Xi'an High Voltage Apparatus Research Institute Co. Ltd. Class A

Xi'an High Voltage Apparatus Research Institute Co. Ltd. Class A

SSSE:688334
18.67
CNY
+0.64
(+3.55%)
5.74BMarket Cap
Apr 09Next Earn
Xi'an High Voltage Apparatus Research Institute Co. Ltd. Class A
SSE:688334
(Shanghai Stock Exchange)

Recent

price

18.67

P/E

ratio

- -

div

yld

1.11%

ROIC.AI

2019
2020
2021
2022
2023
2024
2025
TTM
CNY
1.26
1.09
2.85
2.2
2.71
2.51
2.76
- -
Revenue per Share
0.3
0.21
0.52
0.55
0.68
0.72
0.79
- -
Basic EPS, GAAP
0.26
0.21
0.61
0.5
0.82
1.07
1.11
- -
Free Cash Flow per Basic Share
0.21
0.32
0.85
0.04
0.39
0.41
0.48
0.21
Dividend per Share
2.22
2.87
7.24
7.79
9.66
8.78
9.19
9.42
Book Value per Share
2.17
2.61
7.24
7.25
9.26
8.3
8.73
8.98
Tangible Book Value per Share
317
317
157
237
278
318
315
317
Basic Weighted Avg Shares
400
345
447
521
755
798
868
- -
Sales/Revenue/Turnover
26.1
21.88
100
24.49
27.17
28.31
31.66
- -
Operating Margin (%)
82
94
6
120
129
136
134
- -
Depreciation Expense
95
65
82
130
189
229
249
- -
Net Income, GAAP
14.49
14.35
13.99
7.44
10.75
9.54
13.28
- -
Effective Tax Rate (%)
23.76
18.89
18.24
25.01
25.07
28.64
28.66
- -
Profit Margin (%)
146
28
395
267
1,232
1,086
1,852
2,116
Working Capital
- -
13
10
7
5
- -
39
43
LT Debt
526
682
1,719
1,851
3,097
2,929
3,121
3,172
Total Equity
- -
10.23
6.52
7.59
8.46
8.38
9.04
- -
Return on Invested Capital (%)
- -
10.63
6.72
7.26
6.74
6.71
7.26
- -
Return on Capital (%)
- -
10.78
6.79
7.3
7.71
7.83
8.75
- -
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
4
4
8
LT Borrowings
35
35
35
LT Finance Leases
4
3
8
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
317
317
317
Market Capitalization
6,129
6,673
5,743

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,353
2,522
2,690
Cash, Cash Equivalents & STI
1,393
1,552
1,741
Accounts Receivable, Net
96
109
89
Inventories
65
64
73
Total Current Liabilities
500
488
574
Payables & Accruals
- -
- -
- -
ST Debt
4
4
8
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
45.62%
6.56%
Free Cash Flow
- -
42.55%
2.73%
Net Income, GAAP
- -
31.97%
8.77%
Sales/Revenue/Turnover
- -
21.12%
8.72%
Total Cash Common Dividend
- -
187.52%
14.04%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
184
161
252
233
798
2025
207
213
- -
217
868
2026
218
222
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.17
0.2
0.21
0.72
2025
0.2
0.22
- -
0.16
0.79
2026
0.21
0.23
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.26
- -
0.16
0.41
2025
0.1
0.14
- -
- -
0.48
2026
- -
0.21
- -
- -
- -
Business
Xi'an High Voltage Apparatus Research Institute Co., Ltd. operates as an independent third-party provider of electrical equipment inspection, testing, metrological calibration, product certification, and technical consulting services in the People's Republic of China and internationally. The company provides a comprehensive suite of professional technical services, including type testing, routine testing, special performance verification, and research-grade testing across low-voltage, medium-voltage, high-voltage, extra-high-voltage, and ultra-high-voltage power transmission and distribution apparatus; inspection and testing of gas-insulated switchgear, high-voltage alternating current and direct current circuit breakers, disconnectors, and earthing switches; electrical performance, loss measurement, and dielectric testing of power transformers, converter transformers, instrument transformers, and reactors; testing and appraisal of metal-oxide surge arresters, composite insulators, power capacitors, high-voltage bushings, and high-voltage direct current converter valves; environmental adaptability, artificial climate simulation, seismic resistance, electromagnetic compatibility, and large-capacity short-circuit withstand testing; metrology calibration, carbon asset verification, and green manufacturing evaluation services; and technical standardization, engineering consulting, and equipment failure analysis services. The company serves power grid utilities, renewable energy developers, electrical equipment manufacturers, rail transportation operators, and industrial enterprises. Operating as a subsidiary of China XD Group Co., Ltd. under the state-owned China Electrical Equipment Group Co., Ltd., the company manages core subsidiaries including Shenyang Transformer Research Institute Co., Ltd., Henan High Voltage Apparatus Research Institute Co., Ltd., Xi'an High Voltage Apparatus Research Institute Changzhou Co., Ltd., and Qingdao Marine Electrical Equipment Testing Co., Ltd. In recent developments, the company listed its Class A shares on the Science and Technology Innovation Board of the Shanghai Stock Exchange. In 2024, the company acquired a 55 percent controlling equity interest in Henan High Voltage Apparatus Research Institute Co., Ltd. from Pinggao Group Co., Ltd. for 453 million yuan to resolve horizontal competition and integrate high-voltage testing capabilities across the parent group. Additionally, the company has expanded its testing footprint into emerging sectors by establishing specialized facilities and subsidiaries for grid-scale battery safety and energy storage power conversion systems, offshore marine electrical equipment, and low-altitude economy applications, while expanding international strategic alliances and laboratory data recognition frameworks with global peers and equipment manufacturers such as Hitachi Energy, Schneider Electric, KEMA Labs, and the Korea Electrotechnology Research Institute. Xi'an High Voltage Apparatus Research Institute Co., Ltd. was founded in 1958 and is headquartered in Xi'an, China.