Shanghai Electric Group Co Ltd SIELY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsChina

Last close 5.97 USD on Nov 1, 2026, −39.5% year to date

Quant rating

Quant rating D Rank 311 of 418 in Industrials

Growth C 279 of 418
Valuation B 141 of 418
Quality D 384 of 418
Revisions B 140 of 418
Momentum D 360 of 418

Wall Street consensus Buy (2.33)Average target 1.19 USD −80.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.2B
Enterprise value: 13.6B
52-week range: 5.97 – 12.50
3-year range: 3.50 – 13.35
Dividend yield: 0.70%
Beta (5 years): 0.31
Shares outstanding: 15,540M
Next earnings: Mar 30, 2027

About the company

Shanghai Electric Group Co Ltd is a China-based company mainly engaged in the energy equipment, industrial equipment and integration services. The Company operates its businesses through three business segments. The Energy Equipment Business segment is mainly engaged in the design, manufacture and sales of nuclear power equipment, energy storage equipment, coal-fired power generation and auxiliary equipment, and gas power generation equipment, and the provision of power grid and industrial intelligent power supply system solutions. The Industrial Equipment Business segment is mainly engaged in the design, manufacture and sales of elevators, large and medium sized electrical motors, intelligent manufacturing equipment, and industrial base parts. The Integrated Service Business segment is mainly engaged in the provision of energy, environmental protection and automation engineering and services, industrial Internet services, financial services, and park and property management services.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,115	15,917	16,174	17,054	20,684	–
Revenue growth	13.8%	−1.6%	−5.2%	−17.6%	−1.7%	−2.9%
EPS (basic, normalized)	0.01	0.01	0.00	−0.03	−0.10	–
EPS growth	70.7%	161.0%	–	–	–	–
Gross margin	17.2%	17.4%	16.2%	15.4%	12.7%	15.8%
Net margin	1.0%	0.6%	0.7%	−3.0%	−7.6%	−1.7%
ROE	2.2%	1.4%	1.5%	−6.3%	−16.0%	−3.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,517
Current ratio	1.06x
Long-term debt (mil)	4,315
Net debt (mil)	1,361
Total equity (mil)	8,285
Net debt / equity	0.16x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,115	+13.8%	0.7x	–	–	–	0.01	+70.7%	528.8x
2026	20,150	+11.2%	0.7x	1,239	–	10.9x	0.01	+26.3%	418.8x
2027	21,662	+7.5%	0.6x	1,431	+15.5%	9.5x	0.02	+22.3%	342.4x
2028	23,152	+6.9%	0.6x	1,614	+12.8%	8.4x	0.02	+21.6%	281.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	20,150	0.0%	+2.7%	+7.4%	0.01	0.0%	+11.7%	+23.4%
2027	21,662	0.0%	+4.2%	+16.4%	0.02	0.0%	+12.9%	+51.9%
2028	23,152	0.0%	−2.6%	+22.8%	0.02	0.0%	−10.2%	+53.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Sep 2023	FQ-8	Mar 2024	Jun 2024	Sep 2024	FQ-4	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.01	–	0.00	0.04	0.01	–	0.02	0.03	0.01	0.01
EPS mean	0.04	0.11	0.02	0.06	0.04	0.02	–	0.02	0.01	0.02
Surprise	−75.0%	–	−90.0%	−38.3%	−75.0%	–	–	+70.0%	+50.0%	−50.0%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SIELY Shanghai Electric Group Co Ltd	12.2B	–	1.0%	1.67x	418.8x	342.4x	10.9x	9.5x
DFKUY DAIFUKU CO., LTD.	12.5B	–	11.8%	4.17x	10.6x	9.1x	13.6x	11.7x
INIO Innio NV	12.2B	–	5.5%	36.15x	41.3x	19.2x	17.0x	11.6x
RXEEY Rexel SA	12.0B	–	3.0%	1.84x	13.8x	11.5x	8.9x	7.9x
MLI Mueller Industries Inc	11.9B	−1.50x	18.3%	3.39x	13.3x	12.0x	8.6x	7.9x
LII Lennox International Inc.	11.8B	1.37x	15.5%	8.94x	15.9x	14.7x	11.5x	10.8x
Mean		−0.07x	9.2%	9.36x	85.6x	68.1x	11.7x	9.9x
Median		−0.07x	8.6%	3.78x	14.8x	13.3x	11.2x	10.1x

Technical analysis

1M−18.4%
3M−24.9%
1Y−47.4%
3Y+43.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Shanghai Electric Group Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,115	15,917	16,174	17,054	20,684	21,040
Cost of revenue	15,001	13,141	13,553	14,429	18,063	17,545
Gross profit	3,114	2,776	2,621	2,625	2,621	3,495
Selling, general & administrative expenses	1,790	1,614	1,674	2,005	3,735	2,077
Research & development	849	750	728	697	811	706
Depreciation/amortization	183	153	159	184	208	226
Interest expense (income), operating	−189	−141	−129	118	−205	67.0
Unusual expense (income)	−23.3	94.0	−140	68.8	−68.2	−358
Other operating expenses	−203	−193	−217	−155	−154	−151
Operating income	707	499	545	−294	−1,706	929
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	10.7	13.0	−8.1	7.1	86.4	43.4
Net income before taxes	718	512	537	−286	−1,620	973
Provision for taxes	277	143	161	49.0	−7.8	166
Minority interest	−269	−266	−263	−182	39.7	−231
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	172	103	113	−517	−1,572	576
Extraordinary items	–	–	–	–	–	–
Net income	172	103	113	−517	−1,572	576
EBIT, normalized	495	452	276	−106	−1,980	638
EBITDA, normalized	946	868	771	334	−1,602	1,072
Basic EPS, normalized	0.01	0.01	0.00	−0.03	−0.10	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Shanghai Electric Group Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8,995	7,091	6,697	6,968	5,820	5,534
Receivables	13,387	13,670	13,665	15,573	19,020	21,205
Total inventory	6,763	4,733	4,568	4,476	5,176	4,596
Prepaid expenses	1,671	1,692	1,432	1,615	2,208	2,814
Other current assets	801	732	677	532	801	786
Total current assets	31,618	27,919	27,039	29,165	33,025	34,934
Property, plant & equipment	4,446	3,639	3,349	3,641	4,149	4,326
Goodwill	439	400	457	477	623	715
Intangibles	1,572	1,651	1,731	1,830	2,046	1,395
Long-term investments	3,267	2,989	3,087	2,793	3,034	3,313
Note receivable	3,698	3,479	3,331	2,605	2,845	2,556
Other long-term assets	1,487	1,366	1,323	1,249	1,633	1,098
Total assets	46,527	41,443	40,317	41,759	47,355	48,338
Liabilities
Accounts payable	13,371	11,375	11,120	11,533	13,079	12,602
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,148	1,949	1,951	1,775	1,873	1,897
Short-term debt	1,440	1,308	1,306	1,256	1,863	2,395
Current portion of long-term debt	1,011	1,401	977	1,322	1,303	1,630
Other current liabilities	11,956	10,064	8,272	7,824	8,468	9,598
Total current liabilities	29,926	26,097	23,626	23,709	26,586	28,121
Long-term debt	4,532	4,066	4,620	3,481	4,475	3,093
Minority interest	3,605	3,314	3,399	5,703	6,299	6,199
Other liabilities	643	678	820	912	843	747
Total liabilities	38,706	34,156	32,466	33,805	38,203	38,161
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,222	2,134	2,195	2,259	2,473	2,327
Additional paid-in capital	2,717	2,566	3,076	3,166	3,471	2,964
Retained earnings (accumulated deficit)	2,864	2,577	2,577	2,533	3,349	4,965
Treasury stock	–	–	–	–	−60.2	−58.6
Other equity	18.5	9.8	3.0	−3.6	−80.3	−19.9
Total equity	7,821	7,287	7,851	7,954	9,152	10,176
Total liabilities & shareholders' equity	46,527	41,443	40,317	41,759	47,355	48,338

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Shanghai Electric Group Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−2,880	−2,960	−2,486	−1,800	−3,285	−2,069
Cash from operations	1,504	2,416	1,094	1,230	−1,661	720
Investing activities
Capital expenditures	−717	−603	−596	−586	−678	−982
Other investing cash flows	−1,286	−1,647	692	−474	1,601	430
Cash from investing	−2,002	−2,250	96.5	−1,061	922	−552
Financing activities
Financing cash flow items	−172	−350	−2,846	−421	−10.7	−268
Cash dividends paid	−207	−242	−272	−223	−442	−282
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−93.9	122	1,154	462	793	928
Cash from financing	−473	−470	−1,964	−182	341	378
Foreign exchange effects	−7.0	4.5	9.3	42.7	−22.6	40.5
Net change in cash	−978	−299	−764	29.5	−421	586
Free cash flow	787	1,813	498	643	−2,340	−262

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.