TYN(SZ:000591) 光大证券研究·2025-09-03 23:07Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the solar energy sector due to falling prices and increased competition [4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.697 billion yuan, a year-on-year decrease of 16.84%, and a net profit attributable to shareholders of 677 million yuan, down 16.89% year-on-year [4]. - In Q2 2025, the company recorded revenue of 1.397 billion yuan, a decline of 23.80% year-on-year, with a net profit of 388 million yuan, down 16.34% year-on-year [4]. Group 2: Solar Power Generation - The company generated 41.56 billion kWh of electricity in H1 2025, an increase of 22.32% year-on-year, primarily driven by an increase in installed capacity, which reached 6.54 GW, up 32.18% year-on-year [5]. - The average on-grid electricity price decreased by 0.100 yuan/kWh year-on-year to 0.624 yuan/kWh (including tax), while the average market transaction price rose by 7.25% to approximately 0.2234 yuan/kWh [5]. Group 3: Solar Product Sales - The company's solar product sales volume and average selling price both declined compared to the previous year, leading to a revenue drop of 61.61% in this segment, totaling 407 million yuan [6]. - The cost of sales also significantly decreased by 57.33% to 413 million yuan, resulting in a gross margin decline of 10.17 percentage points, leading to a loss in this segment [6]. Group 4: Future Growth Potential - As of June 2025, the company had approximately 6.535 GW of operational power stations, 2.365 GW under construction, and 2.217 GW planned for construction, totaling about 12.647 GW [7]. - The company has seen growth in installed capacity across various regions, with operational and under-construction power stations distributed throughout the country [7].