减值拖累公司业绩，Q1实际盈利尚可

Investment Rating - The investment rating for TCL Zhonghuan is "Buy" and is maintained [4]. Core Views - The report highlights that TCL Zhonghuan's performance in 2023 was impacted by asset impairment, with a revenue of 59.146 billion yuan, a year-on-year decrease of 11.74%, and a net profit attributable to shareholders of 3.416 billion yuan, down 49.9% year-on-year [5][6]. - In Q4 2023, the company reported a revenue of 10.492 billion yuan, a year-on-year decline of 38.87%, and a net loss of 2.772 billion yuan, marking a significant year-on-year decrease of 252.48% [5]. - For Q1 2024, revenue was 9.933 billion yuan, down 43.62% year-on-year, with a net loss of 0.88 billion yuan, a year-on-year decline of 139.05% [5][6]. Summary by Sections Financial Performance - In 2023, the company shipped approximately 114 GW of silicon wafers, a year-on-year increase of 68%, capturing a market share of 23.4%. The N-type and large-size (210 series) products accounted for 66% of shipments, with an N-type market share of 36.4% [5]. - The company reported a significant negative impact on its performance due to inventory impairment provisions of 2 billion yuan and losses related to long-term equity investments and financial assets totaling 1.01 billion yuan [5]. - In Q1 2024, silicon wafer shipments reached 34.95 GW, a year-on-year increase of 40%, with N-type and large-size products making up 88% of shipments [5]. Future Outlook - The report anticipates that with improving demand in Q2 2024, silicon wafer profitability is expected to recover. The company is focusing on high-power, high-efficiency N-type products, maintaining a leading position in the market [5][6]. - The projected net profit for 2024 is estimated at 2.2 billion yuan, corresponding to a PE ratio of 20 times [6].