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Maker of large electric motors and generators in Jiamusi, part of the state-owned Harbin Electric group.
Maker of large electric motors and generators in Jiamusi, part of the state-owned Harbin Electric group.
Moat: narrow (parent backing, installed base). Harbin Electric group affiliation and established heavy-motor manufacturing base.
Headquarters: Jiamusi, Heilongjiang, China · Employees: 1,952
Size Harbin Electric Corp. Jiamusi Electric Machine (000922.SZ) is a China Industrials company (Electrical Products) with a market value of $1.18B, the 1989th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.58 on 6 Nov 2026.
Performance Over six months the shares fell 22.2%, against -32.0% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +22.9%); the operating margin is 7.0% (peer median 3.6%).
Valuation It trades at 25.2× forward earnings against a peer median of 38.9× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.4 points below its cost of capital (8.6% WACC).
Next results Next results expected around 7 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.14B | CN¥4.91B | CN¥4.89B | CN¥5.30B | CN¥4.54B |
| Revenue growth | — | 0% | -8% | +17% | — |
| Gross profit | CN¥1.32B | CN¥1.06B | CN¥1.06B | CN¥1.21B | CN¥1.02B |
| EBITDA | n/a | CN¥541M | CN¥544M | CN¥598M | CN¥510M |
| Net income | CN¥295M | CN¥254M | CN¥256M | CN¥399M | CN¥381M |
| Free cash flow | CN¥62.7M | -CN¥67.5M | CN¥217M | CN¥408M | CN¥448M |
| Capital expenditure | CN¥271M | CN¥369M | CN¥248M | CN¥178M | CN¥79.4M |
| Total debt | CN¥1.00B | CN¥1.18B | CN¥2.71B | CN¥2.74B | CN¥2.74B |
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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 | 000922.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.6% | -17.3% | 9th lowest of 21 |
| 6-month return | -22.2% | -32.0% | 5th highest of 20 |
| Distance from 52-week high | -36.5% | -55.4% | 5th highest of 21 |
| Revenue growth (TTM) | +3.4% | +22.9% | 6th lowest of 21 |
| Operating margin | 7.0% | 3.6% | 7th highest of 21 |
| Forward P/E | 25.2× | 38.9× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 21.1% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +15.8% | +14.2% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | -4.6 pp | +7.4 pp | 2nd least demanding of 6 |
| ROIC minus cost of capital | -1.4 pp | -3.6 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harbin Electric Corp. Jiamusi Electric Machine 000922.SZ | China | $1.18B | -22% | +3% | 7% | 25.2× | 11.1% | +15.8% |
| Shenzhen Mason Technologies 002654.SZ | China | $1.18B | -34% | -6% | 1% | n/a | n/a | n/a |
| Jiangsu Haili Wind Power Equipment Technology 301155.SZ | China | $1.18B | -31% | -69% | -17% | 78.0× | n/a | n/a |
| PFISTERER PFS0.DE | Germany | $1.18B | n/a | +17% | 14% | 16.6× | 15.5% | n/a |
| Jiangsu Zenergy Battery Technologies 3677.HK | Hong Kong | $1.19B | -56% | +58% | 6% | 8.1× | n/a | n/a |
| Atlanta Electricals ATLANTAELE.NS | India | $1.19B | -10% | +59% | 16% | 38.9× | 20.6% | +28.4% |
| PowerX 485A.T | Japan | $1.20B | -55% | +213% | -1% | n/a | n/a | n/a |
| SPG 058610.KS | South Korea | $1.20B | -42% | -7% | 5% | 104.8× | 40.9% | -0.8% |
| Shenzhen Desay Battery Technology 000049.SZ | China | $1.20B | -28% | +9% | 2% | 19.5× | n/a | n/a |
| Lotte Energy Materials 020150.KS | South Korea | $1.21B | -53% | -12% | -13% | n/a | n/a | n/a |
| Jiangsu Xihua New Energy Technology 603248.SS | China | $1.21B | -31% | +32% | 33% | n/a | n/a | n/a |
| Taihan Fiberoptics 010170.KS | South Korea | $1.21B | -30% | +6% | -10% | n/a | n/a | n/a |
| Goldcup Electric Apparatus 002533.SZ | China | $1.14B | -21% | +23% | 3% | 11.0× | n/a | n/a |
| Keli Motor 002892.SZ | China | $1.13B | -14% | +13% | -1% | n/a | n/a | n/a |
| Shandong Sacred Sun Power Sources 002580.SZ | China | $1.23B | -34% | +22% | 4% | n/a | 21.6% | +14.2% |
| American Superconductor AMSC | United States | $1.13B | -58% | +26% | 4% | 22.1× | 56.5% | +28.0% |
| FOCI Fiber Optic Communications 3363.TWO | Taiwan | $1.24B | -59% | -2% | -16% | 92.0× | n/a | n/a |
| Quality Power Electrical Equipments QPOWER.NS | India | $1.12B | +7% | +90% | 19% | 56.3× | n/a | n/a |
| Jiangsu Cai Qin Technology 688182.SS | China | $1.12B | -39% | +86% | 9% | 50.2× | n/a | n/a |
| Sunstone Development 603612.SS | China | $1.25B | -32% | +28% | 8% | 10.1× | n/a | n/a |
| Baosheng Science & Technology Innovation 600973.SS | China | $1.11B | -26% | +31% | 1% | 60.2× | 9.1% | +6.9% |