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Major Chinese maker of high-voltage switchgear (GIS) for power substations, majority owned by State Grid.
Major Chinese maker of high-voltage switchgear (GIS) for power substations, majority owned by State Grid.
Wins most orders through the state grid companies' procurement tenders, with large switchgear delivered to substations and booked on delivery, so results track grid investment cycles and its tender win rate. Its main buyer is also its controlling shareholder, which makes demand predictable but concentrated.
In one line: A Chinese ABB/Siemens (switchgear).
Moat: narrow (customer qualification, scale, installed base). Qualified State Grid supplier for high-voltage switchgear, a safety-critical, certification-heavy product.
Headquarters: Pingdingshan, Henan, China · Founded: 1970 · Employees: 4,848
Size Henan Pinggao Electric (600312.SS) is a China Industrials company (Electrical Products) with a market value of $4.43B, the 580th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.76 on 6 Nov 2026.
Performance Over six months the shares fell 0.9%, against -22.3% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 19 in its peer set.
Growth Revenue fell 5.5% over the last twelve months (peer median +12.2%); the operating margin is 12.9% (peer median 9.0%).
Valuation It trades at 21.1× forward earnings against a peer median of 22.0× (7th cheapest of 19).
Capital Return on invested capital runs 11.7 points above its cost of capital (6.4% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.2B | CN¥12.5B | CN¥12.4B | CN¥11.0B | CN¥9.19B |
| Revenue growth | — | +1% | +12% | +20% | — |
| Gross profit | CN¥3.45B | CN¥2.75B | CN¥2.54B | CN¥2.12B | CN¥1.36B |
| EBITDA | n/a | CN¥1.75B | CN¥1.57B | CN¥1.31B | CN¥753M |
| Net income | CN¥1.37B | CN¥1.12B | CN¥1.02B | CN¥816M | CN¥212M |
| Free cash flow | -CN¥197M | CN¥530M | CN¥2.85B | CN¥2.39B | CN¥1.34B |
| Capital expenditure | CN¥489M | CN¥299M | CN¥187M | CN¥113M | CN¥69.4M |
| Total debt | CN¥976M | CN¥2.04B | CN¥2.82B | CN¥2.07B | CN¥1.89B |
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 |
|---|---|---|---|---|---|---|
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 21.1× | n/a |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% |
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 15.2× | 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 | 600312.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.0% | -12.9% | 4th highest of 21 |
| 6-month return | -0.9% | -22.3% | 4th highest of 19 |
| Distance from 52-week high | -15.2% | -47.1% | highest of 21 |
| Revenue growth (TTM) | -5.5% | +12.2% | 3rd lowest of 20 |
| Operating margin | 12.9% | 9.0% | 6th highest of 21 |
| Forward P/E | 21.1× | 22.0× | 7th cheapest of 19 |
| ROIC minus cost of capital | +11.7 pp | +1.0 pp | 5th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Henan Pinggao Electric 600312.SS | China | $4.43B | -1% | -6% | 13% | 21.1× | n/a | n/a |
| CNGR Advanced Material 2579.HK | Hong Kong | $4.48B | -58% | +53% | 7% | 5.6× | n/a | n/a |
| DPC DPC | United States | $4.30B | n/a | +12% | -1% | 31.9× | n/a | n/a |
| Teco Electric & Machinery 1504.TW | Taiwan | $4.23B | -13% | +8% | 9% | 19.5× | 9.3% | +5.2% |
| Walsin Lihwa 1605.TW | Taiwan | $4.21B | -3% | -4% | 0% | 7.5× | n/a | n/a |
| Far East Smarter Energy 600869.SS | China | $4.73B | -16% | -1% | 1% | 37.4× | 38.2% | +7.3% |
| Rosebank Industries ROSE.L | United Kingdom | $4.15B | -12% | n/a | 13% | 18.8× | n/a | n/a |
| Fortune Electric 1519.TW | Taiwan | $4.75B | -50% | +5% | 21% | 26.0× | 16.1% | +23.6% |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |
| Powell Industries POWL | United States | $4.85B | -57% | +7% | 20% | 21.2× | 11.2% | +16.3% |
| KEI Industries KEI.NS | India | $4.03B | -22% | +25% | 10% | 33.9× | n/a | n/a |
| State Grid Yingda 600517.SS | China | $4.01B | -21% | +8% | 22% | 10.2× | -18.5% | +8.1% |
| Gaon Cable 000500.KS | South Korea | $3.97B | +50% | +32% | 3% | n/a | n/a | n/a |
| Ningbo Orient Wires & Cables 603606.SS | China | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% | +16.5% |
| Qingdao TGOOD Electric 300001.SZ | China | $4.97B | +6% | +14% | 9% | 21.9× | 12.0% | +16.2% |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| HANGZHOU FIRST APPLIED MATERIAL 603806.SS | China | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% | +13.1% |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |