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Global leader in on-load tap-changers, a key switching component inside power transformers.
Global leader in on-load tap-changers, a key switching component inside power transformers.
A tap-changer is a small, safety-critical part that transformer makers specify at the design stage, so once designed in, a supplier tends to be kept for the product's life. Sales follow transformer output and grid investment, in China and in export markets.
In one line: A Chinese Maschinenfabrik Reinhausen (tap-changers).
Moat: narrow (scale, installed base, process know-how). One of the world's largest OLTC makers by volume, embedded in transformer designs globally.
Headquarters: Yangzhou, Jiangsu, China · Founded: 1978 · Employees: 1,796
Size Huaming Power Equipment (002270.SZ) is a China Industrials company (Electrical Products) with a market value of $2.66B, the 970th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.82 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -22.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 7.3% over the last twelve months (peer median +19.5%); the operating margin is 32.3% (peer median 10.2%).
Valuation It trades at 22.3× forward earnings against a peer median of 19.4× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.9 points above its cost of capital (6.3% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.62B | CN¥2.41B | CN¥2.31B | CN¥1.95B | CN¥1.68B |
| Revenue growth | — | +4% | +19% | +15% | — |
| Gross profit | CN¥1.51B | CN¥1.28B | CN¥1.09B | CN¥976M | CN¥788M |
| EBITDA | n/a | CN¥889M | CN¥766M | CN¥692M | CN¥519M |
| Net income | CN¥747M | CN¥710M | CN¥614M | CN¥542M | CN¥359M |
| Free cash flow | CN¥710M | CN¥496M | CN¥784M | CN¥560M | CN¥428M |
| Capital expenditure | CN¥86.6M | CN¥112M | CN¥114M | CN¥63.0M | CN¥68.9M |
| Total debt | CN¥975M | CN¥1.49B | CN¥666M | CN¥679M | CN¥702M |
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 |
|---|---|---|---|---|---|---|
| Huaming Power Equipment 002270.SZ | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
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 | 002270.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | -9.4% | 3rd highest of 21 |
| 6-month return | -19.1% | -22.7% | 8th highest of 21 |
| Distance from 52-week high | -47.9% | -47.8% | 11th highest of 21 |
| Revenue growth (TTM) | +7.3% | +19.5% | 4th lowest of 21 |
| Operating margin | 32.3% | 10.2% | 2nd highest of 21 |
| Forward P/E | 22.3× | 19.4× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 5.9% | 18.9% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +12.3% | +11.1% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -6.4 pp | +2.5 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +14.9 pp | -0.7 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% | +12.3% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 9.9× | n/a | n/a |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 45.8× | 13.8% | +6.2% |
| Schneider Electric Infrastructure SCHNEIDER.NS | India | $2.69B | -21% | +10% | 10% | 76.0× | 56.2% | +17.4% |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| Daming Electronics 603376.SS | China | $2.71B | -22% | +110% | 9% | n/a | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | n/a | 7.7% | +9.5% |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 18.3× | n/a | n/a |
| Fortior Technology (Shenzhen) 1304.HK | Hong Kong | $2.76B | -15% | +54% | 25% | 31.8× | n/a | n/a |
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% | +5.4% |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 16.6× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 27.4× | n/a | n/a |
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 19.4× | n/a | n/a |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 17.9× | 5.8% | +11.5% |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 10.8× | n/a | n/a |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | n/a | 22.6% | +29.4% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | n/a | n/a | n/a |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% | +18.6% |