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State-owned maker of large power transformers and high-voltage switchgear for China's electricity grid.
State-owned maker of large power transformers and high-voltage switchgear for China's electricity grid.
Wins most of its orders through bidding rounds run by the two state grid companies, so market share depends on tender results and prices are set under competitive pressure. It is part of the state-owned XD Group, which has roots in Xi'an's power-equipment industry.
In one line: China's ABB/Siemens Energy for grid transformers.
Moat: narrow (regulatory licence, customer qualification, installed base). State grid supplier qualification and installed base give an entrenched but low-margin position.
Headquarters: Xi'an, China · Founded: 1999 · Employees: 8,922
Size China XD Electric (601179.SS) is a China Industrials company (Electrical Products) with a market value of $8.51B, the 293rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.07 on 6 Nov 2026.
Performance Over six months the shares fell 34.6%, against -15.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +19.1%); the operating margin is 7.6% (peer median 13.8%).
Valuation It trades at 36.0× forward earnings against a peer median of 15.0× (3rd most expensive of 20).
Capital Return on invested capital runs 0.5 points below its cost of capital (8.7% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.6B | CN¥23.7B | CN¥22.2B | CN¥21.1B | CN¥18.6B |
| Revenue growth | — | +7% | +5% | +14% | — |
| Gross profit | CN¥6.58B | CN¥5.05B | CN¥4.31B | CN¥3.54B | CN¥2.77B |
| EBITDA | n/a | CN¥2.31B | CN¥2.37B | CN¥1.86B | CN¥1.05B |
| Net income | CN¥1.49B | CN¥1.27B | CN¥1.05B | CN¥897M | CN¥619M |
| Free cash flow | -CN¥1.40B | CN¥1.85B | CN¥2.25B | CN¥833M | CN¥237M |
| Capital expenditure | CN¥1.14B | CN¥978M | CN¥1.37B | CN¥658M | CN¥423M |
| Total debt | CN¥2.06B | CN¥4.72B | CN¥5.03B | CN¥5.01B | CN¥4.70B |
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 |
|---|---|---|---|---|---|---|
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
| NARI Technology 600406.SS | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 15.2× | n/a |
| Henan Pinggao Electric 600312.SS | $4.43B | -1% | -6% | 13% | 21.1× | n/a |
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
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 | 601179.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.1% | -8.1% | 10th highest of 21 |
| 6-month return | -34.6% | -15.7% | 6th lowest of 19 |
| Distance from 52-week high | -46.4% | -42.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +7.0% | +19.1% | 5th lowest of 21 |
| Operating margin | 7.6% | 13.8% | 6th lowest of 21 |
| Forward P/E | 36.0× | 15.0× | 3rd most expensive of 20 |
| ROIC minus cost of capital | -0.5 pp | +6.7 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China XD Electric 601179.SS | China | $8.51B | -35% | +7% | 8% | 36.0× | n/a | n/a |
| SUPCON Technology 688777.SS | China | $8.58B | -9% | -6% | -3% | 116.4× | n/a | n/a |
| Goldwind Science & Technology 2208.HK | Hong Kong | $8.58B | -57% | +24% | 6% | 7.2× | n/a | n/a |
| Anker Innovations Technology 0668.HK | Hong Kong | $8.68B | n/a | +28% | 11% | 14.8× | 22.2% | +25.8% |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Zhuzhou CRRC Times Electric 3898.HK | Hong Kong | $7.95B | -24% | +17% | 14% | 7.5× | n/a | n/a |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Smiths SMIN.L | United Kingdom | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% | -4.2% |
| Acuity AYI | United States | $9.59B | +10% | +7% | 16% | 15.1× | 6.6% | +6.0% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Hd Hyundai Electric 267260.KS | South Korea | $9.71B | -71% | +21% | 25% | 15.0× | 0.7% | +17.6% |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| China Shipbuilding Industry Group Power 600482.SS | China | $10.3B | -21% | +13% | 7% | 23.4× | -19.6% | +16.5% |
| Innio INIO | United States | $10.3B | n/a | +22% | 13% | 17.5× | 6.5% | +22.1% |