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Large Zhejiang state-owned bulk-commodity supply-chain company trading rubber, metals and energy products.
Large Zhejiang state-owned bulk-commodity supply-chain company trading rubber, metals and energy products.
Makes a thin margin on trading volume: it buys rubber, metals and energy products and resells them to manufacturers, so purchasing scale and logistics matter more than any single price. It is part of a Zhejiang provincial state group.
In one line: A Chinese Glencore-lite trading house.
Moat: none (scale, distribution). Trading-volume scale and logistics network, but thin margins typical of commodity supply-chain services.
Headquarters: Hangzhou, Zhejiang, China · Employees: 26,254
Size Wuchan Zhongda (600704.SS) is a China Industrials company (Wholesale Distributors) with a market value of $3.86B, the 665th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.11 on 6 Nov 2026.
Performance Over six months the shares fell 0.2%, against -5.4% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +9.7%); the operating margin is 1.1% (peer median 6.5%).
Valuation It trades at 7.2× forward earnings against a peer median of 17.6× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥608B | CN¥596B | CN¥600B | CN¥579B | CN¥576B |
| Revenue growth | — | -1% | +3% | +1% | — |
| Gross profit | CN¥19.0B | CN¥12.7B | CN¥12.3B | CN¥13.9B | CN¥12.7B |
| EBITDA | n/a | CN¥6.00B | CN¥5.85B | CN¥8.04B | CN¥7.21B |
| Net income | CN¥3.54B | CN¥3.62B | CN¥3.08B | CN¥3.62B | CN¥3.93B |
| Free cash flow | CN¥5.03B | -CN¥6.50B | CN¥3.59B | -CN¥630M | -CN¥3.74B |
| Capital expenditure | CN¥2.82B | CN¥2.40B | CN¥3.27B | CN¥2.53B | CN¥3.72B |
| Total debt | CN¥99.2B | CN¥93.3B | CN¥70.5B | CN¥69.6B | CN¥53.0B |
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 |
|---|---|---|---|---|---|---|
| Wuchan Zhongda 600704.SS | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% |
| Xiamen C&D 600153.SS | $3.77B | -8% | -6% | 1% | 12.4× | 21.2% |
| Sinochem International 600500.SS | $2.27B | -7% | -5% | -1% | n/a | 11.9% |
| Xiamen Xiangyu 600057.SS | $2.59B | -14% | +9% | 1% | 8.7× | n/a |
| Minmetals Development 600058.SS | $1.40B | -22% | -16% | 1% | n/a | 20.4% |
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 | 600704.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.9% | -5.4% | 5th highest of 21 |
| 6-month return | -0.2% | -5.4% | 9th highest of 21 |
| Distance from 52-week high | -17.4% | -23.4% | 6th highest of 21 |
| Revenue growth (TTM) | +2.9% | +9.7% | 6th lowest of 21 |
| Operating margin | 1.1% | 6.5% | 2nd lowest of 21 |
| Forward P/E | 7.2× | 17.6× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 7.0% | 4th least demanding of 19 |
| Growth delivered (Del g) | +8.1% | +10.1% | 8th lowest of 18 |
| Hurdle (Req g minus delivered) | -10.6 pp | -1.9 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | -0.5 pp | +1.2 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Gibson Energy GEI.TO | Canada | $3.87B | +13% | +26% | 3% | 19.5× | 6.4% | +16.7% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Groupe Dynamite GRGD.TO | Canada | $4.79B | -33% | +37% | 32% | 17.6× | 22.8% | n/a |
| RS Group PLC RS1.L | United Kingdom | $4.85B | +33% | -1% | 8% | 18.6× | 15.1% | +7.5% |
| SiteOne Landscape Supply SITE | United States | $4.86B | -7% | +3% | 5% | 24.4× | 18.4% | +11.7% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Hdhms 443060.KS | South Korea | $5.28B | -39% | +20% | 16% | 23.0× | 3.0% | +14.5% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| MSC Industrial Direct MSM | United States | $6.33B | +9% | +6% | 9% | 20.1× | 9.0% | +4.3% |