TONGWEI CO.,LTD(SH:600438) Zhong Guo Jin Rong Xin Xi Wang·2025-04-30 03:04Core Insights - Company Tongwei Co., Ltd. reported a significant decline in revenue and net profit for 2024, with revenue at 91.99 billion yuan, down 33.87% year-on-year, and a net loss of 7.039 billion yuan, a decrease of 151.86% [1] Group 1: Business Performance - The photovoltaic business generated revenue of 59.79 billion yuan, accounting for 65.00% of total revenue, while the agricultural and animal husbandry business contributed 31.74 billion yuan, or 34.50% [1] - Solar cell and related businesses achieved revenue of 41.42 billion yuan, representing 45.03% of total revenue, while feed, food, and related businesses generated 31.74 billion yuan, accounting for 34.50% [1] - High-purity crystalline silicon sales reached 467,600 tons, up 20.76% year-on-year, with the company holding a 30% market share in China [1] Group 2: Product Sales and Market Position - Tongwei's solar cell sales totaled 87.68 GW, a year-on-year increase of 8.7%, maintaining the top position in global battery shipments for eight consecutive years with a market share of approximately 14% [2] - The company sold 45.71 GW of solar modules, marking a 46.93% increase year-on-year, and received multiple prestigious certifications for its core products [2] Group 3: Financial Health and Cash Flow - Despite the overall losses, Tongwei maintained positive cash flow from operating activities, with cash and financial assets amounting to approximately 40 billion yuan by the end of Q1 2025 [2] Group 4: Technological Advancements - In 2024, Tongwei implemented key technologies and equipment that reduced comprehensive electricity consumption and silicon consumption, with production cash costs in Inner Mongolia dropping to below 27,000 yuan per ton [2] Group 5: International Expansion - Tongwei secured GW-level project orders in countries like Saudi Arabia and Poland, achieving a 98.76% year-on-year increase in overseas sales [3] - The company's products are now available in over 70 countries and regions, catering to various photovoltaic applications [3]