TBEA(SH:600089) Sou Hu Cai Jing·2026-02-10 12:36Core Insights - The company TBEA has unexpectedly benefited from the rising gold prices, achieving significant revenue growth in its gold business, with revenues of 1.194 billion yuan in 2024, a year-on-year increase of 187%, and 766 million yuan in the first half of 2025, continuing to grow by 61.65% [2][10] - TBEA's gold business has a gross margin exceeding 53%, significantly higher than its traditional business, making it a key driver of profit growth [4][10] - The company's diversification strategy, which contrasts with competitors focusing on deep specialization, has allowed it to explore various sectors, including gold mining, which has become a stabilizing factor amid industry fluctuations [4][14] Gold Business Development - TBEA's connection to gold mining began with a 2012 agreement with Tajikistan, where it exchanged project construction for mining rights, leading to the establishment of its gold mining operations [6][12] - The company demonstrated patience and execution in developing its gold mines, with the first mine starting production in 2021, achieving an annual gold output capacity of approximately 1.28 tons [7][10] - By 2025, TBEA expects to add 2.5 tons of annual gold production capacity from its second phase of the Kumark mine, coinciding with rising global gold prices [10][12] Diversification Strategy - TBEA's diversification strategy has led to significant revenue growth during favorable market conditions, with net profits soaring from 2.448 billion yuan in 2020 to 15.91 billion yuan in 2022 [15] - However, the company faced challenges in 2023 due to downturns in the renewable energy and coal markets, leading to a decline in profits [17] - Despite these challenges, TBEA's core transformer business has remained robust, benefiting from national initiatives to upgrade the power grid, with transformer revenues reaching 13.37 billion yuan in the first half of 2025, a nearly 30% year-on-year increase [18][19] International Expansion and Technological Strength - TBEA has established a strong international presence, securing contracts worth over 50 billion yuan in its transmission and transformation business across more than 40 countries [23] - The company recently won a significant contract in Saudi Arabia worth 16.4 billion yuan for high-voltage equipment, showcasing its technological capabilities and delivery speed [21][22] - TBEA's competitive edge lies in its advanced technology, including the world's highest voltage direct current transmission technology, and its ability to deliver products faster than international competitors [22] Renewable Energy Sector - TBEA's renewable energy segment, particularly its polysilicon business, is currently facing challenges due to price volatility, but it has a competitive advantage due to low production costs [24][27] - The polysilicon prices have seen a significant decline, but there are signs of recovery, which could enhance TBEA's profitability once the market stabilizes [25][27] - The renewable energy sector is viewed as a potential growth area for TBEA, with the possibility of significant recovery as the industry rebounds [28]