TBEA(SH:600089) Zheng Quan Shi Bao Wang·2025-04-21 15:14Core Viewpoint - TBEA achieved stable development in 2024 with a revenue of 97.78 billion RMB and a net profit of 3.598 billion RMB, reflecting its resilience and growth in both domestic and international markets [1][2]. Domestic Market Performance - In the domestic market, TBEA signed contracts worth 49.1 billion RMB, focusing on the power transmission and transformation industry and expanding its market share [2]. - The company produced 198,800 tons of high-purity polysilicon and completed the installation of approximately 3 GW of wind and solar power projects, with a total installed capacity of 3.61 GW by the end of 2024 [2]. - TBEA's power generation reached 8.057 billion kWh, with coal production achieving full capacity and over 25% of sales occurring outside Xinjiang [2]. International Business Growth - TBEA's international projects had over 5 billion USD in unrecognized revenue and pending contracts, with cumulative contracts signed exceeding 1.2 billion USD [2][3]. Competitive Advantages - The company has established a strong innovation platform with national-level research centers and has been involved in significant national technology projects, leading to the acquisition of 417 new patents in 2024 [3]. - TBEA's production capacity in transformers and reactors reached 420 million kVA, ranking among the top in the industry, and it is a leading producer of high-purity aluminum and electrolytic aluminum foil [3][4]. Financial Performance - TBEA's core products, including electrical equipment and power generation, saw revenue growth of 20.98%, 15.81%, and 30.99% respectively compared to the previous year [4]. - The gross margin for electrical equipment products increased by 1.93%, reaching 17.58% due to enhanced cost control [4]. Future Outlook - Despite challenges in domestic demand, TBEA remains optimistic about market potential and economic resilience, aiming to expand both domestic and international markets while transitioning towards a service-oriented manufacturing model [4]. - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 1.255 billion RMB, which represents 30.35% of the net profit attributable to shareholders [5].