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Guangzhou-based electrical equipment maker that has diversified into hydrogen fuel-cell and energy-storage technology.
Guangzhou-based electrical equipment maker that has diversified into hydrogen fuel-cell and energy-storage technology.
Moat: none. A diversifying manufacturer entering a competitive, early-stage hydrogen fuel-cell market.
Headquarters: Guangzhou, Guangdong, China · Employees: 2,028
Size Guangzhou Zhiguang Electric (002169.SZ) is a China Industrials company (Electrical Products) with a market value of $1.02B, the 2257th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.68 on 6 Nov 2026.
Performance Over six months the shares fell 33.7%, against -25.3% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 28.2% over the last twelve months (peer median +13.6%); the operating margin is 1.1% (peer median 7.5%).
Valuation It trades at 2.8× enterprise value to sales against a peer median of 2.2× (8th most expensive of 21).
Capital Return on invested capital runs 5.3 points below its cost of capital (7.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.11B | CN¥3.82B | CN¥2.59B | CN¥2.73B | CN¥2.35B |
| Revenue growth | — | +47% | -5% | +16% | — |
| Gross profit | CN¥791M | CN¥550M | CN¥278M | CN¥419M | CN¥143M |
| EBITDA | n/a | CN¥282M | CN¥48.0M | CN¥146M | -CN¥80.8M |
| Net income | CN¥179M | CN¥136M | -CN¥326M | -CN¥157M | CN¥42.3M |
| Free cash flow | -CN¥478M | -CN¥298M | -CN¥916M | -CN¥924M | CN¥31.2M |
| Capital expenditure | CN¥67.0M | CN¥741M | CN¥1.03B | CN¥994M | CN¥198M |
| Total debt | CN¥5.03B | CN¥2.95B | CN¥2.79B | CN¥2.29B | CN¥1.51B |
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| Measure | 002169.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.0% | -7.2% | 2nd lowest of 21 |
| 6-month return | -33.7% | -25.3% | 9th lowest of 20 |
| Distance from 52-week high | -56.3% | -46.0% | 6th lowest of 21 |
| Revenue growth (TTM) | +28.2% | +13.6% | 3rd highest of 21 |
| Operating margin | 1.1% | 7.5% | 3rd lowest of 21 |
| EV / Sales | 2.8× | 2.2× | 8th most expensive of 21 |
| ROIC minus cost of capital | -5.3 pp | -0.9 pp | 6th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Zhiguang Electric 002169.SZ | China | $1.02B | -34% | +28% | 1% | 2.8× | n/a | n/a |
| Zhejiang Yankon 600261.SS | China | $1.03B | +52% | -2% | 4% | 2.0× | 10.2% | -11.1% |
| Shenzhen Senior Technology Material 6067.HK | Hong Kong | $1.02B | n/a | +53% | 10% | 3.3× | n/a | n/a |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 3.3× | n/a | n/a |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 1.1× | 9.0% | +6.7% |
| Hunan Valin Wire & Cable 001208.SZ | China | $1.04B | -36% | +20% | 2% | 1.7× | 32.0% | +21.6% |
| Voltamp Transformers VOLTAMP.NS | India | $1.04B | +1% | +18% | 15% | 4.3× | 35.4% | +25.5% |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 1.1× | n/a | n/a |
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 1.9× | 21.4% | +7.9% |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | 2.4× | 16.8% | +8.7% |
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 3.6× | 31.3% | +17.8% |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 2.5× | -1.1% | +22.5% |
| Ongoal Technology 301662.SZ | China | $1.06B | -51% | -3% | 3% | 3.2× | 51.7% | n/a |
| Shenzhen Highpower Technology 001283.SZ | China | $1.07B | 0% | +18% | 5% | 1.5× | n/a | n/a |
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 1.1× | 11.0% | +7.0% |
| Xiangtan Electrochemical Scientific 002125.SZ | China | $1.08B | -25% | +1% | 9% | 4.1× | 19.4% | +9.2% |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 3.4× | n/a | n/a |
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | 0.4× | n/a | n/a |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 1.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | 2.0× | n/a | n/a |
| Dynapack International Technology 3211.TWO | Taiwan | $1.08B | -36% | +19% | 11% | 2.5× | 4.3% | -7.3% |