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Major maker of silicon wafers for solar panels and semiconductors, part of the TCL group.
Major maker of silicon wafers for solar panels and semiconductors, part of the TCL group.
Grows silicon ingots and slices them into wafers, selling them to solar-cell makers by piece or capacity, so results depend on industry-wide wafer prices, which fall when too many wafer lines are built. It also makes wafers for chips. TCL Technology is the parent group.
In one line: A Chinese Sumco/Longi hybrid for solar and semiconductor wafers.
Moat: none (scale). Wafer manufacturing is largely commoditized; competes mainly on scale and cost in an oversupplied market.
Headquarters: Tianjin, China · Founded: 1958 · Employees: 12,598
Size TCL Zhonghuan Renewable Energy Technology (002129.SZ) is a China Information Technology company (Semiconductors) with a market value of $5.68B, the 440th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.38 on 6 Nov 2026.
Performance Over six months the shares gained 8.6%, against -17.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 13.1% over the last twelve months (peer median +32.6%); the operating margin is -26.8% (peer median 17.6%).
Valuation It trades at 3.6× enterprise value to sales against a peer median of 7.8× (4th cheapest of 21).
Capital Return on invested capital runs 6.5 points below its cost of capital (5.5% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥31.0B | CN¥29.0B | CN¥28.3B | CN¥59.1B | CN¥67.0B |
| Revenue growth | — | +2% | -52% | -12% | — |
| Gross profit | CN¥4.38B | -CN¥2.34B | -CN¥3.05B | CN¥11.4B | CN¥11.6B |
| EBITDA | n/a | CN¥1.52B | -CN¥749M | CN¥12.9B | CN¥10.9B |
| Net income | -CN¥8.04B | -CN¥9.26B | -CN¥9.82B | CN¥3.42B | CN¥6.82B |
| Free cash flow | -CN¥2.66B | -CN¥3.72B | -CN¥3.67B | -CN¥6.51B | -CN¥6.07B |
| Capital expenditure | CN¥4.88B | CN¥5.38B | CN¥6.95B | CN¥12.2B | CN¥11.2B |
| Total debt | CN¥66.4B | CN¥62.5B | CN¥63.0B | CN¥50.3B | CN¥44.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | $5.68B | +9% | +13% | -27% | 3.6× | n/a |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 1.4× | n/a |
| GCL Technology 3800.HK | $2.71B | -30% | +25% | -22% | 1.9× | n/a |
| Shuangliang Eco-Energy Systems 600481.SS | $1.21B | -36% | -29% | -29% | 2.6× | n/a |
| Jinko Solar 688223.SS | $6.73B | -34% | -18% | -11% | 1.3× | n/a |
| Trina Solar 688599.SS | $3.90B | -36% | -3% | -9% | 0.9× | -4.3% |
| Sumco 3436.T | $3.96B | -28% | +4% | -4% | 2.3× | n/a |
| GlobalWafers 6488.TWO | $8.15B | -23% | -6% | 11% | 4.6× | n/a |
| Shin-etsu Chemical 4063.T | $66.5B | -27% | +5% | 25% | 3.4× | 8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002129.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.4% | -22.0% | 4th highest of 21 |
| 6-month return | +8.6% | -17.8% | 4th highest of 20 |
| Distance from 52-week high | -24.6% | -51.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +13.1% | +32.6% | 4th lowest of 21 |
| Operating margin | -26.8% | 17.6% | 4th lowest of 21 |
| EV / Sales | 3.6× | 7.8× | 4th cheapest of 21 |
| ROIC minus cost of capital | -6.5 pp | +0.8 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | China | $5.68B | +9% | +13% | -27% | 3.6× | n/a | n/a |
| Cirrus Logic CRUS | United States | $5.69B | -34% | +6% | 23% | 2.4× | 1.5% | +7.8% |
| Henan Shijia Photons Technology 688313.SS | China | $5.72B | -36% | +73% | 22% | 11.8× | n/a | n/a |
| Espressif Systems (Shanghai) 688018.SS | China | $5.61B | +30% | +23% | 19% | 11.7× | 36.0% | +25.3% |
| SG Micro 3661.HK | Hong Kong | $5.78B | n/a | +54% | 17% | 6.1× | 3.4% | +25.8% |
| Amlogic (Shanghai) 688099.SS | China | $5.84B | -13% | +39% | 17% | 4.2× | n/a | n/a |
| Silicon Motion Technology Corporation Sponsored ADR SIMO | United States | $5.52B | -36% | +104% | 21% | 3.2× | n/a | n/a |
| Beijing YanDong MicroElectronic 688172.SS | China | $5.86B | -26% | +22% | -89% | 24.2× | n/a | n/a |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 3.2× | n/a | n/a |
| Sigmastar Technology 301536.SZ | China | $5.41B | +4% | +99% | 31% | 6.7× | 19.6% | +20.0% |
| GalaxyCore 688728.SS | China | $5.41B | +1% | +16% | 3% | 5.2× | 28.8% | +3.8% |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 4.4× | 18.1% | +22.3% |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | 16.4× | n/a | n/a |
| Hubei Feilihua Quartz Glass 300395.SZ | China | $5.35B | -38% | +50% | 24% | 13.3× | n/a | n/a |
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | 24.9× | n/a | n/a |
| Impinj PI | United States | $5.28B | +12% | +8% | -1% | 13.9× | 47.2% | +21.1% |
| Allegro MicroSystems ALGM | United States | $5.25B | -42% | +28% | 9% | 5.3× | 45.3% | +8.5% |
| Win Semiconductors 3105.TWO | Taiwan | $5.19B | -27% | +24% | 11% | 9.3× | 48.8% | -8.2% |
| Dosilicon 688110.SS | China | $5.13B | -7% | +375% | 54% | 8.9× | 23.6% | +3.3% |
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 30.8× | n/a | n/a |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 6.1× | 22.4% | +2.5% |