Financial Performance Expectations - The company expects a net profit attributable to shareholders of approximately -7 billion to -7.5 billion yuan for the year 2024, indicating a loss compared to the previous year[4]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is also projected to be around -7 billion to -7.5 billion yuan for 2024[5]. - In the previous year, the net profit attributable to shareholders was 13.574 billion yuan, and the net profit after excluding non-recurring gains and losses was 13.613 billion yuan[6]. - The basic earnings per share for the previous year were 3.0151 yuan[6]. Market Conditions and Challenges - The main reason for the expected loss in 2024 is the significant decline in market prices across the photovoltaic industry chain, which has fallen below industry cash costs, along with approximately 1 billion yuan in long-term asset impairment[8]. - The company has noted that the photovoltaic industry chain prices have begun to stabilize or slightly recover according to recent industry reports[8]. Operational Performance and Strategy - Despite the challenges, the company maintained positive operating cash flow and saw steady growth in sales of high-purity silicon, solar cells, and modules[8]. - The company aims to strengthen its competitive advantages in technology, cost, quality, and brand within the photovoltaic industry[8]. - The company is committed to its long-term strategic goal of becoming a world-class clean energy operator and contributing to global carbon neutrality efforts[8]. Forecast Accuracy - There are no significant uncertainties affecting the accuracy of this earnings forecast[9].

Group 1 - The establishment of Tongwei Silicon Resources (Alashan Youqi) Co., Ltd. has been recently reported, with a registered capital of 50 million yuan [1] - The legal representative of the new company is Li Wenbin, and its business scope includes non-coal mining resource extraction, common non-ferrous metal smelting, and sales of non-ferrous metal alloys [1] - The company is wholly owned by Sichuan Yongxiang Silicon Resources Co., Ltd., which is a subsidiary of Tongwei Co., Ltd. [1]

Investment Rating - The investment rating for the company is "Recommended" (first coverage) [2] Core Viewpoints - The company is positioned as a dual leader in silicon materials and solar cells, with a gradually improving integrated layout. The solar industry is currently facing challenges such as supply-demand imbalance and price competition, leading to revenue and profit declines for major players. However, the company is actively expanding its integrated business and leveraging its technological, scale, and market advantages to maintain cost competitiveness [9][74]. Summary by Sections Company Basic Data - Total share capital is 4.502 billion shares, with a circulating A-share market value of 101.745 billion yuan. The net asset per share is 11.01 yuan, and the asset-liability ratio stands at 69.04% [3]. Financial Performance - The company’s revenue for 2023 is projected at 139.104 billion yuan, with a decline of 2.33% year-on-year. The forecast for 2024 shows a significant drop to 107.547 billion yuan, followed by a recovery to 141.708 billion yuan in 2025 and 172.264 billion yuan in 2026. The net profit attributable to shareholders is expected to be -4.687 billion yuan in 2024, with a recovery to 3.352 billion yuan in 2025 and 6.248 billion yuan in 2026 [7][78]. Industry Situation - The solar industry is currently at a profitability low point, with supply-demand dynamics expected to improve in 2025. The domestic solar installation growth rate is projected to be around 8%-10% for 2024-2025, with significant contributions from emerging markets [27][29]. Company Highlights 1. **Silicon Production Capacity**: The company holds the world's largest silicon production capacity, projected to reach 900,000 tons by the end of 2024, with a total planned capacity exceeding 1.3 million tons. The production cost is approximately 40,000 yuan per ton, providing a competitive edge despite price pressures [9][74]. 2. **Battery Technology**: The company has achieved full coverage of new battery technologies, with TNC battery costs reduced by 20%. It has maintained its position as the world's leading solar cell supplier for seven consecutive years [59][61]. 3. **Component Shipment Growth**: The company ranks among the top five globally in component shipments, with a production capacity exceeding 80GW by the end of 2024. It has successfully expanded its overseas orders, including significant contracts in South Africa and the UAE [65][69]. 4. **Integrated Development Model**: The company has developed a "fishing-solar integration" model, combining smart aquaculture with clean energy, having built 55 solar power stations with a total installed capacity of over 4.595GW [70][75]. Investment Recommendations - The company is expected to see net profits of -4.687 billion yuan in 2024, followed by 3.352 billion yuan in 2025 and 6.248 billion yuan in 2026. The corresponding earnings per share (EPS) are projected at -1.04 yuan, 0.74 yuan, and 1.39 yuan respectively. Based on the closing price of 22.60 yuan on December 30, 2024, the price-to-earnings (PE) ratios are -21.71, 30.35, and 16.29 for the respective years [7][74][78].

证券代码：600438 证券简称：通威股份 公告编号：2025-001 通威股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 2024 年 12 月，公司未实施股份回购。截至 2024 年 12 月 31 日，公司通过上海 证券交易所交易系统以集中竞价交易方式累计回购公司股份 101,360,012 股，占公 司目前总股本 4,501,984,831 股的 2.2515%，回购成交的最高价为 22.94 元/股，最低 价为 17.43 元/股，成交总金额为 2,001,014,959.13 元（不含交易佣金等交易费用）。 上述回购股份情况符合法律法规的规定及公司回购股份方案。 三、 其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出回 购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务，敬请 广大投资者注意投资风险。 重要内容提示： | 回购方案首次披露日 | 2024/4/30 | | --- | --- | | 回购方案实施期限 | 2024/4/28~2025/4/27 | ...

通威股份有限公司 关于可转换公司债券转股结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股票代码：600438 股票简称：通威股份 公告编号：2025-003 债券代码：110085 债券简称：通 22 转债 自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，合计有 229,000 元"通 22 转 债"转为本公司 A 股股票，合计转股股数为 6,602 股，占可转债转股前公司已发行 股份总额 4,501,548,184 股的 0.00015%，占公司 2024 年 12 月 31 日公司股份总额 4,501,984,831 股的 0.00015%。 截至 2024 年 12 月 31 日，累计已有 16,696,000.00 元"通 22 转债"转为本公司 A 股股票，累计转股股数为 436,647 股，累计转股股数占"通 22 转债"转股前公司已 发行股份总额 4,501,548,184 股的 0.00970%。 累计转股情况：自"通 22 转债"2022 年 ...

Investment Rating - The report assigns a "Buy" rating for Tongwei Co., Ltd. (600438) [33] Core Views - Tongwei Co., Ltd. is positioned as a leading company in the photovoltaic manufacturing industry, with its main business divided into two segments: photovoltaic and agriculture [33][66] - The photovoltaic segment includes the research, production, and sales of silicon materials, solar cells, and modules, which accounted for 73.92% of the company's revenue in 2023 [33][66] - The report anticipates that the silicon material industry will reach a bottom in 2024, with potential price recovery in 2025, benefiting Tongwei due to its leading cost and capacity in the industry [33][24] - The battery cell segment is expected to recover first from the oversupply situation, with significant improvements in profitability projected for 2025 [33][62] Financial Summary - The company is projected to achieve revenues of 846 billion, 972 billion, and 1,139 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year changes of -39%, +15%, and +17% [33][12] - The net profit attributable to the parent company is expected to be -47 billion, 42 billion, and 83 billion yuan for the same years, reflecting year-on-year changes of -134.6%, +189%, and +100.5% [33][12] - The gross margin is forecasted to be 7.5%, 12.2%, and 16.2% for 2024, 2025, and 2026, respectively [33][12] Industry Overview - The silicon material industry is experiencing severe oversupply, leading to rapid price declines and widespread losses among companies [3][52] - By the end of 2024, the silicon material industry capacity is expected to reach 303.83 million tons, with a year-on-year growth rate of 47% [4][3] - The report indicates that the global demand for photovoltaic modules is projected to grow by 33% in 2024, reaching 592 GW [26][31] Production Capacity - Tongwei's silicon material production capacity is expected to increase from 435,000 tons in 2023 to 750,000 tons in 2024 [4] - The company has a solar cell production capacity of 95 GW and a module production capacity of 75 GW, maintaining a leading position in the industry [8][33] Market Dynamics - The report highlights that the battery cell segment is the least affected by oversupply and is expected to see price and profitability recovery first in 2025 [9][62] - The transition from P-type to N-type cells is anticipated to accelerate in the first half of 2024, further enhancing market dynamics [9][62]

股票代码：600438 股票简称：通威股份 公告编号：2024-100 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 第八届监事会第十九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 五、本次会议形成的决议如下： 1、审议《关于 2025 年度开展套期保值业务额度预计及可行性分析的议案》 监事会一致认为公司开展套期保值业务有利于充分利用金融市场工具提升公 司防御风险能力，降低商品价格、利率、汇率波动对公司经营及业绩的影响，确 保公司稳健经营，全体监事同意公司 2025 年开展套期保值业务。详见公司于 2024 年 12 月 31 日在上海证券交易所网站（http://www.sse.com.cn）及指定媒体上披露的 《通威股份有限公司关于 2025 年度开展套期保值业务的公告》。 （表决结果：3 票同意、0 票反对、0 票弃权） 特此公告。 - 1 - 通威股份有限公司（以下简称"公司"）召开第八届监事会第十九次会议，现 将会议的相关情况及会议决议公告如下： 一、本次会议的会议通知及材料于 ...

关于 2025 年度开展套期保值业务的公告 通威股份有限公司 股票代码：600438 股票简称：通威股份 公告编号：2024-099 债券代码：110085 债券简称：通 22 转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易目的：公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工 产成品，包括玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公 司生产的产品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动 均较大，容易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展 业务，在利率市场化的金融环境下进行融资，存在汇率与利率风险。为保持公司 经营业绩持续稳定，规避和转移现货市场的价格波动，防范利率、汇率风险，公 司拟开展套期保值业务。 交易品种：公司拟开展套期保值业务的相关交易品种均与公司主营业务高 度相关，主要涉及：（1）生产经营所需原材料及生产经营产出品，包括不限于玉 米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅、多晶硅等；（2）利率 套期保值业务仅限于实 ...

Core Viewpoint - China has become the world's largest manufacturer and exporter of photovoltaic (PV) products, with a complete and advanced PV value chain, significantly contributing to global electricity cost reduction and climate governance goals. Tongwei Co., Ltd. plays a crucial role in this development, emerging as a leading enterprise in the PV industry with strong technological, scale, and cost advantages [1][2]. Group 1: Technological Advancements - Tongwei has developed its own high-purity silicon production technology, "Yongxiang Method," achieving a production capacity of over 900,000 tons and a global market share exceeding 30%, thus reshaping the competitive landscape of the high-purity silicon industry [2]. - The company has pioneered the N-type TOPCon technology, with an expected market share of 65% by 2024, and has rapidly increased its TNC battery production capacity to 130 GW, leading the industry in new technology scale and product structure optimization [3]. - Tongwei has made significant breakthroughs in heterojunction (HJT) technology, achieving a maximum output power of 776.2 watts and a conversion efficiency of 24.99% for HJT components, continuously setting new records in the industry [4]. Group 2: Research and Development - The company has established a global innovation research center in Chengdu, focusing on the development of high-efficiency crystalline silicon batteries and components, and expanding its research scope to various potential breakthrough technologies [5][10]. - Tongwei's commitment to R&D is evident in its continuous investment, with a total of 2,568 patents authorized in the PV sector by the end of November 2024, showcasing its dedication to technological innovation [1][5]. - The company has achieved industry-leading research efficiencies in new battery technologies, with N-type TBC battery efficiency reaching 26.66% and perovskite/silicon tandem battery efficiency reaching 33.98% [9]. Group 3: Market Position and Strategy - Tongwei has maintained its position as the world's largest producer of high-purity silicon and solar cells, with its solar cell sales consistently ranking first globally [7]. - The company emphasizes a multi-technology approach in its R&D strategy, ensuring it remains competitive across various future PV technologies, rather than focusing solely on a single technology [5][10]. - Tongwei's strategic focus on reducing costs and increasing efficiency is central to its competitive advantage in the PV industry, positioning it as a key player in the global energy transition [7][12].

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2024-098 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | 通威股份有限公司 2024 年度 | 债券名称 | 通威股份有限公司 2024 年度第 三期绿色超短期融资券（科创票 | 债券简 | 24 通威 GN009(科创票据) | | --- | --- | --- | --- | | | | 称 | | | | 据） | | | | 代码 | 132480175 | 期限 | 270 天 | | 起息日 | 2024 年 12 月 26 日 | 兑付日 | 2025 年 9 月 22 日 | | 计划发行 | | 实际发 | | | 总 额 ( 万 | 50,000.00 | 行总额 | 50,000.00 | | 元) | | (万元) | | | 发行利率 | 2.36% | 发行价 (百元面 | 100.00 | | --- | --- | --- | --- | | | | 值) | | | 主承销商 | 兴业银行股份有限公司 | 联席主 承销商 | 中国银行股份有 ...