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.

　　2025年，公司实现营业收入32.01亿元（yoy+4.22%），归母净利润-1.65亿元（同比由盈转亏），扣非归母净利润-2.17亿元（同比由盈转亏）。2026年一季度，公司实现营业收入8.05亿元（yoy+12.70%），归母净利润-0.42亿元（同比由盈转亏），扣非归母净利润-0.51亿元（同比由盈转亏）。25年亏损主要系光伏装备业务量价齐跌、计提资产减值及商誉减值拖累；26Q1亏损延续，主要系光伏设备客户回款滞后计提减值。展望后市，随着电子材料业务持续放量、光伏装备业务逐步缩减，业绩有望改善。维持"买入"评级。
　　25年电子材料放量难抵光伏拖累，资产减值致阶段性亏损
　　2025年营收增长主要因电子材料制造业务放量（收入28.17亿元，yoy+24.67%），其中磁性材料受益汽车电子与数据中心需求实现增长，蓝宝石材料通过优化价格策略与大客户合作实现业绩复苏；但专用装备制造及安装业务收入大幅下滑62.41%至2.61亿元（光伏行业产能过剩、下游投资收缩）。公司整体毛利率19.39%（yoy-1.01pct），电子材料毛利率19.47%（yoy-1.21pct，高毛利产品降价及原材料涨价），装备毛利率12.88%（yoy-6.25pct，价格竞争加剧）。期间费用率19.8%（yoy+1.51pct），其中管理费用3.13亿元（yoy+26.37%，折旧摊销及职工薪酬增加），研发费用2.27亿元（yoy-11.93%），财务费用-0.01亿元（主因利息收入减少）。
　　26Q1营收改善但亏损延续，光伏减值压力仍存
　　26年一季度，公司归母净利由盈转亏主因专用装备制造及安装板块受光伏市场设备需求偏弱影响，叠加光伏客户回款滞后导致计提资产减值损失，同时其他收益（政府补助）同比减少。期间费用率20.32%（yoy-0.85pct），其中营业成本6.44亿元（yoy+10.99%），税金及附加0.06亿元（yoy+62.58%）。现金流方面，26Q1经营活动现金流净额-0.45亿元，同比-257.09%，主要因政府补助减少导致其他经营活动现金流入减少。
　　聚焦电子材料核心赛道，十五五蓄势经营拐点
　　公司坚守"材料为核心、装备为支撑、协同发展"战略，聚焦电子材料核心赛道，稳步推进光伏装备业务出清。业务层面，磁性材料成功切入AI服务器电源模块、新能源汽车车载OBC等高端场景，客户覆盖国内外头部电子制造企业；压电晶体8英寸铌酸锂/钽酸锂晶圆实现量产，12英寸产品研发取得关键突破，受益光通信与射频滤波器需求放量；蓝宝石1000kg级超大尺寸晶体研发成功，市场份额持续提升。装备业务聚焦粉体材料设备及特种晶体设备，与材料业务形成垂直一体化协同。随着光伏装备业务逐步出清、电子材料高端产能释放，公司业绩有望迎来经营拐点。
　　维持“买入”评级
　　考虑公司电子材料产品放量，但光伏业务板块盈利承压，我们调高电子材料相关产品产量与毛利、调低光伏业务板块产量与毛利并提高公司期间费用率，预计公司2026-2028年归母净利润分别为0.64/2.22/4.47亿元，26/27年下调79.61%/33.18%，对应BVPS为6.37/6.53/6.84元。考虑公司铌酸锂业务需净资产端研发投入，且利润尚未释放，我们采用可比公司PB估值法反映公司价值。可比公司2026年iFind一致预期PB为6.11X，考虑目前设备业务受光伏市场低景气度影响导致整体业绩承压，我们给予公司26年预期PB4.89X，目标价31.14元（前值12.37元，基于25年PE56.2XPE）。维持“买入”评级。
　　风险提示：光伏行业复苏不及预期；电子材料价格竞争加剧；下游AI服务器及新能源汽车需求不及预期；原材料价格波动风险。