TZE(SZ:002129) Sou Hu Cai Jing·2026-01-22 09:37Core Viewpoint - The photovoltaic industry in A-shares is experiencing a surge in investment and mergers, with companies targeting both upstream and downstream acquisitions, as well as cross-industry developments. Recently, TCL Zhonghuan announced plans to invest in Yidao New Energy, which previously filed for an IPO with a historical valuation exceeding 7.7 billion yuan [1][3]. Group 1: Investment and Mergers - TCL Zhonghuan plans to invest in Yidao New Energy Technology Co., Ltd., having signed a cooperation framework letter with major shareholders, with shareholding ratios of approximately 17.46% and 12.6% respectively [3]. - The investment will involve share transfers, voting rights delegation, and capital increase, with specific terms to be agreed upon later [3]. - Yidao New Energy, a leading player in N-type TOPCon high-efficiency solar cells, had revenues of 1.894 billion yuan, 8.660 billion yuan, and 22.724 billion yuan from 2021 to 2023, with a net profit of 357.5 million yuan in 2023 [5]. Group 2: Financial Performance - TCL Zhonghuan reported a significant decline in revenue, with a 51.95% drop to 28.419 billion yuan in 2024, and a net loss of 10.9 billion yuan, marking a shift from profit to loss [6]. - The company anticipates a net loss of 8.6 billion to 9.8 billion yuan for the full year of 2025, indicating a reduction in losses compared to the previous year [6]. Group 3: Industry Trends - Other companies in the photovoltaic sector, such as Dike Co. and AnCai High-Tech, are also pursuing mergers to enhance their supply chain control and competitive edge [7]. - Dike Co. acquired a 60% stake in Zhejiang Suote for 696 million yuan, while AnCai High-Tech purchased 100% of Henan High-Purity Mineral Technology for 15.01 million yuan [7]. - Companies like Juhe Materials are exploring cross-industry mergers, such as a planned acquisition of SK Enpulse's business for approximately 350 million yuan [8].