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Chinese maker of industrial and specialty/electronic gases and air-separation equipment for steel, chemical and semiconductor plants.
Chinese maker of industrial and specialty/electronic gases and air-separation equipment for steel, chemical and semiconductor plants.
In one line: China's Linde/Air Products for gas equipment.
Moat: narrow (process know-how, customer qualification). Engineering know-how in large-scale gas separation and qualification for electronics-grade gases.
Headquarters: Beijing, China · Founded: 1995 · Employees: 886
Size Peric Special Gases (688146.SS) is a China Materials company (Chemicals: Major Diversified) with a market value of $9.58B, the 261st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥144.00 on 6 Nov 2026.
Performance Over six months the shares gained 101.7%, against -4.3% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 75.3% over the last twelve months (peer median +3.7%); the operating margin is 18.9% (peer median 8.4%).
Valuation It trades at 67.1× forward earnings against a peer median of 15.0× (most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +38 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 5.4 points above its cost of capital (14.7% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.78B | CN¥2.26B | CN¥1.95B | CN¥1.61B | CN¥1.95B |
| Revenue growth | — | +16% | +20% | -17% | — |
| Gross profit | CN¥1.49B | CN¥554M | CN¥501M | CN¥531M | CN¥673M |
| EBITDA | n/a | CN¥618M | CN¥437M | CN¥413M | CN¥557M |
| Net income | CN¥761M | CN¥346M | CN¥307M | CN¥335M | CN¥383M |
| Free cash flow | CN¥49.5M | -CN¥45.3M | -CN¥514M | -CN¥96.0M | CN¥72.2M |
| Capital expenditure | CN¥361M | CN¥722M | CN¥1.14B | CN¥623M | CN¥495M |
| Total debt | CN¥667M | CN¥542M | CN¥0 | CN¥11.2M | CN¥28.1M |
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 |
|---|---|---|---|---|---|---|
| Peric Special Gases 688146.SS | $9.58B | +102% | +75% | 19% | 67.1× | 50.8% |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
| Air Products APD | $67.9B | +4% | +5% | 24% | 21.2× | n/a |
| Hangzhou Oxygen Plant 002430.SZ | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% |
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 | 688146.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.4% | -2.7% | 3rd lowest of 21 |
| 6-month return | +101.7% | -4.3% | highest of 21 |
| Distance from 52-week high | -65.5% | -22.9% | lowest of 21 |
| Revenue growth (TTM) | +75.3% | +3.7% | highest of 21 |
| Operating margin | 18.9% | 8.4% | 3rd highest of 21 |
| Forward P/E | 67.1× | 15.0× | most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 50.8% | 9.6% | most demanding of 16 |
| Growth delivered (Del g) | +13.1% | +6.6% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | +37.7 pp | +3.4 pp | most demanding of 16 |
| ROIC minus cost of capital | +5.4 pp | -1.8 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Peric Special Gases 688146.SS | China | $9.58B | +102% | +75% | 19% | 67.1× | 50.8% | +13.1% |
| Solstice Advanced Materials SOLS | United States | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% | +2.7% |
| Sasol Limited Sponsored ADR SSL | United States | $10.3B | +14% | +18% | 22% | 4.8× | n/a | n/a |
| Mitsubishi Chemical 4188.T | Japan | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% | +2.6% |
| Evonik Industries EVK.DE | Germany | $11.0B | +19% | +2% | 10% | 12.0× | -6.2% | +2.9% |
| Element Solutions ESI | United States | $7.61B | -29% | +40% | 14% | 15.0× | 16.6% | +6.6% |
| Ecopro 086520.KS | South Korea | $6.55B | -57% | +11% | 9% | 31.5× | n/a | n/a |
| Tokyo Ohka Kogyo 4186.T | Japan | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% | +15.1% |
| Arkema AKE.PA | France | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% | +2.8% |
| Kingfa Sci. & Tech 600143.SS | China | $4.96B | -28% | -1% | 3% | 24.6× | -1.2% | +13.3% |
| Perimeter Solutions PRM | United States | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% | +14.0% |
| DuPont DD | United States | $19.4B | -1% | -43% | 14% | 18.3× | 14.7% | -13.7% |
| Wacker Chemie WCH.DE | Germany | $4.42B | -24% | -5% | -1% | 33.0× | n/a | n/a |
| Hubei Xingfa Chemicals 600141.SS | China | $4.19B | -27% | +4% | 8% | 15.3× | n/a | n/a |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Mitsui Chemicals 4183.T | Japan | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% | +6.6% |
| Johnson Matthey JMAT.L | United Kingdom | $4.01B | +14% | +8% | 3% | 13.3× | 9.6% | -4.0% |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Sika SIKA.SW | Switzerland | $36.4B | +32% | -4% | 14% | 24.9× | 10.7% | +7.3% |