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Energy-efficiency services and clean-energy investment arm of China Southern Power Grid, the state grid operator.
Energy-efficiency services and clean-energy investment arm of China Southern Power Grid, the state grid operator.
Moat: narrow (regulatory licence, installed base). Backed by China Southern Power Grid's captive customer relationships and grid access.
Headquarters: Guangzhou, China · Employees: 733
Size China Southern Power Grid Energy Efficiency & Clean Energy (003035.SZ) is a China Utilities company (Electric Utilities) with a market value of $2.89B, the 886th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.09 on 6 Nov 2026.
Performance Over six months the shares fell 31.2%, against -9.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median -0.9%); the operating margin is 17.9% (peer median 10.7%).
Valuation It trades at 39.1× forward earnings against a peer median of 14.7× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (6.2% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.86B | CN¥3.68B | CN¥3.15B | CN¥2.98B | CN¥2.88B |
| Revenue growth | — | +17% | +6% | +4% | — |
| Gross profit | CN¥2.24B | CN¥1.37B | CN¥1.11B | CN¥968M | CN¥1.05B |
| EBITDA | n/a | CN¥1.70B | CN¥1.40B | CN¥1.30B | CN¥1.43B |
| Net income | CN¥398M | CN¥346M | -CN¥58.1M | CN¥311M | CN¥554M |
| Free cash flow | CN¥124M | -CN¥1.55B | -CN¥1.12B | -CN¥1.65B | -CN¥1.17B |
| Capital expenditure | CN¥1.53B | CN¥3.20B | CN¥2.58B | CN¥2.68B | CN¥2.39B |
| Total debt | CN¥13.1B | CN¥13.1B | CN¥11.2B | CN¥9.04B | CN¥6.84B |
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| Measure | 003035.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.1% | -3.1% | 10th lowest of 21 |
| 6-month return | -31.2% | -9.7% | 3rd lowest of 21 |
| Distance from 52-week high | -53.7% | -31.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | +10.2% | -0.9% | 5th highest of 21 |
| Operating margin | 17.9% | 10.7% | 8th highest of 20 |
| Forward P/E | 39.1× | 14.7× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 1.3% | most demanding of 10 |
| Growth delivered (Del g) | +12.9% | +9.9% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | -1.3 pp | -9.0 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -1.2 pp | -1.3 pp | 9th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% | +9.1% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 6% | 21.2× | 7.0% | +8.7% |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 11% | 9.2× | 1.3% | +10.4% |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 0% | 9.3× | n/a | n/a |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 48% | 15.9× | n/a | n/a |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% | +5.6% |
| Shikoku Electric Power 9507.T | Japan | $2.33B | +24% | -3% | 6% | 9.8× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| MVV Energie MVV1.DE | Germany | $2.23B | +1% | -8% | 4% | n/a | n/a | n/a |
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | 8% | n/a | n/a | n/a |