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Makes rail transit electrical equipment — traction systems, power semiconductors — for trains, affiliated with rail giant CRRC.
Makes rail transit electrical equipment — traction systems, power semiconductors — for trains, affiliated with rail giant CRRC.
The Hong Kong line of the company also listed in Shanghai as 688187. Most revenue comes from rail equipment ordered alongside new trains and line openings, with power semiconductors a newer line selling to makers of electric vehicles, wind and grid equipment. It sits within the CRRC group, a major customer.
In one line: A Chinese Wabtec-electrical-systems peer with a power-semiconductor business.
Moat: narrow (IP / patents, customer qualification, installed base). Deep technical integration with parent CRRC's rail platforms and in-house IGBT chip capability.
Headquarters: Zhuzhou, China · Founded: 1959 · Employees: 10,746
Size Zhuzhou CRRC Times Electric (3898.HK) is a Hong Kong Industrials company (Electrical Products) with a market value of $7.95B, the 194th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$28.58 on 6 Nov 2026.
Performance Over six months the shares fell 24.4%, against -14.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 17.0% over the last twelve months (peer median +20.3%); the operating margin is 14.2% (peer median 12.8%).
Valuation It trades at 7.5× forward earnings against a peer median of 15.1× (2nd cheapest of 20).
Capital Return on invested capital runs 2.5 points above its cost of capital (6.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$34.8B | HK$31.0B | HK$26.9B | HK$24.2B | HK$20.9B |
| Revenue growth | — | +15% | +11% | +16% | — |
| Gross profit | HK$12.6B | HK$9.75B | HK$8.16B | HK$6.43B | HK$6.41B |
| EBITDA | n/a | HK$6.24B | HK$4.80B | HK$3.58B | HK$3.50B |
| Net income | HK$4.74B | HK$4.44B | HK$4.01B | HK$3.36B | HK$2.97B |
| Free cash flow | -HK$1.16B | HK$310M | HK$159M | -HK$17.8M | HK$1.63B |
| Capital expenditure | HK$3.21B | HK$4.35B | HK$3.74B | HK$3.30B | HK$1.11B |
| Total debt | HK$6.54B | HK$10.3B | HK$7.29B | HK$6.31B | HK$3.76B |
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 |
|---|---|---|---|---|---|---|
| Zhuzhou CRRC Times Electric 3898.HK | $7.95B | -24% | +17% | 14% | 7.5× | n/a |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 13.0× | -6.4% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| Mitsubishi Electric 6503.T | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% |
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 | 3898.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | -5.6% | 6th highest of 21 |
| 6-month return | -24.4% | -14.7% | 9th lowest of 20 |
| Distance from 52-week high | -38.5% | -43.4% | 8th highest of 21 |
| Revenue growth (TTM) | +17.0% | +20.3% | 11th highest of 21 |
| Operating margin | 14.2% | 12.8% | 9th highest of 21 |
| Forward P/E | 7.5× | 15.1× | 2nd cheapest of 20 |
| ROIC minus cost of capital | +2.5 pp | +2.2 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhuzhou CRRC Times Electric 3898.HK | Hong Kong | $7.95B | -24% | +17% | 14% | 7.5× | n/a | n/a |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
| Goldwind Science & Technology 2208.HK | Hong Kong | $8.58B | -57% | +24% | 6% | 7.2× | n/a | n/a |
| Anker Innovations Technology 0668.HK | Hong Kong | $8.68B | n/a | +28% | 11% | 14.8× | 22.2% | +25.8% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |