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Grid-technology research and software institute affiliated with China Southern Power Grid; specific product line not confidently known.
Grid-technology research and software institute affiliated with China Southern Power Grid; specific product line not confidently known.
Moat: none
Headquarters: China · Employees: 2,829
Size CSG Digital Power Grid Research Institute (301638.SZ) is a China Information Technology company (Packaged Software) with a market value of $8.52B, the 292nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.95 on 6 Nov 2026.
Performance Over six months the shares fell 37.2%, against +10.1% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 18.1% over the last twelve months (peer median +21.1%); the operating margin is 10.0% (peer median 2.9%).
Valuation It trades at 6.8× enterprise value to sales against a peer median of 6.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +8%, 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 6.2 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.90B | CN¥7.19B | CN¥6.09B | CN¥4.23B | CN¥5.69B |
| Revenue growth | — | +18% | +44% | -26% | — |
| Gross profit | CN¥2.62B | CN¥1.91B | CN¥1.77B | CN¥1.34B | CN¥1.67B |
| EBITDA | n/a | CN¥1.12B | CN¥896M | CN¥619M | CN¥1.00B |
| Net income | CN¥752M | CN¥630M | CN¥570M | CN¥377M | CN¥653M |
| Free cash flow | CN¥245M | CN¥351M | CN¥857M | CN¥2.19B | CN¥10.8M |
| Capital expenditure | CN¥1.04B | CN¥1.39B | CN¥533M | CN¥312M | CN¥508M |
| Total debt | CN¥254M | CN¥262M | CN¥200M | CN¥271M | CN¥808M |
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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 | 301638.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.5% | -3.6% | 4th lowest of 21 |
| 6-month return | -37.2% | +10.1% | 3rd lowest of 21 |
| Distance from 52-week high | -49.6% | -28.3% | 4th lowest of 21 |
| Revenue growth (TTM) | +18.1% | +21.1% | 10th lowest of 21 |
| Operating margin | 10.0% | 2.9% | 10th highest of 21 |
| EV / Sales | 6.8× | 6.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 18.0% | 20.7% | 8th least demanding of 18 |
| Growth delivered (Del g) | +8.2% | +23.1% | 4th lowest of 18 |
| Hurdle (Req g minus delivered) | +9.9 pp | -7.2 pp | 6th most demanding of 18 |
| ROIC minus cost of capital | +6.2 pp | -7.3 pp | 7th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CSG Digital Power Grid Research Institute 301638.SZ | China | $8.52B | -37% | +18% | 10% | 6.8× | 18.0% | +8.2% |
| DigitalOcean DOCN | United States | $8.55B | -56% | +28% | 12% | 8.8× | 41.6% | +23.1% |
| 360 Security Technology 601360.SS | China | $8.63B | -26% | +7% | -4% | 4.1× | 55.2% | -5.7% |
| Nemetschek NEM.DE | Germany | $8.39B | +10% | +13% | 26% | 6.1× | 11.1% | +14.8% |
| Snap SNAP | United States | $8.39B | -18% | +13% | -5% | 1.5× | 2.7% | +18.8% |
| Xero XRO.AX | Australia | $8.36B | -13% | +27% | 13% | 5.0× | 25.9% | +25.3% |
| Netskope NTSK | United States | $8.70B | +83% | +30% | -94% | 10.4× | n/a | n/a |
| Descartes Systems DSG.TO | Canada | $8.10B | +32% | +12% | 33% | 10.1× | 4.4% | +16.8% |
| Paylocity PCTY | United States | $9.03B | +56% | +11% | 22% | 5.0× | 2.3% | +22.8% |
| Gitlab GTLB | United States | $8.01B | +85% | +23% | -8% | 6.5× | 18.8% | +44.4% |
| Elastic ESTC | United States | $9.12B | +65% | +16% | -1% | 4.6× | 13.0% | +23.4% |
| ServiceTitan TTAN | United States | $7.89B | +36% | +23% | -13% | 7.0× | 20.7% | +27.1% |
| Sangfor Technologies 300454.SZ | China | $7.84B | +5% | +21% | 2% | 5.2× | 46.1% | +6.9% |
| Zeta Global ZETA | United States | $7.79B | +81% | +36% | 3% | 4.9× | 49.7% | +28.8% |
| Hinge Health HNGE | United States | $9.34B | +107% | +50% | 19% | 11.3× | 34.1% | +49.9% |
| Full Truck Alliance Co. Ltd. Sponsored ADR YMM | United States | $9.35B | +4% | +9% | 34% | 3.3× | -10.9% | +36.0% |
| Oracle Corporation Japan 4716.T | Japan | $7.73B | +10% | +10% | 32% | 4.0× | -6.9% | +6.5% |
| Oracle Financial Services Software OFSS.NS | India | $9.43B | +8% | +28% | 52% | 9.2× | 22.0% | +9.0% |
| Empyrean Technology 301269.SZ | China | $7.70B | +5% | +15% | -10% | 34.0× | n/a | n/a |
| Horizon Robotics 9660.HK | Hong Kong | $7.61B | -48% | +46% | -101% | 11.0× | n/a | n/a |
| SentinelOne S | United States | $7.58B | +31% | +21% | -26% | 6.3× | 53.7% | +60.8% |