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Chinese maker of high-voltage circuit breakers and switchgear for power substations.
Chinese maker of high-voltage circuit breakers and switchgear for power substations.
Moat: narrow (customer qualification). Grid-qualified switchgear vendor, though the segment has several similarly-qualified domestic competitors.
Headquarters: Changsha, Hunan, China · Employees: 1,704
Size Changgao Electric (002452.SZ) is a China Industrials company (Electrical Products) with a market value of $917M, the 2478th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.86 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue fell 8.6% over the last twelve months (peer median +6.5%); the operating margin is 19.0% (peer median 4.9%).
Valuation It trades at 8.2× forward earnings against a peer median of 14.6× (2nd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +1 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 7.7 points above its cost of capital (7.9% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.67B | CN¥1.66B | CN¥1.74B | CN¥1.47B | CN¥1.21B |
| Revenue growth | — | -5% | +18% | +22% | — |
| Gross profit | CN¥693M | CN¥620M | CN¥642M | CN¥476M | CN¥350M |
| EBITDA | n/a | CN¥319M | CN¥328M | CN¥242M | CN¥102M |
| Net income | CN¥762M | CN¥343M | CN¥252M | CN¥173M | CN¥58.0M |
| Free cash flow | CN¥400M | CN¥436M | CN¥288M | CN¥192M | CN¥107M |
| Capital expenditure | CN¥129M | CN¥61.7M | CN¥61.0M | CN¥67.3M | CN¥125M |
| Total debt | CN¥751M | CN¥228M | CN¥239M | CN¥242M | CN¥321M |
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 |
|---|---|---|---|---|---|---|
| Changgao Electric 002452.SZ | $917M | -10% | -9% | 19% | 8.2× | 2.6% |
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 21.1× | n/a |
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% |
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 | 002452.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.4% | -6.0% | 7th lowest of 21 |
| 6-month return | -10.0% | -20.7% | 7th highest of 20 |
| Distance from 52-week high | -28.9% | -38.3% | 5th highest of 21 |
| Revenue growth (TTM) | -8.6% | +6.5% | 6th lowest of 21 |
| Operating margin | 19.0% | 4.9% | highest of 20 |
| Forward P/E | 8.2× | 14.6× | 2nd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 15.5% | 4th least demanding of 17 |
| Growth delivered (Del g) | +1.3% | +7.3% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | +1.3 pp | +7.8 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +7.7 pp | -3.6 pp | 4th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Changgao Electric 002452.SZ | China | $917M | -10% | -9% | 19% | 8.2× | 2.6% | +1.3% |
| Beijing SOJO Electric 300444.SZ | China | $912M | -52% | -11% | -4% | 9.1× | n/a | n/a |
| Kunshan GuoLi Electronic Technology 688103.SS | China | $924M | +7% | +34% | 5% | 53.9× | 37.7% | +26.6% |
| Changshu Fengfan Power Equipment 601700.SS | China | $924M | 0% | +31% | -9% | n/a | n/a | n/a |
| Fujian Nanping Sun Cable 002300.SZ | China | $924M | -9% | +9% | 0% | n/a | 19.6% | +8.7% |
| CWB Automotive Electronics 605005.SS | China | $907M | -21% | 0% | 9% | n/a | 9.4% | +9.3% |
| Shanghai Zhezhong 002346.SZ | China | $928M | -21% | +23% | 15% | n/a | 22.1% | +7.0% |
| NITTO KOGYO 6651.T | Japan | $906M | -17% | +6% | 8% | 11.6× | -2.7% | +7.3% |
| Array Technologies ARRY | United States | $902M | -32% | -16% | 0% | 6.5× | 57.9% | +8.0% |
| Shenzhen Center Power Tech 002733.SZ | China | $901M | -43% | +16% | 5% | n/a | 16.9% | +6.4% |
| R&S Group Holding AG Pref RSGN.SW | Switzerland | $899M | -22% | +2% | 18% | 14.6× | -7.0% | +2.3% |
| Warom Technology 603855.SS | China | $938M | +1% | -18% | 15% | 14.6× | -2.6% | +7.1% |
| Qingdao CHOHO Industrial 003033.SZ | China | $939M | +36% | +6% | 9% | n/a | 14.2% | +14.6% |
| Beijing Jingwei Hirain Technologies 688326.SS | China | $896M | -40% | +2% | -5% | n/a | n/a | n/a |
| Sunway 603333.SS | China | $941M | +1% | +68% | 3% | n/a | n/a | n/a |
| Beijing Creative 002350.SZ | China | $946M | -19% | +7% | -1% | n/a | 54.8% | -0.3% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | n/a | 45.6% | n/a |
| Hangzhou Weiguang Electronic 002801.SZ | China | $884M | -21% | +11% | 17% | 13.4× | 6.6% | +13.1% |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | n/a | 17.7% | +5.1% |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |
| Jinlei Technology 300443.SZ | China | $876M | -40% | -14% | 13% | 17.6× | 5.6% | +11.1% |