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Diversified Guangzhou state-owned holding company with power generation, gas distribution and real-estate businesses.
Diversified Guangzhou state-owned holding company with power generation, gas distribution and real-estate businesses.
Sells electricity to the grid and gas to local users, with prices partly set by authorities, so tariff decisions and fuel costs drive results more than volume alone. Property and financial investments add to income. Guangzhou's city government controls it through a state holding company.
Moat: narrow (regulatory licence, installed base). Regulated municipal utility franchises in Guangzhou provide stable installed positions.
Headquarters: Guangzhou, China · Employees: 6,390
Size Guangzhou Development (600098.SS) is a China Utilities company (Electric Utilities) with a market value of $3.56B, the 725th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.89 on 6 Nov 2026.
Performance Over six months the shares fell 3.1%, against -9.9% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median -0.5%); the operating margin is 4.5% (peer median 18.0%).
Valuation It trades at 14.9× forward earnings against a peer median of 12.1× (6th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥52.5B | CN¥50.8B | CN¥48.3B | CN¥46.7B | CN¥47.8B |
| Revenue growth | — | +5% | +3% | -2% | — |
| Gross profit | CN¥6.48B | CN¥4.32B | CN¥4.92B | CN¥4.83B | CN¥3.38B |
| EBITDA | n/a | CN¥5.20B | CN¥5.33B | CN¥4.84B | CN¥3.58B |
| Net income | CN¥1.60B | CN¥2.32B | CN¥1.73B | CN¥1.64B | CN¥1.35B |
| Free cash flow | CN¥65.8M | -CN¥682M | CN¥974M | -CN¥1.07B | -CN¥593M |
| Capital expenditure | CN¥5.72B | CN¥6.64B | CN¥3.95B | CN¥4.32B | CN¥4.69B |
| Total debt | CN¥37.9B | CN¥40.3B | CN¥35.2B | CN¥34.9B | CN¥27.8B |
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 |
|---|---|---|---|---|---|---|
| Guangzhou Development 600098.SS | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% |
| Guangdong Electric Power Development 000539.SZ | $3.64B | -21% | +8% | -1% | n/a | 9.8% |
| Enn Energy 2688.HK | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% |
| Shenzhen Energy 000027.SZ | $4.49B | -8% | +4% | 13% | 11.2× | n/a |
| China Resources Gas 1193.HK | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% |
| HK & China Gas 0003.HK | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% |
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 | 600098.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | -1.3% | 6th highest of 21 |
| 6-month return | -3.1% | -9.9% | 7th highest of 21 |
| Distance from 52-week high | -18.9% | -22.0% | 10th highest of 21 |
| Revenue growth (TTM) | +4.5% | -0.5% | 9th highest of 21 |
| Operating margin | 4.5% | 18.0% | 4th lowest of 20 |
| Forward P/E | 14.9× | 12.1× | 6th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.0% | 3.8% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +9.9% | +9.7% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | -10.9 pp | -5.1 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +0.3 pp | -1.8 pp | 6th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| TAURON Polska Energia TPE.WA | Poland | $4.02B | -6% | 0% | n/a | 6.1× | 17.0% | +10.4% |
| TransAlta TA.TO | Canada | $4.15B | +5% | -12% | 8% | 49.9× | 21.9% | +4.1% |
| Tokyo Elec Power Co Hldgs 9501.T | Japan | $4.17B | -31% | -2% | 1% | 3.7× | n/a | n/a |
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| AGL Energy AGL.AX | Australia | $4.21B | -3% | -6% | 11% | 10.5× | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |