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Chinese maker of specialty and industrial gases, including electronic-grade gases for semiconductor manufacturing.
Chinese maker of specialty and industrial gases, including electronic-grade gases for semiconductor manufacturing.
In one line: A Chinese Air Products/Linde for specialty electronic gases.
Moat: narrow (customer qualification, regulatory licence). Semiconductor-grade gas supply requires fab qualification, favoring incumbents and multinational suppliers.
Headquarters: Guangdong, China · Employees: 1,243
Size Guangdong Huate Gas (688268.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.92B, the 1308th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥100.13 on 6 Nov 2026.
Performance Over six months the shares fell 46.8%, against -24.6% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 26.8% over the last twelve months (peer median +17.1%); the operating margin is 13.4% (peer median 7.1%).
Valuation It trades at 56.1× forward earnings against a peer median of 14.7× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +28 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 3.1 points below its cost of capital (12.9% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.75B | CN¥1.41B | CN¥1.39B | CN¥1.49B | CN¥1.80B |
| Revenue growth | — | +2% | -7% | -17% | — |
| Gross profit | CN¥593M | CN¥395M | CN¥407M | CN¥422M | CN¥451M |
| EBITDA | n/a | CN¥297M | CN¥319M | CN¥304M | CN¥305M |
| Net income | CN¥184M | CN¥135M | CN¥185M | CN¥171M | CN¥207M |
| Free cash flow | CN¥141M | CN¥24.5M | CN¥33.1M | -CN¥61.6M | CN¥94.9M |
| Capital expenditure | CN¥169M | CN¥241M | CN¥264M | CN¥236M | CN¥230M |
| Total debt | CN¥627M | CN¥1.29B | CN¥1.13B | CN¥1.11B | CN¥498M |
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 |
|---|---|---|---|---|---|---|
| Guangdong Huate Gas 688268.SS | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% |
| Air Products APD | $67.9B | +4% | +5% | 24% | 21.2× | n/a |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
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 | 688268.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.2% | -11.1% | 10th lowest of 21 |
| 6-month return | -46.8% | -24.6% | 3rd lowest of 20 |
| Distance from 52-week high | -65.5% | -49.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | +26.8% | +17.1% | 7th highest of 20 |
| Operating margin | 13.4% | 7.1% | 6th highest of 21 |
| Forward P/E | 56.1× | 14.7× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 35.6% | 6.0% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +7.2% | +5.8% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +28.4 pp | +0.0 pp | most demanding of 11 |
| ROIC minus cost of capital | -3.1 pp | -0.2 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |
| Ganzhou Teng Yuan Cobalt New Material 301219.SZ | China | $1.85B | -53% | +64% | 10% | 12.5× | n/a | n/a |
| Jiangsu Lopal Tech 603906.SS | China | $1.82B | -54% | +96% | 7% | 14.7× | n/a | n/a |
| Dongyue 0189.HK | Hong Kong | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% | +6.6% |
| Ningbo Ronbay New Energy Technology 688005.SS | China | $2.05B | -45% | +41% | 1% | 37.8× | n/a | n/a |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Shaanxi Beiyuan Chemical Industry 601568.SS | China | $2.11B | -9% | -8% | -4% | 11.8× | 11.8% | -1.8% |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| SKC 011790.KS | South Korea | $2.14B | -46% | +24% | -9% | n/a | n/a | n/a |