(Yicai) Feb. 1 -- Shares of Sanxing Medical Electric advanced after the Chinese smart meter supplier said its Brazilian unit received a BRL210 million (USD42.4 million) order.

Sanxing Medic Electric [SHA: 601567] was trading up 0.8 percent at CNY20.87 (USD2.94) as of 1.45 p.m. in Shanghai today, after earlier gaining as much as 4.2 percent. The Shanghai Composite Index fell 0.3 percent.

Sanxing’s Brazilian unit will supply smart meters and relates operation and maintenance services to Brazilian power supplier Companhia Paranaense de Enengia, the Ningbo-based parent company announced yesterday, without revealing any further details.

The order will help Sanxing improve its competitive advantage overseas, as the order value equals 3.4 percent of the company’s annual revenue in 2022, Sanxing noted.

Sanxing’s revenue from the smart meter business reached CNY6.8 billion (USD950 million) in 2022, accounting for about 75 percent of the company’s total, according to its latest annual report. Sanxing’s smart meter production exceeded 23 million units in the period.

State Grid and Southern Power Grid are among Sanxing’s main domestic power supplier clients. The firm also secured smart meter supply orders from foreign customers in Sweden, Saudi Arabia, and Indonesia.

Editor: Futura Costaglione