TZE(SZ:002129) China Post Securities·2024-05-19 03:30Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [7]. Core Views - The company faced significant asset impairment losses, leading to short-term profit pressure. In 2023, the company achieved revenue of 59.146 billion yuan, a decrease of 12%, and a net profit attributable to shareholders of 3.416 billion yuan, down 50%. The first quarter of 2024 saw revenue drop to 9.933 billion yuan, a 44% decline, with a net loss of 880 million yuan [4][5]. - The company remains a leader in silicon wafer sales, with a shipment of 114 GW in 2023, a 68% year-on-year increase, and a market share of 23.4%. In Q1 2024, silicon wafer sales reached 35 GW, up 40% year-on-year, with a focus on N-type and 210 series products [4][5]. - The company maintains high efficiency and low costs, with a labor productivity of 25 MW/person/year for crystal production, leading the industry by 71%. The company’s comprehensive cost is approximately 3 cents/w lower than the industry average, positioning it well to navigate through market cycles [4][5]. Financial Forecasts - The company is projected to achieve net profits of 1.979 billion yuan, 3.283 billion yuan, and 3.956 billion yuan for the years 2024, 2025, and 2026, respectively. Corresponding P/E ratios are expected to be 21.41x, 12.91x, and 10.71x [4][5][6].