特变电工（600089）：特变电工：圭璋“特”达，“变”启新程

Investment Rating - The report initiates coverage with a "Buy" rating for TBEA Co., Ltd. [13] Core Views - TBEA has developed a diversified layout in equipment and energy, transitioning from a leading power transmission and transformation enterprise to a comprehensive energy giant. The company is expected to see a comprehensive upward development in its core businesses, particularly benefiting from the integration of energy operations [4][7][21]. Summary by Relevant Sections Power Transmission and Transformation - TBEA is a leading manufacturer in the domestic power transmission and transformation equipment sector, with a complete product system covering all voltage levels. The company leads in the market share of ultra-high voltage transformers and is expected to benefit from future ultra-high voltage construction [8][33]. - The company has seen a steady increase in revenue from its power transmission and transformation segment, with a 20% and 32% year-on-year growth in 2022 and 2023, respectively, and a continued growth of 16% in 2024 [39][67]. Silicon Materials - The company holds approximately 65% of New Special Energy, which has a silicon material production capacity of 300,000 tons. The production cost is among the lowest in the industry, and with the recent recovery in silicon prices, TBEA is expected to see significant operational leverage [9][21]. Coal - TBEA has a coal production capacity of 74 million tons per year, ranking among the top in the region. The company is expected to benefit from the recovery of coal prices and has potential for capacity expansion. Additionally, a coal-to-natural gas project has been approved, indicating future growth prospects [10][21]. New Materials - TBEA's aluminum business, supported by its subsidiary Xinjiang Zhonghe, has established a circular economy industrial chain, significantly reducing procurement costs. The company is also expanding its upstream aluminum production capacity [11][21]. Gold - TBEA has entered the gold sector through a "resource-for-project" model, with a gold mine in Tajikistan expected to produce 2.5 to 3 tons annually, maintaining a gross margin above 50%. The rising gold prices are anticipated to contribute positively to the company's earnings [12][21]. Investment Recommendations - The report forecasts a net profit of 6.8 billion yuan attributable to shareholders in 2025, corresponding to a PE ratio of 17 times. The overall outlook for TBEA's core businesses is positive, with significant contributions expected from the integrated energy business [13][21].