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Chinese state-backed institute providing testing, standards and certification for electric apparatus and equipment.
Chinese state-backed institute providing testing, standards and certification for electric apparatus and equipment.
Charges fees for testing, inspecting and certifying electrical and environmental performance, work manufacturers need before they can sell or supply some products. Income follows manufacturers' product launches and qualification cycles.
In one line: A China-based UL-style electrical certification body.
Moat: narrow (regulatory licence, installed base). State-linked certification role gives quasi-regulatory standing in its niche.
Headquarters: China · Employees: 3,218
Size China National Electric Apparatus Research Institute (688128.SS) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $1.42B, the 1713th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.34 on 6 Nov 2026.
Performance Over six months the shares fell 12.0%, against -6.0% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 7.6% over the last twelve months (peer median +6.6%); the operating margin is 10.6% (peer median 7.2%).
Valuation It trades at 15.5× forward earnings against a peer median of 16.1× (8th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.8 points above its cost of capital (8.2% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.21B | CN¥4.74B | CN¥4.51B | CN¥4.15B | CN¥3.78B |
| Revenue growth | — | +5% | +9% | +10% | — |
| Gross profit | CN¥1.82B | CN¥1.56B | CN¥1.41B | CN¥1.20B | CN¥1.02B |
| EBITDA | n/a | CN¥670M | CN¥558M | CN¥447M | CN¥379M |
| Net income | CN¥581M | CN¥534M | CN¥467M | CN¥410M | CN¥363M |
| Free cash flow | CN¥632M | CN¥926M | CN¥321M | CN¥166M | CN¥535M |
| Capital expenditure | CN¥333M | CN¥292M | CN¥214M | CN¥243M | CN¥182M |
| Total debt | CN¥419M | CN¥624M | CN¥367M | CN¥492M | CN¥572M |
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.
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 | 688128.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | -7.7% | 5th highest of 21 |
| 6-month return | -12.0% | -6.0% | 9th lowest of 21 |
| Distance from 52-week high | -31.7% | -37.2% | 9th highest of 21 |
| Revenue growth (TTM) | +7.6% | +6.6% | 11th highest of 21 |
| Operating margin | 10.6% | 7.2% | 6th highest of 21 |
| Forward P/E | 15.5× | 16.1× | 8th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 4.0% | 7th most demanding of 14 |
| Growth delivered (Del g) | +13.5% | +6.7% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -9.5 pp | -8.5 pp | 6th least demanding of 14 |
| ROIC minus cost of capital | +7.8 pp | -3.8 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |
| China Security 600654.SS | China | $1.39B | -31% | -30% | -1% | n/a | 56.7% | +0.4% |
| SBS 2384.T | Japan | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% | +13.8% |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Changchun Up Optotech 002338.SZ | China | $1.34B | -39% | +22% | 2% | 43.4× | n/a | n/a |
| TKC 9746.T | Japan | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% | +4.2% |
| Nittetsu Mining 1515.T | Japan | $1.34B | +10% | +13% | 9% | n/a | n/a | n/a |
| Central Mine Planning & Design Institute CMPDI.NS | India | $1.34B | -15% | +10% | 33% | n/a | 4.0% | +18.7% |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |
| Suzhou Novoprotein Scientific 688137.SS | China | $1.33B | +161% | +8% | -62% | n/a | n/a | n/a |