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Shenzhen maker of power supply modules and backup power systems for telecom base stations and data centers.
Shenzhen maker of power supply modules and backup power systems for telecom base stations and data centers.
Moat: none (customer qualification). Qualified telecom power supplier, but the segment is competitive with several domestic vendors.
Headquarters: Shenzhen, Guangdong, China · Employees: 3,122
Size Shenzhen Center Power Tech (002733.SZ) is a China Industrials company (Electrical Products) with a market value of $901M, the 2517th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.79 on 6 Nov 2026.
Performance Over six months the shares fell 42.9%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 16.5% over the last twelve months (peer median +6.0%); the operating margin is 4.9% (peer median 8.3%).
Valuation It trades at 1.6× enterprise value to sales against a peer median of 2.5× (4th cheapest of 21).
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 +6%, so the hurdle is +10 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 2.9 points below its cost of capital (10.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.84B | CN¥3.45B | CN¥3.52B | CN¥3.57B | CN¥4.05B |
| Revenue growth | — | -2% | -1% | -12% | — |
| Gross profit | CN¥729M | CN¥538M | CN¥561M | CN¥566M | CN¥517M |
| EBITDA | n/a | CN¥276M | CN¥318M | CN¥257M | CN¥242M |
| Net income | CN¥63.0M | CN¥79.7M | CN¥97.1M | CN¥139M | CN¥159M |
| Free cash flow | CN¥278M | CN¥252M | CN¥383M | CN¥125M | -CN¥198M |
| Capital expenditure | CN¥92.9M | CN¥99.0M | CN¥169M | CN¥398M | CN¥264M |
| Total debt | CN¥1.25B | CN¥1.26B | CN¥1.37B | CN¥1.39B | CN¥1.94B |
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| Measure | 002733.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -8.9% | 3rd lowest of 21 |
| 6-month return | -42.9% | -20.7% | 3rd lowest of 20 |
| Distance from 52-week high | -58.4% | -38.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +16.5% | +6.0% | 5th highest of 21 |
| Operating margin | 4.9% | 8.3% | 8th lowest of 20 |
| EV / Sales | 1.6× | 2.5× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 13.7% | 7th most demanding of 16 |
| Growth delivered (Del g) | +6.4% | +8.4% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | +10.4 pp | +0.7 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | -2.9 pp | -3.6 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Center Power Tech 002733.SZ | China | $901M | -43% | +16% | 5% | 1.6× | 16.9% | +6.4% |
| Array Technologies ARRY | United States | $902M | -32% | -16% | 0% | 1.8× | 57.9% | +8.0% |
| R&S Group Holding AG Pref RSGN.SW | Switzerland | $899M | -22% | +2% | 18% | 2.1× | -7.0% | +2.3% |
| NITTO KOGYO 6651.T | Japan | $906M | -17% | +6% | 8% | 0.7× | -2.7% | +7.3% |
| CWB Automotive Electronics 605005.SS | China | $907M | -21% | 0% | 9% | 3.3× | 9.4% | +9.3% |
| Beijing Jingwei Hirain Technologies 688326.SS | China | $896M | -40% | +2% | -5% | 1.1× | n/a | n/a |
| Beijing SOJO Electric 300444.SZ | China | $912M | -52% | -11% | -4% | 2.5× | n/a | n/a |
| Changgao Electric 002452.SZ | China | $917M | -10% | -9% | 19% | 2.8× | 2.6% | +1.3% |
| Hangzhou Weiguang Electronic 002801.SZ | China | $884M | -21% | +11% | 17% | 3.0× | 6.6% | +13.1% |
| Kunshan GuoLi Electronic Technology 688103.SS | China | $924M | +7% | +34% | 5% | 4.0× | 37.7% | +26.6% |
| Changshu Fengfan Power Equipment 601700.SS | China | $924M | 0% | +31% | -9% | 2.2× | n/a | n/a |
| Fujian Nanping Sun Cable 002300.SZ | China | $924M | -9% | +9% | 0% | 0.7× | 19.6% | +8.7% |
| Jinlei Technology 300443.SZ | China | $876M | -40% | -14% | 13% | 2.1× | 5.6% | +11.1% |
| Shanghai Zhezhong 002346.SZ | China | $928M | -21% | +23% | 15% | 5.9× | 22.1% | +7.0% |
| Warom Technology 603855.SS | China | $938M | +1% | -18% | 15% | 2.0× | -2.6% | +7.1% |
| Qingdao CHOHO Industrial 003033.SZ | China | $939M | +36% | +6% | 9% | 3.3× | 14.2% | +14.6% |
| Sunway 603333.SS | China | $941M | +1% | +68% | 3% | 3.1× | n/a | n/a |
| Beijing Creative 002350.SZ | China | $946M | -19% | +7% | -1% | 2.7× | 54.8% | -0.3% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | 1.9× | 45.6% | n/a |
| Longwell 6290.TWO | Taiwan | $854M | -43% | +13% | 15% | 2.6× | 13.7% | +9.0% |
| Tellhow Sci-Tech 600590.SS | China | $852M | -56% | -11% | 5% | 2.7× | n/a | n/a |