 18.0× forward earnings against a peer median of 16.4× (8th most expensive of 19).
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 -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below 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¥24.3B | CN¥23.8B | CN¥28.3B | CN¥26.5B | CN¥22.3B |
| Revenue growth | — | -16% | +7% | +19% | — |
| Gross profit | CN¥10.6B | CN¥7.71B | CN¥7.13B | CN¥7.85B | CN¥7.19B |
| EBITDA | n/a | CN¥9.72B | CN¥9.02B | CN¥9.72B | CN¥9.09B |
| Net income | CN¥3.02B | CN¥3.21B | CN¥3.20B | CN¥3.30B | CN¥3.04B |
| Free cash flow | CN¥4.08B | CN¥3.95B | -CN¥740M | -CN¥467M | -CN¥689M |
| Capital expenditure | CN¥4.34B | CN¥4.77B | CN¥8.62B | CN¥7.14B | CN¥6.46B |
| Total debt | CN¥88.0B | CN¥88.7B | CN¥85.0B | CN¥81.3B | CN¥72.2B |
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 |
|---|---|---|---|---|---|---|
| Shandong Hi-speed 600350.SS | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% |
| Jiangsu Expressway 600377.SS | $9.75B | +13% | +3% | 25% | 14.5× | n/a |
| Zhejiang Expressway 0576.HK | $4.86B | -13% | +18% | 33% | 5.9× | n/a |
| Shenzhen Expressway 600548.SS | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% |
| Anhui Expressway 0995.HK | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% |
| Sichuan Expressway 601107.SS | $2.89B | +16% | +7% | 27% | 13.2× | n/a |
| Guangdong Provincial Expressway Development 000429.SZ | $4.01B | +9% | +1% | 58% | 18.2× | n/a |
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 | 600350.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.3% | +8.1% | 11th highest of 21 |
| 6-month return | +3.8% | +0.2% | 7th highest of 21 |
| Distance from 52-week high | -17.6% | -18.8% | 10th highest of 21 |
| Revenue growth (TTM) | -4.5% | +10.3% | lowest of 21 |
| Operating margin | 20.0% | 23.1% | 9th lowest of 21 |
| Forward P/E | 18.0× | 16.4× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 4.7% | 4.1% | 8th most demanding of 16 |
| Growth delivered (Del g) | +13.0% | +21.5% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -8.3 pp | -16.6 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -0.7 pp | +0.6 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shandong Hi-speed 600350.SS | China | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% | +13.0% |
| Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR ASR | United States | $7.95B | -15% | +26% | 41% | 12.2× | -2.3% | +27.0% |
| Flughafen Zurich FHZN.SW | Switzerland | $7.94B | -3% | +4% | 35% | 20.3× | 0.3% | +16.9% |
| Qingdao Port International 6198.HK | Hong Kong | $8.84B | -1% | +10% | 32% | 8.0× | -12.2% | +6.5% |
| China Merchants Port 0144.HK | Hong Kong | $8.93B | +5% | +14% | 38% | 9.3× | 4.1% | +8.3% |
| StandardAero SARO | United States | $9.14B | +10% | +13% | 10% | 16.4× | 10.9% | +13.5% |
| Fraport FRA.DE | Germany | $7.09B | +1% | +3% | 19% | 21.2× | 6.3% | +21.5% |
| Shanghai International Airport 600009.SS | China | $9.22B | -9% | +7% | 19% | 23.7× | -2.6% | +25.4% |
| Hankyu Hanshin 9042.T | Japan | $7.03B | +3% | +6% | 10% | 13.2× | n/a | n/a |
| Jiangsu Expressway 0177.HK | Hong Kong | $9.54B | +6% | +8% | 26% | 10.1× | n/a | n/a |
| Kobenhavns Lufthavne A/S KBHL.CO | Denmark | $6.60B | -6% | +9% | 34% | n/a | 6.7% | +28.5% |
| Lyft LYFT | United States | $6.47B | +19% | +11% | -2% | 21.9× | -6.1% | +21.7% |
| China Merchants Expressway Network & Technology 001965.SZ | China | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% | +13.7% |
| GMR Airports GMRAIRPORT.NS | India | $11.1B | -2% | +29% | 27% | 296.2× | n/a | n/a |
| Tokyo Metro 9023.T | Japan | $5.31B | -8% | +3% | 21% | 16.5× | 4.8% | +7.4% |
| Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR OMAB | United States | $5.21B | +2% | +21% | 53% | 13.2× | -5.1% | +27.2% |
| Aeroports de Paris ADP.PA | France | $13.0B | +9% | +5% | 18% | 18.1× | 11.5% | +25.7% |
| Zhejiang Expressway 0576.HK | Hong Kong | $4.86B | -13% | +18% | 33% | 5.9× | n/a | n/a |
| Hainan Airport Infrastructure 600515.SS | China | $4.56B | -26% | +25% | -5% | 133.0× | n/a | n/a |
| Liaoning Port 601880.SS | China | $4.54B | -10% | -3% | 21% | n/a | -10.7% | -1.3% |
| Grupo Aeroportuario del Pacifico SAB de CV Sponsored ADR PAC | United States | $14.5B | +1% | +20% | 44% | 17.1× | 8.2% | +31.3% |