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Technology arm of China Southern Power Grid, providing smart-grid digitalization, automation and testing services.
Technology arm of China Southern Power Grid, providing smart-grid digitalization, automation and testing services.
Sells mainly to its parent, China Southern Power Grid, and its regional grid companies, so earnings follow the grid operator's investment budgets for digital and automation projects rather than open-market competition. Projects are booked as delivered under contracts awarded by the grid companies.
In one line: A grid-technology R&D subsidiary of a regional state utility.
Moat: narrow (customer qualification, regulatory licence). Affiliated with, and largely serves, its parent state grid operator across southern China.
Headquarters: Guangzhou, China · Employees: 919
Size China Southern Power Grid Technology (688248.SS) is a China Industrials company (Engineering & Construction) with a market value of $3.71B, the 695th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥43.81 on 6 Nov 2026.
Performance Over six months the shares fell 20.2%, against -14.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 28.0% over the last twelve months (peer median +4.6%); the operating margin is 12.1% (peer median 8.3%).
Valuation It trades at 47.6× forward earnings against a peer median of 14.9× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 13.4 points above its cost of capital (8.5% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.84B | CN¥3.67B | CN¥3.01B | CN¥2.53B | CN¥1.78B |
| Revenue growth | — | +22% | +19% | +42% | — |
| Gross profit | CN¥1.21B | CN¥1.01B | CN¥854M | CN¥698M | CN¥513M |
| EBITDA | n/a | CN¥555M | CN¥475M | CN¥351M | CN¥235M |
| Net income | CN¥450M | CN¥421M | CN¥365M | CN¥281M | CN¥206M |
| Free cash flow | CN¥434M | CN¥370M | CN¥204M | CN¥404M | CN¥219M |
| Capital expenditure | CN¥150M | CN¥130M | CN¥180M | CN¥122M | CN¥84.9M |
| Total debt | CN¥89.5M | CN¥86.5M | CN¥94.2M | CN¥125M | CN¥125M |
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 Southern Power Grid Technology 688248.SS | $3.71B | -20% | +28% | 12% | 47.6× | 25.8% |
| NARI Technology 600406.SS | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% |
| Beijing Sifang Automation 601126.SS | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% |
| Sieyuan Electric 002028.SZ | $13.4B | -42% | +35% | 16% | 23.1× | 11.1% |
| Shenzhen Clou Electronics 002121.SZ | $1.11B | -36% | +40% | -5% | 29.5× | n/a |
| Dongfang Electronics 000682.SZ | $2.06B | -21% | +14% | 7% | 13.7× | 8.9% |
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 | 688248.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.0% | -3.0% | 8th lowest of 21 |
| 6-month return | -20.2% | -14.1% | 9th lowest of 21 |
| Distance from 52-week high | -41.6% | -33.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +28.0% | +4.6% | 4th highest of 21 |
| Operating margin | 12.1% | 8.3% | 8th highest of 21 |
| Forward P/E | 47.6× | 14.9× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 25.8% | 4.2% | most demanding of 17 |
| Growth delivered (Del g) | +27.0% | +11.5% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | -1.2 pp | -4.4 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | +13.4 pp | +2.4 pp | 5th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Southern Power Grid Technology 688248.SS | China | $3.71B | -20% | +28% | 12% | 47.6× | 25.8% | +27.0% |
| L&K Engineering 6139.TW | Taiwan | $3.81B | -23% | +78% | 17% | 6.5× | -9.1% | +41.0% |
| Sacyr SCYR.MC | Spain | $3.58B | -14% | +6% | 24% | 20.5× | -5.4% | +0.5% |
| Koninklijke BAM Groep BAMNB.AS | Netherlands | $3.85B | +37% | +7% | 3% | 11.5× | -5.2% | +0.8% |
| Guangdong Hongda 002683.SZ | China | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% | +26.1% |
| Comsys 1721.T | Japan | $3.55B | -15% | +4% | 8% | 13.3× | -0.7% | +2.3% |
| Argan AGX | United States | $3.89B | -59% | +29% | 15% | 20.5× | 0.3% | +19.2% |
| China Everbright Environment 0257.HK | Hong Kong | $3.91B | -11% | -5% | 29% | 7.0× | -0.1% | -8.5% |
| Primoris Services PRIM | United States | $3.52B | -38% | -5% | 3% | 13.7× | 22.8% | +16.8% |
| Everus Construction ECG | United States | $3.91B | -53% | +33% | 8% | 12.2× | 13.9% | +11.5% |
| Wuxi Taiji Industry 600667.SS | China | $3.98B | +32% | -14% | 3% | 21.9× | 13.0% | +11.5% |
| Exponent EXPO | United States | $3.99B | +37% | +15% | 21% | 32.6× | 10.8% | +7.8% |
| Zhejiang Weiming Environment Protection 603568.SS | China | $4.01B | -27% | -25% | 36% | 11.0× | 6.4% | +15.0% |
| Guangdong Provincial Expressway Development 000429.SZ | China | $4.01B | +9% | +1% | 58% | 18.2× | n/a | n/a |
| Alten ATE.PA | France | $3.43B | +43% | 0% | 8% | 11.4× | 3.5% | +11.9% |
| Worley WOR.AX | Australia | $3.39B | -16% | -5% | 4% | 12.6× | 5.2% | +2.3% |
| MYR MYRG | United States | $4.09B | -40% | +23% | 6% | 18.1× | 14.0% | +10.2% |
| China Nuclear Engineering and Construction 601611.SS | China | $4.22B | -29% | -14% | 4% | 26.9× | n/a | n/a |
| Offshore Oil Engineering 600583.SS | China | $4.22B | -6% | +7% | 8% | 12.1× | n/a | n/a |
| Ventia Services VNT.AX | Australia | $3.24B | -2% | -1% | 7% | 16.1× | -1.4% | +13.7% |
| Rail Vikas Nigam RVNL.NS | India | $4.27B | -37% | +5% | 4% | 46.0× | n/a | n/a |