Loading…
State Grid's smart-grid technology arm, making relay protection, grid automation and power-electronics equipment.
State Grid's smart-grid technology arm, making relay protection, grid automation and power-electronics equipment.
Sells equipment largely through procurement tenders run by State Grid, so its orders follow the grid operator's investment plans, particularly in ultra-high-voltage and automation projects. It is controlled by NARI Group, a research arm of State Grid.
In one line: China's Schneider Electric grid-automation arm.
Moat: wide (regulatory licence, customer qualification, installed base). State Grid affiliation and deep grid-automation installed base give a near-captive customer relationship.
Headquarters: Nanjing, China · Founded: 2003 · Employees: 12,781
Size NARI Technology (600406.SS) is a China Industrials company (Electrical Products) with a market value of $28.6B, the 64th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.86 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against -26.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +18.8%); the operating margin is 12.7% (peer median 11.2%).
Valuation It trades at 21.7× forward earnings against a peer median of 20.2× (8th most expensive of 20).
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 +11%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.1 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¥71.5B | CN¥65.9B | CN¥57.5B | CN¥51.4B | CN¥46.6B |
| Revenue growth | — | +15% | +12% | +10% | — |
| Gross profit | CN¥18.5B | CN¥16.3B | CN¥14.6B | CN¥13.3B | CN¥12.2B |
| EBITDA | n/a | CN¥10.4B | CN¥10.1B | CN¥9.66B | CN¥8.66B |
| Net income | CN¥8.34B | CN¥8.28B | CN¥7.61B | CN¥7.18B | CN¥6.45B |
| Free cash flow | CN¥3.40B | CN¥11.0B | CN¥9.41B | CN¥9.36B | CN¥5.38B |
| Capital expenditure | CN¥2.05B | CN¥2.11B | CN¥1.85B | CN¥1.95B | CN¥3.42B |
| Total debt | CN¥1.91B | CN¥2.95B | CN¥3.63B | CN¥2.97B | CN¥3.90B |
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 |
|---|---|---|---|---|---|---|
| NARI Technology 600406.SS | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% |
| XJ Electric 000400.SZ | $3.86B | 0% | -8% | 6% | 23.5× | n/a |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
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 | 600406.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.4% | -8.6% | 3rd highest of 21 |
| 6-month return | -8.1% | -26.2% | 7th highest of 21 |
| Distance from 52-week high | -25.6% | -35.5% | 8th highest of 21 |
| Revenue growth (TTM) | +12.4% | +18.8% | 8th lowest of 21 |
| Operating margin | 12.7% | 11.2% | 10th highest of 21 |
| Forward P/E | 21.7× | 20.2× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.5% | 17.1% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +11.4% | +13.2% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -8.9 pp | +6.2 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | +10.1 pp | +2.7 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| LG Energy Solution 373220.KS | South Korea | $58.2B | -27% | +25% | 1% | n/a | n/a | n/a |
| Mitsubishi Electric 6503.T | Japan | $59.9B | -28% | +12% | 10% | 17.1× | 13.2% | +7.1% |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |