Western Securities: Tianhe Energy's energy storage business has performed well, and we maintain a "buy" rating.

The West Securities research report points out that in 2024, the net profit attributable to the parent company's owners of TBEA Co., Ltd. was -3.443 billion yuan, a decrease of 162.30% from the previous year; in the first quarter of 2025, the net profit attributable to the parent company was -1.32 billion yuan, a decrease of 355.88% compared to the same period last year. Intensified competition in the photovoltaic industry has led to losses. In 2024, the company's component shipments exceeded 70GW, with the global sales of the 210 series components steadily increasing and the application scope expanding further. However, in 2024, the photovoltaic industry faced many challenges such as supply and demand imbalance and intensified trade protection in overseas markets. Due to the continuous decline in the prices of photovoltaic components, the company's component business profitability declined, leading to an overall loss in operating performance for the year. The distributed business is steadily moving towards high-quality development, while the mounting structure business is accelerating to gain market share in major global markets, with shipments reaching 7.3GW. The energy storage business has performed well. With high-quality energy storage products and services, and a stable global supply chain system, the company has gained recognition from global customers, maintaining a "buy" rating.