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China National Electric Apparatus Research Institute Co., Ltd. Class A

China National Electric Apparatus Research Institute Co., Ltd. Class A

SSSE:688128
21.15
CNY
+0.71
(+3.47%)
1.37EPS
17.50P/E
9.60BMarket Cap
Oct 30Next Earn
China National Electric Apparatus Research Institute Co., Ltd. Class A
SSE:688128
(Shanghai Stock Exchange)

Recent

price

21.15

P/E

ratio

17.50

div

yld

4.97%

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
7.48
6.77
7.28
7.64
6.24
8.44
9.4
10.28
11.14
11.77
12.27
Revenue per Share
0.62
0.39
0.58
0.7
0.7
0.78
0.9
1.01
1.15
1.32
1.36
Basic EPS, GAAP
0.44
0.25
0.25
0.8
0.54
-0.1
1.3
0.39
0.77
2.27
- -
Free Cash Flow per Basic Share
0.58
0.92
0.26
0.3
0.31
0.31
0.35
0.4
0.45
0.5
1.05
Dividend per Share
1.06
2.78
2.9
5.27
5.67
6.04
6.58
7.25
7.97
8.82
8.89
Book Value per Share
0.82
2.5
2.62
5.01
5.42
5.79
6.33
6.84
7.57
8.33
8.42
Tangible Book Value per Share
211
287
357
360
404
404
404
406
406
405
405
Basic Weighted Avg Shares
1,581
1,942
2,598
2,752
2,520
3,407
3,795
4,173
4,523
4,766
4,968
Sales/Revenue/Turnover
2.63
7.65
10.5
11.74
11.99
9.78
10.33
11.92
12.05
13.12
12.83
Operating Margin (%)
68
58
61
60
69
100
112
133
156
166
- -
Depreciation Expense
131
112
207
252
283
315
363
410
467
534
549
Net Income, GAAP
11.65
9.97
8.22
7.88
8.33
11.14
6.29
10.07
10.95
11.4
13.57
Effective Tax Rate (%)
8.29
5.76
7.96
9.16
11.22
9.25
9.57
9.83
10.33
11.21
11.05
Profit Margin (%)
14
468
511
1,525
1,581
1,486
1,287
1,750
1,644
1,265
1,122
Working Capital
160
- -
2
12
83
75
54
60
58
46
37
LT Debt
381
997
1,044
2,157
2,317
2,465
2,676
2,957
3,249
3,595
3,620
Total Equity
- -
14.26
20.12
16.51
12.52
12.61
13.58
14.3
14.37
15.27
14.95
Return on Invested Capital (%)
- -
15.11
20.03
15.53
12.29
12.86
13.98
14.2
14.56
15.12
15.28
Return on Capital (%)
- -
16.44
20.53
15.96
12.77
13.3
14.23
14.66
15.18
15.74
15.79
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
63
43
35
LT Borrowings
- -
- -
- -
LT Finance Leases
46
43
37
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
405
405
405
Market Capitalization
11,763
10,007
9,603

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
5,894
5,843
5,854
Cash, Cash Equivalents & STI
1,183
1,088
860
Accounts Receivable, Net
1,059
1,056
1,100
Inventories
2,364
2,493
2,570
Total Current Liabilities
4,629
4,607
4,733
Payables & Accruals
- -
- -
- -
ST Debt
63
43
35
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
9.19%
10.66%
Free Cash Flow
- -
-270.6%
192.61%
Net Income, GAAP
- -
13.59%
14.43%
Sales/Revenue/Turnover
- -
14.07%
5.38%
Total Cash Common Dividend
- -
10.46%
11.11%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
875
1,184
1,093
1,371
4,523
2025
1,134
1,195
- -
1,291
4,766
2026
1,182
1,299
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
0.31
0.31
0.36
1.15
2025
0.31
0.33
- -
0.38
1.32
2026
0.33
0.32
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.45
- -
- -
0.45
2025
- -
0.5
- -
- -
0.5
2026
0.25
0.3
- -
- -
- -
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Business
China National Electric Apparatus Research Institute Co., Ltd. (688128.SS) provides comprehensive quality and technology services, intelligent equipment solutions, and environmentally friendly coatings and polyester resins primarily to the electrical products industry in China and internationally. Founded in 1958 and headquartered at No. 204, West Xingang Road, Guangzhou, China, the company operates four main business segments including quality technical services such as testing, certification, standard formulation and revision, laboratory establishment, metrology and calibration, inspection, factory audit, risk analysis, R&D support, proficiency testing, technical consultancy, and training in areas like smart homes, 5G communications, intelligent vehicles, consumer goods, rail traffic, intelligent equipment, healthcare, new energy autos, and energy storage; electrical equipment encompassing excitation systems, power electronics equipment, and related products; complete sets of equipment featuring smart factory one-stop solutions for home appliances, automatic testing systems for new energy batteries, AS/RS and logistics systems, and intelligent production equipment for automobiles; and environmentally friendly coatings and resins such as powder coatings, liquid coatings, water-based coatings, and polyester resins with advanced climatic resistance technology. The company, affiliated with China Machinery Group (SINOMACH), holds leading market share in testing electronic and electrical products as well as household appliances, operates national centers like the China National Center for Quality Supervision and Test of Electrical Appliances and the National Quality Supervision & Testing Center for Intelligent Vehicle Components, and issues reports recognized by over 100 organizations in more than 70 countries. In recent developments, its subsidiary Weikai Testing announced in September 2024 plans to acquire 49% equity in Gao Haiba Company for 28.77 million yuan and inject capital to raise its stake to 70%, enhancing quality and technical service capabilities in a related party transaction; the company continues expanding in new energy testing for autos and energy storage, with R&D focused on core businesses amid stable revenue growth to 3.57 billion yuan in 2024; and in November 2024, deputy general manager Chen Bin resigned for work adjustment, retaining a 0.17% stake indirectly.