Shanghai Morn Electric Equipment Co Ltd (002451) - Net Assets
Based on the latest financial reports, Shanghai Morn Electric Equipment Co Ltd (002451) has net assets worth CN¥936.96 Million CNY (≈ $137.11 Million USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CN¥2.00 Billion ≈ $292.84 Million USD) and total liabilities (CN¥1.06 Billion ≈ $155.73 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check 002451 tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CN¥936.96 Million |
| % of Total Assets | 46.82% |
| Annual Growth Rate | 10.82% |
| 5-Year Change | 12.56% |
| 10-Year Change | 39.9% |
| Growth Volatility | 35.07 |
Shanghai Morn Electric Equipment Co Ltd - Net Assets Trend (2007–2025)
This chart illustrates how Shanghai Morn Electric Equipment Co Ltd's net assets have evolved over time, based on quarterly financial data. See 002451 cash and liquid assets coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Shanghai Morn Electric Equipment Co Ltd (2007–2025)
The table below shows the annual net assets of Shanghai Morn Electric Equipment Co Ltd from 2007 to 2025. For live valuation and market cap data, see Shanghai Morn Electric Equipment Co Ltd (002451) total market value.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | CN¥941.06 Million ≈ $137.71 Million |
+8.54% |
| 2024-12-31 | CN¥867.01 Million ≈ $126.87 Million |
+1.29% |
| 2023-12-31 | CN¥855.99 Million ≈ $125.26 Million |
+0.62% |
| 2022-12-31 | CN¥850.70 Million ≈ $124.48 Million |
+1.75% |
| 2021-12-31 | CN¥836.06 Million ≈ $122.34 Million |
+18.26% |
| 2020-12-31 | CN¥706.96 Million ≈ $103.45 Million |
+1.02% |
| 2019-12-31 | CN¥699.81 Million ≈ $102.40 Million |
+5.51% |
| 2018-12-31 | CN¥663.23 Million ≈ $97.05 Million |
+1.30% |
| 2017-12-31 | CN¥654.73 Million ≈ $95.81 Million |
-2.66% |
| 2016-12-31 | CN¥672.64 Million ≈ $98.43 Million |
-4.13% |
| 2015-12-31 | CN¥701.65 Million ≈ $102.67 Million |
+3.09% |
| 2014-12-31 | CN¥680.59 Million ≈ $99.59 Million |
+6.32% |
| 2013-12-31 | CN¥640.12 Million ≈ $93.67 Million |
+0.64% |
| 2012-12-31 | CN¥636.06 Million ≈ $93.08 Million |
+1.73% |
| 2011-12-31 | CN¥625.28 Million ≈ $91.50 Million |
+0.67% |
| 2010-12-31 | CN¥621.10 Million ≈ $90.89 Million |
+153.38% |
| 2009-12-31 | CN¥245.13 Million ≈ $35.87 Million |
+23.70% |
| 2008-12-31 | CN¥198.16 Million ≈ $29.00 Million |
+33.77% |
| 2007-12-31 | CN¥148.14 Million ≈ $21.68 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Shanghai Morn Electric Equipment Co Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 5137.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CN¥218.75 Million | 28.29% |
| Other Components | CN¥554.44 Million | 71.71% |
| Total Equity | CN¥773.19 Million | 100.00% |
Shanghai Morn Electric Equipment Co Ltd Competitors by Market Cap
The table below lists competitors of Shanghai Morn Electric Equipment Co Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
ZJBC Information Technology Co Ltd
SHE:000889
|
$516.52 Million |
|
Zhe Jiang Li Zi Yuan Food Co Ltd
SHG:605337
|
$516.61 Million |
|
Tianyang Hot Mel
SHG:603330
|
$516.64 Million |
|
Electrosteel Castings Limited
NSE:ELECTCAST
|
$516.65 Million |
|
GEM Services Inc
TW:6525
|
$516.34 Million |
|
Shanghai Canature Environmental
SHE:300272
|
$516.28 Million |
|
Zevra Therapeutics Inc.
NASDAQ:ZVRA
|
$516.25 Million |
|
Nam Long Investment Corp
VN:NLG
|
$516.06 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Shanghai Morn Electric Equipment Co Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 764,945,992 to 773,194,210, a change of 8,248,218 (1.1%).
- Net income of 10,582,044 contributed positively to equity growth.
- Dividend payments of 26,327,321 reduced retained earnings.
- Other comprehensive income decreased equity by 30,464,630.
- Other factors increased equity by 54,458,125.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CN¥10.58 Million | +1.37% |
| Dividends Paid | CN¥26.33 Million | -3.41% |
| Other Comprehensive Income | CN¥-30.46 Million | -3.94% |
| Other Changes | CN¥54.46 Million | +7.04% |
| Total Change | CN¥- | 1.08% |
Book Value vs Market Value Analysis
This analysis compares Shanghai Morn Electric Equipment Co Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.57x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 13.59x to 4.57x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | CN¥0.59 | CN¥8.01 | x |
| 2008-12-31 | CN¥0.61 | CN¥8.01 | x |
| 2009-12-31 | CN¥0.74 | CN¥8.01 | x |
| 2010-12-31 | CN¥1.63 | CN¥8.01 | x |
| 2011-12-31 | CN¥1.61 | CN¥8.01 | x |
| 2012-12-31 | CN¥1.44 | CN¥8.01 | x |
| 2013-12-31 | CN¥1.50 | CN¥8.01 | x |
| 2014-12-31 | CN¥1.51 | CN¥8.01 | x |
| 2015-12-31 | CN¥1.40 | CN¥8.01 | x |
| 2016-12-31 | CN¥1.54 | CN¥8.01 | x |
| 2017-12-31 | CN¥1.43 | CN¥8.01 | x |
| 2018-12-31 | CN¥1.58 | CN¥8.01 | x |
| 2019-12-31 | CN¥1.53 | CN¥8.01 | x |
| 2020-12-31 | CN¥1.89 | CN¥8.01 | x |
| 2021-12-31 | CN¥1.74 | CN¥8.01 | x |
| 2022-12-31 | CN¥1.53 | CN¥8.01 | x |
| 2023-12-31 | CN¥1.87 | CN¥8.01 | x |
| 2024-12-31 | CN¥1.71 | CN¥8.01 | x |
| 2025-12-31 | CN¥1.75 | CN¥8.01 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Shanghai Morn Electric Equipment Co Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 1.37%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.67%
- • Asset Turnover: 0.77x
- • Equity Multiplier: 2.65x
- Recent ROE (1.37%) is below the historical average (6.20%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2007 | 31.10% | 17.07% | 0.96x | 1.90x | CN¥30.72 Million |
| 2008 | 24.44% | 12.87% | 1.03x | 1.85x | CN¥28.61 Million |
| 2009 | 19.03% | 13.48% | 0.86x | 1.65x | CN¥22.13 Million |
| 2010 | 4.92% | 8.54% | 0.45x | 1.29x | CN¥-31.58 Million |
| 2011 | 0.93% | 1.30% | 0.48x | 1.48x | CN¥-56.71 Million |
| 2012 | 1.12% | 1.82% | 0.37x | 1.66x | CN¥-56.27 Million |
| 2013 | 2.66% | 3.84% | 0.36x | 1.93x | CN¥-46.80 Million |
| 2014 | 3.98% | 4.09% | 0.41x | 2.38x | CN¥-39.97 Million |
| 2015 | 2.15% | 2.53% | 0.32x | 2.68x | CN¥-53.32 Million |
| 2016 | 1.30% | 1.74% | 0.28x | 2.65x | CN¥-58.31 Million |
| 2017 | 9.08% | 12.67% | 0.29x | 2.50x | CN¥-6.02 Million |
| 2018 | 1.27% | 1.43% | 0.37x | 2.41x | CN¥-57.70 Million |
| 2019 | 5.24% | 9.95% | 0.30x | 1.73x | CN¥-33.22 Million |
| 2020 | 1.06% | 1.64% | 0.37x | 1.74x | CN¥-63.02 Million |
| 2021 | 1.73% | 1.12% | 0.81x | 1.89x | CN¥-61.61 Million |
| 2022 | 1.96% | 1.36% | 0.66x | 2.20x | CN¥-60.06 Million |
| 2023 | 2.14% | 1.48% | 0.66x | 2.19x | CN¥-59.38 Million |
| 2024 | 2.34% | 1.33% | 0.77x | 2.27x | CN¥-58.62 Million |
| 2025 | 1.37% | 0.67% | 0.77x | 2.65x | CN¥-66.74 Million |
Industry Comparison
This section compares Shanghai Morn Electric Equipment Co Ltd's net assets metrics with peer companies in the Electrical Equipment & Parts industry.
Industry Context
- Industry: Electrical Equipment & Parts
- Average net assets among peers: $2,466,870,524
- Average return on equity (ROE) among peers: 7.13%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Shanghai Morn Electric Equipment Co Ltd (002451) | CN¥936.96 Million | 31.10% | 1.14x | $516.52 Million |
| XJ Electric Co Ltd (000400) | $11.10 Billion | 7.08% | 0.75x | $3.44 Billion |
| Guangdong Macro Co Ltd (000533) | $2.18 Billion | 1.75% | 1.00x | $1.14 Billion |
| Foshan Electrical and Lighting Co Ltd (000541) | $1.19 Billion | 13.28% | 0.23x | $957.37 Million |
| Dongfang Electronics Co Ltd (000682) | $1.32 Billion | 0.16% | 0.16x | $2.44 Billion |
| Shandong Xinneng Taishan Power Generation Co Ltd (000720) | $1.54 Billion | 2.10% | 1.51x | $810.87 Million |
| Huagong Tech Co Ltd (000988) | $2.63 Billion | 5.72% | 0.51x | $24.13 Billion |
| Hunan Valin Wire & Cable Co Ltd (001208) | $1.62 Billion | 6.74% | 1.87x | $1.49 Billion |
| Sieyuan Electric Co Ltd (002028) | $2.82 Billion | 5.45% | 0.34x | $19.98 Billion |
| Shanghai Welltech Automation Co Ltd (002058) | $186.07 Million | 7.07% | 0.22x | $520.79 Million |
| Gotion High tech Co Ltd (002074) | $87.88 Million | 21.99% | 1.03x | $8.04 Billion |
About Shanghai Morn Electric Equipment Co Ltd
Shanghai Morn Electric Equipment Co., Ltd., together with its subsidiaries, engages in the research, design, development, production, and sale of cables in China. The company operates in two segments, Cable and Quasi-Financial. It offers power and electrical equipment cables, including aluminum alloy, mineral insulated flexible fire-proof, LV and MV fire-resistant power, ceramic high-temperature … Read more