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State Grid-affiliated maker of power grid automation, HVDC and EV-charging equipment across China.
State Grid-affiliated maker of power grid automation, HVDC and EV-charging equipment across China.
Sells mainly through State Grid's centralised tenders, so winning bids and the grid operator's capital budget set the order book more than product pricing alone. The parent, XJ Group, belongs to State Grid, which makes the grid company both its biggest customer and its ultimate owner. Charging equipment is the newer line.
Moat: narrow (parent backing, customer qualification, installed base). State Grid-affiliated qualified vendor for safety-critical grid and HVDC equipment.
Headquarters: Xuchang, Henan, China · Founded: 1993 · Employees: 5,987
Size XJ Electric (000400.SZ) is a China Industrials company (Electrical Products) with a market value of $3.86B, the 667th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.25 on 6 Nov 2026.
Performance Over six months the shares gained 0.2%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 17 in its peer set.
Growth Revenue fell 8.2% over the last twelve months (peer median +25.2%); the operating margin is 5.7% (peer median 9.0%).
Valuation It trades at 23.5× forward earnings against a peer median of 21.7× (9th most expensive of 18).
Capital Return on invested capital runs 0.5 points above its cost of capital (7.5% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥15.6B | CN¥15.0B | CN¥17.0B | CN¥17.0B | CN¥15.0B |
| Revenue growth | — | -12% | 0% | +14% | — |
| Gross profit | CN¥3.34B | CN¥3.29B | CN¥3.34B | CN¥2.86B | CN¥2.69B |
| EBITDA | n/a | CN¥1.72B | CN¥1.64B | CN¥1.40B | CN¥1.37B |
| Net income | CN¥867M | CN¥1.17B | CN¥1.12B | CN¥1.01B | CN¥785M |
| Free cash flow | -CN¥866M | CN¥2.42B | CN¥910M | CN¥2.54B | CN¥1.63B |
| Capital expenditure | CN¥247M | CN¥248M | CN¥390M | CN¥212M | CN¥127M |
| Total debt | CN¥1.36B | CN¥1.37B | CN¥1.41B | CN¥725M | CN¥535M |
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 |
|---|---|---|---|---|---|---|
| XJ Electric 000400.SZ | $3.86B | 0% | -8% | 6% | 23.5× | n/a |
| NARI Technology 600406.SS | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% |
| Beijing Sifang Automation 601126.SS | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
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 | 000400.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.1% | -11.7% | 4th highest of 21 |
| 6-month return | +0.2% | -21.9% | 3rd highest of 17 |
| Distance from 52-week high | -27.1% | -42.3% | 6th highest of 21 |
| Revenue growth (TTM) | -8.2% | +25.2% | lowest of 20 |
| Operating margin | 5.7% | 9.0% | 8th lowest of 21 |
| Forward P/E | 23.5× | 21.7× | 9th most expensive of 18 |
| ROIC minus cost of capital | +0.5 pp | -1.9 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |
| Gaon Cable 000500.KS | South Korea | $3.97B | +50% | +32% | 3% | n/a | n/a | n/a |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| State Grid Yingda 600517.SS | China | $4.01B | -21% | +8% | 22% | 10.2× | -18.5% | +8.1% |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| KEI Industries KEI.NS | India | $4.03B | -22% | +25% | 10% | 33.9× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |
| Rosebank Industries ROSE.L | United Kingdom | $4.15B | -12% | n/a | 13% | 18.8× | n/a | n/a |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| Walsin Lihwa 1605.TW | Taiwan | $4.21B | -3% | -4% | 0% | 7.5× | n/a | n/a |
| Teco Electric & Machinery 1504.TW | Taiwan | $4.23B | -13% | +8% | 9% | 19.5× | 9.3% | +5.2% |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| DPC DPC | United States | $4.30B | n/a | +12% | -1% | 31.9× | n/a | n/a |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |