TYN(SZ:000591) Hua Yuan Zheng Quan·2025-06-29 15:24Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is the only solar energy platform under China Energy Conservation, focusing on photovoltaic power generation and manufacturing, with a stable operation and prioritizing efficiency [7][10]. - The company has a robust financial structure, with a debt-to-asset ratio of 52% as of the end of 2024, which is considered excellent in the industry [53]. - The company has a significant project reserve of 17GW and is actively managing its projects to optimize costs and enhance operational efficiency [50][45]. Summary by Sections Market Performance - The closing price as of June 27, 2025, is 4.38 yuan, with a market capitalization of approximately 17.16 billion yuan [3]. Financial Forecast and Valuation - The projected revenue for 2023 is 9.54 billion yuan, with a year-on-year growth rate of 3.29%. However, a decline is expected in the following years, with 2024 revenue estimated at 6.04 billion yuan, reflecting a decrease of 36.70% [6]. - The net profit attributable to the parent company is forecasted to be 1.58 billion yuan in 2023, with a projected decline in subsequent years [6][8]. Business Overview - The company operates approximately 6.08GW of photovoltaic power generation capacity and has 2.08GW under construction, with a focus on maintaining a balance between scale and efficiency [20][21]. - The photovoltaic power generation segment contributed 72% of the company's revenue in 2024, indicating its core business focus [20]. Project Management and Development - The company has locked in approximately 17GW of high-quality self-built and acquisition projects, focusing on regions with favorable solar resources and policies [50][45]. - The company is also expanding its overseas presence, particularly in emerging markets along the Belt and Road Initiative [52]. Financial Health - The company has a solid financial foundation, with a debt-to-asset ratio of 52%, which is lower than its peers, indicating effective financial management [53]. - The company has received 13.66 billion yuan in electricity subsidies, with a significant portion of its projects included in the first batch of compliant directories, reducing compliance risks [58]. Management and Governance - The company has implemented a stock option incentive plan to align the interests of management and minority shareholders, enhancing its operational dynamism [60].