TZE(SZ:002129) GUOTAI HAITONG SECURITIES·2026-02-09 02:45Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - The company is facing pressure on its performance in 2025, but it is accelerating its integration strategy around its BC technology and patent advantages [2] - The company aims to improve operational efficiency and enhance its competitive position through product structure optimization and technological innovation [12] - The company has signed a patent licensing agreement with Aiko Solar, showcasing its technological innovation advantage in the BC field [12] Financial Summary - Total revenue for 2023 is projected at 59,146 million, with a decline of 11.7% year-on-year. Revenue is expected to drop to 28,419 million in 2024, followed by a slight recovery to 43,956 million in 2026 and 56,183 million in 2027 [4] - The net profit attributable to the parent company is forecasted to be 3,416 million in 2023, with significant losses expected in 2024 and 2025, before returning to profitability in 2026 and 2027 with net profits of 1,495 million and 2,372 million respectively [4] - Earnings per share (EPS) is expected to be 0.84 in 2023, dropping to -2.43 in 2024 and -2.21 in 2025, before recovering to 0.37 in 2026 and 0.59 in 2027 [4] Investment Strategy - The company plans to invest in downstream enterprises to fill business gaps and enhance its integrated strategy [12] - The investment in Aiko Solar is expected to optimize the company's photovoltaic cell and module production capacity, enriching its product and customer structure [12] - The company holds over a thousand authorized patents in the BC field, which will empower its products and enhance its market position [12]