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Operator of large hydropower stations on the Yalong River, part of the State Power Investment Corp (SPIC) group, with complementary wind/solar.
Operator of large hydropower stations on the Yalong River, part of the State Power Investment Corp (SPIC) group, with complementary wind/solar.
Sells output to the grid at government-approved tariffs, with a large share sent to other regions through long-distance transmission lines under agreed contracts. Hydropower has no fuel cost, so earnings depend on rainfall and the volume of power that can be sold. SPIC, one of China's five main state power groups, controls the company.
In one line: China's a large regulated hydro utility.
Moat: narrow (scale, regulatory licence, installed base). Large-scale, low-cost hydro cascade with SPIC state backing supports stable cash generation.
Headquarters: Chengdu, China · Founded: 1993 · Employees: 4,456
Size SPIC Hydropower (600292.SS) is a China Utilities company (Electric Utilities) with a market value of $7.26B, the 339th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.16 on 6 Nov 2026.
Performance Over six months the shares fell 33.7%, against -2.2% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 300.9% over the last twelve months (peer median +8.0%); the operating margin is 27.9% (peer median 13.1%).
Valuation It trades at 72.6× forward earnings against a peer median of 15.2× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -34 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.6 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.3B | CN¥12.1B | CN¥14.4B | CN¥4.24B | CN¥4.12B |
| Revenue growth | — | -16% | +239% | +3% | — |
| Gross profit | CN¥9.45B | CN¥3.52B | CN¥4.31B | CN¥581M | CN¥496M |
| EBITDA | n/a | CN¥5.89B | CN¥7.77B | CN¥590M | CN¥551M |
| Net income | CN¥1.91B | CN¥532M | CN¥807M | CN¥54.0M | -CN¥28.1M |
| Free cash flow | CN¥3.52B | CN¥717M | CN¥355M | CN¥409M | CN¥190M |
| Capital expenditure | CN¥5.07B | CN¥4.31B | CN¥5.38B | CN¥186M | CN¥112M |
| Total debt | CN¥32.1B | CN¥31.3B | CN¥49.8B | CN¥1.70B | CN¥2.14B |
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 |
|---|---|---|---|---|---|---|
| SPIC Hydropower 600292.SS | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% |
| China Yangtze Power 600900.SS | $110B | +9% | 0% | 51% | 21.2× | 1.5% |
| Sichuan Chuantou Energy 600674.SS | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% |
| Guangxi Guiguan Electric Power 600236.SS | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% |
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 | 600292.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | +0.3% | 3rd lowest of 21 |
| 6-month return | -33.7% | -2.2% | lowest of 21 |
| Distance from 52-week high | -45.2% | -16.4% | lowest of 21 |
| Revenue growth (TTM) | +300.9% | +8.0% | highest of 21 |
| Operating margin | 27.9% | 13.1% | 3rd highest of 21 |
| Forward P/E | 72.6× | 15.2× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.8% | 0.6% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +27.0% | +7.1% | highest of 13 |
| Hurdle (Req g minus delivered) | -33.8 pp | -7.5 pp | least demanding of 13 |
| ROIC minus cost of capital | +5.6 pp | -0.6 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Huadian Power International 600027.SS | China | $8.61B | +3% | -7% | 6% | 13.2× | -0.4% | +6.3% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |