TYN(SZ:000591) EBSCN·2024-04-18 00:31Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company achieved a revenue of 9.54 billion yuan in 2023, a year-on-year increase of 3.29%, and a net profit attributable to shareholders of 1.579 billion yuan, up 13.75% year-on-year [1]. - The photovoltaic power generation segment reported sales revenue of 4.548 billion yuan, growing by 4.42%, while solar product sales reached 4.974 billion yuan, increasing by 2.40% [1]. - The company has a robust project reserve with approximately 10.682 GW of total planned capacity, including operational, under construction, and planned projects [1]. - The photovoltaic manufacturing segment turned profitable in 2023, with a sales volume of 3.968 GW, a significant increase of 47.93% year-on-year, and a gross profit margin improvement of 2.68 percentage points [1]. Summary by Sections Financial Performance - Revenue for 2023 was 9.54 billion yuan, with a growth rate of 3.29% compared to the previous year [3]. - Net profit attributable to shareholders was 1.579 billion yuan, reflecting a growth rate of 13.75% [3]. - The company’s EPS for 2023 was 0.40 yuan, with projected EPS of 0.46, 0.49, and 0.55 yuan for 2024, 2025, and 2026 respectively [3]. Operational Data - As of December 2023, the company operated approximately 4.674 GW of power stations, a year-on-year increase of 7.43% [1]. - The company has a total solar product capacity of 5 GW, with 1.5 GW for high-efficiency photovoltaic cells and 3.5 GW for high-efficiency modules [1]. Market Position and Strategy - The company plans to issue convertible bonds not exceeding 2.95 billion yuan, with proceeds allocated entirely to photovoltaic power station projects [2]. - The company has successfully entered the qualified supplier list for three central enterprises, securing nearly 1 GW in orders [1][2]. - The average selling price of photovoltaic products decreased by 39% year-on-year, impacting revenue projections for 2024 and 2025 [2].