TBEA (600089) H2 2024 earnings summary

Executive summary

• 2024 revenue reached RMB 97.78 billion, down 0.35% year-over-year; net profit attributable to shareholders was RMB 4.13 billion, down 61.37%.

• Significant profit decline mainly due to sharp drop in polysilicon prices and lower coal prices.

• Company maintained stable operations, expanded international business, and advanced digital transformation.

Financial highlights

• Operating income: RMB 97.78 billion, down 0.35% year-over-year.

• Net profit attributable to shareholders: RMB 4.13 billion, down 61.37% year-over-year.

• Basic and diluted EPS: RMB 0.7962, down 66.67% year-over-year.

• Operating cash flow: RMB 12.95 billion, down 49.83% year-over-year.

• Gross margin for main business: 17.89%, down 9.21 percentage points year-over-year.

Outlook and guidance

• 2025 revenue target set at RMB 105 billion, with cost control target below RMB 84 billion.

• Focus on innovation, digital transformation, and high-quality growth across all business segments.

• Company expects continued industry opportunities in power grid investment, renewable energy, and new materials.