TBEA(600089) 光大证券·2024-04-09 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 98.206 billion yuan in 2023, a year-on-year increase of 2.29%, but the net profit attributable to shareholders decreased by 32.62% to 10.703 billion yuan [3]. - The sales volume of polysilicon increased by 90.16% to 202,900 tons, but the price dropped significantly, leading to pressure on profitability [3]. - The company aims for a revenue target of 100 billion yuan in 2024, with a focus on controlling costs and expanding renewable energy capacity [3]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 24.55 billion yuan, a decrease of 21.70% year-on-year, and a net profit of 1.326 billion yuan, down 72.52% year-on-year [3]. - The polysilicon price fell from 176,200 yuan per ton at the beginning of 2023 to 58,300 yuan per ton by the end of the year, a decline of 66.91% [3]. - The company's revenue from the new energy sector decreased by 18.39% to 28.052 billion yuan, with a gross margin drop of 25.87 percentage points to 31.95% [3]. Business Segments - The coal segment's sales volume exceeded 74 million tons, leading to a revenue increase of 4.47% to 18.230 billion yuan [3]. - The power transmission and transformation business saw significant growth, with revenues from transformers, cables, and complete engineering projects increasing by 32.39%, 32.56%, and 17.69%, respectively [3]. - The company signed contracts worth 40.45 billion yuan in the domestic market for power transmission and transformation, a year-on-year increase of 30.06% [3]. Future Outlook - The company plans to achieve a polysilicon production target of 280,000 to 300,000 tons in 2024 and aims to expand its renewable energy capacity to 4 to 5 GW by the end of 2024 [3]. - The projected net profit for 2024 is estimated at 8.012 billion yuan, reflecting a decrease of 25.14% compared to 2023 [4].