时创能源（688429）：亏损大幅收窄，多项创新技术加速落地

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has significantly narrowed its losses, with a notable increase in revenue driven by higher sales of photovoltaic cells and equipment, alongside a rise in prices for photovoltaic materials [8] - The company's gross margin remains low but shows signs of improvement, with a gross margin of -0.34% for the first three quarters of 2025, reflecting a year-on-year decrease of 13.5 percentage points [8] - The company is advancing its core products and innovative technologies, with successful launches in various segments of the photovoltaic industry [8] Financial Performance Summary - For 2025, the company is projected to have total revenue of 1,349.49 million yuan, representing a year-on-year increase of 89.88% [1] - The net profit attributable to shareholders is expected to be -320.40 million yuan for 2025, showing a 50.63% improvement compared to the previous year [1] - The company's cash flow from operating activities for the first three quarters of 2025 is reported at -94 million yuan, indicating an improvement compared to the previous year [8] Product and Innovation Summary - The company has introduced new products in the photovoltaic sector, including secondary texturing products and self-developed cleaning aids, which enhance efficiency by 0.05%-0.10% [8] - The company has made progress in optimizing products for BC and HJT cells, with successful client acceptance of self-developed equipment [8] - The introduction of innovative technologies such as the "Guqin" module based on the stacking grid technology is expected to accelerate the industrialization process [8]