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Chinese maker of power-conversion modules for military, aerospace and industrial electronics.
Chinese maker of power-conversion modules for military, aerospace and industrial electronics.
In one line: A China-based Vicor in ruggedized power modules.
Moat: narrow (regulatory licence, customer qualification). Defense-qualified power modules require certification that is slow and costly for new entrants to obtain.
Headquarters: Beijing, China · Employees: 2,662
Size Beijing Relpow Technology (300593.SZ) is a China Information Technology company (Electronic Production Equipment) with a market value of $1.68B, the 1474th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.80 on 6 Nov 2026.
Performance Over six months the shares fell 27.2%, against -20.0% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +11.0%); the operating margin is -13.7% (peer median 8.8%).
Valuation It trades at 286.9× forward earnings against a peer median of 28.2× (most expensive of 15).
Capital Return on invested capital runs 11.8 points below its cost of capital (9.6% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.35B | CN¥1.18B | CN¥918M | CN¥1.46B | CN¥1.71B |
| Revenue growth | — | +29% | -37% | -14% | — |
| Gross profit | CN¥579M | CN¥403M | CN¥319M | CN¥622M | CN¥779M |
| EBITDA | n/a | -CN¥81.4M | -CN¥353M | CN¥221M | CN¥422M |
| Net income | -CN¥196M | -CN¥195M | -CN¥501M | CN¥96.8M | CN¥283M |
| Free cash flow | -CN¥205M | -CN¥502M | -CN¥348M | -CN¥232M | -CN¥546M |
| Capital expenditure | CN¥303M | CN¥456M | CN¥326M | CN¥283M | CN¥243M |
| Total debt | CN¥1.39B | CN¥1.38B | CN¥1.20B | CN¥960M | CN¥862M |
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 |
|---|---|---|---|---|---|---|
| Beijing Relpow Technology 300593.SZ | $1.68B | -27% | +16% | -14% | 286.9× | n/a |
| VICR VICR | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% |
| Advanced Energy Industries AEIS | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% |
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 | 300593.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.1% | -13.4% | 4th lowest of 21 |
| 6-month return | -27.2% | -20.0% | 9th lowest of 20 |
| Distance from 52-week high | -51.0% | -51.1% | 10th highest of 21 |
| Revenue growth (TTM) | +15.8% | +11.0% | 10th highest of 21 |
| Operating margin | -13.7% | 8.8% | 4th lowest of 21 |
| Forward P/E | 286.9× | 28.2× | most expensive of 15 |
| ROIC minus cost of capital | -11.8 pp | -2.6 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| Photronics PLAB | United States | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% | +6.9% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| Shenzhen Sinexcel Electric 300693.SZ | China | $1.57B | -28% | +27% | 15% | 17.2× | 13.1% | +35.0% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Suzhou Betely Polymer Materials 301697.SZ | China | $1.44B | n/a | +45% | 5% | n/a | n/a | n/a |
| Nolato NOLA-B.ST | Sweden | $1.40B | +5% | 0% | 10% | 18.8× | 3.9% | +0.2% |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| TKD Science and Technology 603738.SS | China | $1.39B | -37% | +20% | 9% | 42.5× | 44.4% | +8.4% |
| TPV Technology 000727.SZ | China | $1.38B | -23% | +7% | -1% | n/a | n/a | n/a |
| Shenzhen Success Electronics 002289.SZ | China | $1.33B | -9% | +237% | 27% | n/a | 24.4% | +18.8% |
| Dongguan Tarry Electronics 300976.SZ | China | $1.33B | +4% | +19% | 9% | 15.3× | 17.5% | +27.2% |
| Doosan Fuel Cell 336260.KS | South Korea | $1.33B | -56% | -19% | -31% | n/a | n/a | n/a |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |