TBEA(SH:600089) Chang Jiang Shang Bao·2025-04-09 02:58Core Viewpoint - TBEA (特变电工) is making a significant investment of over 178 billion yuan in coal-to-natural gas projects in Xinjiang, aiming to leverage its coal resources for cleaner and more efficient utilization, while also seeking new profit avenues [1][9]. Financial Overview - As of September 2024, TBEA's cash flow is under pressure, with monetary funds of 22.55 billion yuan against total debts of 47.32 billion yuan, leading to a financial burden [2][11]. - The company anticipates a net profit of 3.9 billion to 4.3 billion yuan for 2024, a decrease of over 6 billion yuan compared to the previous year, marking a decline of approximately 60 billion yuan [2][4]. Performance Trends - TBEA's net profit is expected to drop significantly in 2024, with a forecasted decline of 59.81% to 63.55% compared to the previous year [4][6]. - The company has experienced a substantial decrease in net profit for two consecutive years, with 2024 projected to be the second year of significant decline since 2020 [5][6]. Investment Strategy - TBEA has been actively expanding its investment portfolio, with recent announcements of nearly 140 billion yuan in projects related to distributed photovoltaic and agricultural storage [9]. - The company plans to finance the new coal-to-natural gas project primarily through bank loans, indicating a reliance on external funding sources [10][11]. Industry Context - The company is facing challenges due to the imbalance in the photovoltaic industry supply and demand, leading to significant losses in its polysilicon business [7]. - The decline in coal prices has also negatively impacted TBEA's coal business profitability, contributing to the overall decrease in performance [7][8].