TZE(SZ:002129) 光大证券研究·2025-08-25 23:06Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, indicating ongoing challenges in the market and operational performance [4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 13.398 billion, a year-on-year decrease of 17.36%, and a net profit attributable to shareholders of -4.242 billion, with losses widening compared to the previous year [4]. - In Q2 2025, the company reported revenue of 7.297 billion, a year-on-year increase of 16.18%, but the net profit attributable to shareholders was -2.336 billion, with losses expanding both year-on-year and quarter-on-quarter [4]. Group 2: Silicon Wafer Business - The company maintained the industry's leading market share in silicon wafer shipments, but revenue from this segment decreased by 44.62% to 5.777 billion in H1 2025, with a gross margin decline of 14.50 percentage points to -23.74% [5]. - The company focused on reducing production costs through technological improvements, achieving a 40% year-on-year decrease in cost per watt and over a 20% reduction in per furnace costs [5]. - The concentration of major customers increased, ensuring a positive net cash flow from operating activities of 0.523 billion [5]. Group 3: Module Business - The company saw a quarterly increase in photovoltaic module shipments, with Q2 2025 shipments doubling compared to the previous quarter [6]. - Revenue from the module business grew by 39.22% to 3.846 billion in H1 2025, although the gross margin decreased by 6.80 percentage points to -6.20% [6]. - The company completed the capacity establishment for half-cell and bifacial (BC) technology, enhancing its product matrix and collaborating with industry partners to build a BC ecosystem [6]. Group 4: Global Strategy and Business Transformation - The company is actively promoting a global strategy, with steady progress on projects in the Middle East and a systematic review of capacity in the Philippines, positioning it as a base for global BC battery and module production [7]. - The overseas subsidiary Maxeon is focusing on the high-barrier U.S. market and is gradually transforming its business model to emphasize products, technology, brand, and channels [7]. - Maxeon's module business faced significant negative impacts due to returns from the U.S. market, and the company is working on addressing these challenges while facing uncertainties in supply chain restructuring and market acceptance [7].