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State engineering group building steel plants and metallurgical facilities worldwide, plus mining, real estate and equipment.
State engineering group building steel plants and metallurgical facilities worldwide, plus mining, real estate and equipment.
Books revenue as construction contracts progress. Steel-plant projects are the specialty, but general building and infrastructure work now makes up much of its volume. China Minmetals, a central state-owned metals group, controls it, and the same company also trades in Hong Kong as 1618.
Moat: narrow (process know-how, installed base, regulatory licence). Dominant qualified builder of steel plants in China with decades of metallurgical expertise.
Headquarters: Beijing, China · Founded: 2008 · Employees: 89,982
Size Metallurgical Corporation of China (601618.SS) is a China Industrials company (Engineering & Construction) with a market value of $7.54B, the 327th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.63 on 6 Nov 2026.
Performance Over six months the shares fell 10.2%, against -8.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 21.4% over the last twelve months (peer median +7.1%); the operating margin is -4.0% (peer median 8.8%).
Valuation It trades at 11.4× forward earnings against a peer median of 13.9× (7th cheapest of 21).
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 -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥373B | CN¥455B | CN¥551B | CN¥633B | CN¥592B |
| Revenue growth | — | -18% | -13% | +7% | — |
| Gross profit | CN¥39.3B | CN¥44.3B | CN¥51.9B | CN¥59.9B | CN¥55.5B |
| EBITDA | n/a | -CN¥4.60B | CN¥15.0B | CN¥20.1B | CN¥22.5B |
| Net income | CN¥809M | CN¥1.32B | CN¥6.75B | CN¥8.67B | CN¥10.3B |
| Free cash flow | CN¥9.26B | CN¥9.61B | CN¥1.70B | CN¥2.15B | CN¥15.2B |
| Capital expenditure | CN¥6.12B | CN¥6.28B | CN¥6.86B | CN¥4.60B | CN¥4.31B |
| Total debt | CN¥164B | CN¥160B | CN¥174B | CN¥153B | CN¥128B |
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 |
|---|---|---|---|---|---|---|
| Metallurgical Corporation of China 601618.SS | $7.54B | -10% | -21% | -4% | 11.4× | -0.5% |
| China Railway Construction 601186.SS | $11.4B | -11% | -9% | 4% | 4.9× | n/a |
| Power Construction Corporation of China 601669.SS | $11.5B | -20% | -2% | 4% | 8.4× | n/a |
| China National Chemical Engineering 601117.SS | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% |
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 | 601618.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | +2.6% | 11th highest of 21 |
| 6-month return | -10.2% | -8.6% | 10th lowest of 21 |
| Distance from 52-week high | -32.2% | -19.1% | 8th lowest of 21 |
| Revenue growth (TTM) | -21.4% | +7.1% | lowest of 21 |
| Operating margin | -4.0% | 8.8% | lowest of 21 |
| Forward P/E | 11.4× | 13.9× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 5.0% | 7th least demanding of 18 |
| Growth delivered (Del g) | +2.6% | +9.6% | lowest of 18 |
| Hurdle (Req g minus delivered) | -3.1 pp | -6.8 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | -8.4 pp | +4.1 pp | 2nd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Metallurgical Corporation of China 601618.SS | China | $7.54B | -10% | -21% | -4% | 11.4× | -0.5% | +2.6% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| IES IESC | United States | $6.38B | +32% | +23% | 12% | 12.6× | 11.2% | +22.9% |
| Dycom Industries DY | United States | $6.26B | -52% | +38% | 8% | 12.1× | 11.6% | +11.6% |
| Fluor FLR | United States | $6.22B | +7% | -5% | -2% | 14.2× | n/a | n/a |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| China State Construction International 3311.HK | Hong Kong | $6.04B | -5% | -14% | 15% | 5.0× | -8.1% | +11.8% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Kinden 1944.T | Japan | $5.56B | -36% | +8% | 13% | 11.6× | -0.9% | +6.2% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Balfour Beatty BBY.L | United Kingdom | $5.34B | +1% | +12% | 2% | 17.2× | 1.0% | +5.3% |
| Granite Construction GVA | United States | $5.32B | -15% | +25% | 7% | 16.7× | 10.1% | +7.2% |
| Sweco SWEC-A.ST | Sweden | $5.32B | +12% | +6% | 10% | 20.6× | 5.0% | +8.7% |
| Kandenko 1942.T | Japan | $5.26B | -41% | +4% | 12% | 11.2× | -0.9% | +5.9% |