For 1H26,TDG Holdings recorded revenue of RMB1,754mn(+10.75%YoY),attributable net profit(NP)of-RMB282mn(-636.67%YoY),and recurring attributable NP of-RMB302mn(-9,555.52%YoY).Revenue growth was mainly driven by YoY increases in sales revenue from magnetic materials and sapphire crystal materials in the electronic materials segment.The earnings loss was mainly due to the rapid contraction of the PV segment,which led to sizeable overdue receivables and slow-moving inventories,as well as asset impairment provisions.Looking ahead,as the company sharpens its strategic focus on core electronic materials and as PV segment risks are worked through,we expect earnings to recover.Maintain BUY.
1H26 GPM rose,but the PV segment weighed on earnings
For 1H26,overall GPM was 21.66%(+1.03pp YoY),mainly because high-GPM electronic materials made up ahigher proportion of revenue.However,expenses grew faster than revenue,with the overall expense ratio reaching 20.11%(+1.24pp YoY).Sales/administrative/R&D/financial expense ratios were 2.71/9.07/7.80/0.53%,with YoY changes of+0.15/+0.27/+0.28/+0.55pp.The increase in financial expenses was mainly due to higher forex losses.The biggest drag on earnings came from impairment losses,which totaled RMB393mn,up by RMB355mn YoY,mainly due to bad-debt losses on PV segment receivables and inventory impairment.
2Q26 impairments expanded faster
On aquarterly basis,2Q26 revenue increased by 17.88%QoQ to RMB949mn,and GPM rose by 3.01pp QoQ to 23.04%,indicating QoQ improvement in both revenue and GPM.However,credit impairment losses/asset impairment losses reached RMB169/167mn in 2Q26,totaling RMB336mn,a sharp increase from RMB57mn in 1Q26,reflecting greater exposure of PV segment risks in 2Q26.As aresult,attributable NP came in at-RMB240mn in 2Q26,with the loss widening QoQ from-RMB42mn in 1Q26.On expenses,the 2Q26 overall expense ratio fell by 0.36pp QoQ to 19.94%,suggesting QoQ improvement in expense control.The 2Q26 R&D expense ratio rose by 1.88pp QoQ to 8.66%,reflecting the company’s higher R&D investment in electronic materials.
Electronic materials expansion on track
Strategically,the company is implementing abroad-based contraction and transformation of its PV segment,shifting its focus to new product R&D and market expansion in crystal materials.In its core electronic materials business,soft magnetic materials benefited from rising downstream demand from NEVs and AI servers,and copper-iron co-fired integrated inductors have entered mass production.The sapphire business is seeing amild recovery,while the company is expanding into new application scenarios such as carriers for advanced packaging and substrates for GaN power devices.In production line construction,the sapphire crystal manufacturing and processing base project was 60%complete;the 25.3ktpa high-end magnetic materials intelligent manufacturing production line project was 66%complete;and the large-size RF piezoelectric wafer project was 43%complete.As the company focuses on its core electronic materials business and PV segment risks are worked through,we expect earnings to recover.
Maintain BUY
We maintain our earnings forecasts and project 2026/2027/2028 attributable NP of RMB64/222/447mn,corresponding to EPS of RMB0.05/0.18/0.36.Considering that TDG Holdings is among the few companies globally capable of mass-producing lithium niobate crystals,and is alisted company in China capable of mass producing 8-inch lithium niobate wafers,we believe it enjoys synergies across multiple electronic materials such as soft magnetic materials and sapphire,proprietary and self-sufficient technologies,and technology moats.Maintain BUY.
Risks:PV segment risk resolution falling short of our expectation,weaker-than-expected electronic materials demand,sharp increases in raw material prices,sales collection risks.

　　2026H1公司实现营业收入17.54亿元（yoy+10.75%），归母净利润-2.82亿元（yoy-636.67%），扣非归母净利润-3.02亿元（yoy-9,555.52%）。营收增长主要因为电子材料业务中磁性材料、蓝宝石晶体材料销售收入同比增加；业绩亏损主要因为光伏业务快速收缩导致大额逾期账款及滞压存货，叠加计提资产减值损失。展望后市，随着公司战略聚焦核心电子材料主业及光伏业务风险逐步出清，公司业绩有望逐步修复。维持“买入”评级。
　　26H1毛利率上升，光伏业务拖累业绩
　　公司整体毛利率为21.66%（yoy+1.03pct），主要因为高毛利电子材料产品占比提升，但费用端增长快于收入，期间费用率20.11%（yoy+1.24pct），其中销售费用率2.71%（yoy+0.15pct），管理费用率9.07%（yoy+0.27pct），研发费用率7.80%（yoy+0.28pct），财务费用率0.53%（yoy+0.55pct），财务费用增加主要因为汇兑损失增加。利润端最大拖累来自减值损失合计3.93亿元（同比多计提3.55亿元），主要源于光伏业务应收账款坏账及存货跌价。
　　Q2减值加速暴露，营收毛利率均环比改善但单季亏损扩大
　　单季度看，Q2实现营收9.49亿元（qoq+17.88%），毛利率23.04%（qoq+3.01pct），营收及毛利率环比均显著改善。但Q2信用减值损失1.69亿元、资产减值损失1.67亿元，合计3.36亿元，较Q1（合计损失0.57亿元）大幅增加，反映光伏业务风险在Q2加速暴露。受此拖累，Q2归母净利润-2.40亿元，环比亏损扩大（Q1为-0.42亿元）。费用端，Q2期间费用率19.94%（qoq-0.36pct），反映费用控制环比改善，Q2研发费用率8.66%（qoq+1.88pct），反映公司持续加码电子材料研发投入。
　　电子材料扩产稳步推进，光伏风险出清后业绩可期
　　战略层面，公司对光伏业务实施全面收缩与转型，重心转向晶体材料领域的新品研发与市场拓展。电子材料主业方面，软磁材料受益于新能源汽车、AI服务器等下游需求提升，铜铁共烧一体电感已实现量产；蓝宝石业务温和复苏，积极拓展先进封装载盘、GaN功率器件衬底等新应用场景。产能建设层面，蓝宝石晶体制造与加工基地项目进度60%，年产25300吨高端磁性材料智能制造产线项目进度66%，大尺寸射频压电晶圆项目进度43%。随着电子材料主业聚焦及光伏业务风险逐步出清，公司业绩有望逐步修复。
　　维持“买入”评级
　　我们维持盈利预测，预计公司2026-2028年归母净利润分别为0.64/2.22/4.47亿元，对应EPS为0.05/0.18/0.36元。考虑到公司是全球少数能批量生产铌酸锂晶体的企业，也是？国内唯一实现8英寸铌酸锂晶圆量产？的上市公司，具备软磁、蓝宝石多电子材料协同优势，技术自主可控，具备一定技术壁垒，维持“买入”评级。
　　风险提示：光伏业务风险出清不及预期；电子材料需求不及预期；原材料价格大幅上涨；应收账款回款风险。

　　高速光互连向更高速率、更低功耗升级，TFLN进入产业化验证窗口
　　AI算力集群推动光互连由800G向1.6T、2.4T轻相干及3.2T升级，调制器对带宽、驱动电压、插入损耗和线性度的要求持续提高。TFLN兼具高带宽、低驱动电压和低光学损耗等优势，有望切入高速光模块、相干通信及NPO/CPO等高性能场景。随着国内外器件厂商、光模块厂商及云厂商加快验证，TFLN正由技术验证逐步迈向模块导入。
　　卡位大尺寸铌酸锂上游，晶圆能力与异质集成构筑核心竞争力
　　天通股份已形成6/8英寸量产、12英寸研发验证的铌酸锂晶圆产品梯队，是全球少数具备铌酸锂晶体批量生产能力的企业，也是国内唯一实现8英寸铌酸锂晶圆量产的上市公司。公司与青禾晶元开展合作，将自身晶体、晶片供应能力与异质集成键合工艺衔接；叠加在标准制定、知识产权、研发投入及高端客户资源方面的积累，公司有望进一步提升TFLN材料平台的产品价值和供应链竞争力。
　　需求增长与供给稀缺并存，客户验证和产能释放打开成长空间
　　2026年全球8英寸薄膜铌酸锂晶圆年需求已超过50万片，而有效供给约30万片，供需缺口超过40%，大尺寸晶圆供给能力成为产业化的重要约束。后续随着设备到位、良率爬坡及头部客户验证推进，公司有望沿着“样品验证—小批量导入—规模化交付”的路径，推动薄膜铌酸锂业务逐步放量。
　　投资建议：首次覆盖给予“买入”评级。公司拥有从铌酸锂晶圆到铌酸锂异质薄膜晶圆整条产业链技术壁垒，并且率先布局铌酸锂异制薄膜晶圆的产能建设，同时产品在下游客户验证进度领先。随着薄膜铌酸锂材料在下一代光通信行业的快速渗透，公司的压电材料预计迅速释放业绩。预测如下：预计2026-2028年公司的营业收入为37.65/52.99/99.18亿元，归母净利润为-0.76/4.46/15.95亿元，每股收益（EPS）为-0.06/0.36/1.29元，对应2026年8月21日收盘价27.27元，PE分别为-441.53/75.50/21.09倍。首次覆盖给予“买入”评级。
　　风险提示：1）宏观经济下行风险；2）政策落地不及预期；3）行业竞争加剧；4）技术开发产品导入进度不及预期；5）需求不及预期。

　　投资建议
　　公司正在经历关键切换期，光伏装备出清有望带来利润端改善，三大材料各具竞争优势且稳步向好，磁性材料基本盘稳固，蓝宝石业务修复，压电晶体（铌酸锂）蓄势待发，公司估值重心将逐步由“周期设备”切换至“成长材料”。我们预计公司2026-2028年实现营业收入分别为38.07亿元、46.94亿元、58.32亿元，同比分别增长18.9%、23.3%、24.3%；归母净利润分别为0.75亿元、2.17亿元、4.08亿元。对应当前（2026年6月1日）收盘价的PE分别为504、174、93倍，维持“买入”评级。
　　风险提示
　　光伏装备出清不及预期的风险、市场竞争加剧的风险、压电晶体客户验证和导入不及预期的风险、产能扩张及良率不及预期的风险。

In 2025,TDG Holding recorded revenue of RMB3,201mn(+4.22%YoY);attributable net profit(NP)was-RMB165mn(turning negative YoY),and recurring NP was-RMB217mn(turning negative YoY).For 1Q26,revenue was RMB805mn(+12.70%YoY);attributable NP was-RMB42mn(turning negative YoY),and recurring NP was-RMB51mn(turning negative YoY).We attribute 2025 loss mainly to dropping PV equipment sales volume and prices,as well as asset and goodwill impairment provisions.The company remained loss-making in 1Q26,primarily due to impairment provisions resulting from delayed payments by PV equipment customers.Looking ahead,as the electronic materials revenue continues to ramp up and the PV equipment segment gradually scales down,we expect earnings to improve.Maintain BUY.
Asset impairments caused phased losses
In 2025,revenue growth was mainly driven by electronic materials.This segment's revenue grew by 24.67%YoY to RMB2,817mn.Specifically,magnetic materials revenue grew on solid demand from automotive electronics and data center sectors,while sapphire materials earnings rallied on the back of optimized pricing strategies and cooperation with key accounts.However,revenue from special equipment manufacturing and installation fell by 62.41%to RMB261mn,which we attribute to overcapacity in the PV sector and downstream investment contraction.The company's overall GPM was 19.39%(-1.01pp YoY).The GPM for electronic materials slid by 1.21pp YoY to 19.47%,due to price cuts for high-margin products and rising raw material prices,and equipment GPM dropped by 6.25pp YoY to 12.88%amid intensified price competition.The overall expense ratio was 19.8%(+1.51pp YoY).Administrative expenses were RMB313mn(+26.37%YoY,driven by increased depreciation,amortization,and employee compensation),R&D expenses were RMB227mn(-11.93%YoY),and financial expenses were-RMB1mn(mainly due to reduced interest income).
Maintain BUY
Considering electronic materials revenue growth but PV profitability pressure,we raise our assumptions for electronic materials output and gross profit,lower assumptions for PV equipment output and gross profit,and lift our overall expense ratio estimates.Thus,we project 2026/2027/2028 attributable NP of RMB64/222/447mn(-79.61/-33.18%vs previous 2026/2027 estimates),corresponding to BVPS of RMB6.37/6.53/6.84.Considering that the lithium niobate segment requires R&D investment in the form of net assets and profit has yet to ramp up,we apply the PB valuation method to reflect the company's value.Considering that earnings are pressured by tepid PV supply-demand fundamentals,we value the company at 4.89x 2026E PB,below its peers'average of 6.11x on iFind consensus.Our target price is RMB31.14(previous:RMB12.37,based on 56.2x 2025E PE).Maintain BUY.
Risk:Weaker PV sector recovery than we expect;intensified price competition in the electronic materials market;downstream AI server/NEV demand falling short of our expectations;raw material price fluctuations.