TZE(SZ:002129) EBSCN·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for TCL Zhonghuan [2][4]. Core Views - The company's silicon wafer shipment volume continues to grow significantly, but falling prices have put pressure on profitability [2]. - In 2023, the company achieved a revenue of 59.146 billion yuan, a year-on-year decrease of 11.74%, and a net profit of 3.416 billion yuan, down 49.90% [2]. - The company has reported a cautious approach by recognizing an asset impairment of 3.94 billion yuan in 2023 due to global price fluctuations in photovoltaic products [2]. Summary by Relevant Sections Financial Performance - In 2023, the company’s silicon wafer shipment volume increased by 68% to 114 GW, maintaining a global market share of 23.4% [2]. - The revenue from the photovoltaic silicon wafer segment decreased by 13.97% to 43.791 billion yuan, while the gross margin increased by 2.77 percentage points to 21.79% [2]. - The photovoltaic module shipment volume grew by 29.8% to 8.6 GW, with revenue declining by 14.14% to 9.309 billion yuan, and a gross margin increase of 1.01 percentage points to 8.37% [2]. Market Position and Strategy - The company continues to lead in photovoltaic technology and is steadily expanding its production capacity, with a crystal capacity of 183 GW and high-efficiency module capacity of 18 GW by the end of 2023 [2]. - The company is actively exploring global strategic layouts in key regions such as the United States, Europe, and the Middle East, leveraging its capabilities in flexible manufacturing and technological innovation [2]. Future Outlook - The report projects a significant decline in profit forecasts for 2024-2026, with expected net profits of 1.730 billion yuan, 2.885 billion yuan, and 4.189 billion yuan respectively, reflecting a downward adjustment of 85% and 78% for the first two years [2][3]. - Despite the current challenges, the company’s advantages in supply chain stability and non-silicon cost efficiency are expected to expand, potentially opening new growth avenues [2].