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Hebei-based maker of power distribution and switchgear equipment for grid and industrial customers.
Hebei-based maker of power distribution and switchgear equipment for grid and industrial customers.
Moat: none. Switchgear/distribution equipment is a competitive, tender-driven category.
Headquarters: Shijiazhuang, Hebei, China · Employees: 2,949
Size Shijiazhuang Kelin Electric (603050.SS) is a China Industrials company (Electrical Products) with a market value of $844M, the 2635th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥13.95 on 6 Nov 2026.
Performance Over six months the shares fell 35.7%, against -39.8% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 11.1% over the last twelve months (peer median +13.2%); the operating margin is 1.9% (peer median 6.8%).
Valuation It trades at 1.7× enterprise value to sales against a peer median of 2.2× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +3 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 3.2 points below its cost of capital (6.2% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.19B | CN¥4.38B | CN¥4.09B | CN¥3.87B | CN¥2.60B |
| Revenue growth | — | +7% | +5% | +49% | — |
| Gross profit | CN¥768M | CN¥807M | CN¥854M | CN¥870M | CN¥569M |
| EBITDA | n/a | CN¥336M | CN¥198M | CN¥353M | CN¥166M |
| Net income | CN¥147M | CN¥258M | CN¥178M | CN¥299M | CN¥114M |
| Free cash flow | CN¥198M | CN¥581M | CN¥42.6M | CN¥315M | -CN¥456M |
| Capital expenditure | CN¥50.3M | CN¥46.5M | CN¥57.9M | CN¥103M | CN¥141M |
| Total debt | CN¥1.73B | CN¥1.31B | CN¥1.79B | CN¥1.93B | CN¥1.78B |
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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 | 603050.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | -12.6% | 11th highest of 21 |
| 6-month return | -35.7% | -39.8% | 10th highest of 20 |
| Distance from 52-week high | -49.0% | -53.6% | 9th highest of 21 |
| Revenue growth (TTM) | -11.1% | +13.2% | 3rd lowest of 21 |
| Operating margin | 1.9% | 6.8% | 6th lowest of 21 |
| EV / Sales | 1.7× | 2.2× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | 7.2% | 2nd most demanding of 13 |
| Growth delivered (Del g) | +20.2% | +12.1% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | +3.0 pp | -6.0 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -3.2 pp | -2.6 pp | 9th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shijiazhuang Kelin Electric 603050.SS | China | $844M | -36% | -11% | 2% | 1.7× | 23.2% | +20.2% |
| KBC 688598.SS | China | $842M | +9% | +47% | -114% | 5.2× | n/a | n/a |
| LS Eco Energy 229640.KS | South Korea | $848M | -56% | +31% | 7% | 0.9× | 5.4% | +10.6% |
| Tellhow Sci-Tech 600590.SS | China | $852M | -56% | -11% | 5% | 2.7× | n/a | n/a |
| Kanohar Electricals KANOHAR.NS | India | $835M | n/a | +45% | 27% | 11.4× | 21.3% | +29.1% |
| Daejoo Electronic Materials 078600.KS | South Korea | $835M | -53% | +42% | 8% | 4.2× | n/a | n/a |
| Longwell 6290.TWO | Taiwan | $854M | -43% | +13% | 15% | 2.6× | 13.7% | +9.0% |
| Guangzhou Baiyun Electric Equipment 603861.SS | China | $831M | -35% | +6% | 4% | 1.7× | n/a | n/a |
| Jiangsu New Vision Automotive Electronics 2632.HK | Hong Kong | $820M | -50% | +15% | -5% | 8.1× | n/a | n/a |
| Esab India ESABINDIA.NS | India | $816M | -29% | +13% | 17% | 4.7× | 18.3% | +17.2% |
| Jinlei Technology 300443.SZ | China | $876M | -40% | -14% | 13% | 2.1× | 5.6% | +11.1% |
| Taiwan Puritic 6826.TWO | Taiwan | $807M | -43% | +14% | 16% | 1.0× | -14.4% | +23.9% |
| Hangzhou Weiguang Electronic 002801.SZ | China | $884M | -21% | +11% | 17% | 3.0× | 6.6% | +13.1% |
| Zhejiang Grandwall Electric Science & Technology 603897.SS | China | $803M | -50% | +15% | 3% | 0.6× | n/a | n/a |
| Beijing Jingwei Hirain Technologies 688326.SS | China | $896M | -40% | +2% | -5% | 1.1× | n/a | n/a |
| Xinya Electronic 605277.SS | China | $794M | -28% | +12% | 7% | 1.5× | 7.9% | +31.5% |
| R&S Group Holding AG Pref RSGN.SW | Switzerland | $899M | -22% | +2% | 18% | 2.1× | -7.0% | +2.3% |
| Honbridge 8137.HK | Hong Kong | $792M | 0% | +295% | -12% | 20.9× | n/a | n/a |
| Shenzhen Center Power Tech 002733.SZ | China | $901M | -43% | +16% | 5% | 1.6× | 16.9% | +6.4% |
| Array Technologies ARRY | United States | $902M | -32% | -16% | 0% | 1.8× | 57.9% | +8.0% |
| Dalian Insulator 002606.SZ | China | $788M | -17% | +36% | 22% | 2.4× | -4.8% | +15.5% |