Loading…
Luoyang-based maker of large mining, cement and metallurgical equipment; part of CITIC Group.
Luoyang-based maker of large mining, cement and metallurgical equipment; part of CITIC Group.
Sells very large pieces of equipment, such as grinding mills for mines and cement and metals plants, in single orders paid in stages, so revenue depends on a few big projects and the mining and cement capital spending cycle. Its large-casting capacity is what lets it take orders that smaller rivals can't.
In one line: China's FLSmidth/Metso for heavy mining gear.
Moat: narrow (scale, installed base). Large-casting capacity and CITIC group backing support big single-unit orders smaller rivals can't cast.
Headquarters: Luoyang, Henan, China · Employees: 7,246
Size CITIC Heavy Industries (601608.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $3.15B, the 818th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.59 on 6 Nov 2026.
Performance Over six months the shares fell 24.1%, against -12.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +11.6%); the operating margin is 4.4% (peer median 8.3%).
Valuation It trades at 45.9× forward earnings against a peer median of 12.4× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.0 points below its cost of capital (7.8% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.45B | CN¥8.08B | CN¥8.00B | CN¥9.54B | CN¥8.79B |
| Revenue growth | — | +1% | -16% | +9% | — |
| Gross profit | CN¥1.74B | CN¥1.35B | CN¥1.70B | CN¥1.78B | CN¥1.28B |
| EBITDA | n/a | CN¥731M | CN¥629M | CN¥593M | CN¥313M |
| Net income | CN¥378M | CN¥375M | CN¥375M | CN¥384M | CN¥146M |
| Free cash flow | CN¥1.90B | CN¥633M | CN¥645M | CN¥1.09B | CN¥1.12B |
| Capital expenditure | CN¥151M | CN¥286M | CN¥233M | CN¥147M | CN¥133M |
| Total debt | CN¥2.21B | CN¥3.27B | CN¥3.71B | CN¥3.46B | CN¥5.69B |
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 |
|---|---|---|---|---|---|---|
| CITIC Heavy Industries 601608.SS | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% |
| FLSmidth & Co. A/S FLS.CO | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% |
| Metso METSO.HE | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% |
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% |
| Sinoma International Engineering 600970.SS | $3.15B | -14% | +3% | 5% | 9.2× | -8.3% |
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 | 601608.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +1.4% | 9th lowest of 21 |
| 6-month return | -24.1% | -12.8% | 7th lowest of 21 |
| Distance from 52-week high | -45.9% | -26.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +4.7% | +11.6% | 7th lowest of 21 |
| Operating margin | 4.4% | 8.3% | 4th lowest of 21 |
| Forward P/E | 45.9× | 12.4× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.5% | 0.2% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +5.1% | +9.6% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +9.4 pp | -9.1 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -3.0 pp | +0.9 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| CSSC Offshore & Marine Engineering (Group) 0317.HK | Hong Kong | $4.04B | -22% | +10% | 1% | 9.6× | 1.5% | +11.3% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |