On June 7th, Geelong report pointed out that by the end of 2023, TCL Zhonghuan Renewable Energy Technology (002129.SZ) crystal production capacity will reach 183GW, and the photovoltaic material business sector will further expand its relative competitiveness and consolidate its market position. According to the TCL Zhonghuan 2023 Annual and 2024 Q1 Performance Briefing, in Q2 2024, the company's production cost per kilogram of monocrystalline is expected to decrease by nearly 20% compared to Q1 or the end of 2023. The company will continue to strengthen its N-type Total Solution capability, and increase the proportion and market share of large-sized and N-type products. The bank believes that the company is the world's largest enterprise in terms of silicon wafer market share, and extends downstream. Referring to the valuation level of comparable companies in 2024, the bank gives the company a PE valuation of 30-32 times in 2024, corresponding to a reasonable value range of 12.72-13.57 yuan, and gives a "outperform" rating.
研报掘金丨海通证券：予TCL中环“优于大市”评级，硅片市占率全球领先
Research reports | Haitong Securities: giving TCL Zhonghuan Renewable Energy Technology an "outperform" rating, with the world's leading silicon wafer market share.
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