TZE(002129) 民生证券·2024-11-03 08:30Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a significant decline in performance for Q3 2024, with total revenue of 22.582 billion yuan, down 53.59% year-on-year, and a net loss attributable to shareholders of 6.061 billion yuan, a decrease of 197.95% year-on-year [1]. - The company continues to lead the industry in market share for silicon wafers, achieving a market share of 19.2% with a production capacity of 190GW and a shipment volume of 94.86GW, an increase of 11.4% year-on-year [1]. - The company is actively expanding its overseas production capacity, including a joint venture in Saudi Arabia aimed at localizing photovoltaic crystal chip production, which will have an annual capacity of 20GW [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 6.369 billion yuan, down 53.70% year-on-year, with a net loss of 2.998 billion yuan [1]. - The company forecasts revenues of 33.812 billion yuan, 50.407 billion yuan, and 58.681 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at -6.874 billion yuan, 1.733 billion yuan, and 2.775 billion yuan [2][4]. - The company's gross margin is expected to be -3.73% in 2024, improving to 11.91% in 2025 and 13.14% in 2026 [4]. Market Position and Strategy - The company is focusing on high-efficiency, high-power, and low-cost development trends in its component business, with its 4.0 product power leading the industry [1]. - The company is committed to reducing costs and increasing efficiency, particularly in the N-type battery sector, through innovations in demetallization and process reduction [1]. - The company has gained control over its subsidiary Maxeon, aiming to improve its capital structure and operational efficiency [1].