天宜新材：前三季度预亏3.2亿元至4.2亿元

Core Viewpoint - Tianyi New Materials (688033.SH) expects a decline in revenue and net profit for the first three quarters of 2025, primarily due to the cyclical downturn in the photovoltaic new energy sector and other financial pressures [1] Financial Performance - The projected operating revenue for the first three quarters of 2025 is between 500 million to 600 million yuan, representing a year-on-year decrease of 6.13% to 21.78% [1] - The expected net profit attributable to shareholders for the same period is projected to be between -420 million to -320 million yuan, indicating a year-on-year reduction in losses of 28.47% to 45.50% [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -390 million to -290 million yuan, reflecting a year-on-year reduction in losses of 37.39% to 53.44% [1] Industry Context - The company's photovoltaic new energy business is experiencing a prolonged downturn due to industry cyclicality, with no significant improvement observed [1] - Contributing factors to the decline in revenue include low product prices, high fixed costs from depreciation and amortization, and elevated financing costs [1] - The reduction in net profit loss compared to the previous year is attributed to the absence of significant inventory impairment provisions, which were substantial in the prior year [1]