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Chinese maker of solar and energy-storage inverters for residential, commercial and utility-scale systems.
Chinese maker of solar and energy-storage inverters for residential, commercial and utility-scale systems.
Sells inverters, the boxes that convert panel output into usable power, mostly through distributors and installers, with overseas markets such as Europe and Australia providing the bulk of sales, so currency, local subsidy rules and distributor inventory levels shape demand.
In one line: A smaller, China-based SolarEdge/Enphase peer.
Moat: narrow (distribution, brand). Established distributor network across Europe and emerging solar markets.
Headquarters: Suzhou, China · Founded: 2010 · Employees: 4,521
Size Goodwe Technologies (688390.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $1.93B, the 1302nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥53.00 on 6 Nov 2026.
Performance Over six months the shares fell 51.0%, against -20.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 53.0% over the last twelve months (peer median +6.7%); the operating margin is 5.0% (peer median 8.3%).
Valuation It trades at 17.1× forward earnings against a peer median of 19.7× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +41%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points below its cost of capital (12.4% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.2B | CN¥8.86B | CN¥6.71B | CN¥7.32B | CN¥4.71B |
| Revenue growth | — | +32% | -8% | +55% | — |
| Gross profit | CN¥2.91B | CN¥1.78B | CN¥1.30B | CN¥2.16B | CN¥1.48B |
| EBITDA | n/a | CN¥202M | CN¥6.00M | CN¥972M | CN¥659M |
| Net income | CN¥485M | CN¥135M | -CN¥61.8M | CN¥852M | CN¥649M |
| Free cash flow | CN¥1.23B | CN¥548M | -CN¥1.28B | CN¥477M | CN¥400M |
| Capital expenditure | CN¥270M | CN¥126M | CN¥495M | CN¥565M | CN¥486M |
| Total debt | CN¥5.41B | CN¥3.30B | CN¥2.72B | CN¥2.06B | CN¥1.45B |
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 |
|---|---|---|---|---|---|---|
| Goodwe Technologies 688390.SS | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% |
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% |
| Ginlong Technologies 300763.SZ | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% |
| SolarEdge Technologies SEDG | $1.69B | -33% | +26% | -6% | n/a | 11.4% |
| Enphase Energy ENPH | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% |
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 | 688390.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | -6.6% | 10th highest of 21 |
| 6-month return | -51.0% | -20.0% | lowest of 21 |
| Distance from 52-week high | -66.9% | -44.9% | lowest of 21 |
| Revenue growth (TTM) | +53.0% | +6.7% | 2nd highest of 21 |
| Operating margin | 5.0% | 8.3% | 7th lowest of 21 |
| Forward P/E | 17.1× | 19.7× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 17.4% | 16.0% | 7th most demanding of 14 |
| Growth delivered (Del g) | +41.2% | +9.3% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -23.8 pp | +6.1 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | -3.3 pp | -0.4 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Keli Sensing Technology (Ningbo) 603662.SS | China | $2.28B | -4% | +24% | 19% | 51.6× | 24.7% | +13.4% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Sineng Electric 300827.SZ | China | $2.35B | -25% | +29% | 12% | 24.7× | n/a | n/a |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |