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Tianjin-based water and wastewater treatment operator running municipal treatment plants under long-term concessions nationwide.
Tianjin-based water and wastewater treatment operator running municipal treatment plants under long-term concessions nationwide.
Treats wastewater and is paid a per-tonne fee by local governments under concession contracts that usually guarantee a minimum volume, so revenue is steady but depends on municipalities paying on time. Tianjin municipal state assets control the company, which grows by winning concessions in other provinces.
In one line: A regional Chinese water utility like a smaller American Water Works.
Moat: narrow (regulatory licence, installed base). Long-term municipal water-treatment concessions provide stable, utility-like revenue.
Headquarters: Tianjin, China · Employees: 2,330
Size Tianjin Capital Environmental Protection (600874.SS) is a China Industrials company (Engineering & Construction) with a market value of $1.21B, the 1962nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.66 on 6 Nov 2026.
Performance Over six months the shares fell 8.9%, against -15.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +8.3%); the operating margin is 29.0% (peer median 5.9%).
Valuation It trades at 9.6× forward earnings against a peer median of 18.1× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -15% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -23 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.76B | CN¥4.75B | CN¥4.82B | CN¥4.66B | CN¥4.52B |
| Revenue growth | — | -1% | +3% | +3% | — |
| Gross profit | CN¥2.50B | CN¥1.80B | CN¥1.90B | CN¥1.80B | CN¥1.52B |
| EBITDA | n/a | CN¥2.14B | CN¥2.20B | CN¥2.06B | CN¥1.78B |
| Net income | CN¥879M | CN¥862M | CN¥807M | CN¥865M | CN¥751M |
| Free cash flow | CN¥3.76B | CN¥2.37B | CN¥696M | -CN¥674M | CN¥245M |
| Capital expenditure | CN¥788M | CN¥928M | CN¥686M | CN¥1.67B | CN¥667M |
| Total debt | CN¥9.49B | CN¥10.4B | CN¥10.1B | CN¥10.0B | CN¥9.41B |
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 |
|---|---|---|---|---|---|---|
| Tianjin Capital Environmental Protection 600874.SS | $1.21B | -9% | -3% | 29% | 9.6× | -15.4% |
| Beijing Enterprises Water 0371.HK | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% |
| Chongqing Sanfeng Environment 601827.SS | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% |
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 | 600874.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -2.5% | 9th highest of 21 |
| 6-month return | -8.9% | -15.5% | 9th highest of 21 |
| Distance from 52-week high | -15.5% | -34.6% | 6th highest of 21 |
| Revenue growth (TTM) | -2.6% | +8.3% | 6th lowest of 21 |
| Operating margin | 29.0% | 5.9% | 2nd highest of 21 |
| Forward P/E | 9.6× | 18.1× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -15.4% | 7.1% | least demanding of 10 |
| Growth delivered (Del g) | +7.3% | +10.6% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -22.6 pp | -3.3 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | +3.3 pp | -1.7 pp | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin Capital Environmental Protection 600874.SS | China | $1.21B | -9% | -3% | 29% | 9.6× | -15.4% | +7.3% |
| Xinjiang Communications Construction 002941.SZ | China | $1.22B | -20% | +23% | 5% | n/a | n/a | n/a |
| Lendlease LLC.AX | Australia | $1.23B | -16% | -30% | 0% | 147.4× | n/a | n/a |
| GenusPlus GNP.AX | Australia | $1.18B | -12% | +71% | 6% | 18.1× | 6.2% | +32.1% |
| EPIC Suisse EPIC.SW | Switzerland | $1.17B | +2% | +4% | 78% | 20.8× | 7.1% | +4.3% |
| China Bester Group Telecom 603220.SS | China | $1.17B | -48% | +3% | 6% | 20.0× | n/a | n/a |
| JiShi Media 601929.SS | China | $1.25B | -18% | -2% | -24% | n/a | n/a | n/a |
| Shenzhen Zhongzhuang Construction 002822.SZ | China | $1.15B | -15% | -56% | -96% | n/a | n/a | n/a |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |
| CTCI 9933.TW | Taiwan | $1.29B | +22% | -22% | 9% | 8.5× | n/a | n/a |
| Nippon Densetsu Kogyo 1950.T | Japan | $1.29B | -30% | +10% | 12% | 9.9× | -0.1% | +3.2% |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | n/a | 25.3% | -5.4% |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 4.2× | n/a | n/a |
| Shenzhen Urban Transport Technology 301091.SZ | China | $1.29B | -23% | +17% | 2% | 79.8× | n/a | n/a |
| Lloyds Engineering Works LLOYDSENGG.NS | India | $1.29B | +36% | +83% | 11% | n/a | n/a | n/a |
| Kumagai Gumi 1861.T | Japan | $1.30B | -20% | -4% | 6% | 9.0× | -9.2% | +1.6% |