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Hydropower generator operating dams across Guizhou province, selling electricity to the provincial grid.
Hydropower generator operating dams across Guizhou province, selling electricity to the provincial grid.
Sells the power from its dams to the provincial grid at tariffs set or guided by the government, so revenue is the water passing through its turbines times that price. Output swings from year to year with rainfall, while costs are mostly fixed, being the dams themselves.
Moat: narrow (installed base). Owns established hydro dam sites, but tariffs are regulated and output depends on rainfall.
Headquarters: Guiyang, Guizhou, China · Employees: 828
Size Guizhou Qianyuan Power (002039.SZ) is a China Utilities company (Electric Utilities) with a market value of $1.19B, the 1977th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.56 on 6 Nov 2026.
Performance Over six months the shares fell 8.5%, against -13.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 13.8% over the last twelve months (peer median +3.2%); the operating margin is 45.4% (peer median 9.5%).
Valuation It trades at 19.5× forward earnings against a peer median of 10.9× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.98B | CN¥3.25B | CN¥1.91B | CN¥1.97B | CN¥2.59B |
| Revenue growth | — | +70% | -3% | -24% | — |
| Gross profit | CN¥2.19B | CN¥1.80B | CN¥933M | CN¥1.00B | CN¥1.43B |
| EBITDA | n/a | CN¥2.43B | CN¥1.36B | CN¥1.43B | CN¥2.03B |
| Net income | CN¥515M | CN¥600M | CN¥218M | CN¥265M | CN¥414M |
| Free cash flow | CN¥1.88B | CN¥2.06B | CN¥1.09B | CN¥1.58B | CN¥1.27B |
| Capital expenditure | CN¥391M | CN¥370M | CN¥168M | CN¥222M | CN¥673M |
| Total debt | CN¥5.74B | CN¥6.37B | CN¥7.91B | CN¥8.58B | CN¥9.54B |
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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 | 002039.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | -3.7% | 4th lowest of 21 |
| 6-month return | -8.5% | -13.3% | 8th highest of 20 |
| Distance from 52-week high | -20.3% | -29.7% | 7th highest of 21 |
| Revenue growth (TTM) | +13.8% | +3.2% | 5th highest of 21 |
| Operating margin | 45.4% | 9.5% | 2nd highest of 21 |
| Forward P/E | 19.5× | 10.9× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -10.1% | 2.5% | 4th least demanding of 16 |
| Growth delivered (Del g) | +4.4% | +10.2% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | -14.5 pp | -4.0 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +5.5 pp | +0.2 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 19.5× | -10.1% | +4.4% |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | n/a | 0.8% | +2.4% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 12.1× | -15.5% | +5.6% |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 6.2× | 4.2% | +8.2% |
| Kasumigaseki Capital 3498.T | Japan | $1.16B | +15% | +70% | 17% | 7.6× | n/a | n/a |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 50.0× | 30.1% | +298.2% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 7.4× | -4.4% | +22.6% |
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | n/a | 14.4% | +3.6% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | n/a | -10.7% | +11.1% |
| Hokuriku Electric Power 9505.T | Japan | $1.34B | +16% | -5% | 7% | 7.6× | 8.4% | +3.7% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 16.2× | n/a | n/a |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 7.3× | n/a | n/a |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 30.6× | 15.8% | +18.5% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | n/a | -15.1% | +10.2% |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 14.7× | -4.3% | +11.5% |
| Jinneng Holding Shanxi Electric Power 000767.SZ | China | $1.40B | -20% | -6% | 6% | n/a | 2.5% | +5.6% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | n/a | 9.9% | +11.0% |
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 5.2× | n/a | n/a |
| Vedanta Power VEDPOWER.NS | India | $1.46B | n/a | +5% | -13% | n/a | n/a | n/a |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 20.3× | 4.8% | -27.7% |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 10.9× | -8.6% | +17.6% |