TCL Zhonghuan Renewable Energy Technology Co Ltd Class A 002129

Morningstar Rating
CN¥9.24 −0.10 (1.07%)
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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|KpZt premium.
Price
CN¥9.34
Fair Value
&
Uncertainty
LOCK|Z&
1-Star Price
LOCK|.<$
5-Star Price
!.y
Economic Moat
LOCK|&?@
Capital Allocation
LOCK|H$^>KkR

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
CN¥9.34
Day Range
CN¥9.14–9.39
52-Week Range
CN¥8.10–12.44
Bid/Ask
CN¥9.24 / CN¥9.25
Shares Outstanding
4.04B
Market Cap
CN¥37.36B
Volume/Avg
44M / 108M

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.25
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
2.051.731.52
Price/Sales
1.251.300.66
Price/Cash Flow
7.7014.445.37
Price/Earnings
002129
601012
600438

Financial Strength

Metric
002129
601012
600438
Quick Ratio
0.660.910.69
Current Ratio
0.981.281.03
Interest Coverage
−5.06−7.77−3.95
Quick Ratio
002129
601012
600438

Profitability

Metric
002129
601012
600438
Return on Assets (Normalized)
−7.75%−5.38%−5.34%
Return on Equity (Normalized)
−41.13%−15.06%−26.06%
Return on Invested Capital (Normalized)
−8.13%−8.46%−5.58%
Return on Assets
002129
601012
600438

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