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Shanghai state-owned industrial conglomerate whose main unit, Shanghai Mitsubishi Elevator, is one of China's largest elevator/escalator makers.
Shanghai state-owned industrial conglomerate whose main unit, Shanghai Mitsubishi Elevator, is one of China's largest elevator/escalator makers.
Most profit comes from elevators sold through its Mitsubishi Electric joint venture, which earns first from new-building installations and then from a growing flow of maintenance, repair and upgrade contracts on elevators already installed. New elevator sales follow property completions, while the service flow is steadier.
In one line: A Chinese Otis/KONE (via its Mitsubishi Electric elevator joint venture).
Moat: narrow (brand, installed base, distribution). Large installed base and brand via its long-running Mitsubishi Electric elevator joint venture.
Headquarters: Shanghai, China · Employees: 4,397
Size Shanghai Mechanical & Electrical Industry (600835.SS) is a China Industrials company (Building Products) with a market value of $2.34B, the 1093rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.56 on 6 Nov 2026.
Performance Over six months the shares fell 27.3%, against +0.5% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +4.2%); the operating margin is 1.6% (peer median 10.2%).
Valuation It trades at 22.5× forward earnings against a peer median of 15.7× (5th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +4 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 2.9 points below its cost of capital (8.8% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.4B | CN¥19.2B | CN¥20.7B | CN¥22.3B | CN¥23.5B |
| Revenue growth | — | -7% | -7% | -5% | — |
| Gross profit | CN¥3.31B | CN¥2.80B | CN¥3.20B | CN¥3.49B | CN¥3.47B |
| EBITDA | n/a | CN¥697M | CN¥978M | CN¥1.20B | CN¥1.30B |
| Net income | CN¥678M | CN¥792M | CN¥937M | CN¥1,000M | CN¥981M |
| Free cash flow | CN¥501M | CN¥1.09B | CN¥1.21B | CN¥1.61B | CN¥947M |
| Capital expenditure | CN¥204M | CN¥162M | CN¥72.2M | CN¥135M | CN¥148M |
| Total debt | CN¥572M | CN¥348M | CN¥582M | CN¥364M | CN¥450M |
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 |
|---|---|---|---|---|---|---|
| Shanghai Mechanical & Electrical Industry 600835.SS | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% |
| Otis Worldwide OTIS | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% |
| KONE KNEBV.HE | $33.8B | +15% | +2% | 12% | 27.1× | 5.8% |
| Schindler SCHN.SW | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% |
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 | 600835.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | -3.9% | 10th highest of 21 |
| 6-month return | -27.3% | +0.5% | 4th lowest of 21 |
| Distance from 52-week high | -48.0% | -23.6% | 5th lowest of 21 |
| Revenue growth (TTM) | -1.6% | +4.2% | 4th lowest of 21 |
| Operating margin | 1.6% | 10.2% | 2nd lowest of 21 |
| Forward P/E | 22.5× | 15.7× | 5th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.6% | 7.3% | 8th least demanding of 19 |
| Growth delivered (Del g) | -3.8% | +6.0% | lowest of 19 |
| Hurdle (Req g minus delivered) | +4.4 pp | +2.2 pp | 6th most demanding of 19 |
| ROIC minus cost of capital | -2.9 pp | +4.2 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |
| Takara standard 7981.T | Japan | $1.20B | +2% | +2% | 7% | n/a | -5.5% | +5.7% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Solareast 603366.SS | China | $1.07B | +8% | 0% | -2% | n/a | 39.8% | +2.9% |
| Toto 5332.T | Japan | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% | +5.0% |
| Suzhou Huaya Intelligence Technology 003043.SZ | China | $990M | -20% | +2% | 11% | 78.3× | 27.6% | +22.3% |
| Zehnder ZEHN.SW | Switzerland | $983M | +10% | +2% | 8% | 17.5× | 2.5% | +1.5% |