天通股份股价大跌7.67%，受业绩预亏及行业下行拖累

Stock Performance - On February 13, 2026, the stock price of Tiantong Co., Ltd. (600330) fell by 7.67% to close at 16.62 yuan, influenced by a broader decline in the electronic chemicals II sector and the photovoltaic concept sector [1] - The stock reached a new high of 18.65 yuan on February 10 before experiencing a downward trend, closing below the 5-day moving average of 17.20 yuan but above the 20-day moving average of 14.57 yuan [1] - The KDJ indicator showed a J value of 61.71, indicating a relatively high position, while the MACD histogram was at 0.531, suggesting short-term adjustment pressure [1] Recent Performance - On January 20, 2026, the company announced a projected net loss for 2025 of between 120 million yuan and 170 million yuan, representing a year-on-year decline of 235.25% to 291.61% [2] - The primary reason for the loss was an imbalance in supply and demand within the photovoltaic industry, leading to increased provisions for bad debts and inventory write-downs [2] - Despite a profit of 57.32 million yuan in the first three quarters of 2025, the company's net profit after deducting non-recurring items was only 4.99 million yuan, indicating weak core profitability heavily reliant on government subsidies [2] Capital Flow - On February 13, 2026, there was a net outflow of 269 million yuan from major funds, with large orders contributing to a net outflow of 140 million yuan and 129 million yuan respectively, while retail investors saw a net inflow of 269 million yuan [3] - Over the past five days, major funds experienced a cumulative net outflow of 147 million yuan, reflecting differing views among institutional investors regarding short-term valuations [3] Industry and Risk Analysis - The company's specialized equipment business was significantly impacted by overcapacity in the photovoltaic industry, with revenue expected to decline by 53.83% year-on-year in 2024 [4] - The low-price competition in the industry is expected to continue into 2025, putting pressure on the operating rates of downstream companies, further deteriorating equipment order volumes and payment cycles [4] - Although the company is accelerating the expansion of its piezoelectric crystal and other new material businesses, these efforts are unlikely to offset the decline in its photovoltaic business in the short term [4] Company Valuation - As of February 13, 2026, the company's price-to-earnings ratio (TTM) was 939.11, significantly higher than the industry average [5] - The average target price set by institutions is 12.37 yuan, indicating a discount compared to the current price, reflecting market expectations for valuation adjustments under performance pressure [5]