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Makes thermal-process and coating equipment (diffusion, PECVD) used in high-efficiency solar cell manufacturing, expanding into semiconductor tools.
Makes thermal-process and coating equipment (diffusion, PECVD) used in high-efficiency solar cell manufacturing, expanding into semiconductor tools.
Sells large thermal-process machines to solar cell makers, which buy them in batches when they build or upgrade lines, so orders rise and fall with the solar industry's capital spending. It is widening into semiconductor equipment to reduce that reliance.
In one line: A Chinese solar-equipment maker moving into chip tools, similar niche to Applied Materials.
Moat: narrow (process know-how, installed base). Equipment supports over 500 GW of installed solar cell capacity, but tied to cyclical solar capex.
Headquarters: Shenzhen, China · Founded: 2016 · Employees: 2,388
Size LAPLACE Renewable Energy Technology (688726.SS) is a China Information Technology company (Semiconductors) with a market value of $1.30B, the 1845th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.60 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against -15.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue fell 22.3% over the last twelve months (peer median +13.6%); the operating margin is 8.0% (peer median 8.8%).
Valuation It trades at 24.5× forward earnings against a peer median of 21.1× (6th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +63%, so the hurdle is -61 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (16.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.46B | CN¥5.43B | CN¥5.72B | CN¥2.94B | CN¥1.26B |
| Revenue growth | — | -5% | +95% | +134% | — |
| Gross profit | CN¥1.40B | CN¥1.53B | CN¥1.56B | CN¥852M | CN¥398M |
| EBITDA | n/a | CN¥697M | CN¥818M | CN¥431M | CN¥137M |
| Net income | CN¥388M | CN¥623M | CN¥729M | CN¥411M | CN¥118M |
| Free cash flow | CN¥2.18B | CN¥53.6M | CN¥16.3M | CN¥921M | -CN¥213M |
| Capital expenditure | CN¥229M | CN¥150M | CN¥79.9M | CN¥272M | CN¥41.3M |
| Total debt | CN¥1.70B | CN¥732M | CN¥887M | CN¥1.57B | CN¥901M |
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 |
|---|---|---|---|---|---|---|
| LAPLACE Renewable Energy Technology 688726.SS | $1.30B | -36% | -22% | 8% | 24.5× | 1.4% |
| Suzhou Maxwell Technologies 300751.SZ | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% |
| Wuxi Autowell Technology 688516.SS | $2.22B | -42% | -14% | 8% | 23.4× | 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 | 688726.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -36.3% | 2nd highest of 21 |
| 6-month return | -36.4% | -15.3% | 7th lowest of 20 |
| Distance from 52-week high | -54.0% | -53.3% | 10th lowest of 21 |
| Revenue growth (TTM) | -22.3% | +13.6% | 2nd lowest of 20 |
| Operating margin | 8.0% | 8.8% | 10th lowest of 20 |
| Forward P/E | 24.5× | 21.1× | 6th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 1.4% | 24.9% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +62.8% | +23.7% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -61.4 pp | +3.4 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | -2.4 pp | +1.9 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| LAPLACE Renewable Energy Technology 688726.SS | China | $1.30B | -36% | -22% | 8% | 24.5× | 1.4% | +62.8% |
| Innostar Service 7828.TWO | Taiwan | $1.29B | -18% | +117% | 43% | 53.4× | n/a | n/a |
| TSE 131290.KS | South Korea | $1.29B | -4% | +37% | 22% | 12.0× | 11.2% | +8.5% |
| Shenzhen SOFARSOLAR 301658.SZ | China | $1.32B | -41% | +18% | -1% | n/a | 43.2% | +37.3% |
| Karamtara Engineering KARAMTARA.NS | India | $1.28B | n/a | n/a | n/a | n/a | n/a | n/a |
| Faraday Technology 3035.TW | Taiwan | $1.26B | -9% | -32% | 5% | 29.6× | 25.2% | +26.8% |
| WOLF WOLF | United States | $1.26B | -49% | -12% | -67% | n/a | n/a | n/a |
| Furuya Metal 7826.T | Japan | $1.26B | +7% | +75% | 25% | 10.3× | 13.3% | +24.2% |
| Shenzhen Qingyi Photomask 688138.SS | China | $1.35B | -7% | +6% | 16% | 30.3× | n/a | n/a |
| UMS Integration 558.SI | Singapore | $1.25B | -27% | +10% | 21% | 21.1× | 12.8% | +8.8% |
| Pan Jit International 2481.TW | Taiwan | $1.25B | +6% | +9% | 9% | 15.0× | 24.5% | +4.5% |
| Elite Advanced Laser 3450.TW | Taiwan | $1.36B | -15% | -2% | 16% | n/a | n/a | n/a |
| Jeju Semiconductor 080220.KS | South Korea | $1.24B | -4% | +284% | 32% | n/a | n/a | n/a |
| Luxnet 4979.TWO | Taiwan | $1.36B | -56% | +14% | 19% | 29.3× | 34.7% | +30.3% |
| Supreme Electronics 8112.TW | Taiwan | $1.24B | -13% | +80% | 3% | n/a | n/a | n/a |
| FADU 440110.KS | South Korea | $1.23B | -58% | +137% | -9% | 44.5× | 43.1% | +156.1% |
| Nuvoton Technology 4919.TW | Taiwan | $1.22B | -46% | 0% | -5% | n/a | n/a | n/a |
| Jilin Sino-Microelectronics 600360.SS | China | $1.21B | -15% | +11% | 3% | n/a | n/a | n/a |
| Kaga Electronics 8154.T | Japan | $1.42B | +6% | +24% | 4% | 7.8× | n/a | n/a |
| Hana Micron 067310.KS | South Korea | $1.18B | -39% | +54% | 14% | 6.1× | 0.4% | +23.3% |
| Epiworld International 2726.HK | Hong Kong | $1.17B | -34% | -21% | -11% | n/a | 42.8% | +17.4% |