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Chinese maker of UPS power-supply systems, data-centre power equipment and solar/storage inverters.
Chinese maker of UPS power-supply systems, data-centre power equipment and solar/storage inverters.
Sells power equipment that keeps data centres and other critical sites running through a grid cut, so orders follow data-centre and storage project builds, and reliability track record often matters more than price. Solar and storage inverters give it exposure to a different, more price-competitive market.
In one line: A smaller, China-focused Vertiv/Eaton for power electronics.
Moat: narrow (installed base, process know-how). Established supplier relationships in critical-power equipment where reliability track record matters.
Headquarters: Xiamen, China · Founded: 1988 · Employees: 3,903
Size Kehua Data (002335.SZ) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $2.81B, the 911th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥24.81 on 6 Nov 2026.
Performance Over six months the shares fell 40.9%, against -25.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +11.0%); the operating margin is 4.6% (peer median 9.7%).
Valuation It trades at 31.4× forward earnings against a peer median of 19.8× (5th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +2 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 2.0 points below its cost of capital (11.5% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.50B | CN¥8.14B | CN¥7.73B | CN¥8.12B | CN¥5.62B |
| Revenue growth | — | +5% | -5% | +44% | — |
| Gross profit | CN¥2.50B | CN¥1.85B | CN¥1.80B | CN¥1.97B | CN¥1.59B |
| EBITDA | n/a | CN¥1.08B | CN¥978M | CN¥1.26B | CN¥1.06B |
| Net income | CN¥556M | CN¥418M | CN¥315M | CN¥508M | CN¥248M |
| Free cash flow | CN¥1.42B | CN¥831M | CN¥1.21B | CN¥1.28B | CN¥1.01B |
| Capital expenditure | CN¥312M | CN¥344M | CN¥321M | CN¥305M | CN¥591M |
| Total debt | CN¥3.31B | CN¥3.65B | CN¥4.14B | CN¥4.43B | CN¥3.76B |
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 |
|---|---|---|---|---|---|---|
| Kehua Data 002335.SZ | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% |
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% |
| Vertiv VRT | $70.4B | -46% | +35% | 21% | 20.0× | 25.4% |
| Eaton ETN | $133B | -15% | +20% | 19% | 21.4× | 19.1% |
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 | 002335.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.3% | -8.7% | 10th lowest of 21 |
| 6-month return | -40.9% | -25.1% | 6th lowest of 21 |
| Distance from 52-week high | -50.6% | -50.2% | 11th highest of 21 |
| Revenue growth (TTM) | +5.3% | +11.0% | 9th lowest of 21 |
| Operating margin | 4.6% | 9.7% | 6th lowest of 21 |
| Forward P/E | 31.4× | 19.8× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 16.7% | 12.9% | 5th most demanding of 14 |
| Growth delivered (Del g) | +14.4% | +13.4% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | +2.3 pp | -2.2 pp | 5th most demanding of 14 |
| ROIC minus cost of capital | -2.0 pp | -0.8 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kehua Data 002335.SZ | China | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% | +14.4% |
| GeniuS Electronic Optical 3406.TW | Taiwan | $2.81B | +59% | +16% | 20% | 20.1× | 5.9% | +9.5% |
| Oxford Nanopore Technologies ONT.L | United Kingdom | $2.71B | +75% | +15% | -55% | n/a | n/a | n/a |
| Focuslight Technologies 688167.SS | China | $2.71B | -44% | +22% | -9% | 284.8× | n/a | n/a |
| Ningbo Sanxing Medical Electric 601567.SS | China | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% | +15.1% |
| Ginlong Technologies 300763.SZ | China | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% | +27.2% |
| Shanghai Lingang 600848.SS | China | $3.00B | -9% | -26% | 15% | 19.4× | 12.9% | +15.1% |
| Shenzhen CSL Vacuum Science & Technology 688785.SS | China | $2.62B | -21% | -2% | 18% | n/a | n/a | n/a |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |
| Suzhou HYC Technology 688001.SS | China | $2.59B | -31% | +19% | 6% | 61.1× | 37.6% | +5.9% |
| Dexerials 4980.T | Japan | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% | +11.6% |
| Vaisala VAIAS.HE | Finland | $2.54B | +22% | +2% | 16% | 26.9× | 9.7% | +9.5% |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Sineng Electric 300827.SZ | China | $2.35B | -25% | +29% | 12% | 24.7× | n/a | n/a |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| Keli Sensing Technology (Ningbo) 603662.SS | China | $2.28B | -4% | +24% | 19% | 51.6× | 24.7% | +13.4% |
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |