TZE(SZ:002129) Bei Jing Shang Bao·2026-01-18 15:11Core Viewpoint - TCL Zhonghuan is making a strategic investment in Yidao New Energy Technology Co., Ltd., focusing on N-type solar battery components, which is seen as a key move towards vertical integration in the photovoltaic industry [1][4]. Group 1: Investment Details - TCL Zhonghuan plans to invest in Yidao New Energy through share acquisition, voting rights delegation, and capital increase, with specific terms to be agreed upon later [3]. - The investment is not expected to constitute a related party transaction or a major asset restructuring [3]. - TCL Zhonghuan is a leading company in the photovoltaic silicon wafer market, maintaining a market share of 24GW in component capacity by mid-2025 [3]. Group 2: Industry Context - The photovoltaic industry is currently facing overcapacity, and mergers and acquisitions are seen as a potential solution to this issue [4][5]. - The investment by TCL Zhonghuan is aimed at enhancing its market position and optimizing its production capacity in solar battery components [4]. - Yidao New Energy has a significant production capacity of 30GW for high-efficiency batteries and components in 2023, with plans to expand to 40GW each by 2025, surpassing TCL Zhonghuan's projected capacity [3][4]. Group 3: Financial Outlook - TCL Zhonghuan's earnings forecast indicates a reduced loss in 2025, with expected net losses between 8.2 billion to 9.6 billion yuan, compared to 9.818 billion yuan in the previous year [5]. - Yidao New Energy's financial data shows a high debt-to-asset ratio, with figures of 87.71%, 86.54%, and 86.89% from 2021 to 2023, indicating financial pressure [5].