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Chinese maker of vacuum interrupters and electronic ceramic components used in power switchgear and electrical equipment.
Chinese maker of vacuum interrupters and electronic ceramic components used in power switchgear and electrical equipment.
Sells vacuum interrupters, the sealed switches inside circuit breakers that cut off electric current, as parts to switchgear makers rather than as finished equipment. Orders therefore follow grid and industrial equipment builds, and once a part is specified into a customer's breaker design it tends to stay there.
Moat: narrow (process know-how). Vacuum-sealing and ceramic manufacturing know-how for switching components is not trivial to replicate.
Headquarters: Chengdu, China · Founded: 1997 · Employees: 2,101
Size Chengdu Xuguang Electronics (600353.SS) is a China Industrials company (Industrial Machinery) with a market value of $2.32B, the 1095th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.69 on 6 Nov 2026.
Performance Over six months the shares gained 8.5%, against -22.4% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +12.4%); the operating margin is 6.9% (peer median 7.9%).
Valuation It trades at 64.5× forward earnings against a peer median of 23.4× (most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 53% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +40 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.8 points below its cost of capital (13.6% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.85B | CN¥1.63B | CN¥1.58B | CN¥1.31B | CN¥1.14B |
| Revenue growth | — | +3% | +20% | +15% | — |
| Gross profit | CN¥448M | CN¥369M | CN¥340M | CN¥333M | CN¥292M |
| EBITDA | n/a | CN¥204M | CN¥172M | CN¥176M | CN¥129M |
| Net income | CN¥169M | CN¥162M | CN¥102M | CN¥92.7M | CN¥100M |
| Free cash flow | CN¥147M | -CN¥114M | -CN¥55.2M | -CN¥133M | -CN¥256M |
| Capital expenditure | CN¥36.2M | CN¥243M | CN¥126M | CN¥123M | CN¥218M |
| Total debt | CN¥613M | CN¥627M | CN¥495M | CN¥395M | CN¥327M |
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 |
|---|---|---|---|---|---|---|
| Chengdu Xuguang Electronics 600353.SS | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% |
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 21.1× | 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 | 600353.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.2% | -6.1% | 4th lowest of 21 |
| 6-month return | +8.5% | -22.4% | 2nd highest of 21 |
| Distance from 52-week high | -65.2% | -40.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +12.7% | +12.4% | 11th highest of 21 |
| Operating margin | 6.9% | 7.9% | 8th lowest of 21 |
| Forward P/E | 64.5× | 23.4× | most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 53.1% | 16.5% | most demanding of 13 |
| Growth delivered (Del g) | +12.8% | +10.7% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +40.4 pp | +4.4 pp | most demanding of 13 |
| ROIC minus cost of capital | -7.8 pp | -0.2 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Xuguang Electronics 600353.SS | China | $2.32B | +8% | +13% | 7% | 64.5× | 53.1% | +12.8% |
| Chervon 2285.HK | Hong Kong | $2.32B | +103% | -6% | 8% | 15.7× | 12.1% | +6.4% |
| Zhuhai Bojay Electronics 002975.SZ | China | $2.32B | -13% | +71% | 18% | 41.2× | 34.2% | +6.0% |
| Organo 6368.T | Japan | $2.36B | -14% | +10% | 19% | 12.1× | 12.8% | +12.0% |
| ROBOTIS 108490.KS | South Korea | $2.37B | -30% | +52% | -16% | n/a | n/a | n/a |
| Kalmar KALMAR.HE | Finland | $2.27B | -7% | +7% | 12% | 13.6× | -4.8% | -3.6% |
| Yantai Eddie Precision Machinery 603638.SS | China | $2.38B | -22% | +35% | 16% | 28.8× | 15.1% | +7.3% |
| Amber Enterprises India AMBER.NS | India | $2.39B | -28% | +15% | 5% | 59.6× | n/a | n/a |
| Wonik IPS 240810.KS | South Korea | $2.39B | -43% | +9% | 8% | 14.7× | 29.4% | -3.6% |
| Munters MTRS.ST | Sweden | $2.40B | -34% | 0% | 9% | 26.2× | 12.4% | +16.0% |
| Doosan Robotics 454910.KS | South Korea | $2.41B | -54% | +97% | -91% | n/a | n/a | n/a |
| Japan Steel Works 5631.T | Japan | $2.41B | -46% | -1% | 10% | 17.0× | n/a | n/a |
| Timken India TIMKEN.NS | India | $2.43B | -12% | +19% | 16% | 46.1× | 36.2% | +19.8% |
| Wuxi Autowell Technology 688516.SS | China | $2.22B | -42% | -14% | 8% | 23.4× | n/a | n/a |
| Kunshan Kersen Science & Technology 603626.SS | China | $2.22B | +7% | -24% | -22% | 31.3× | n/a | n/a |
| Guangdong Dongfang Precision Science & Technology 002611.SZ | China | $2.50B | -19% | -16% | 8% | 20.2× | 17.8% | +12.4% |
| All Ring Tech 6187.TWO | Taiwan | $2.52B | -36% | +1% | 29% | 25.0× | 26.4% | +28.9% |
| Dmg Mori 6141.T | Japan | $2.53B | -13% | +20% | 4% | 23.5× | 12.9% | +9.4% |
| Shenyang Machine Tool 000410.SZ | China | $2.11B | -14% | +29% | -3% | n/a | 25.3% | +22.7% |
| China Baoan 000009.SZ | China | $2.56B | -23% | +26% | 7% | n/a | n/a | n/a |
| CECO Environmental CECO | United States | $2.56B | -47% | +38% | 6% | 16.5× | n/a | n/a |