TZE(SZ:002129) EBSCN·2025-05-01 05:57Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [4][15]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with operating income of 28.42 billion yuan, down 51.95% year-on-year, and a net loss attributable to shareholders of 9.82 billion yuan, down 387.42% year-on-year [1][5]. - Despite facing substantial pressure on profitability due to industry price declines, the company is expected to benefit from its advantages in the photovoltaic silicon supply chain and non-silicon cost advantages, alongside its global expansion strategy [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a silicon wafer shipment of 125.8 GW, a year-on-year increase of 10.5%, maintaining the industry's highest market share at 18.9%. However, revenue from the photovoltaic silicon wafer segment fell by 61.98% to 16.65 billion yuan, with a gross margin decrease of 42.32 percentage points to -20.53% [2]. - The company reported a total asset impairment of 5.2 billion yuan in 2024, impacting total profit by 1.47 billion yuan [2]. - For Q1 2025, the company recorded a revenue of 6.10 billion yuan, down 38.58% year-on-year, with a net loss of 1.91 billion yuan, showing a reduction in loss compared to the previous quarter [1][3]. Business Segments - The semiconductor materials business showed steady growth, with 12-inch semiconductor silicon wafer capacity reaching 700,000 pieces per month by the end of 2024, and revenue from this product increasing by 70% year-on-year to 2.33 billion yuan [4]. - The company is actively pursuing a global strategy, collaborating with Saudi Arabia's Public Investment Fund to establish a large-scale overseas crystal chip factory and restructuring its operations in the U.S. market [4]. Profitability and Forecast - The company’s profitability is under pressure due to industry oversupply, with projected net profits for 2025-2027 expected to be -4.12 billion yuan, -1.26 billion yuan, and 1.82 billion yuan respectively [4][5]. - The report anticipates a gradual recovery in profitability, with gross margins expected to improve from -9.1% in 2024 to 17.5% by 2027 [13].