TBEA(600089) CMS·2025-05-13 12:35Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company is actively expanding its energy business, with continuous growth in power transmission and transformation equipment [7][18] - The impact of silicon material business is gradually weakening, while multiple business segments show positive developments [26] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenues of 97.87 billion yuan, with a net profit attributable to shareholders of 4.14 billion yuan, reflecting a year-on-year decline of 0.35% and 61.37% respectively [11][40] - The first quarter of 2025 showed revenues of 23.38 billion yuan, with a net profit of 1.60 billion yuan, indicating a year-on-year decline of 0.77% and 19.74% respectively [11] - The overall gross margin decreased by 9.4 percentage points to 18.2% in 2024, with a slight increase in expense ratio [7][11] Energy Business Expansion - The coal business is operating steadily, with a total approved production capacity of 74 million tons, achieving full production and sales in 2024, generating revenues of 19.26 billion yuan, a year-on-year increase of 5.7% [18] - The company's power generation capacity reached 8.78 GW by the end of Q1 2024, with significant contributions from thermal and renewable energy projects [18] Power Transmission and Transformation Equipment - The revenue from transformers and electrical equipment reached 22.36 billion yuan in 2024, a year-on-year increase of 20.98%, while cable revenue was 15.69 billion yuan, up 15.81% [24] - The domestic market for the power transmission industry signed contracts worth 49.1 billion yuan, reflecting a year-on-year growth of 21.4% [24] Silicon Material Business - The company produced 198,800 tons of high-purity polysilicon in 2024, with sales of 199,200 tons, but faced significant losses due to price declines [26] - The company has adjusted its production lines to operate at lower levels, expecting the impact of the silicon material business to gradually diminish [26] Future Outlook - The company is projected to achieve a net profit attributable to shareholders of 5.6 billion yuan in 2025, maintaining the "Buy" rating based on its long-term energy advantages [7][8]