Lates News

Guosen Securities research report pointed out that the net profit attributable to the parent company of Tebian Electric Apparatus (600089.SH) in 2024 was 4.13 billion yuan, a year-on-year decrease of 61%. The main reason was the significant losses in the polycrystalline silicon business in 2024; the performance in the first quarter of 2025 was 1.60 billion yuan, a year-on-year decrease of 20%. Multiple businesses achieved steady growth, and the overseas market of power transmission and transformation business continued to break through. Benefiting from the construction of new power systems and the increase in distribution network investment, the domestic power transmission market space is further opening up. In addition, the company vigorously promotes international product certification work, and the overseas market continues to achieve breakthroughs with export contracts totaling 1.2 billion US dollars in 2024, a year-on-year growth of over 70%. By the end of 2024, the company's cumulative installed capacity of thermal power was 5.0GW, accounting for 58% of the total installed capacity. It is expected that coal production will steadily increase, the polycrystalline silicon business will gradually reduce losses, and the prosperity of grid investment will continue. Therefore, the profit forecast for 2025 has been adjusted to 6.2 billion yuan, corresponding to a PE ratio of 9.6/7.6/6.3 times the current stock price. The rating is maintained as "outperform the broader market."