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Chinese maker of high-voltage switchgear, transformers and smart-grid equipment for power transmission.
Chinese maker of high-voltage switchgear, transformers and smart-grid equipment for power transmission.
Wins most orders through State Grid and China Southern Grid tenders, where qualified suppliers bid on price and delivery, so volume tracks annual grid investment plans and prices follow bidding rounds. Overseas utilities also buy from it.
In one line: A China-based Eaton / Hitachi Energy in grid gear.
Moat: narrow (scale, customer qualification, distribution). Long-standing qualified supplier to State Grid tenders; scale helps on cost in a low-margin equipment market.
Headquarters: Shanghai, China · Founded: 1990 · Employees: 11,007
Size Sieyuan Electric (002028.SZ) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $13.4B, the 178th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥113.90 on 6 Nov 2026.
Performance Over six months the shares fell 41.6%, against -16.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 34.9% over the last twelve months (peer median +9.7%); the operating margin is 15.7% (peer median 20.4%).
Valuation It trades at 23.1× forward earnings against a peer median of 25.0× (9th cheapest of 21).
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 +24%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.0 points above its cost of capital (7.5% WACC).
Next results Next results expected around 12 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.5B | CN¥21.5B | CN¥15.4B | CN¥12.4B | CN¥10.5B |
| Revenue growth | — | +39% | +24% | +18% | — |
| Gross profit | CN¥7.76B | CN¥6.42B | CN¥4.66B | CN¥3.55B | CN¥2.67B |
| EBITDA | n/a | CN¥3.76B | CN¥2.57B | CN¥1.91B | CN¥1.40B |
| Net income | CN¥3.36B | CN¥3.15B | CN¥2.05B | CN¥1.56B | CN¥1.22B |
| Free cash flow | CN¥1.96B | CN¥1.48B | CN¥1.59B | CN¥1.56B | CN¥618M |
| Capital expenditure | CN¥899M | CN¥821M | CN¥922M | CN¥733M | CN¥445M |
| Total debt | CN¥3.78B | CN¥3.49B | CN¥2.41B | CN¥1.54B | CN¥1.23B |
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 |
|---|---|---|---|---|---|---|
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 15.2× | n/a |
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 21.1× | 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 | 002028.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -10.8% | 7th highest of 21 |
| 6-month return | -41.6% | -16.2% | 2nd lowest of 20 |
| Distance from 52-week high | -52.4% | -34.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +34.9% | +9.7% | 6th highest of 20 |
| Operating margin | 15.7% | 20.4% | 8th lowest of 20 |
| Forward P/E | 23.1× | 25.0× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 21.9% | 5th least demanding of 17 |
| Growth delivered (Del g) | +23.9% | +9.9% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | -12.8 pp | +6.5 pp | least demanding of 17 |
| ROIC minus cost of capital | +15.0 pp | +2.5 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sieyuan Electric 002028.SZ | China | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% | +23.9% |
| Skyverse Technology 688361.SS | China | $13.8B | +33% | +39% | -12% | 563.2× | n/a | n/a |
| Chroma Ate 2360.TW | Taiwan | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% | +12.8% |
| Halma HLMA.L | United Kingdom | $17.0B | -25% | +15% | 20% | 25.0× | 21.7% | +14.4% |
| Semight Instruments 688808.SS | China | $17.0B | n/a | n/a | n/a | 51.5× | n/a | n/a |
| Hangzhou Changchuan Technology 300604.SZ | China | $17.3B | +4% | +53% | 27% | 46.1× | 43.8% | +45.8% |
| NVMI NVMI | United States | $9.96B | -40% | +16% | 29% | 25.0× | 32.8% | +26.7% |
| Lasertec 6920.T | Japan | $18.2B | -25% | -19% | 44% | 28.7× | 28.9% | +26.8% |
| Hon Precision 7769.TW | Taiwan | $20.0B | -34% | +257% | 48% | 21.3× | 28.2% | +31.0% |
| ONTO ONTO | United States | $8.50B | -39% | +8% | 20% | 16.9× | 29.4% | +12.6% |
| Cognex CGNX | United States | $8.04B | -27% | +17% | 22% | 24.8× | 25.6% | +4.2% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Qnity Electronics Q | United States | $24.5B | -21% | +18% | 23% | 20.2× | 22.1% | 0.0% |
| BOE Technology 000725.SZ | China | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% | +8.6% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| AVIC Chengdu Aircraft 302132.SZ | China | $28.0B | +4% | +3% | 5% | 49.6× | n/a | n/a |
| Hexagon HEXA-B.ST | Sweden | $29.4B | +14% | -20% | -14% | 30.0× | 9.1% | +8.7% |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| Legrand LR.PA | France | $38.0B | -16% | +10% | 21% | 22.0× | 15.6% | +9.2% |
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |
| Itron ITRI | United States | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% | +1.7% |