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Chinese solar-cell manufacturer (having pivoted from auto parts) making high-efficiency N-type TOPCon cells.
Chinese solar-cell manufacturer (having pivoted from auto parts) making high-efficiency N-type TOPCon cells.
Sells solar cells, the discs that turn light into power, to module assemblers, priced by output in watts, and plentiful industry capacity makes results hinge on price and plant utilisation. The auto-parts business it started with is now a small legacy line.
Moat: none (process know-how). Early TOPCon technology lead helped it scale fast, but solar cells remain a commoditized, overcapacity-prone market.
Headquarters: Shanghai, China · Employees: 2,712
Size Hainan Drinda New Energy Technology (002865.SZ) is a China Industrials company (Electrical Products) with a market value of $1.49B, the 1640th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥44.59 on 6 Nov 2026.
Performance Over six months the shares fell 44.7%, against -38.9% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 18 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +20.5%); the operating margin is -13.4% (peer median 8.3%).
Valuation It trades at 1.8× enterprise value to sales against a peer median of 2.2× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +55%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.2 points below its cost of capital (5.7% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.17B | CN¥7.63B | CN¥9.95B | CN¥18.6B | CN¥11.6B |
| Revenue growth | — | -23% | -47% | +61% | — |
| Gross profit | CN¥468M | -CN¥203M | -CN¥691,912 | CN¥2.72B | CN¥1.33B |
| EBITDA | n/a | CN¥38.3M | CN¥174M | CN¥2.38B | CN¥1.25B |
| Net income | -CN¥1.43B | -CN¥1.42B | -CN¥591M | CN¥816M | CN¥717M |
| Free cash flow | CN¥223M | -CN¥647M | CN¥211M | -CN¥799M | -CN¥370M |
| Capital expenditure | CN¥27.4M | CN¥204M | CN¥444M | CN¥2.78B | CN¥525M |
| Total debt | CN¥7.97B | CN¥7.25B | CN¥5.97B | CN¥4.62B | CN¥3.81B |
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 |
|---|---|---|---|---|---|---|
| Hainan Drinda New Energy Technology 002865.SZ | $1.49B | -45% | -4% | -13% | 1.8× | 19.3% |
| 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% |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 1.4× | 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 | 002865.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.9% | -15.0% | highest of 21 |
| 6-month return | -44.7% | -38.9% | 6th lowest of 18 |
| Distance from 52-week high | -61.8% | -58.0% | 10th lowest of 21 |
| Revenue growth (TTM) | -3.5% | +20.5% | 5th lowest of 21 |
| Operating margin | -13.4% | 8.3% | 2nd lowest of 21 |
| EV / Sales | 1.8× | 2.2× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 19.3% | 12.5% | 3rd most demanding of 10 |
| Growth delivered (Del g) | +54.9% | +13.9% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | -35.6 pp | -10.5 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | -10.2 pp | -2.7 pp | 3rd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hainan Drinda New Energy Technology 002865.SZ | China | $1.49B | -45% | -4% | -13% | 1.8× | 19.3% | +54.9% |
| Zhejiang Zhaolong Interconnect Technology Co. Limited 300913.SZ | China | $1.49B | -45% | +29% | 12% | 3.4× | n/a | n/a |
| Shanghai Electric Wind Power 688660.SS | China | $1.50B | -39% | +69% | -6% | 0.9× | n/a | n/a |
| Inox Wind INOXWIND.NS | India | $1.49B | -39% | +17% | 15% | 3.2× | n/a | n/a |
| Up-Shine Lighting 301362.SZ | China | $1.50B | -39% | +15% | 7% | 5.0× | n/a | n/a |
| Aerospace Intelligent Manufacturing Technology 300446.SZ | China | $1.48B | -38% | -14% | 5% | 1.2× | 2.1% | +133.1% |
| Guodian Nanjing Automation 600268.SS | China | $1.48B | -35% | -5% | 9% | 1.0× | -0.1% | +13.9% |
| Shenzhen Hopewind Electric 603063.SS | China | $1.52B | -50% | -5% | 9% | 2.5× | 14.6% | +12.3% |
| Iljin Electric 103590.KS | South Korea | $1.52B | -65% | +24% | 9% | 0.9× | n/a | n/a |
| Cswind 112610.KS | South Korea | $1.52B | -31% | -8% | 7% | 1.1× | -0.5% | +23.8% |
| Beijing Victory Electric 001393.SZ | China | $1.53B | n/a | +31% | 11% | 2.9× | n/a | n/a |
| Shandong Hi-tech Spring Material Technology 301292.SZ | China | $1.54B | -46% | +46% | 11% | 1.9× | n/a | n/a |
| Shenzhen SDG Information 000070.SZ | China | $1.55B | -33% | +27% | -1% | 2.6× | 28.4% | -1.3% |
| Long Young Electronic (Kunshan) 301389.SZ | China | $1.55B | -41% | +103% | 17% | 12.9× | 46.5% | +3.3% |
| Sinfonia Technology 6507.T | Japan | $1.56B | -39% | +9% | 15% | 1.9× | 15.4% | +8.0% |
| Hangzhou Gold Electronic Equipment 301669.SZ | China | $1.56B | n/a | +37% | 9% | 7.8× | n/a | n/a |
| Daihen 6622.T | Japan | $1.43B | +5% | +5% | 8% | 1.2× | n/a | n/a |
| ERock EROC | United States | $1.56B | n/a | +43% | -19% | 6.4× | 12.5% | +42.5% |
| East 300376.SZ | China | $1.43B | -30% | +9% | 3% | 3.4× | n/a | n/a |
| Zhejiang Wanma 002276.SZ | China | $1.42B | -25% | +13% | 1% | 0.8× | 5.1% | +15.6% |
| Pylon Technologies 688063.SS | China | $1.41B | -50% | +101% | 1% | 1.4× | n/a | n/a |