Zhejiang Chint Electrics Co., Ltd. (601877.SS) Bundle
Zhejiang Chint Electrics' latest results present a complex picture for investors: Q3 2025 revenue fell to CNY 16.78 billion (down 3.7% year-over-year) while YTD revenue holds near CNY 46.40 billion and TTM revenue rises to CNY 64.51 billion (+5.68% YoY), even as Q3 net profit attributable to shareholders climbed to CNY 1.62 billion (+3.12% YoY) and YTD net profit rose 19.49% to CNY 4.18 billion; profitability metrics show a first-three-quarters gross margin of 27.51% (up 2.23 ppt), a TTM net profit margin of 7.06%, EPS of CNY 0.76 for Q3 and TTM EPS of CNY 2.12 with ROE at 12.17%, while the balance sheet reveals total assets of CNY 155.24 billion versus total liabilities of CNY 103.21 billion and a debt-to-equity ratio of 1.04, complemented by a current ratio of 1.53 but a concerning quick ratio of 0.55 and negative free cash flow of CNY -6.63 billion alongside an 18.24% drop in operating cash flow to CNY 4.71 billion for H1; valuation sits at a trailing P/E of 14.56 and P/S of 1.02 with EV/EBITDA of 9.78, investors should weigh liquidity and rising liabilities (up 24.95% YoY) against growth vectors such as low-voltage appliances, household photovoltaics and AI data centers-and with analysts tilting bullish (six buys, two holds), dive into the full breakdown to see how these figures map to risk and opportunity.
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Revenue Analysis
Zhejiang Chint Electrics' recent top-line performance shows mixed momentum: a modest decline in quarter-on-quarter annual comparison for Q3 2025 contrasted with solid full-year growth in 2024 and positive trailing-twelve-month expansion. Key headline figures drive valuation and efficiency metrics that matter for investors evaluating growth sustainability and capital allocation.- Q3 2025 revenue: CNY 16.78 billion (down 3.7% YoY)
- YTD 2025 revenue: CNY 46.40 billion (nearly flat vs. prior year)
- TTM revenue: CNY 64.51 billion (up 5.68% YoY)
- FY 2024 revenue: CNY 64.52 billion (up 12.70% vs. 2023)
- Revenue per employee: ≈ CNY 1.82 million (35,476 employees)
- Price-to-sales (P/S) ratio: 1.02
| Metric | Value | YoY / Notes |
|---|---|---|
| Q3 2025 Revenue | CNY 16.78 billion | -3.7% vs Q3 2024 |
| YTD 2025 Revenue | CNY 46.40 billion | ~Flat vs YTD 2024 |
| TTM Revenue | CNY 64.51 billion | +5.68% YoY |
| FY 2024 Revenue | CNY 64.52 billion | +12.70% vs FY 2023 |
| Employees | 35,476 | Used to compute revenue/employee |
| Revenue per employee | CNY 1.82 million | Revenue / headcount |
| Price-to-Sales (P/S) | 1.02 | Market cap relative to sales |
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Profitability Metrics
Zhejiang Chint Electrics delivered steady profitability in 2025, with quarter and year-to-date results showing margin expansion and improved bottom-line conversion. Key figures highlight revenue-to-profit efficiency, per-share returns and shareholder equity utilization.
- Q3 2025 net profit attributable to shareholders: CNY 1.62 billion (up 3.12% YoY)
- YTD net profit (first three quarters) 2025: CNY 4.18 billion (up 19.49% YoY)
- Gross profit margin (first three quarters 2025): 27.51% (up 2.23 percentage points YoY)
- Net profit margin (TTM): 7.06%
- Earnings per share (Q3 2025): CNY 0.76; TTM EPS: CNY 2.12
- Return on equity (ROE): 12.17%
| Metric | Period | Value | YoY Change |
|---|---|---|---|
| Net profit attributable to shareholders | Q3 2025 | CNY 1.62 billion | +3.12% |
| Net profit (YTD) | First 3 quarters 2025 | CNY 4.18 billion | +19.49% |
| Gross profit margin | First 3 quarters 2025 | 27.51% | +2.23 ppt |
| Net profit margin | TTM | 7.06% | - |
| Earnings per share (EPS) | Q3 2025 / TTM | CNY 0.76 / CNY 2.12 | - |
| Return on equity (ROE) | Latest reported | 12.17% | - |
- Margin expansion (gross margin +2.23 ppt) paired with a near-term EPS of CNY 0.76 suggests improving product mix and cost control.
- TTM net margin of 7.06% and ROE of 12.17% indicate consistent ability to convert sales into shareholder returns.
- Strong YTD net profit growth (+19.49%) demonstrates accelerating profitability relative to the prior year.
Related reading: Exploring Zhejiang Chint Electrics Co., Ltd. Investor Profile: Who's Buying and Why?
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Debt vs. Equity Structure
Zhejiang Chint Electrics presents a capital structure that balances leverage and equity cushions. Key headline metrics show the company maintains a roughly 1:1 relationship between debt and shareholders' equity while preserving solid coverage of interest obligations and a moderate market valuation relative to book value.- Debt-to-Equity Ratio: 1.04 - indicates near parity between debt and equity financing.
- Total Liabilities: CNY 103.21 billion.
- Total Assets: CNY 155.24 billion.
- Shareholders' Equity attributable to listed company shareholders: CNY 43.71 billion (up 3.81% from year-end 2024).
- Interest Coverage Ratio: 7.39 - suggests the company generates sufficient operating income to cover interest expense multiple times over.
- Enterprise Value: CNY 116.00 billion.
- Price-to-Book (P/B) Ratio: 1.25 - market values the company at a modest premium to book value.
| Metric | Value (CNY) | Notes |
|---|---|---|
| Total Assets | 155.24 billion | Balance-sheet base for leverage ratios |
| Total Liabilities | 103.21 billion | Includes interest-bearing debt and other obligations |
| Shareholders' Equity (attributable) | 43.71 billion | Up 3.81% vs. YE 2024 |
| Debt-to-Equity Ratio | 1.04 | Calculated as total liabilities / shareholders' equity (approx.) |
| Interest Coverage Ratio | 7.39 | EBIT / Interest Expense |
| Enterprise Value | 116.00 billion | Market cap + net debt (company valuation) |
| Price-to-Book (P/B) | 1.25 | Market valuation relative to book equity |
- Financial positioning: the ~1.04 debt-to-equity ratio combined with CNY 43.71 billion in attributable equity and a 7.39 interest coverage suggests a conservative-to-moderate leverage posture, capable of servicing debt under normal operating conditions.
- Market perspective: enterprise value of CNY 116.00 billion and P/B of 1.25 imply investors assign a modest premium to the company's net assets while reflecting confidence in future earnings relative to current book value.
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Liquidity and Solvency
Zhejiang Chint Electrics presents a mixed short-term liquidity profile and clear signs of investment-driven cash strain in H1 2025. Key headline metrics show the company can cover current liabilities on paper but would face pressure if inventory is illiquid or sales slow.- Current ratio: 1.53 - adequate coverage of current liabilities by current assets.
- Quick ratio: 0.55 - indicates limited immediate liquid resources excluding inventory, raising short-term funding risk.
- Operating cash flow (H1 2025): CNY 4.71 billion - down 18.24% year-over-year, signaling weaker cash generation from operations.
- Net income (H1 2025): CNY 2.55 billion - up 65.32% YoY, reflecting improved profitability despite lower operating cash flow.
- Free cash flow (H1 2025): negative CNY 6.63 billion - capital expenditures exceeded operating cash inflows.
- Return on assets (ROA): 4.13% - modest efficiency in converting assets into net income.
| Metric | Value (H1 2025) | YoY Change / Note |
|---|---|---|
| Current ratio | 1.53 | Adequate short-term coverage |
| Quick ratio | 0.55 | Excludes inventory; potential liquidity constraint |
| Operating cash flow | CNY 4.71 billion | -18.24% YoY |
| Net income | CNY 2.55 billion | +65.32% YoY |
| Free cash flow | negative CNY 6.63 billion | Higher capex than OCF |
| Return on assets (ROA) | 4.13% | Asset utilization measure |
- Inventory reliance: quick ratio of 0.55 implies that inventory disposal or sales are critical to meet short-term obligations.
- Capex intensity: negative FCF of CNY 6.63 billion points to aggressive investment - monitor asset returns and funding sources.
- Profit vs. cash mismatch: strong net income growth with declining operating cash flow suggests non-cash gains or working capital absorption.
- ROA of 4.13% frames profitability relative to asset base - investors should compare this with peers and the company's historical trajectory.
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Valuation Analysis
Zhejiang Chint Electrics' current market multiples show a moderate valuation relative to peers and its own historical metrics, balancing earnings, sales and cash-flow perspectives.- Trailing P/E: 14.56 - market paying ~14.6x last 12 months' earnings.
- Forward P/E: 13.77 - expected earnings growth or margin improvement priced in.
- EV/EBITDA: 9.78 - enterprise value near 9.8x operating cash-profit proxy.
- P/S: 1.02 - market values each RMB of sales at ~1.02x.
- P/B: 1.25 - equity valued modestly above book value.
- EV/Revenue: 1.80 - enterprise value is 1.8x annual revenue.
- EV/FCF: 5.54 - enterprise value about 5.5x free cash flow, indicating strong cash conversion valuation.
| Metric | Value | Interpretation |
|---|---|---|
| Trailing P/E | 14.56 | Moderate earnings multiple; not expensive vs. high-growth names |
| Forward P/E | 13.77 | Market anticipates modest improvement in earnings |
| EV/EBITDA | 9.78 | Reflects enterprise-level valuation vs. operating profitability |
| P/S | 1.02 | Revenue valued roughly at par with sales; implies stable revenue expectations |
| P/B | 1.25 | Equity modestly above book - limited distress premium |
| EV/Revenue | 1.80 | Enterprise value ~1.8x annual revenue - reasonable for industrial/electrical sector |
| EV/FCF | 5.54 | Low multiple on free cash flow indicating attractive cash-generation valuation |
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Risk Factors
Key headwinds and financial fragilities investors should weigh when assessing Zhejiang Chint Electrics Co., Ltd.:
- Debt dependence: debt-to-equity ratio at 1.04, signifying material reliance on external financing and heightened exposure to rising interest rates.
- Liquidity pressure: quick ratio of 0.55, indicating potential difficulty meeting short-term liabilities without converting inventory to cash.
- Negative free cash flow: FCF of CNY -6.63 billion, showing capital spending exceeded operating cash inflows and constraining financial flexibility.
- Operating cash flow weakness: operating cash flow declined by 18.24% year-over-year, reducing internal funding capacity for operations and investments.
- Top-line softness: revenue fell 3.7% in Q3 2025 versus Q3 2024, pointing to challenges in sustaining sales momentum.
- Rising leverage: total liabilities increased 24.95% year-over-year, which raises solvency and covenant risk if earnings do not recover.
| Metric | Reported Value | Implication |
|---|---|---|
| Debt-to-Equity Ratio | 1.04 | Elevated leverage; greater interest and refinancing sensitivity |
| Quick Ratio | 0.55 | Insufficient near-term liquid coverage of current liabilities |
| Free Cash Flow (latest period) | CNY -6.63 billion | Capital spend outpaced operating cash generation |
| Operating Cash Flow YoY Change | -18.24% | Declining cash from operations undermines self-funding |
| Revenue Change (Q3 2025 vs Q3 2024) | -3.7% | Revenue contraction may pressure margins and growth expectations |
| Total Liabilities YoY Change | +24.95% | Rapid liability growth increases solvency and leverage risk |
For context on shareholder composition and investor activity that could influence liquidity and stock volatility, see: Exploring Zhejiang Chint Electrics Co., Ltd. Investor Profile: Who's Buying and Why?
Zhejiang Chint Electrics Co., Ltd. (601877.SS) - Growth Opportunities
Zhejiang Chint Electrics Co., Ltd. is expanding beyond its core electrical equipment business into low-voltage electrical appliances, household photovoltaics, and artificial intelligence data centers (AIDC), creating multiple vectors for revenue and margin expansion.- Low-voltage electrical appliances: leverages existing distribution and manufacturing scale to capture higher-value product segments and after-sales services.
- Household photovoltaics (residential PV): targets accelerating rooftop adoption and distributed energy storage integration across China's residential and small-commercial markets.
- Artificial Intelligence Data Centers (AIDC): rapid capacity build-out in hyperscale and edge data centers provides a new recurring-revenue avenue via power distribution, cooling and integrated solutions.
- Diversified product ecosystem: combination of traditional electrical infrastructure and emerging solar/energy-storage solutions positions the company to benefit from China's infrastructure upgrades and energy transition policies.
| Metric | Value / Change | Implication |
|---|---|---|
| Net profit (first 3 quarters, 2025) | +19.49% YoY | Significant near-term earnings momentum |
| Gross profit margin change (YoY) | +2.23 percentage points | Improved operational efficiency and product mix |
| Analyst ratings | 6 Buy / 2 Hold | Market analyst confidence in future performance |
| Business segments | Low-voltage appliances, household PV, AIDC, traditional electrical equipment | Revenue diversification and cross-selling potential |
- Operational efficiency: a 2.23pp increase in gross margin indicates either cost control, favorable product mix (higher-margin PV/household appliances), or scale benefits from expanded production.
- Profitability runway: a 19.49% YoY rise in net profit through first nine months of 2025 suggests successful monetization of new lines and improved fixed-cost absorption across the group.
- Analyst backing: 6 buy and 2 hold ratings imply consensus expectations for continued growth and validate the strategic shift toward PV and AIDC.
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