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Maker of dry-type transformers and electrical equipment for renewable energy, data centers and industry.
Maker of dry-type transformers and electrical equipment for renewable energy, data centers and industry.
Paid per transformer under project orders, with deliveries to wind-turbine makers and solar developers, so sales follow renewable equipment orders and data-centre power builds. Dry-type units, which use solid insulation instead of oil, can sit inside buildings and wind-turbine towers, which is why they suit those customers.
In one line: A Chinese Hammond Power Solutions.
Moat: narrow (process know-how, customer qualification). Qualified transformer supplier to renewable and data-center projects, a technically exacting niche.
Headquarters: Haikou, Hainan, China · Founded: 1996 · Employees: 2,286
Size Hainan Jinpan Smart Technology (688676.SS) is a China Industrials company (Electrical Products) with a market value of $3.75B, the 691st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥54.35 on 6 Nov 2026.
Performance Over six months the shares fell 38.3%, against -21.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 18 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +29.1%); the operating margin is 10.2% (peer median 9.0%).
Valuation It trades at 29.4× forward earnings against a peer median of 21.7× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is +4 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 1.7 points below its cost of capital (12.3% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.20B | CN¥7.28B | CN¥6.88B | CN¥6.65B | CN¥4.74B |
| Revenue growth | — | +6% | +3% | +40% | — |
| Gross profit | CN¥2.34B | CN¥1.81B | CN¥1.58B | CN¥1.44B | CN¥913M |
| EBITDA | n/a | CN¥919M | CN¥800M | CN¥705M | CN¥343M |
| Net income | CN¥718M | CN¥660M | CN¥574M | CN¥505M | CN¥283M |
| Free cash flow | CN¥167M | CN¥219M | -CN¥465M | -CN¥703M | -CN¥630M |
| Capital expenditure | CN¥359M | CN¥387M | CN¥435M | CN¥919M | CN¥537M |
| Total debt | CN¥3.84B | CN¥4.18B | CN¥2.14B | CN¥2.39B | CN¥1.98B |
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 |
|---|---|---|---|---|---|---|
| Hainan Jinpan Smart Technology 688676.SS | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% |
| TBEA 600089.SS | $14.2B | -29% | +12% | 6% | 15.2× | n/a |
| China XD Electric 601179.SS | $8.51B | -35% | +7% | 8% | 36.0× | n/a |
| Hammond Power Solutions HPS-A.TO | $1.60B | -41% | +51% | 11% | 13.7× | 9.4% |
| ABB ABBN.SW | $147B | -17% | +1% | 18% | 24.5× | 4.3% |
| Schneider Electric SU.PA | $151B | -16% | +7% | 18% | 22.2× | 18.0% |
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 | 688676.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.1% | -9.6% | 11th highest of 21 |
| 6-month return | -38.3% | -21.7% | 6th lowest of 18 |
| Distance from 52-week high | -51.1% | -37.5% | 7th lowest of 21 |
| Revenue growth (TTM) | +12.4% | +29.1% | 6th lowest of 20 |
| Operating margin | 10.2% | 9.0% | 10th highest of 21 |
| Forward P/E | 29.4× | 21.7× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 28.5% | 17.5% | 3rd most demanding of 7 |
| Growth delivered (Del g) | +24.7% | +16.3% | 2nd highest of 6 |
| Hurdle (Req g minus delivered) | +3.8 pp | -6.2 pp | 3rd most demanding of 6 |
| ROIC minus cost of capital | -1.7 pp | +0.1 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |
| Gaon Cable 000500.KS | South Korea | $3.97B | +50% | +32% | 3% | n/a | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| State Grid Yingda 600517.SS | China | $4.01B | -21% | +8% | 22% | 10.2× | -18.5% | +8.1% |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| KEI Industries KEI.NS | India | $4.03B | -22% | +25% | 10% | 33.9× | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |
| Rosebank Industries ROSE.L | United Kingdom | $4.15B | -12% | n/a | 13% | 18.8× | n/a | n/a |
| Taiyo 4626.T | Japan | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% | +11.2% |
| T&S Communications 300570.SZ | China | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% | +21.8% |
| Walsin Lihwa 1605.TW | Taiwan | $4.21B | -3% | -4% | 0% | 7.5× | n/a | n/a |