TCL Zhonghuan Renewable Energy Technology Co Ltd Class A 002129

Morningstar Rating

Company Report

TCL Zhonghuan Pushes Toward Greater Vertical Integration

TCL Zhonghuan is a global leader in solar silicon wafer production. Its solar wafer capacity overtaken longtime champion Longi Green Energy in 2022 and became the largest in the world. After years of investment in smart manufacturing, Zhonghuan has built the most automated factories in the industry. This helps increase output and reduce costs.

Price vs Fair Value

002129 is trading at a LOCK|?%&qC premium.
Price
CN¥9.38
Fair Value
?%
Uncertainty
LOCK|s?$
1-Star Price
LOCK|.B
5-Star Price
!.Z
Economic Moat
LOCK|tQP
Capital Allocation
LOCK|vs<#%kJ

Bulls Say, Bears Say

Bulls

Zhonghuan will benefit from smaller players' exits during the current industry downturn.

Bears

Zhonghuan posts wider losses as its acquisition of DAS Solar fails to generate the expected synergies.

Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Shares Outstanding
4.04B
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.22
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Dividend Payment Schedule
—
Total Yield
—

Company Profile

TCL Zhonghuan is one of the largest solar silicon wafer producers in China. Solar wafers contributed 42% of revenue in 2025. Zhonghuan also supplies solar modules, which represented 32% of revenue in 2025. In addition, Zhonghuan is also a leading domestic semiconductor silicon wafer producer.
Sector
Technology
Industry
Semiconductor Equipment & Materials
Stock Style Box
Mid Value
Total Number of Employees
12,598

Competitors

Valuation

Metric
002129
601012
600438
Price/Earnings (Normalized)
———
Price/Book Value
2.231.711.48
Price/Sales
1.221.280.64
Price/Cash Flow
40.1414.295.20
Price/Earnings
002129
601012
600438

Financial Strength

Metric
002129
601012
600438
Quick Ratio
0.540.970.68
Current Ratio
0.851.341.02
Interest Coverage
−5.02−7.92−4.92
Quick Ratio
002129
601012
600438

Profitability

Metric
002129
601012
600438
Return on Assets (Normalized)
−7.52%−5.57%−6.06%
Return on Equity (Normalized)
−43.33%−16.36%−30.48%
Return on Invested Capital (Normalized)
−8.02%−8.99%−6.45%
Return on Assets
002129
601012
600438

Semiconductor Equipment & Materials Industry Comparables

1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
ASML Holding NV
ASMLF
LOCK|swL>dK<%LOCK|?Df$605B
ASML Holding NV ADR
ASML
LOCK|c!RR@?z%LOCK|vt$605B
Applied Materials Inc
AMAT
LOCK|^&!cS#RLOCK|j#$297B
Lam Research Corp
LRCX
LOCK|c>yG?M^bLOCK|L<D$285B
KLA Corp
KLAC
LOCK|?drmqkZjLOCK|<$$199B
Advantest Corp ADR
ATEYY
—LOCK|!k$164B
Advantest Corp
ADTTF
—LOCK|<q>$164B
Teradyne Inc
TER
LOCK|vlvSP!LOCK|@fZ$41B
Qnity Electronics Inc
Q
LOCK|V?h!h@LOCK|w%xrz$24B
Entegris Inc
ENTG
LOCK|!cnB?l&LOCK|N^$23B

Sponsor Center