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Hydropower generator operating dams in eastern Fujian province, selling electricity to the provincial grid.
Hydropower generator operating dams in eastern Fujian province, selling electricity to the provincial grid.
Sells its electricity to the grid at tariffs largely set by regulators, so income swings with how much rain falls in the catchment rather than with market prices. Hydropower has almost no fuel cost, so most costs are the fixed ones of owning and depreciating dams.
Moat: narrow (installed base). Owns established hydro dam sites, but tariffs are regulated and output depends on rainfall.
Headquarters: Ningde, Fujian, China · Employees: 1,446
Size Fujian Mindong Electric Power (000993.SZ) is a China Utilities company (Electric Utilities) with a market value of $846M, the 2632nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.31 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against -24.4% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 18.3% over the last twelve months (peer median +3.6%); the operating margin is 5.2% (peer median 6.4%).
Valuation It trades at 10.8× enterprise value to sales against a peer median of 2.4× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is +5 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 1.1 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥525M | CN¥594M | CN¥599M | CN¥1.49B | CN¥728M |
| Revenue growth | — | -1% | -60% | +105% | — |
| Gross profit | CN¥346M | CN¥270M | CN¥285M | CN¥474M | CN¥300M |
| EBITDA | n/a | CN¥271M | CN¥293M | CN¥469M | CN¥334M |
| Net income | CN¥13.1M | CN¥58.9M | CN¥169M | CN¥235M | CN¥184M |
| Free cash flow | CN¥176M | CN¥175M | CN¥163M | CN¥36.8M | CN¥347M |
| Capital expenditure | CN¥46.8M | CN¥86.0M | CN¥70.4M | CN¥52.4M | CN¥61.6M |
| Total debt | CN¥577M | CN¥602M | CN¥622M | CN¥396M | CN¥547M |
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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 | 000993.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.6% | -8.0% | lowest of 21 |
| 6-month return | +0.6% | -24.4% | 4th highest of 21 |
| Distance from 52-week high | -41.1% | -41.8% | 10th highest of 21 |
| Revenue growth (TTM) | -18.3% | +3.6% | 2nd lowest of 21 |
| Operating margin | 5.2% | 6.4% | 8th lowest of 21 |
| EV / Sales | 10.8× | 2.4× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.7% | 2.2% | 5th most demanding of 15 |
| Growth delivered (Del g) | +10.1% | +5.6% | 6th highest of 15 |
| Hurdle (Req g minus delivered) | +4.6 pp | -1.9 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -1.1 pp | -1.8 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujian Mindong Electric Power 000993.SZ | China | $846M | +1% | -18% | 5% | 10.8× | 14.7% | +10.1% |
| Guangzhou Hengyun Enterprises 000531.SZ | China | $817M | -26% | 0% | -2% | 3.6× | n/a | n/a |
| 2G Energy 2GB.DE | Germany | $885M | -25% | -12% | 6% | 2.1× | 18.5% | +10.1% |
| Reliance Power RPOWER.NS | India | $806M | -37% | +3% | 20% | 1.0× | -4.9% | -0.5% |
| Guangdong Shaoneng 000601.SZ | China | $887M | -15% | +6% | 7% | 2.5× | -0.4% | -0.7% |
| Swan SWANCORP.NS | India | $799M | -32% | -17% | -9% | 2.4× | n/a | n/a |
| China Datang Corp. Renewable Power 1798.HK | Hong Kong | $904M | -42% | -6% | 21% | 8.3× | n/a | n/a |
| Zheneng Jinjiang Environment BWM.SI | Singapore | $786M | +13% | +5% | 33% | 4.1× | -3.0% | +2.2% |
| Leshan Electric Power 600644.SS | China | $779M | -27% | 0% | -1% | 1.8× | 15.8% | +8.3% |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 0.4× | -8.6% | +17.6% |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 5.5× | 4.8% | -27.7% |
| Guangdong Meiyan Jixiang Hydropower 600868.SS | China | $752M | -23% | +60% | -32% | 9.9× | 18.3% | +15.3% |
| Ningbo Energy Group Co., Ltd 600982.SS | China | $748M | -24% | +9% | 9% | 3.6× | 5.0% | -6.9% |
| Empresa Distribuidora Y Comercializadora Norte S.A. Sponsored ADR EDN | United States | $738M | -40% | +2% | 6% | 0.4× | n/a | n/a |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | 2.3× | 9.9% | +11.0% |
| Zhejiang Fuchunjiang Environmental Thermoelectric 002479.SZ | China | $704M | -2% | +26% | 9% | 1.0× | -10.7% | +2.9% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | 0.5× | -15.1% | +10.2% |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 1.7× | 15.8% | +18.5% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 3.3× | n/a | n/a |
| Sichuan Guangan AAA Public 600979.SS | China | $670M | -28% | +4% | -5% | 3.0× | n/a | n/a |
| Ning Xia Yin Xing Energy 000862.SZ | China | $665M | -25% | -8% | 0% | 4.3× | -1.4% | +1.7% |