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Chinese maker of smart electricity meters and grid metering/monitoring equipment.
Chinese maker of smart electricity meters and grid metering/monitoring equipment.
Wins its sales through utility tenders, in China from the state grid companies and abroad from national and regional utilities, and exports are a large share. After the meters it supplies communication modules and systems for reading them.
Moat: narrow (customer qualification). Qualified metering-equipment supplier to grid utilities in China and abroad.
Headquarters: Ningbo, China · Employees: 3,525
Size Hexing Electrical (603556.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $1.61B, the 1534th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥22.08 on 6 Nov 2026.
Performance Over six months the shares fell 23.1%, against -15.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +2.8%); the operating margin is 9.0% (peer median 6.6%).
Valuation It trades at 14.2× forward earnings against a peer median of 23.0× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (5.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.95B | CN¥4.75B | CN¥4.69B | CN¥4.18B | CN¥3.29B |
| Revenue growth | — | +1% | +12% | +27% | — |
| Gross profit | CN¥1.78B | CN¥1.75B | CN¥2.00B | CN¥1.71B | CN¥1.21B |
| EBITDA | n/a | CN¥740M | CN¥1.25B | CN¥1.01B | CN¥619M |
| Net income | CN¥400M | CN¥729M | CN¥1.00B | CN¥982M | CN¥664M |
| Free cash flow | CN¥508M | CN¥406M | CN¥824M | CN¥966M | CN¥685M |
| Capital expenditure | CN¥186M | CN¥243M | CN¥185M | CN¥224M | CN¥153M |
| Total debt | CN¥636M | CN¥580M | CN¥733M | CN¥759M | CN¥617M |
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 |
|---|---|---|---|---|---|---|
| Hexing Electrical 603556.SS | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% |
| Wasion 3393.HK | $1.43B | -59% | +22% | 16% | 8.0× | -11.3% |
| Ningbo Sanxing Medical Electric 601567.SS | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% |
| Jiangsu Linyang Energy 601222.SS | $1.74B | -6% | +35% | 8% | 15.4× | n/a |
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 | 603556.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | -5.3% | 9th highest of 21 |
| 6-month return | -23.1% | -15.7% | 8th lowest of 21 |
| Distance from 52-week high | -49.0% | -41.4% | 6th lowest of 21 |
| Revenue growth (TTM) | +5.8% | +2.8% | 10th highest of 21 |
| Operating margin | 9.0% | 6.6% | 7th highest of 21 |
| Forward P/E | 14.2× | 23.0× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 16.0% | 3rd least demanding of 12 |
| Growth delivered (Del g) | +11.3% | +9.3% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | -11.2 pp | +1.1 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +2.9 pp | -0.8 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Zhejiang Dali Technology 002214.SZ | China | $1.45B | -15% | +1% | -68% | n/a | n/a | n/a |
| Kinco Automation Shanghai 688160.SS | China | $1.45B | -2% | +46% | 9% | 90.3× | n/a | n/a |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Chongqing Chuanyi Automation 603100.SS | China | $1.44B | -4% | +3% | 7% | 14.5× | 2.6% | +9.9% |
| Gl Tech 300480.SZ | China | $1.44B | -28% | +43% | 13% | 57.6× | n/a | n/a |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Shanghai Liangxin Electrical Co 002706.SZ | China | $1.42B | -26% | +6% | 3% | 30.5× | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |