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Chinese manufacturer of steel towers and structural components for onshore and offshore wind turbines.
Chinese manufacturer of steel towers and structural components for onshore and offshore wind turbines.
Fabricates towers to order for wind-turbine makers and developers, with steel plate the main raw material, so revenue follows wind-farm build schedules and steel costs. Towers are too bulky to ship far, so makers compete on plant location and delivery rather than design.
In one line: A Chinese wind-tower maker, akin to a small Broadwind.
Moat: narrow (scale, installed base). Heavy, bulky towers favor manufacturers near wind-farm sites with proven OEM ties.
Headquarters: Ningbo, China · Employees: 974
Size TSP Wind Power (300129.SZ) is a China Materials company (Steel) with a market value of $1.10B, the 2114th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.63 on 6 Nov 2026.
Performance Over six months the shares fell 41.6%, against -19.6% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue fell 26.0% over the last twelve months (peer median -0.2%); the operating margin is 0.7% (peer median 1.4%).
Valuation It trades at 35.8× forward earnings against a peer median of 22.5× (4th most expensive of 11).
Capital Return on invested capital runs 5.2 points below its cost of capital (7.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.14B | CN¥5.19B | CN¥4.83B | CN¥4.81B | CN¥3.13B |
| Revenue growth | — | +7% | +1% | +54% | — |
| Gross profit | CN¥623M | CN¥577M | CN¥622M | CN¥828M | CN¥549M |
| EBITDA | n/a | CN¥425M | CN¥389M | CN¥455M | CN¥301M |
| Net income | CN¥8.00M | CN¥215M | CN¥182M | CN¥292M | CN¥275M |
| Free cash flow | -CN¥873M | CN¥267M | -CN¥650M | -CN¥628M | -CN¥466M |
| Capital expenditure | CN¥336M | CN¥263M | CN¥280M | CN¥436M | CN¥174M |
| Total debt | CN¥3.91B | CN¥4.05B | CN¥3.28B | CN¥2.45B | CN¥1.99B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TSP Wind Power 300129.SZ | $1.10B | -42% | -26% | 1% | 35.8× | n/a |
| Titan Wind Energy (Suzhou) 002531.SZ | $2.05B | -37% | -1% | 5% | 29.4× | n/a |
| Dajin Heavy Industry 002487.SZ | $3.71B | -60% | -2% | 19% | 19.6× | n/a |
| Vestas Wind Systems A/S VWS.CO | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% |
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 | 300129.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -5.4% | 4th lowest of 21 |
| 6-month return | -41.6% | -19.6% | lowest of 20 |
| Distance from 52-week high | -64.0% | -39.4% | lowest of 21 |
| Revenue growth (TTM) | -26.0% | -0.2% | lowest of 19 |
| Operating margin | 0.7% | 1.4% | 8th lowest of 19 |
| Forward P/E | 35.8× | 22.5× | 4th most expensive of 11 |
| ROIC minus cost of capital | -5.2 pp | -4.1 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 53.7× | n/a | n/a |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | n/a | n/a | n/a |
| Hengong Precision Equipment 301261.SZ | China | $1.04B | -9% | +34% | 5% | 41.5× | 26.1% | +15.8% |
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | China | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% | +0.9% |
| Guizhou Aviation Technical Development 688239.SS | China | $1.19B | -39% | +23% | 12% | 26.1× | 17.7% | +25.0% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | n/a | n/a | n/a |
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 14.7× | 15.4% | +10.2% |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 102.8× | n/a | n/a |
| Sansteel MinGuang Co., Ltd., Fujian 002110.SZ | China | $993M | -20% | -7% | -2% | 27.5× | 9.7% | -2.4% |
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | n/a | 20.8% | +41.6% |
| Companhia Siderurgica Nacional Sponsored ADR SID | United States | $984M | -38% | +9% | 10% | n/a | n/a | n/a |
| Labrador Iron Ore Royalty LIF.TO | Canada | $981M | -23% | -15% | 75% | 15.4× | 0.6% | -3.9% |
| Hanza HANZA.ST | Sweden | $978M | -11% | +72% | 8% | 18.8× | 10.4% | +22.8% |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | n/a | n/a | n/a |