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Chongqing utility combining hydropower generation with incremental power-distribution networks under China's grid reform pilots.
Chongqing utility combining hydropower generation with incremental power-distribution networks under China's grid reform pilots.
Moat: narrow (regulatory licence). Holds distribution-network concessions under China's incremental-grid pilot programme in its home region.
Headquarters: Chongqing, China · Employees: 3,415
Size Chongqing Three Gorges Water Conservancy and Electric Power (600116.SS) is a China Utilities company (Electric Utilities) with a market value of $1.73B, the 1430th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.03 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -20.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +0.4%); the operating margin is 6.2% (peer median 8.4%).
Valuation It trades at 18.8× forward earnings against a peer median of 11.1× (4th most expensive of 14).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -17 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 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.3B | CN¥10.1B | CN¥10.3B | CN¥11.1B | CN¥11.1B |
| Revenue growth | — | -1% | -7% | +1% | — |
| Gross profit | CN¥2.19B | CN¥1.21B | CN¥1.00B | CN¥1.05B | CN¥1.09B |
| EBITDA | n/a | CN¥1.44B | CN¥1.17B | CN¥1.22B | CN¥1.19B |
| Net income | CN¥655M | CN¥436M | CN¥310M | CN¥516M | CN¥476M |
| Free cash flow | CN¥1.44B | CN¥38.1M | -CN¥803M | -CN¥501M | CN¥342M |
| Capital expenditure | CN¥756M | CN¥1.49B | CN¥1.80B | CN¥1.85B | CN¥697M |
| Total debt | CN¥8.88B | CN¥10.7B | CN¥11.1B | CN¥9.20B | CN¥8.08B |
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| Measure | 600116.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -4.9% | 9th highest of 21 |
| 6-month return | -8.4% | -20.6% | 6th highest of 20 |
| Distance from 52-week high | -17.4% | -38.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +4.4% | +0.4% | 7th highest of 21 |
| Operating margin | 6.2% | 8.4% | 7th lowest of 21 |
| Forward P/E | 18.8× | 11.1× | 4th most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | -0.1% | 6th least demanding of 13 |
| Growth delivered (Del g) | +14.1% | +6.2% | highest of 13 |
| Hurdle (Req g minus delivered) | -16.6 pp | -4.9 pp | least demanding of 13 |
| ROIC minus cost of capital | +0.3 pp | -0.5 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Three Gorges Water Conservancy and Electric Power 600116.SS | China | $1.73B | -8% | +4% | 6% | 18.8× | -2.5% | +14.1% |
| Beijing Jingneng Clean Energy 0579.HK | Hong Kong | $1.74B | -27% | -1% | 18% | 4.7× | -1.0% | +3.5% |
| CESC CESC.NS | India | $1.77B | -32% | +9% | 12% | 9.9× | n/a | n/a |
| Romande Energie REHN.SW | Switzerland | $1.68B | -1% | +2% | 8% | 15.1× | 7.4% | +7.2% |
| Central Puerto SA Sponsored ADR CEPU | United States | $1.64B | -29% | +51% | 29% | 5.0× | -5.0% | +10.3% |
| Datang Huayin Electric Power 600744.SS | China | $1.83B | -30% | -10% | 6% | n/a | n/a | n/a |
| Dynagreen Environmental Protection 601330.SS | China | $1.63B | -4% | +11% | 31% | 14.8× | -3.5% | +9.2% |
| Guangdong Baolihua New Energy Stock 000690.SZ | China | $1.87B | +9% | +1% | 14% | 11.1× | -11.6% | +3.9% |
| Nava NAVA.NS | India | $1.59B | -26% | +9% | 29% | n/a | 19.8% | +11.0% |
| Jiangsu New Energy Development 603693.SS | China | $1.56B | -21% | -3% | 35% | 20.9× | 0.7% | +6.1% |
| Harbin Hatou Investment 600864.SS | China | $1.56B | -18% | 0% | -17% | n/a | -17.2% | -3.8% |
| CHN Energy Changyuan Electric Power 000966.SZ | China | $1.99B | -16% | -9% | 1% | 22.4× | 6.6% | +6.2% |
| Chongqing Fuling Electric Power Industrial 600452.SS | China | $2.00B | -25% | -7% | 17% | 22.9× | 3.6% | +2.4% |
| HCIG Energy Investment 000600.SZ | China | $2.01B | -31% | -12% | 9% | 11.1× | n/a | n/a |
| Vedanta Power VEDPOWER.NS | India | $1.46B | n/a | +5% | -13% | n/a | n/a | n/a |
| Hawaiian Electric Industries HE | United States | $1.45B | -43% | +2% | 11% | 5.2× | n/a | n/a |
| Jinneng Holding Shanxi Electric Power 000767.SZ | China | $1.40B | -20% | -6% | 6% | n/a | 2.5% | +5.6% |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 14.7× | -4.3% | +11.5% |
| Henan Yuneng 001896.SZ | China | $2.14B | -39% | -6% | 5% | n/a | n/a | n/a |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 7.3× | n/a | n/a |
| Huadian Liaoning Energy Development 600396.SS | China | $2.23B | +2% | 0% | 8% | n/a | n/a | n/a |