On 8 April 2024, TBEA Co., Ltd. (TBEA, SH：600089), a top manufacturer of high-end power transmission and transformation equipment, renewable energy, and new materials, has released its 2023 performance report.

During that year, TBEA produced 191,300 tonnes of polysilicon and sold 202,900 tonnes. They also added 2.19GW of installed capacity for wind and solar power plants, and connected 3.41GW of wind and solar power to the grid. TBEA added 388 new authorised patents, including 111 inventions.

During the reporting period, TBEA’s operating income increased by 1.79% year-on-year to 98.12 billion yuan. However, the net profit decreased by 38.42% year-on-year to 14.09 billion yuan. The net profit attributable to parent companies also decreased by 32.75% year-on-year to 10.703 billion yuan. The asset-liability ratio also increased by 1.34% year-on-year to 54.28%. On a positive note, the net cash flow from operating activities increased by 18.41% year-on-year to 25.812 billion yuan.

In 2023, TBEA’s new energy-related business generated the largest proportion of revenue, reaching 28.052 billion yuan. However, the gross margin for this segment fell to 31.95%, a year-on-year decline of 25.87%.

TBEA stated that the decrease was mainly due to the dramatic decline in polysilicon prices, which resulted from overcapacity in the industry. TBEA plans to improve the quality of its polysilicon products, increase the proportion of n-type silicon, and reduce energy and material consumption as well as production costs. The company aims to achieve an operating revenue of 100 billion yuan by 2024 while keeping operating costs below 80 billion yuan.