TZE(SZ:002129) Minsheng Securities·2025-08-26 09:23Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company reported a revenue of 13.398 billion yuan in H1 2025, a year-on-year decrease of 17.36%, with a net profit attributable to shareholders of -4.242 billion yuan [1]. - The company is optimizing cost control and improving operational efficiency, achieving a 40% year-on-year reduction in unit cost per watt and over a 20% decrease in single furnace costs [2]. - The company is addressing its shortcomings in battery and module production, with a capacity of 24GW and a significant increase in module shipments, which doubled in Q2 2025 compared to the previous quarter [3]. Financial Forecasts - The company is expected to achieve revenues of 29.640 billion yuan, 44.585 billion yuan, and 52.449 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at -5.254 billion yuan, 1.214 billion yuan, and 2.251 billion yuan [4][6]. - The report indicates that the company's earnings per share will improve from -1.30 yuan in 2025 to 0.30 yuan in 2026 and 0.56 yuan in 2027 [6][12]. - The price-to-earnings ratio (PE) is projected to be 28x for 2026 and 15x for 2027 [4][12].