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Chinese maker of power transformers and transmission equipment that also produces solar-grade polysilicon through its Xinte Energy subsidiary.
Chinese maker of power transformers and transmission equipment that also produces solar-grade polysilicon through its Xinte Energy subsidiary.
Two cycles run side by side: grid equipment sold through State Grid tenders, and polysilicon (the raw material for solar wafers) from Xinte Energy, whose price has been far more volatile. TBEA also builds solar and wind plants for customers. The group is based in Xinjiang, where cheap power supports silicon refining.
In one line: A combination of a US power-transformer maker and a polysilicon producer like Hemlock Semi.
Moat: narrow (scale, process know-how). Large-scale UHV transformer manufacturing know-how plus low-cost polysilicon production, both still commodity-priced businesses.
Headquarters: Changji, China · Founded: 1988 · Employees: 31,806
Size TBEA (600089.SS) is a China Industrials company (Electrical Products) with a market value of $14.2B, the 165th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.92 on 6 Nov 2026.
Performance Over six months the shares fell 29.5%, against -25.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +21.8%); the operating margin is 6.4% (peer median 11.6%).
Valuation It trades at 15.2× forward earnings against a peer median of 19.3× (8th cheapest of 21).
Capital Return on invested capital runs 0.7 points below its cost of capital (5.3% WACC).
Next results Next results expected around 13 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥110B | CN¥97.0B | CN¥97.6B | CN¥97.9B | CN¥96.0B |
| Revenue growth | — | -1% | 0% | +2% | — |
| Gross profit | CN¥26.0B | CN¥17.4B | CN¥17.0B | CN¥26.0B | CN¥36.2B |
| EBITDA | n/a | CN¥13.8B | CN¥13.1B | CN¥23.1B | CN¥32.3B |
| Net income | CN¥4.01B | CN¥5.95B | CN¥4.14B | CN¥10.7B | CN¥15.9B |
| Free cash flow | -CN¥13.5B | -CN¥12.8B | -CN¥4.07B | CN¥7.11B | CN¥2.47B |
| Capital expenditure | CN¥24.3B | CN¥22.1B | CN¥17.2B | CN¥18.9B | CN¥19.5B |
| Total debt | CN¥93.3B | CN¥76.3B | CN¥71.6B | CN¥64.0B | CN¥52.3B |
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 |
|---|---|---|---|---|---|---|
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 15.2× | n/a |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| Tongwei 600438.SS | $8.27B | -29% | -12% | -15% | n/a | n/a |
| Daqo New Energy Corp Sponsored ADR DQ | $856M | -32% | -21% | -70% | n/a | n/a |
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 | 600089.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.3% | -6.8% | 2nd highest of 21 |
| 6-month return | -29.5% | -25.1% | 7th lowest of 21 |
| Distance from 52-week high | -43.1% | -34.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +11.6% | +21.8% | 6th lowest of 20 |
| Operating margin | 6.4% | 11.6% | 4th lowest of 20 |
| Forward P/E | 15.2× | 19.3× | 8th cheapest of 21 |
| ROIC minus cost of capital | -0.7 pp | +3.9 pp | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |
| Siemens Energy India ENRIN.NS | India | $10.6B | -11% | n/a | 20% | 60.1× | 27.3% | n/a |