1. People's Republic of China Stocks

  2. •

    Industrials

  3. •

    Electrical Equipment & Parts
Shanghai Morn Electric Equipment Co., Ltd. Class A

Shanghai Morn Electric Equipment Co., Ltd. Class A

002451.SZ
Shanghai Morn Electric Equipment Co., Ltd. Class ACN flagShenzhen Stock Exchange
6.80
CNY
-0.06
- -
3.00BMarket Cap
Shanghai Morn Electric Equipment Co., Ltd. Class A
002451.SZ
(Shenzhen Stock Exchange)

Recent

price

6.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.94
1.15
0.83
1.04
1.47
1.19
1.15
1.03
1.4
0.8
1.22
2.67
2.21
2.69
3.01
3.59
3.45
Revenue per Share
0.08
0.02
0.02
0.04
0.06
0.03
0.02
0.13
0.02
0.08
0.02
0.03
0.03
0.04
0.04
0.02
0.03
Basic EPS, GAAP
-0.38
-0.4
-0.36
-0.41
-0.17
-0.17
-0.04
0.14
0.14
0.66
-0.11
-0.98
-0.25
0.27
-0.17
-0.18
-0.02
Free Cash Flow per Basic Share
0.01
0.03
0.03
0.08
0.05
0.07
0.09
0.2
0.1
0.05
0.03
0.03
0.08
0.06
0.05
0.06
0.04
Dividend per Share
0.65
0.66
0.7
0.8
1.33
1.23
1.35
1.25
1.38
1.35
1.66
1.47
1.33
1.64
1.49
1.5
1.47
Book Value per Share
1.59
1.46
1.22
1.37
1.14
1.08
1.33
1.23
1.37
1.36
1.69
1.87
1.67
2.03
1.86
2.07
1.85
Tangible Book Value per Share
382
388
476
425
440
485
435
456
419
457
373
428
489
404
447
439
456
Basic Weighted Avg Shares
357
446
392
443
647
577
501
467
585
367
454
1,142
1,078
1,089
1,344
1,576
1,574
Sales/Revenue/Turnover
11.65
5.82
4.36
10.32
9.63
11.35
8.69
24.63
8.5
-0.73
4.12
3.44
5.5
4.26
3.69
3.43
2.71
Operating Margin (%)
10
12
13
14
17
29
39
40
39
36
41
39
39
39
44
44
- -
Depreciation Expense
31
6
7
17
26
15
9
59
8
37
7
13
15
16
18
11
14
Net Income, GAAP
13.71
8.59
10.12
22.35
17.09
20.07
52.22
31.29
53.97
25.46
28.53
- -
25.02
7.31
- -
7.65
2.67
Effective Tax Rate (%)
8.54
1.3
1.82
3.84
4.09
2.53
1.74
12.67
1.43
9.95
1.64
1.12
1.36
1.48
1.33
0.67
0.9
Profit Margin (%)
511
449
292
88
-140
-174
-274
-248
13
64
138
356
449
478
276
356
319
Working Capital
40
- -
65
56
47
145
56
6
104
- -
- -
19
121
181
36
83
104
LT Debt
621
625
636
640
681
702
673
655
663
700
707
836
851
856
867
941
878
Total Equity
6.87
3.04
1.75
3.56
5
4.64
1.75
7.82
2.39
-0.19
1.33
- -
3.52
3.14
- -
3.17
- -
Return on Invested Capital (%)
11
3.63
3.66
4.51
5.06
3.35
2.1
8.21
2.41
5.14
1.77
- -
2.45
2.72
- -
1.33
2.7
Return on Capital (%)
14.06
2.31
2.42
5.05
5.73
2.46
1.47
10.2
1.46
6.12
1.21
2.05
2.29
2.46
2.69
1.6
2.12
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
540
637
745
LT Borrowings
20
98
89
LT Finance Leases
16
16
16
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
439
439
439
Market Capitalization
2,745
3,037
3,160

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
1,085
1,236
1,386
Cash, Cash Equivalents & STI
130
203
225
Accounts Receivable, Net
577
607
677
Inventories
166
187
199
Total Current Liabilities
808
904
1,067
Payables & Accruals
- -
- -
- -
ST Debt
540
637
745
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.15%
6.09%
8.54%
Free Cash Flow
22.08%
94.92%
7.87%
Net Income, GAAP
77.69%
13.27%
-40.79%
Sales/Revenue/Turnover
17.93%
37.5%
17.19%
Total Cash Common Dividend
20.55%
39.47%
17.91%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
235
349
383
378
1,344
2025
365
448
338
- -
1,576
2026
328
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
- -
- -
0.04
2025
0.01
- -
- -
- -
0.02
2026
0.01
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
- -
- -
0.05
2025
0.02
- -
- -
- -
0.06
2026
0.01
- -
- -
- -
- -
Similar Companies
Shuangdeng Group Co., Ltd. (6960.HK)
CTR Mobility Co.,Ltd. (308170.KS)
Varta AG (VARTY)
Jiangsu Yangdian Science & Technology Co. Ltd. (301012.SZ)
Ten Pao Group Holdings Limited (TNPOF)
Yigit Aku Malzemeleri Nakliyat Turizm Insaat Sanayi ve Ticaret A.S. (YIGIT.IS)
Business
Shanghai Morn Electric Equipment Co., Ltd. (002451.SZ) manufactures and sells specialty electric cables and magnet wires under the Morn brand, primarily serving sectors including electric power, rail transit, new energy, communications, intelligent equipment, metallurgy, petrochemical, and marine engineering. The company produces a wide range of products such as enameled wire, paper-wrapped wire, transposition wire, copper bars, aluminum alloy cables, mineral insulated flexible fireproof cables, low- and medium-voltage fire-resistant power cables, ceramic high-temperature fire-resistant cables, frequency converter cables, shielding cables, chemical-resistant cables, encoder cables, oil-resistant corrosion split-phase cables, high- and low-temperature resistant cables, building wire, low-voltage power cables, medium- and high-voltage power cables, data communication cables, vehicle cables, and robot cables. Founded in 1997 and headquartered at No. 2829 Jiangshan Road, Pudong New Area, Shanghai, China, the firm listed on the Shenzhen Stock Exchange SME Board in 2010 and operates mainly in China with subsidiaries including Shanghai Morn Financial Leasing Co., Ltd., Shanghai Morn Factoring Co., Ltd., and Morn Electric (Singapore) International Trade PTE. LTD. Recent developments include the release of its 2024 annual report showing revenue growth and net income of RMB 17.87 million, up 10.57% year-over-year, alongside a stock price uptrend amid power grid investment acceleration; earlier transactions encompass Wen Zehong's 2023 agreement to acquire a 49% stake in Morn New Energy Systems Co., Ltd. for RMB 100 million and the 2014 acquisition of 65% in Beijing Yili New Energy Co., Ltd. for RMB 100 million, with termination of a new energy flat-shaped winding project investment in late 2023.