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Provincial natural-gas distribution utility supplying piped gas across cities in Guizhou province.
Provincial natural-gas distribution utility supplying piped gas across cities in Guizhou province.
In one line: A provincial Chinese city-gas utility.
Moat: narrow (regulatory licence). Regional gas-distribution concessions across Guizhou's cities.
Headquarters: Guiyang, China · Employees: 3,933
Size Guizhou Gas (Group) (600903.SS) is a China Utilities company (Gas Distributors) with a market value of $1.02B, the 2256th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.87 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against -15.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median -0.6%); the operating margin is 4.0% (peer median 6.3%).
Valuation It trades at 2.1× enterprise value to sales against a peer median of 1.4× (7th most expensive of 21).
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 +9%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (5.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.26B | CN¥6.63B | CN¥6.67B | CN¥6.09B | CN¥6.14B |
| Revenue growth | — | -1% | +10% | -1% | — |
| Gross profit | CN¥1.14B | CN¥886M | CN¥903M | CN¥869M | CN¥691M |
| EBITDA | n/a | CN¥725M | CN¥701M | CN¥733M | CN¥558M |
| Net income | CN¥7.03M | CN¥47.1M | CN¥62.5M | CN¥78.1M | CN¥25.5M |
| Free cash flow | CN¥221M | -CN¥159M | -CN¥445M | -CN¥160M | -CN¥517M |
| Capital expenditure | CN¥579M | CN¥801M | CN¥759M | CN¥1.06B | CN¥1.00B |
| Total debt | CN¥5.70B | CN¥6.10B | CN¥5.56B | CN¥5.01B | CN¥5.06B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Guizhou Gas (Group) 600903.SS | $1.02B | -9% | -6% | 4% | 2.1× | 8.0% |
| Chengdu Gas 603053.SS | $1.09B | -16% | -1% | 6% | 0.8× | -10.0% |
| China Suntien Green Energy 600956.SS | $3.40B | -18% | -12% | 13% | 4.3× | 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 | 600903.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | -4.2% | 2nd lowest of 21 |
| 6-month return | -9.3% | -15.2% | 7th highest of 21 |
| Distance from 52-week high | -44.9% | -28.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | -6.5% | -0.6% | 6th lowest of 21 |
| Operating margin | 4.0% | 6.3% | 6th lowest of 21 |
| EV / Sales | 2.1× | 1.4× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.0% | -4.0% | 4th most demanding of 17 |
| Growth delivered (Del g) | +9.4% | +8.5% | 6th highest of 17 |
| Hurdle (Req g minus delivered) | -1.4 pp | -8.1 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -1.0 pp | +0.5 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | 2.1× | 8.0% | +9.4% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 0.8× | -5.6% | +4.5% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | 0.8× | 15.0% | +8.6% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | 0.8× | -10.0% | +5.1% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 1.4× | -5.1% | +1.0% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | 4.8× | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | 1.8× | n/a | n/a |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 1.3× | 6.3% | +10.3% |
| Ascopiave ASC.MI | Italy | $699M | -8% | +34% | 26% | 4.5× | 4.4% | +8.3% |
| Henan Lantian Gas 605368.SS | China | $687M | -18% | -9% | 8% | 1.3× | 0.0% | +2.7% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 0.2× | -17.3% | +11.7% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 4.2× | -8.4% | +12.3% |
| Shanghai Dazhong Public Utilities (Group) 1635.HK | Hong Kong | $1.59B | -41% | +6% | 1% | 2.2× | n/a | n/a |
| Shenzhen Guangju Energy 000096.SZ | China | $634M | -18% | +4% | 4% | 2.8× | n/a | n/a |
| Shizuoka Gas 9543.T | Japan | $631M | -5% | 0% | 6% | 0.5× | -9.0% | +10.6% |
| Saibu Gas 9536.T | Japan | $630M | +23% | -6% | 5% | 1.4× | n/a | n/a |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 1.4× | -2.9% | +7.8% |
| Anhui Province Natural Gas Development 603689.SS | China | $601M | -10% | -9% | 9% | 1.3× | 0.6% | +1.4% |
| K&O Energy 1663.T | Japan | $585M | -28% | -1% | 12% | 0.6× | -8.6% | +9.3% |
| Top Resource Energy 300332.SZ | China | $556M | -20% | -3% | 0% | 2.0× | 12.9% | +8.8% |
| Xinjiang East Universe (Group) Gas 603706.SS | China | $521M | -15% | -14% | 20% | 2.1× | -11.7% | +10.6% |