Gelonhui May 18 丨 Shanxi Securities's May 17 research report pointed out that Tianyang New Materials (603330.SH) recently released its 2022 annual report and the first quarterly report of 2023. Raw material prices affected profits in 2022. In 2023, against the backdrop of declining silicon prices and high prosperity in the photovoltaic industry, the company's profitability is expected to bottom out. By the end of 2022, the company's PV packaging film production capacity is about 160 million square meters, and the annual production capacity is expected to reach 350 million square meters by the end of 2023. After the first phase of the fund-raising project is fully put into operation, the annual production capacity will reach 540 million square meters in 2024, driving continuous revenue growth in the photovoltaic film business. In addition, the company adjusted its stock business structure, expanded new applications and products, optimized business ideas, and broadened dealer channels. The bank expects the company to return a net profit of 172/417./627 million yuan to the parent company in 2023-2025, an increase of 403.1/142.9%/50.6%, respectively. It was covered for the first time and gave it a “buy-A” rating.