TBEA(600089)2024-09-05 07:56Group 1: Company Performance and Financials - The company reported a loss of approximately 1.2 billion CNY in the polysilicon business during the first half of the year, significantly impacting overall performance [1] - Revenue from the coal business in the first half of 2024 was 9.333 billion CNY [6] - The company achieved a 100% increase in inverter product deliveries, reaching approximately 7 GW in the first half of 2024 compared to the same period last year [7] Group 2: International Expansion and Market Presence - The company has established over 100 offices abroad to expand its international market presence, including a high-voltage transformer production base in India and a gold production base in Tajikistan [1] - In the first half of 2024, the overseas contract amount reached 675 million USD, a 96% increase year-on-year, with international orders for power transmission and transformation products growing by 73% [3] - The company is involved in power planning and construction in over 30 countries, including Tajikistan, Kyrgyzstan, the Philippines, and Kenya [7] Group 3: Product and Market Strategy - The company’s transformer products have a gross profit margin of approximately 20%-30%, higher than conventional transformers [5] - The company plans to enhance polysilicon production quality and increase the proportion of N-type silicon materials to improve competitiveness and profitability [5] - The company is focusing on digitalization and smart upgrades in its production facilities to support continuous growth in power transmission and transformation products [8] Group 4: Challenges and Future Outlook - The company faces challenges due to significant price drops in polysilicon products, which have affected profitability compared to the previous year [2] - The company aims to overcome industry difficulties by improving quality, reducing costs, and increasing efficiency, while also expanding its advantageous industries [2] - The average borrowing rate for the company is around 3%, with a total interest-bearing debt of 40.4 billion CNY, of which 87% is long-term loans [3]