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Chinese maker of oilfield equipment or services; specific product line not confidently known.
Chinese maker of oilfield equipment or services; specific product line not confidently known.
Moat: none
Headquarters: Jiangsu, China · Employees: 703
Size Jiangsu Hongtian Technology (603800.SS) is a China Energy company (Oilfield Services/Equipment) with a market value of $1.11B, the 2103rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥35.52 on 6 Nov 2026.
Performance Over six months the shares fell 31.6%, against -15.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue fell 27.2% over the last twelve months (peer median +4.5%); the operating margin is -14.6% (peer median 7.1%).
Valuation It trades at 62.3× forward earnings against a peer median of 14.5× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +27 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 15.8 points below its cost of capital (12.5% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥868M | CN¥1.08B | CN¥1.37B | CN¥2.22B | CN¥2.18B |
| Revenue growth | — | -21% | -38% | +2% | — |
| Gross profit | CN¥143M | CN¥221M | CN¥304M | CN¥507M | CN¥438M |
| EBITDA | n/a | CN¥78.9M | CN¥196M | CN¥316M | CN¥223M |
| Net income | -CN¥94.8M | CN¥14.5M | CN¥117M | CN¥205M | CN¥106M |
| Free cash flow | CN¥174M | CN¥134M | -CN¥71.6M | -CN¥222M | -CN¥30.5M |
| Capital expenditure | CN¥27.4M | CN¥32.9M | CN¥99.7M | CN¥226M | CN¥94.3M |
| Total debt | CN¥1.01B | CN¥824M | CN¥959M | CN¥1.12B | CN¥991M |
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| Measure | 603800.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.3% | -12.8% | 4th lowest of 21 |
| 6-month return | -31.6% | -15.5% | 5th lowest of 20 |
| Distance from 52-week high | -61.5% | -35.5% | 5th lowest of 21 |
| Revenue growth (TTM) | -27.2% | +4.5% | 2nd lowest of 21 |
| Operating margin | -14.6% | 7.1% | lowest of 21 |
| Forward P/E | 62.3× | 14.5× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 32.4% | 3.5% | most demanding of 14 |
| Growth delivered (Del g) | +5.1% | +12.0% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | +27.3 pp | -8.5 pp | most demanding of 14 |
| ROIC minus cost of capital | -15.8 pp | -3.6 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Hongtian Technology 603800.SS | China | $1.11B | -32% | -27% | -15% | 62.3× | 32.4% | +5.1% |
| RPC RES | United States | $1.18B | -22% | +18% | 3% | 17.9× | 12.2% | +22.1% |
| Hornbeck Offshore Services HOS | United States | $1.18B | n/a | +2% | 8% | 8.6× | -1.1% | +12.0% |
| BW Energy BWE.OL | Norway | $1.30B | -15% | -25% | 26% | 13.1× | n/a | n/a |
| Flotek Industries FTK | United States | $886M | +45% | +59% | 13% | 21.9× | n/a | n/a |
| Total Energy Services TOT.TO | Canada | $851M | +41% | +22% | 9% | 9.7× | 3.7% | +23.8% |
| Expro XPRO | United States | $1.47B | -14% | -5% | 4% | 18.0× | 13.9% | +18.9% |
| Bomesc Offshore Engineering 603727.SS | China | $823M | +6% | -12% | -7% | 249.4× | -9.1% | -6.1% |
| Forum Energy Technologies FET | United States | $800M | +30% | +11% | 7% | 12.9× | 3.5% | +9.1% |
| ProPetro PUMP | United States | $785M | -59% | -6% | 0% | 35.1× | n/a | n/a |
| Viridien VIRI.PA | France | $763M | -16% | -14% | 11% | 22.9× | -2.9% | +4.1% |
| Hunting HTG.L | United Kingdom | $714M | -25% | -12% | 7% | 14.3× | 17.8% | +9.6% |
| Toyo Engineering 6330.T | Japan | $711M | -16% | -31% | -10% | 14.2× | -2.1% | -0.1% |
| Shandong Molong Petroleum Machinery 002490.SZ | China | $704M | -33% | +51% | 0% | n/a | n/a | n/a |
| Innovex International INVX | United States | $1.76B | -6% | +7% | 12% | 14.7× | 5.7% | +21.8% |
| Atlas Energy Solutions AESI | United States | $678M | -71% | -4% | -11% | n/a | n/a | n/a |
| Flowco FLOC | United States | $1.81B | -19% | +20% | 19% | 13.1× | 8.0% | +72.3% |
| Haimo Technologies 300084.SZ | China | $667M | -31% | -7% | -12% | n/a | n/a | n/a |
| Ashtead Technology AT..L | United Kingdom | $660M | +26% | +9% | 26% | 16.2× | -5.5% | +36.8% |
| Liberty Energy LBRT | United States | $1.95B | -64% | +14% | 2% | n/a | n/a | n/a |
| National Energy Services Reunited NESR | United States | $2.01B | -14% | +24% | 9% | 9.9× | 1.2% | +9.7% |