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Largest Energy Equipment Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Jiangsu Hengli Hydraulic, Jereh Group, TBEA, LONGi and China Energy Engineering.
 | Hengli Hydraulic is a leading Chinese hydraulic component supplier. It designs, manufactures, and sells hydraulic cylinder, pump, valve, and motor products. Hengli’s products are widely used in heavy machinery. It is the largest supplier of excavator hydraulic cylinders in the world with about 30% global market share. | $18 | +68% | $24B | $22B | 13.8x | 42.2x | ||
| Yantai Jereh Oilfield Services Group Co Ltd is a China-based company engaged in the manufacturing of oilfield equipment and the provision of oilfield services. It is engaged in drilling equipment and oil & gas field engineering equipment manufacturing, equipment maintenance and accessories sales, oil field engineering technology services, as well as oil & gas field construction services. The company conducts its business within domestic and overseas markets. | $21 | +321% | $22B | $21B | 8.8x | 31.9x | ||
| TBEA Co Ltd is a China-based company that offers energy business solutions to service providers. The company distributes electric power transmission and transformation equipment. It provides solutions such as green technology, smart environmental protection, energy equipment for turnkey projects, and system solutions that range from surveying to design, construction, installation, and commissioning, as well as integration of training, operation, and maintenance. It also promotes the construction of green and efficient power grids. The company has a business presence in China and other countries. | $3 | +94% | $17B | $21B | 1.5x | 8.9x | ||
| LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions. | $2 | -5% | $16B | $13B | 1.3x | 54.8x | ||
| China Energy Engineering Corporation Ltd is a comprehensive solutions provider for the power industry in China and internationally. It is mainly engaged in Survey, design, and consulting services; Construction and contracting; Industrial manufacturing; Investment and operation; and other businesses. The company generates the majority of its revenue from construction and contracting services, which mainly comprise the project contracting, engineering and construction, and project operation and maintenance business for domestic and overseas tradition energy, new energy, and comprehensive smart energy, water conservancy, ecological environmental protection, comprehensive transportation, municipal, buildings, and structures. | $0 | +20% | $15B | $51B | 0.8x | 9.6x | ||
| Goldwind Science & Technology Co Ltd manufactures, and markets wind turbines & other solutions. It has four segments. The wind turbine generator manufacturing & sale segment engages in research & development, manufacture & sale of wind turbine generators & spare parts; the wind power services segment provides wind power construction, post-warranty service & asset management services; the wind farm development segment engages in the development of wind farms, which includes wind power generation service provided by the Group’s wind farms & its sales; & the others segment mainly engages in the operation of water treatment plants under the service concession arrangements. Its key revenue is from Wind turbine generator manufacturing & sales. Geographically, the key revenue is from China. | $3 | +102% | $12B | $16B | 1.5x | 11.6x | ||
| Sichuan Chuantou Energy Co Ltd is engaged in the clean energy business. The company operates its businesses through four segments. The Electric Power Business segment focuses on generating electricity through hydropower, wind energy, and photovoltaic sources. The Investment Business segment is involved in equity participation in hydropower facilities, along with activities in asset and investment management. The Manufacturing Industry segment covers production areas such as railway telecontrol systems, construction materials, and automation control equipment for both industrial and power applications. The Service Industry segment encompasses property management offerings and tourism development initiatives. | $2 | -4% | $11B | $13B | 54.1x | 15.6x | ||
| Suzhou Maxwell Technologies Co Ltd is engaged in the design, research & development, production, and sales of intelligent manufacturing equipment. The company’s solar cell equipment portfolio includes HJT heterojunction high-efficiency production lines and automated screen printing lines adaptable to multiple cell processes. It also develops core equipment for display panels covering laser cutting, bonding, repair, and hybrid bonding, and provides semiconductor packaging solutions, particularly in pan-cutting processes. | $30 | +196% | $8B | $8B | 6.8x | 45.1x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +4% | $8B | $9B | 1.0x | 25.2x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +25% | $6B | $7B | 1.2x | 8.4x | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $2 | +2% | $5B | $8B | 0.8x | (162.9x) | ||
| GoodWe Technologies Co Ltd is engaged in Research and development, production and sales of new energy power supply equipment such as solar energy and energy storage. | $17 | +167% | $4B | $4B | 3.1x | 84.8x | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | -6% | $4B | $5B | 2.2x | 109.1x | ||
| Laplace Renewable Energy Technology Co Ltd is engaged in research & develoment, production and sales of high-performance thermal processes, coatings and supporting automation equipment required for photovoltaic cell manufacturing. | $9 | +44% | $4B | $3B | 4.3x | 29.8x | ||
| Sany Heavy Energy Co Ltd is engaged in the research and development, manufacturing and sales of wind turbines. | $3 | -28% | $3B | $2B | 0.5x | 8.8x | ||
| Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the production and sale of solar glass products and the development and operation of solar farms. The company's operating segments include sales of solar glass and solar farm business, which includes solar farm development and solar power generation. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions. | $0 | +1% | $3B | $4B | 1.3x | 6.4x | ||
| Dongfang Electronics Co Ltd is a China-based company operating in the hi-tech industry. It offers energy management system solutions. The company provides intelligent automation control products and solutions in terms of power generation, power transmission, power transformation, power distribution and power utilization. It is also involved in the research and application of radio frequency identification technology, and high and low-voltage frequency converters. The product portfolio of the company comprises SCADA/EMS/DMS, mini SCADA, RTU/FRUT/BCU/Gateway, Metering products and others. The solutions provided by the company includes power grid engineering, power operation services, SCADA EMS, SCADA DMS, substation control system, substation automation system and others. | $2 | -- | $2B | $2B | 1.4x | 10.7x | ||
| CIMC Enric Holdings Ltd is engaged in the design, development, manufacturing, engineering, and sales of transportation, storage, and processing equipment. It is also involved in the provision of technical maintenance services. The company operates through three segments. The clean energy segment specializes in the manufacture and sale of a wide range of equipment for the storage, transportation, processing, and distribution of natural gas. Chemical and environmental segment specializes in the manufacture and sale of a wide range of equipment, such as tank containers, for the storage and transportation of liquefied or gasified chemicals. The liquid food segment specializes in the engineering, manufacture, and sale of stainless-steel tanks for the storage and processing of liquid food. | $1 | +26% | $2B | $1B | 0.4x | 5.0x | ||
| Hoymiles Power Electronics Inc is engaged in the research and development, manufacturing, and sales of photovoltaic inverters and other power conversion equipment and electrical complete sets of equipment and related products. | $13 | -7% | $2B | $1B | 4.5x | (69.2x) | ||
| Henan Yicheng New Energy Co Ltd is engaged in the production of solar crustal wafer cutting blade, recycling of waste mortar, solar power station construction, production and sales of negative electrode materials, and production and sales of monocrystalline silicon cells. | $1 | -- | $1B | $2B | 3.2x | (61.3x) | ||
| Changgao Electric Group Co Ltd is engaged in power equipment manufacturing, engineering services, new energy vehicle operation, and power trading operations. The products of the company include gas insulated metal enclosed switchgear, tank circuit breaker, and combined substation. | $2 | -- | $996M | $792M | 3.2x | 11.4x | ||
| JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific, and the Rest of the world. | $17 | -18% | $914M | $5B | 0.6x | 176.8x | ||
| Recon Technology Ltd provides automation systems, industrial equipment, and support services tailored for the oil and gas industry in China. The company's business spans key segments such as automation products and software, equipment and accessories, oilfield environmental protection, and platform outsourcing services. It generates the majority of its revenue by providing integrated automation services to Chinese petroleum companies at oilfields. Its key products and services include pumping unit controllers, natural gas flow computer systems, wireless dynamometers and wireless pressure gauges, and an oilfield monitor and data acquisition system. The company’s operations are centered on servicing upstream clients throughout China, with some broader industrial automation solutions. | $1 | -77% | $53M | $47M | 4.8x | (9.1x) | ||
| Median | $2 | +12% | $4B | $5B | 1.5x | 11.4x |
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