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One of China's largest wind turbine makers, supplying onshore and offshore turbines to wind farm developers.
One of China's largest wind turbine makers, supplying onshore and offshore turbines to wind farm developers.
Sells wind turbines mostly to large state-owned power companies through competitive bids, so the pace of Chinese wind installations and pricing pressure among turbine makers set results. It specialises in large offshore turbines, where fewer rivals can supply.
In one line: A Chinese Vestas/Siemens Gamesa.
Moat: narrow (scale, installed base, process know-how). Top-3 domestic turbine maker with offshore/floating technology lead, though pricing remains competitive.
Headquarters: Zhongshan, Guangdong, China · Founded: 2006 · Employees: 13,859
Size Ming Yang Smart Energy (601615.SS) is a China Industrials company (Electrical Products) with a market value of $2.80B, the 912th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.35 on 6 Nov 2026.
Performance Over six months the shares fell 47.3%, against -29.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +18.9%); the operating margin is -3.8% (peer median 9.8%).
Valuation It trades at 19.4× forward earnings against a peer median of 18.3× (9th most expensive of 18).
Capital Return on invested capital runs 5.4 points below its cost of capital (5.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥35.9B | CN¥38.1B | CN¥27.1B | CN¥28.1B | CN¥30.6B |
| Revenue growth | — | +41% | -4% | -8% | — |
| Gross profit | CN¥3.44B | CN¥3.53B | CN¥1.85B | CN¥2.03B | CN¥5.75B |
| EBITDA | n/a | CN¥2.38B | CN¥990M | CN¥624M | CN¥3.82B |
| Net income | -CN¥1.09B | CN¥660M | CN¥346M | CN¥377M | CN¥3.44B |
| Free cash flow | -CN¥12.9B | -CN¥7.67B | -CN¥7.76B | -CN¥10.1B | -CN¥8.74B |
| Capital expenditure | CN¥1.87B | CN¥2.54B | CN¥5.65B | CN¥7.61B | CN¥8.01B |
| Total debt | CN¥44.4B | CN¥35.1B | CN¥30.0B | CN¥29.4B | CN¥17.5B |
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 |
|---|---|---|---|---|---|---|
| Ming Yang Smart Energy 601615.SS | $2.80B | -47% | +8% | -4% | 19.4× | n/a |
| Goldwind Science & Technology 002202.SZ | $8.58B | -45% | +11% | 6% | 16.6× | n/a |
| Vestas Wind Systems A/S VWS.CO | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% |
| Windey Energy Technology 300772.SZ | $1.09B | -42% | +23% | -2% | n/a | n/a |
| Sany Renewable Energy 688349.SS | $3.50B | -22% | +30% | 2% | 21.7× | n/a |
| Siemens Energy ENR.DE | $111B | -33% | +9% | 9% | 26.4× | 17.3% |
| Nordex NDX1.DE | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% |
| GE Vernova GEV | $205B | -26% | +17% | 7% | 32.2× | 24.9% |
| Dongfang Electric 600875.SS | $12.9B | -42% | +2% | 5% | 16.1× | 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 | 601615.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.7% | -8.2% | 8th lowest of 21 |
| 6-month return | -47.3% | -29.7% | 3rd lowest of 21 |
| Distance from 52-week high | -69.0% | -48.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | +8.0% | +18.9% | 5th lowest of 21 |
| Operating margin | -3.8% | 9.8% | 2nd lowest of 21 |
| Forward P/E | 19.4× | 18.3× | 9th most expensive of 18 |
| ROIC minus cost of capital | -5.4 pp | -1.4 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ming Yang Smart Energy 601615.SS | China | $2.80B | -47% | +8% | -4% | 19.4× | n/a | n/a |
| Shenzhen Senior Technology Material 300568.SZ | China | $2.80B | -23% | +45% | 10% | 27.4× | n/a | n/a |
| Shijiazhuang Shangtai Technology 001301.SZ | China | $2.80B | -16% | +34% | 13% | 16.6× | n/a | n/a |
| Tianneng Battery 688819.SS | China | $2.79B | -37% | +2% | 0% | 10.9× | -7.9% | +5.4% |
| Mabuchi Motor 6592.T | Japan | $2.84B | +18% | +12% | 12% | 17.9× | 5.8% | +11.5% |
| Fortior Technology (Shenzhen) 688279.SS | China | $2.76B | 0% | +46% | 25% | 62.7× | n/a | n/a |
| Time Interconnect Technology 1729.HK | Hong Kong | $2.84B | -57% | +84% | 7% | 10.8× | n/a | n/a |
| Qingdao Hanhe Cable 002498.SZ | China | $2.74B | -37% | +21% | 3% | 18.3× | n/a | n/a |
| Zhongshan Broad-Ocean Motor 002249.SZ | China | $2.73B | -21% | +1% | 6% | n/a | 7.7% | +9.5% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| Daming Electronics 603376.SS | China | $2.71B | -22% | +110% | 9% | n/a | n/a | n/a |
| Schneider Electric Infrastructure SCHNEIDER.NS | India | $2.69B | -21% | +10% | 10% | 76.0× | 56.2% | +17.4% |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 45.8× | 13.8% | +6.2% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 9.9× | n/a | n/a |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 22.3× | 5.9% | +12.3% |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | n/a | 45.5% | +7.1% |
| TDG 600330.SS | China | $2.96B | -43% | +21% | -19% | 320.4× | n/a | n/a |
| Shenzhen Woer Heat-Shrinkable Material 002130.SZ | China | $2.98B | -37% | +20% | 15% | 16.4× | 1.8% | +15.6% |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 28.1× | 56.8% | +10.7% |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 17.1× | 15.1% | +50.8% |
| Zhefu 002266.SZ | China | $3.09B | -26% | +27% | 8% | 9.3× | n/a | n/a |