TBEA(600089) 中国经营报·2025-04-02 13:33Core Viewpoint - Despite facing performance pressure, TBEA Co., Ltd. (特变电工) has announced a significant investment plan of 170.4 billion yuan in a coal-to-natural gas project to enhance its operational resilience and explore new profit avenues [1][5]. Financial Performance - TBEA's net profit has been declining, with a reported net profit of 107.03 billion yuan in 2023, down 32.75% year-on-year. For 2024, the company expects a net profit of 39 to 43 billion yuan, representing a decrease of 59.81% to 63.55% [2][3]. - The company's revenue for the first three quarters of 2024 was 723.41 billion yuan, a decline of 1.79% year-on-year, with a net profit of 42.97 billion yuan, down 54.17% [2]. Reasons for Performance Decline - The decline in performance is attributed to significant losses in the polysilicon business due to market prices falling below production costs, and a decrease in coal sales prices affecting profitability [2][3]. - TBEA has also made provisions for asset impairments totaling 21.49 billion yuan, including 14.74 billion yuan for polysilicon and related fixed assets, and 6.75 billion yuan for four self-operated photovoltaic power stations [2][3]. Investment in Coal-to-Natural Gas Project - TBEA's investment in the coal-to-natural gas project aims to extend the coal business's industrial chain, optimize the coal industry structure, and improve the efficiency of coal utilization [1][5]. - The project is expected to produce 20 billion cubic meters of natural gas annually, with a construction period of three years and production expected to reach 80% capacity in the fourth year [7]. Industry Context - The coal-to-natural gas industry in China is expanding, with several projects already operational and others in development. The overall industry is currently experiencing good profitability [6]. - TBEA's project aligns with national and regional development strategies, supporting energy security and self-sufficiency in oil and gas [5][7].