WinstonWınston
Stock

Delong Composite Energy Group Co.

000593.SZ
38
Regulated Gas · Utilities
Price
¥20.11
+0.11 (+0.55%)
Market Cap
¥7.15B
Exchange
Shenzhen Stock Exchange
Winston Score
38
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
4/30
Growth
Mixed
8/20
Cash Flow
Strong
8/10
Stability
Good
6/10
Valuation
Weak
1/10
Ownership
Good
10/15
Dividends
Weak
1/5

38 of 100 counted points = Winston Score 38.

§Winston Score History

The full picture

Delong Composite Energy Group is a Chinese utility company that distributes natural gas and sells liquefied natural gas (LNG) to homes, businesses, and industrial customers. It also operates gas stations and provides related energy services. The company is one of the larger private natural gas distributors in China, primarily serving customers across multiple provinces.

Delong makes money by purchasing natural gas from upstream suppliers and selling it to end users through pipeline networks and LNG distribution. It operates mainly in China and has a market capitalization of roughly $7.8 billion. Its scale and established pipeline infrastructure give it a local competitive advantage, though margins are thin due to regulated pricing — operating margin sits around 3%. Growth depends on China's continued shift from coal to natural gas as a cleaner energy source, but tightening regulation and competition from state-owned gas distributors remain key risks.

Share count broadly stable

−0.4% over 3y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 358.1M (2022) → 356.8M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
12.7%
Thin — 12.7% gross margin
Profit after running costs
Operating Margin
5.0%
Thin — 5.0% operating margin
Return on the money invested
ROCE
3.4%
Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-20.2%
Shrinking sales (-20.2% YoY)
Profit growth
EPS YoY
+57.6%
Earnings growing fast (+57.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
759%
Turns 759% of profit into real cash
Spare cash per sale
FCF Margin
9.3%
Modest free cash flow (9.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.45
Conservative — low debt load (0.45)
Covers its interest
Interest Cover
2.95x
Tight — interest eats into profit (3.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
303.8x
Expensive — P/E 303.8

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
0.40%
Small dividend — 0.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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