TBEA(SH:600089) 光大证券研究·2025-09-01 23:05Core Viewpoint - The company reported its 2025 mid-year results, showing a slight increase in total revenue and net profit, but faced challenges in its silicon material business due to price pressures and reduced production [4][5]. Group 1: Financial Performance - In 2025H1, the company achieved total revenue of 48.401 billion yuan, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 3.184 billion yuan, up 5.00% year-on-year [4]. - In Q2 2025, total revenue was 25.018 billion yuan, with a net profit of 1.584 billion yuan, reflecting a quarter-on-quarter decrease of 1.03% [4]. Group 2: Silicon Material Business - The company produced 33,600 tons of polysilicon in 2025H1, a year-on-year decrease of approximately 77%, while the unit production cost decreased by about 18% due to refined management and process optimization [5]. - Revenue from the silicon material business faced pressure, with a 37.92% year-on-year decline in revenue from the new energy sector and supporting projects, totaling 6.315 billion yuan, and a gross margin decrease of 8.41 percentage points to -3.56% [5]. Group 3: Energy Generation - The company continued to advance its new energy power station construction, achieving a cumulative installed capacity of 4.25 GW by 2025H1, generating 4.536 billion kWh of electricity [5]. - The thermal power generation increased by 26.34% year-on-year to 10.480 billion kWh, driven by new projects launched in 2024, with revenue from power generation increasing by 29.35% to 3.463 billion yuan [5]. Group 4: Transmission and Transformation Business - The company expanded its transmission and transformation business, with domestic market contracts increasing by 14.08% to 27.334 billion yuan and international contracts rising by 65.91% to 1.12 billion USD in 2025H1 [6]. - A significant contract was secured for a localization procurement project in Saudi Arabia, valued at approximately 16.4 billion yuan, which will support future revenue and profit from overseas operations [6]. Group 5: Coal Business - Coal sales remained stable, but revenue from the coal business decreased by 5.37% year-on-year to 8.832 billion yuan, with a gross margin decline of 4.71 percentage points to 29.38% [8]. - The company is accelerating the construction of new projects, including a coal-to-natural gas project and an alumina project, which are expected to contribute to future performance [8].