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    Electrical products
Shanghai Morn Electric Equipment Co., Ltd. Class A

Shanghai Morn Electric Equipment Co., Ltd. Class A

SSZSE:002451
7.27
CNY
+0.11
(+1.54%)
0.05EPS
285.04P/E
3.10BMarket Cap
Shanghai Morn Electric Equipment Co., Ltd. Class A
SZSE:002451
(Shenzhen Stock Exchange)

Recent

price

7.27

P/E

ratio

285.04

div

yld

0.68%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
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
3.17
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
0.02
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
- -
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
0.05
Dividend per Share
1.41
1.42
1.44
1.45
1.51
1.55
1.53
1.49
1.5
1.59
1.6
1.7
1.7
1.72
1.74
1.75
1.75
Book Value per Share
1.38
1.29
1.31
1.32
1.1
1.14
1.31
1.27
1.3
1.41
1.43
1.62
1.62
1.64
1.66
1.68
1.68
Tangible Book Value per Share
382
388
476
425
440
485
435
456
419
457
373
428
489
404
447
439
478
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
1,516
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
3.15
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
12
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
- -
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
0.78
Profit Margin (%)
511
449
292
88
-140
-174
-274
-248
13
64
138
356
449
478
276
356
387
Working Capital
40
- -
65
56
47
145
56
6
104
- -
- -
19
121
181
36
83
120
LT Debt
621
625
636
640
681
702
673
655
663
700
707
836
851
856
867
941
944
Total Equity
5.47
0.46
0.77
1.3
2.7
1.37
0.34
5.87
0.85
3.57
0.78
- -
1.4
1.32
- -
1.68
- -
Return on Invested Capital (%)
6.55
1.93
2.29
3.18
4.14
3.11
1.96
7.57
2.21
4.75
1.63
- -
2.25
2.54
- -
1.25
- -
Return on Capital (%)
7.05
0.93
1.13
2.67
4.06
2.17
1.29
8.96
1.28
5.38
1.06
1.77
1.97
2.15
2.35
1.38
1.53
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
822
774
813
LT Borrowings
64
88
103
LT Finance Leases
19
18
18
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
441
441
441
Market Capitalization
4,464
4,208
3,102

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,363
1,293
1,394
Cash, Cash Equivalents & STI
325
163
203
Accounts Receivable, Net
648
719
742
Inventories
142
168
184
Total Current Liabilities
1,007
937
1,006
Payables & Accruals
- -
- -
- -
ST Debt
822
774
813
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

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

CNY

•

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
402
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

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

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.03
- -
- -
0.05
2025
0.02
0.01
- -
0.01
0.06
2026
0.01
0.02
- -
- -
- -
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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.