TZE(SZ:002129) Guolian Minsheng Securities·2026-03-28 14:42Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a total revenue of 29.05 billion yuan for 2025, a year-on-year increase of 2.22%, while the net profit attributable to shareholders was a loss of 9.26 billion yuan, although the loss margin has narrowed compared to the previous year [1]. - The company's sales net margin and gross margin improved to -34.02% and -6.36%, respectively, showing year-on-year increases of 4.01 percentage points and 2.72 percentage points [2]. - The company maintained its leading position in the photovoltaic silicon wafer market, with a market share that remains the highest in the industry. The cost of silicon wafers decreased by over 40% year-on-year, and EBITDA showed signs of recovery [3]. - The photovoltaic battery module segment achieved revenue of 9.32 billion yuan, a year-on-year increase of 60.45%, accounting for 32.10% of total revenue, with shipments reaching 15.1 GW [3]. - In the semiconductor silicon wafer sector, the company shipped over 1,200 MSI, generating revenue of 5.71 billion yuan, a year-on-year increase of 21.75%, maintaining a leading position in the domestic market [4]. Financial Projections - The company is expected to achieve revenues of 40.01 billion yuan, 54.16 billion yuan, and 63.42 billion yuan in 2026, 2027, and 2028, respectively, with net profits projected to be -2.37 billion yuan, 2.46 billion yuan, and 4.24 billion yuan [5][7]. - The projected growth rates for revenue are 37.7%, 35.4%, and 17.1% for the years 2026, 2027, and 2028, respectively [7].