#Working Capital Cycle

Pinggao Electric: The Cleanest UHV Switchgear Play, But Orders Are Not Yet Revenue

Pinggao Electric is a state-backed specialist in high-voltage and ultra-high-voltage (UHV) switchgear, with 2025 revenue of CNY 12.52 billion and net profit of CNY 1.12 billion, riding State Grid's newly enlarged CNY 4 trillion 2026-2030 capex plan and fresh tender wins of about CNY 12.23 billion in March 2026 and CNY 20.92 billion in June 2026. Rating Hold: revenue is recognized only at customer sign-off, not at tender announcement, and 2025 operating cash flow fell to CNY 0.81 billion from CNY 3.01 billion in 2024 even as profit rose, so the current CNY 17.69 price already pays a fair cycle multiple with the ideal buy zone at CNY 12.5 to 14.5.