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Shanghai-area thermal power generator expanding into renewables and overseas power assets.
Shanghai-area thermal power generator expanding into renewables and overseas power assets.
In one line: China's a regional multi-fuel utility with overseas assets.
Moat: narrow (regulatory licence, installed base). Entrenched regional generation licences, diversifying into renewables and overseas power.
Headquarters: Shanghai, China · Founded: 1994 · Employees: 7,500
Size Shanghai Electric Power (600021.SS) is a China Utilities company (Electric Utilities) with a market value of $4.98B, the 504th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.76 on 6 Nov 2026.
Performance Over six months the shares fell 30.8%, against -7.3% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +4.3%); the operating margin is 12.9% (peer median 17.3%).
Valuation It trades at 8.9× forward earnings against a peer median of 13.6× (3rd cheapest of 20).
Capital Return on invested capital runs 0.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥39.7B | CN¥41.8B | CN¥42.7B | CN¥42.4B | CN¥39.2B |
| Revenue growth | — | -2% | +1% | +8% | — |
| Gross profit | CN¥13.8B | CN¥10.5B | CN¥9.81B | CN¥9.10B | CN¥7.40B |
| EBITDA | n/a | CN¥15.4B | CN¥14.2B | CN¥13.2B | CN¥11.5B |
| Net income | CN¥733M | CN¥2.77B | CN¥2.05B | CN¥1.59B | CN¥334M |
| Free cash flow | -CN¥9.63B | -CN¥3.93B | -CN¥4.36B | CN¥165M | CN¥3.62B |
| Capital expenditure | CN¥19.9B | CN¥17.8B | CN¥13.2B | CN¥8.07B | CN¥8.85B |
| Total debt | CN¥132B | CN¥140B | CN¥128B | CN¥113B | CN¥107B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Electric Power 600021.SS | $4.98B | -31% | -6% | 13% | 8.9× | n/a |
| Shenergy 600642.SS | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% |
| Huaneng Power International 600011.SS | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% |
| Datang International Power Generation 601991.SS | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% |
| Huadian Power International 600027.SS | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% |
| SDIC Power 600886.SS | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% |
| Zhejiang Zheneng Electric Power 600023.SS | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% |
| Guangdong Electric Power Development 000539.SZ | $3.64B | -21% | +8% | -1% | n/a | 9.8% |
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 | 600021.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | +0.3% | 3rd lowest of 21 |
| 6-month return | -30.8% | -7.3% | 2nd lowest of 21 |
| Distance from 52-week high | -63.0% | -26.8% | lowest of 21 |
| Revenue growth (TTM) | -6.3% | +4.3% | 5th lowest of 21 |
| Operating margin | 12.9% | 17.3% | 9th lowest of 21 |
| Forward P/E | 8.9× | 13.6× | 3rd cheapest of 20 |
| ROIC minus cost of capital | -0.6 pp | -1.7 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |