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Solar module and system-integration arm of the GCL Group, assembling PV modules and building distributed solar systems.
Solar module and system-integration arm of the GCL Group, assembling PV modules and building distributed solar systems.
Most revenue is module sales to plant developers, plus engineering contracts to build rooftop and ground-mounted solar systems. The GCL group, whose polysilicon and wafer arms supply the solar chain, is its parent group.
In one line: The downstream module/EPC arm of a major Chinese solar-materials conglomerate.
Moat: none. Commoditized module assembly in an oversupplied industry with thin differentiation.
Headquarters: Suzhou, China · Employees: 4,761
Size GCL System Integration Technology (002506.SZ) is a China Information Technology company (Semiconductors) with a market value of $2.26B, the 1128th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.58 on 6 Nov 2026.
Performance Over six months the shares fell 39.0%, against -30.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 31.5% over the last twelve months (peer median +19.8%); the operating margin is -9.9% (peer median 3.9%).
Valuation It trades at 1.8× enterprise value to sales against a peer median of 5.6× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is +11 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 15.6 points below its cost of capital (7.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.9B | CN¥15.3B | CN¥16.2B | CN¥16.0B | CN¥8.35B |
| Revenue growth | — | -6% | +2% | +91% | — |
| Gross profit | CN¥434M | CN¥232M | CN¥1.34B | CN¥1.32B | CN¥465M |
| EBITDA | n/a | -CN¥212M | CN¥724M | CN¥460M | CN¥102M |
| Net income | -CN¥1.23B | -CN¥1.17B | CN¥68.3M | CN¥158M | CN¥65.1M |
| Free cash flow | CN¥238M | CN¥1.18B | CN¥49.7M | -CN¥647M | -CN¥219M |
| Capital expenditure | CN¥181M | CN¥104M | CN¥902M | CN¥948M | CN¥665M |
| Total debt | CN¥7.06B | CN¥10.6B | CN¥9.92B | CN¥9.64B | CN¥4.27B |
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 |
|---|---|---|---|---|---|---|
| GCL System Integration Technology 002506.SZ | $2.26B | -39% | -32% | -10% | 1.8× | 31.8% |
| Trina Solar 688599.SS | $3.90B | -36% | -3% | -9% | 0.9× | -4.3% |
| Jinko Solar 688223.SS | $6.73B | -34% | -18% | -11% | 1.3× | n/a |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 1.4× | n/a |
| CSI Solar 688472.SS | $4.87B | -37% | -36% | -2% | 1.6× | n/a |
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 | 002506.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | -21.8% | 3rd highest of 21 |
| 6-month return | -39.0% | -30.8% | 7th lowest of 21 |
| Distance from 52-week high | -59.4% | -55.2% | 8th lowest of 21 |
| Revenue growth (TTM) | -31.5% | +19.8% | 2nd lowest of 21 |
| Operating margin | -9.9% | 3.9% | 4th lowest of 21 |
| EV / Sales | 1.8× | 5.6× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 31.8% | 34.6% | 6th least demanding of 12 |
| Growth delivered (Del g) | +20.8% | +19.1% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | +11.0 pp | +13.5 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -15.6 pp | -6.5 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | 1.8× | 31.8% | +20.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 7.5× | 34.6% | +21.1% |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 4.4× | 35.9% | -1.9% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 9.8× | 39.2% | +19.8% |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | 2.7× | n/a | n/a |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 30.8× | 52.1% | +51.8% |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 23.7× | n/a | n/a |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 12.4× | 24.4% | +2.7% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 13.5× | n/a | n/a |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | 44.4× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 6.0× | 39.2% | +3.2% |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 23.1× | n/a | n/a |
| Shanghai Fullhan Microelectronics 300613.SZ | China | $2.35B | +14% | +91% | 26% | 4.8× | n/a | n/a |
| MLS 002745.SZ | China | $2.36B | +11% | +19% | -4% | 0.8× | 2.4% | +0.1% |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 7.5× | n/a | n/a |
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | 3.8× | 39.4% | +19.1% |
| Holy Stone Enterprise 3026.TW | Taiwan | $2.39B | +91% | +17% | 2% | 5.1× | n/a | n/a |
| Acter 5536.TWO | Taiwan | $2.39B | -26% | +28% | 16% | 1.5× | -6.0% | +24.3% |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 3.0× | 12.9% | +20.2% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 5.2× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 1.6× | 2.3% | +8.3% |