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Shenzhen maker of switching power supplies: adapters for consumer and office electronics, and server power supplies for data centres.
Shenzhen maker of switching power supplies: adapters for consumer and office electronics, and server power supplies for data centres.
Designs switching power supplies and sells them to makers of electronics, with data-centre server power now its largest product group and consumer and office adapters the older base. Server customers include Inspur, Foxconn, Huaqin, Lenovo and ZTE. A Vietnam factory is being brought into production for overseas customers.
Moat: narrow (customer qualification, process know-how). Server power supplies need long qualification with system makers; adapters remain a competitive, low-margin line.
Headquarters: Shenzhen, China · Founded: 1996 · Employees: 5,565
Size Shenzhen Honor Electronic (300870.SZ) is a China Industrials company (Electrical Products) with a market value of $2.26B, the 1130th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥98.54 on 6 Nov 2026.
Performance Over six months the shares fell 65.8%, against -18.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 10.0% over the last twelve months (peer median +23.1%); the operating margin is 2.8% (peer median 10.6%).
Valuation It trades at 58.9× forward earnings against a peer median of 22.1× (most expensive of 16).
Capital Return on invested capital runs 9.5 points below its cost of capital (16.2% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.96B | CN¥4.45B | CN¥3.79B | CN¥2.85B | CN¥2.69B |
| Revenue growth | — | +18% | +33% | +6% | — |
| Gross profit | CN¥964M | CN¥811M | CN¥739M | CN¥495M | CN¥421M |
| EBITDA | n/a | CN¥488M | CN¥448M | CN¥204M | CN¥190M |
| Net income | CN¥25.8M | CN¥244M | CN¥268M | CN¥196M | CN¥90.4M |
| Free cash flow | -CN¥478M | CN¥116M | CN¥147M | CN¥104M | -CN¥504M |
| Capital expenditure | CN¥499M | CN¥314M | CN¥294M | CN¥289M | CN¥641M |
| Total debt | CN¥2.07B | CN¥1.39B | CN¥1.71B | CN¥1.04B | CN¥919M |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Honor Electronic 300870.SZ | $2.26B | -66% | +10% | 3% | 58.9× | n/a |
| Delta Electronic 2308.TW | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% |
| Lite-on Technology 2301.TW | $13.2B | +16% | +24% | 13% | 13.8× | n/a |
| Chicony Power Technology 6412.TW | $680M | -38% | +62% | -128% | 9.9× | -5.2% |
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 | 300870.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.4% | -15.5% | lowest of 21 |
| 6-month return | -65.8% | -18.0% | lowest of 20 |
| Distance from 52-week high | -75.5% | -54.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +10.0% | +23.1% | 7th lowest of 21 |
| Operating margin | 2.8% | 10.6% | 2nd lowest of 21 |
| Forward P/E | 58.9× | 22.1× | most expensive of 16 |
| ROIC minus cost of capital | -9.5 pp | +0.1 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 28.5× | n/a | n/a |
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | China | $2.31B | -2% | +1% | 18% | 21.8× | 10.0% | -3.9% |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | n/a | n/a |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 55.3× | n/a | n/a |
| Shenzhen Leadshine Technology 002979.SZ | China | $2.36B | +14% | +44% | 13% | 40.6× | n/a | n/a |
| Tianhai Auto Electronics 001365.SZ | China | $2.36B | n/a | +28% | 5% | n/a | 6.0% | +24.8% |
| Shenzhen FRD Science & Technology 300602.SZ | China | $2.39B | -23% | +24% | 7% | 25.3× | n/a | n/a |
| Tongling Jingda Special Magnet Wire 600577.SS | China | $2.39B | -45% | +26% | 3% | 20.4× | 9.8% | +14.7% |
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% | +9.8% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | n/a | 7.2% | +20.3% |
| Shenzhen Kstar Science and Technology 002518.SZ | China | $2.41B | -40% | +21% | 13% | 22.1× | 24.2% | +16.9% |
| Chengdu Jiachi Electronic Technology 688708.SS | China | $2.11B | -33% | -7% | 26% | n/a | n/a | n/a |
| Voltronic Power Technology 6409.TW | Taiwan | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% | +8.5% |
| PhiChem 300398.SZ | China | $2.43B | -6% | +15% | 17% | 27.3× | 19.6% | +11.7% |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 8.5× | -12.5% | -2.4% |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 36.6× | 25.3% | +18.6% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | n/a | n/a | n/a |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 14.7× | -2.2% | +12.3% |