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Chinese maker of large power transformers for high-voltage grid transmission and substation projects.
Chinese maker of large power transformers for high-voltage grid transmission and substation projects.
Moat: narrow (customer qualification, installed base). Long-qualified transformer supplier to State Grid, though the segment is capital-intensive and cyclical.
Headquarters: Baoding, Hebei, China · Employees: 3,734
Size Baoding Tianwei Baobian Electric (600550.SS) is a China Industrials company (Electrical Products) with a market value of $2.65B, the 974th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.61 on 6 Nov 2026.
Performance Over six months the shares fell 35.7%, against -21.9% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +19.5%); the operating margin is 4.0% (peer median 10.3%).
Valuation It trades at 2.9× enterprise value to sales against a peer median of 3.3× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 46% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +38 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 5.6 points below its cost of capital (13.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.85B | CN¥5.69B | CN¥4.72B | CN¥3.45B | CN¥3.41B |
| Revenue growth | — | +20% | +37% | +1% | — |
| Gross profit | CN¥1.07B | CN¥817M | CN¥706M | CN¥404M | CN¥601M |
| EBITDA | n/a | CN¥334M | CN¥324M | CN¥63.2M | CN¥235M |
| Net income | CN¥221M | CN¥197M | CN¥96.3M | -CN¥206M | CN¥29.5M |
| Free cash flow | CN¥169M | CN¥104M | CN¥201M | CN¥564M | -CN¥419M |
| Capital expenditure | CN¥127M | CN¥112M | CN¥62.7M | CN¥66.6M | CN¥46.2M |
| Total debt | CN¥3.10B | CN¥3.29B | CN¥2.64B | CN¥2.54B | CN¥2.50B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Baoding Tianwei Baobian Electric 600550.SS | $2.65B | -36% | +13% | 4% | 2.9× | 45.5% |
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 1.7× | n/a |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 2.1× | n/a |
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 3.4× | 11.1% |
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 2.0× | n/a |
| Hyosung Heavy 298040.KS | $10.8B | -60% | +13% | 13% | 2.2× | 13.5% |
| Hd Hyundai Electric 267260.KS | $9.71B | -71% | +21% | 25% | 2.9× | 0.7% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 2.2× | 17.3% |
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 | 600550.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.8% | -9.4% | 10th highest of 21 |
| 6-month return | -35.7% | -21.9% | 7th lowest of 21 |
| Distance from 52-week high | -50.9% | -47.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +12.9% | +19.5% | 10th lowest of 21 |
| Operating margin | 4.0% | 10.3% | 6th lowest of 21 |
| EV / Sales | 2.9× | 3.3× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 45.5% | 14.4% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +7.1% | +11.9% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +38.5 pp | -3.7 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -5.6 pp | -0.0 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | 2.9× | 45.5% | +7.1% |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 6.7× | 5.9% | +12.3% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 0.9× | n/a | n/a |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 5.5× | 56.8% | +10.7% |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 6.9× | 13.8% | +6.2% |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 5.9× | 15.1% | +50.8% |
| Schneider Electric Infrastructure SCHNEIDER.NS | India | $2.69B | -21% | +10% | 10% | 8.7× | 56.2% | +17.4% |
| Daming Electronics 603376.SS | China | $2.71B | -22% | +110% | 9% | 5.9× | n/a | n/a |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | 1.6× | 7.7% | +9.5% |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 1.6× | n/a | n/a |
| Fortior Technology (Shenzhen) 1304.HK | Hong Kong | $2.76B | -15% | +54% | 25% | 16.4× | n/a | n/a |
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 0.4× | -7.9% | +5.4% |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 2.6× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 5.3× | n/a | n/a |
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 1.5× | n/a | n/a |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 1.6× | 5.8% | +11.5% |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 1.2× | n/a | n/a |
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | 7.0× | 22.6% | +29.4% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 2.0× | n/a | n/a |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | 3.8× | n/a | n/a |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 2.9× | 25.3% | +18.6% |