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Chinese engineering design institute specializing in non-ferrous metals and metallurgical industry projects.
Chinese engineering design institute specializing in non-ferrous metals and metallurgical industry projects.
In one line: A metallurgical-industry design institute, akin to a niche Hatch Ltd.
Moat: narrow (process know-how). Specialized design know-how for non-ferrous smelting and refining plants.
Headquarters: Nanchang, Jiangxi, China · Employees: 2,073
Size China Nerin Engineering (603257.SS) is a China Industrials company (Engineering & Construction) with a market value of $851M, the 2619th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥47.46 on 6 Nov 2026.
Performance Over six months the shares fell 20.9%, against -18.9% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 20.6% over the last twelve months (peer median +2.0%); the operating margin is 9.6% (peer median 8.4%).
Valuation It trades at 23.4× forward earnings against a peer median of 10.6× (2nd most expensive of 13).
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 +6%, so the hurdle is +10 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 14.8 points above its cost of capital (13.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.80B | CN¥1.96B | CN¥2.47B | CN¥2.86B | CN¥2.00B |
| Revenue growth | — | -21% | -14% | +43% | — |
| Gross profit | CN¥559M | CN¥478M | CN¥433M | CN¥476M | CN¥400M |
| EBITDA | n/a | CN¥174M | CN¥155M | CN¥172M | CN¥191M |
| Net income | CN¥180M | CN¥161M | CN¥152M | CN¥148M | CN¥155M |
| Free cash flow | CN¥383M | CN¥148M | CN¥144M | CN¥169M | CN¥135M |
| Capital expenditure | CN¥62.9M | CN¥57.1M | CN¥28.6M | CN¥30.6M | CN¥15.1M |
| Total debt | CN¥53.2M | CN¥23.3M | CN¥13.5M | CN¥26.3M | CN¥8.76M |
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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 | 603257.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.1% | -8.1% | 2nd lowest of 21 |
| 6-month return | -20.9% | -18.9% | 10th lowest of 21 |
| Distance from 52-week high | -44.7% | -34.0% | 5th lowest of 21 |
| Revenue growth (TTM) | -20.6% | +2.0% | 2nd lowest of 21 |
| Operating margin | 9.6% | 8.4% | 9th highest of 21 |
| Forward P/E | 23.4× | 10.6× | 2nd most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 5.6% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +5.6% | +4.4% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | +9.9 pp | +3.4 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +14.8 pp | -2.1 pp | 3rd highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Nerin Engineering 603257.SS | China | $851M | -21% | -21% | 10% | 23.4× | 15.4% | +5.6% |
| Afcons Infrastructure AFCONS.NS | India | $841M | -36% | -15% | 4% | 25.2× | n/a | n/a |
| Xinjiang Beixin Road & Bridge 002307.SZ | China | $861M | -19% | -22% | 8% | n/a | n/a | n/a |
| Totetsu Kogyo 1835.T | Japan | $841M | -30% | 0% | 11% | 9.9× | -11.6% | +4.2% |
| Beijing New Space Technology 605178.SS | China | $861M | -18% | 0% | -51% | n/a | n/a | n/a |
| Next Geosolutions Europe NXT.MI | Italy | $861M | +22% | +68% | 17% | 12.7× | n/a | n/a |
| Shanghai Urban Architecture Design 300983.SZ | China | $866M | +5% | -7% | -58% | n/a | n/a | n/a |
| TSK Electronica y Electricidad TSK.MC | Spain | $831M | +10% | +1% | 6% | n/a | 9.9% | +0.9% |
| Falcon's Beyond Global FBYD | United States | $831M | -41% | +181% | -67% | n/a | n/a | n/a |
| Chongqing Road & Bridge 600106.SS | China | $821M | -31% | -10% | 65% | n/a | 32.7% | -11.6% |
| Shanghai Research Institute of Building Sciences 603153.SS | China | $820M | -22% | +10% | 8% | n/a | -6.2% | +12.6% |
| Shenzhen Tagen 000090.SZ | China | $883M | -11% | +1% | 0% | 7.7× | 13.8% | +5.6% |
| Ningbo Construction 601789.SS | China | $885M | -34% | +10% | 2% | n/a | n/a | n/a |
| Costain COST.L | United Kingdom | $890M | +30% | -6% | 5% | 16.5× | 0.1% | +1.3% |
| GR Engineering Services GNG.AX | Australia | $891M | +40% | +3% | 11% | 18.3× | 14.9% | +4.7% |
| Taihei Dengyo Kaisha 1968.T | Japan | $899M | -22% | +19% | 11% | 11.2× | n/a | n/a |
| Shin Nippon Air Technologies 1952.T | Japan | $803M | -25% | +11% | 9% | 8.7× | 1.3% | +7.6% |
| Shenzhen Investment Holdings Bay Area Development 0737.HK | Hong Kong | $803M | -4% | +11% | 30% | 8.9× | 14.6% | -2.4% |
| G R Infraprojects GRINFRA.NS | India | $803M | -21% | +25% | 16% | 8.9× | n/a | n/a |
| I.CO.P ICOP.MI | Italy | $901M | -6% | +138% | 11% | 17.1× | n/a | n/a |
| GRK Infra GRK.HE | Finland | $903M | +30% | -7% | 8% | 10.0× | -1.5% | +24.6% |