TBEA(SH:600089) EBSCN·2025-09-01 09:24Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a total revenue of 48.401 billion yuan in H1 2025, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 3.184 billion yuan, up 5.00% year-on-year [1] - The company has secured a significant contract worth approximately 16.4 billion yuan with Saudi Electricity Company, which is expected to support future revenue and profit growth in its overseas power transmission and transformation business [3] - The silicon material business continues to face pressure on revenue and profitability due to a 77% year-on-year decrease in production volume, although cost management efforts have led to an 18% reduction in production costs [2] Summary by Sections Financial Performance - In H1 2025, the company reported a total revenue of 48.401 billion yuan, with a net profit of 3.184 billion yuan [1] - The second quarter of 2025 saw a revenue of 25.018 billion yuan and a net profit of 1.584 billion yuan, reflecting a quarter-on-quarter decrease of 1.03% [1] Business Segments - The silicon material segment produced 33,600 tons in H1 2025, a decrease of approximately 77% year-on-year, leading to a 37.92% decline in revenue to 6.315 billion yuan, with a gross margin of -3.56% [2] - The renewable energy segment completed installations of approximately 1.35 GW and achieved a total installed capacity of 4.25 GW, generating 4.536 billion kWh of electricity [2] - The coal business saw stable sales but a revenue decline of 5.37% to 8.832 billion yuan, with a gross margin of 29.38% [3] Market Expansion - The company has expanded its power transmission and transformation business, achieving a 14.08% increase in domestic contract signing and a 65.91% increase in international contracts [3] - The successful bid for the Saudi Electricity Company contract is expected to enhance the company's international market presence and revenue streams [3] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 6.543 billion yuan, 7.602 billion yuan, and 8.444 billion yuan respectively [4]