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Chinese vertically-integrated solar company making solar cells, panels, glass and small solar-powered consumer gadgets.
Chinese vertically-integrated solar company making solar cells, panels, glass and small solar-powered consumer gadgets.
Sells solar cells and modules priced per watt into a crowded market, and has other lines, such as solar glass and small consumer gadgets, that earn on different terms, which loosens its dependence on module pricing.
In one line: A small, diversified Chinese solar module and glass maker.
Moat: none (scale). Operates in an oversupplied, commoditized solar-manufacturing market with thin differentiation.
Headquarters: Shenzhen, China · Employees: 949
Size Shenzhen Topray Solar (002218.SZ) is a China Information Technology company (Semiconductors) with a market value of $779M, the 2832nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.69 on 6 Nov 2026.
Performance Over six months the shares fell 32.4%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue fell 8.4% over the last twelve months (peer median +28.1%); the operating margin is -16.8% (peer median -3.4%).
Valuation It trades at 6.7× enterprise value to sales against a peer median of 4.5× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +42 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.1 points below its cost of capital (8.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥932M | CN¥1.02B | CN¥1.31B | CN¥1.12B | CN¥1.32B |
| Revenue growth | — | -22% | +17% | -15% | — |
| Gross profit | CN¥284M | -CN¥16.7M | CN¥226M | CN¥199M | CN¥301M |
| EBITDA | n/a | CN¥194M | CN¥438M | CN¥369M | CN¥483M |
| Net income | -CN¥190M | -CN¥199M | CN¥10.8M | CN¥23.1M | CN¥96.2M |
| Free cash flow | CN¥119M | CN¥261M | -CN¥102M | -CN¥159M | CN¥319M |
| Capital expenditure | CN¥67.7M | CN¥27.3M | CN¥281M | CN¥256M | CN¥168M |
| Total debt | CN¥1.92B | CN¥2.00B | CN¥2.06B | CN¥1.84B | CN¥1.62B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Topray Solar 002218.SZ | $779M | -32% | -8% | -17% | 6.7× | 35.9% |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 1.4× | n/a |
| JinkoSolar Holding Co., Ltd. Sponsored ADR JKS | $551M | -55% | -15% | -8% | 0.8× | n/a |
| Trina Solar 688599.SS | $3.90B | -36% | -3% | -9% | 0.9× | -4.3% |
| Canadian Solar CSIQ | $755M | -45% | -16% | -2% | 1.7× | n/a |
| JA Solar Technology 002459.SZ | $3.50B | -35% | -23% | n/a | 1.5× | -20.3% |
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 | 002218.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | -10.6% | 5th highest of 21 |
| 6-month return | -32.4% | -22.1% | 6th lowest of 19 |
| Distance from 52-week high | -54.9% | -46.1% | 7th lowest of 21 |
| Revenue growth (TTM) | -8.4% | +28.1% | 6th lowest of 21 |
| Operating margin | -16.8% | -3.4% | 6th lowest of 21 |
| EV / Sales | 6.7× | 4.5× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 35.9% | 9.2% | 2nd most demanding of 8 |
| Growth delivered (Del g) | -5.6% | +2.6% | lowest of 8 |
| Hurdle (Req g minus delivered) | +41.5 pp | +0.7 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | -7.1 pp | -10.9 pp | 10th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Topray Solar 002218.SZ | China | $779M | -32% | -8% | -17% | 6.7× | 35.9% | -5.6% |
| SENASIC Electronics Technology 6675.HK | Hong Kong | $779M | n/a | +45% | -11% | 8.4× | n/a | n/a |
| PixArt Imaging 3227.TWO | Taiwan | $781M | -20% | +5% | 18% | 2.7× | 0.0% | +2.3% |
| Infotmic 000670.SZ | China | $782M | -18% | +38% | 2% | 1.1× | n/a | n/a |
| Crealights Technology 1191.HK | Hong Kong | $790M | n/a | +42% | -7% | 4.2× | n/a | n/a |
| Aeva Technologies AEVA | United States | $767M | -34% | +56% | -611% | 33.4× | n/a | n/a |
| Tech Semiconductors 300046.SZ | China | $766M | -33% | +27% | 8% | 9.2× | 45.7% | -1.6% |
| CEVA CEVA | United States | $763M | -27% | +9% | -10% | 4.8× | n/a | n/a |
| Henan Ancai Hi-Tech 600207.SS | China | $797M | -13% | -41% | -39% | 4.0× | n/a | n/a |
| Wuxi ETEK Microelectronics 688601.SS | China | $799M | -25% | +15% | -5% | 5.7× | n/a | n/a |
| Myson Century 5314.TWO | Taiwan | $759M | -39% | +235% | 19% | 5.9× | 9.2% | +172.5% |
| Canadian Solar CSIQ | United States | $755M | -45% | -16% | -2% | 1.7× | n/a | n/a |
| Everlight Electronics 2393.TW | Taiwan | $807M | -17% | -3% | 10% | 0.8× | -11.7% | -1.9% |
| Hangzhou Star Shuaier Electric Appliance 002860.SZ | China | $810M | +16% | -14% | 7% | 2.5× | 19.8% | +18.4% |
| Zhejiang MTCN Technology 003026.SZ | China | $742M | -24% | +29% | 17% | 9.5× | 30.7% | +9.5% |
| General Interface Solution (GIS) 6456.TW | Taiwan | $824M | 0% | -19% | -3% | 0.3× | n/a | n/a |
| Changzhou Shichuang Energy 688429.SS | China | $733M | -13% | +30% | -38% | 5.7× | n/a | n/a |
| Yuneng Technology 688348.SS | China | $729M | -39% | -40% | -58% | 5.6× | n/a | n/a |
| SFA Semicon 036540.KS | South Korea | $728M | -27% | +37% | -4% | 2.2× | n/a | n/a |
| Etron Technology 5351.TWO | Taiwan | $835M | +13% | +246% | 21% | 2.6× | 3.3% | +2.6% |
| Smarter Microelectronics (Guangzhou) 688512.SS | China | $835M | -11% | +43% | -30% | 5.0× | n/a | n/a |