On October 25, TCL Central, the leader of photovoltaic silicon wafers, announced its first three quarters results. The company's third quarter performance continued to grow, but the single quarter net profit fell 20% year-on-year. According to
the announcement, the company's operating income in the first three quarters was 48.654 billion yuan, down 2.39% from the same period last year; the net profit attributable to the parent company was 6.188 billion yuan, up 23.75% from the same period last year. In particular, the single-quarter revenue in the third quarter was RMB13.756 billion, representing a year-on-year decrease of 24.19%; the net profit attributable to the parent company was RMB1.652 billion, representing a year-on-year decrease of 20.72% and a quarter-on-quarter decline of approximately 27.6%.
This is also the first time that TCL Central's revenue has declined year-on-year in the same period of nearly ten years.
TCL Central said that in the first three quarters of 2023, the expansion of photovoltaic industry capacity did not match the terminal demand, resulting in a rapid decline in industrial chain prices and fierce competition in the industrial chain, resulting in a 2.39% year-on-year decline in the company's revenue. In terms of
business, in the first three quarters, TCL Central Silicon Wafer accelerated its switch to G12 large-size products and N-type market, and its production and sales scale increased by 68% year on year. At the same time, based on the intellectual property rights and technological innovation advantages of IBC battery-modules and shingled modules owned by Maxeon, the company has accumulated more than 10GW shipments of IBC battery products.
On the same day, in addition to its performance, TCL Central also announced a share repurchase plan of up to 1 billion yuan. The company intends to repurchase shares at a price not exceeding 34.15 yuan per share (inclusive). The total amount of repurchase is not less than 500 million yuan (inclusive) and not more than 1 billion yuan (inclusive).
The repurchased shares will be used for equity incentives or employee stock ownership plans at an appropriate time in the future, and if they are not used up within three years, the unused shares will be cancelled.
The company said that the repurchase was based on confidence in the company's future development prospects and recognition of the company's value, and took full account of the actual situation of the recent stock price trend in the secondary market, business development prospects, operating conditions, financial conditions, future profitability and other factors.
However, the market does not seem to pay for this. On the morning of October 26, TCL Central once fell by more than 5%. At the highest moment, the stock price fell below the 18 yuan mark, hitting a new low in nearly three years, with a cumulative decline of nearly 25% in the month. Now down 4.63%.
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