巨亏近百亿，TCL中环还得接着熬

Core Viewpoint - The photovoltaic industry is currently experiencing significant challenges, with TCL Zhonghuan reporting its worst financial results since its listing, including a substantial decline in revenue and profit margins [1][2]. Financial Performance - In 2024, TCL Zhonghuan achieved revenue of 28.419 billion yuan, a year-on-year decline of 51.95% [1]. - The company reported a net profit attributable to shareholders of -9.818 billion yuan, a staggering year-on-year drop of 387.42% [1]. - The gross margin plummeted from 20.2% in 2023 to -9.08% in 2024, marking a historical low [1]. Operational Strategy - TCL Zhonghuan maintained a high operating rate of 80%-90% in 2024, significantly exceeding the industry average of 50%-60% [4]. - Despite this aggressive strategy, the company's market share in silicon wafers decreased from 23.4% in 2023 to 18.9% in 2024 [7]. - The company faced increased inventory pressure due to the high operating rate, leading to further financial losses [8][10]. Market Dynamics - The price of silicon wafers has dropped significantly, with the average price for monocrystalline silicon wafers (210mm) falling from 3.2 yuan/kg to 1.4 yuan/kg, a decrease of 56.25% [3]. - Competitors like Longi Green Energy have adopted a strategy of reducing operating rates and using price competition, which has negatively impacted TCL Zhonghuan's market share [6]. Inventory and Losses - As of Q3 2024, TCL Zhonghuan's inventory reached a peak of 8.965 billion yuan, with a significant portion set aside for inventory impairment [11][12]. - The company's net profit margin deteriorated from -9.58% at the beginning of 2024 to -38.03% by the end of the year [8]. Component Business - The revenue from TCL Zhonghuan's photovoltaic battery and component segment was 5.811 billion yuan in 2024, a decrease of 37.57% year-on-year [17]. - The company shipped 8.3 GW of photovoltaic components in 2024, down from 8.9 GW in 2023 [18]. - The company is facing challenges in its component business due to a lack of competitive advantage and slower product transformation compared to market demand [19][20]. Future Outlook - The company plans to upgrade its component production capacity to Topcon and BC components by 2025, but faces significant challenges due to existing technological gaps and market competition [22][23]. - The photovoltaic industry is expected to see a turning point by the end of 2025, but TCL Zhonghuan will need to navigate through continued losses in the interim [25].