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Operator of toll expressways and bridges mainly in Shenzhen/Guangdong, plus some other regional investments.
Operator of toll expressways and bridges mainly in Shenzhen/Guangdong, plus some other regional investments.
Collects tolls under government concessions that last a fixed number of years, so income follows traffic and the toll rates authorities approve. When a concession expires the road leaves the business, so it must keep adding new roads. A Shenzhen state-owned group is its controlling shareholder.
Moat: narrow (regulatory licence). Concession-based regional toll-road monopoly in the Pearl River Delta.
Headquarters: Shenzhen, China · Employees: 6,955
Size Shenzhen Expressway (600548.SS) is a China Industrials company (Other Transportation) with a market value of $2.99B, the 864th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.73 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against -3.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 4.7% over the last twelve months (peer median +3.9%); the operating margin is 16.7% (peer median 10.4%).
Valuation It trades at 14.4× forward earnings against a peer median of 13.4× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.99B | CN¥9.24B | CN¥9.22B | CN¥9.27B | CN¥9.35B |
| Revenue growth | — | 0% | -1% | -1% | — |
| Gross profit | CN¥4.31B | CN¥2.70B | CN¥2.78B | CN¥3.20B | CN¥2.88B |
| EBITDA | n/a | CN¥4.51B | CN¥4.31B | CN¥4.91B | CN¥4.55B |
| Net income | CN¥1.23B | CN¥1.15B | CN¥1.15B | CN¥2.33B | CN¥2.02B |
| Free cash flow | CN¥2.90B | CN¥2.06B | CN¥2.29B | CN¥2.77B | CN¥2.35B |
| Capital expenditure | CN¥1.92B | CN¥3.28B | CN¥2.06B | CN¥2.10B | CN¥2.09B |
| Total debt | CN¥35.1B | CN¥36.4B | CN¥37.5B | CN¥36.8B | CN¥38.6B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Expressway 600548.SS | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% |
| Anhui Expressway 600012.SS | $4.29B | +13% | -14% | 42% | 14.5× | -5.4% |
| 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 |
| Yuexiu Transport Infrastructure 1052.HK | $699M | -19% | +9% | 36% | 6.2× | 0.1% |
| Zhejiang Expressway 0576.HK | $4.86B | -13% | +18% | 33% | 5.9× | n/a |
| China Merchants Expressway Network & Technology 001965.SZ | $10.6B | +10% | +26% | 15% | 14.6× | 6.7% |
| Jiangsu Expressway 600377.SS | $9.75B | +13% | +3% | 25% | 14.5× | n/a |
| Shandong Hi-speed 600350.SS | $8.06B | +4% | -4% | 20% | 18.0× | 4.7% |
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 | 600548.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | 0.0% | 6th highest of 21 |
| 6-month return | -3.8% | -3.2% | 10th lowest of 21 |
| Distance from 52-week high | -17.2% | -18.3% | 8th highest of 21 |
| Revenue growth (TTM) | -4.7% | +3.9% | 3rd lowest of 21 |
| Operating margin | 16.7% | 10.4% | 6th highest of 21 |
| Forward P/E | 14.4× | 13.4× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | -2.8% | 6th most demanding of 15 |
| Growth delivered (Del g) | +2.9% | +9.1% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | -2.3 pp | -9.7 pp | 3rd most demanding of 15 |
| ROIC minus cost of capital | -1.1 pp | +0.0 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| Comfortdelgro C52.SI | Singapore | $2.19B | -10% | +9% | 9% | 15.0× | -8.2% | +9.3% |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |