TZE(SZ:002129) Tebon Securities·2024-05-12 06:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 59.15 billion yuan in 2023, a decrease of 11.74% year-on-year, and a net profit of 3.42 billion yuan, down 49.90% year-on-year [4][6] - The company's silicon wafer shipments grew significantly, with a total of approximately 114GW shipped in 2023, representing a year-on-year increase of 68% [4] - The company has maintained a leading market share in N-type silicon wafers at 36.4% and has a total crystal production capacity of 183GW by the end of 2023 [4][6] - The company is focusing on continuous technological improvements and cost advantages in its photovoltaic materials business, achieving a comprehensive gross margin of 21.8% in 2023, up 2.8% year-on-year [4][6] - The company has also expanded its module business, with a shipment of 8.6GW in 2023, a year-on-year increase of 29.8% [4][6] Financial Performance Summary - The company expects net profits for 2024-2026 to be 2.11 billion yuan, 3.23 billion yuan, and 4.03 billion yuan respectively, with corresponding P/E ratios of 20.62X, 13.48X, and 10.82X [4][6] - The company's total assets were reported at 124.93 billion yuan in 2023, with a total market value of approximately 43.58 billion yuan [6][9] - The gross margin is projected to decrease to 15.8% in 2024 and remain stable at around 15.9% in 2026 [7][9] Market Comparison - The company's stock price has shown a significant decline of 86% compared to the market index, indicating underperformance [2][3] - The report highlights that the company's performance is expected to improve in the coming years, with a projected revenue growth of 30.7% in 2025 and 26.0% in 2026 [7][9]