TZE(SZ:002129) Chang Jiang Shang Bao·2025-07-06 22:38Core Viewpoint - TCL Zhonghuan has faced significant financial losses in 2024, attributed to aggressive expansion strategies and market conditions in the photovoltaic industry, leading to a substantial decline in revenue and profit margins [1][2][5]. Financial Performance - In 2024, TCL Zhonghuan reported an operating income of approximately 28.4 billion yuan, a year-on-year decline of over 50% [1][4]. - The company incurred a net loss of about 9.8 billion yuan, making it the largest loss among 68 photovoltaic companies listed in A-shares [3][4]. - The first quarter of 2024 saw revenues drop to 6.1 billion yuan, with a net loss of approximately 1.9 billion yuan [2][4]. Market Position and Strategy - Despite holding a market share of 18.9% in silicon wafers, TCL Zhonghuan's gross margin was -20.53%, indicating a loss on each unit sold [1][9]. - The company maintained a high production strategy, resulting in inventory accumulation, with total inventory reaching 8.233 billion yuan, the highest in its history [8][9]. - In 2024, the company achieved a silicon wafer shipment of approximately 125.8 GW, a year-on-year increase of 10.5% [8]. Business Structure and Challenges - TCL Zhonghuan's revenue structure is heavily reliant on silicon wafers, which accounted for 58.58% of total revenue in 2024, while its solar module revenue was only 20.45% [9]. - The company faced challenges in its battery module business, including a lack of competitive products and slow adaptation to N-type product transitions [9][10]. - The overseas subsidiary, Maxeon, has also struggled, experiencing significant losses for two consecutive years [10].