通威股份：光伏寒冬中谋突围 2024业绩承压

Core Insights - The photovoltaic industry, despite being seen as a promising sector under the "dual carbon" goals, has faced significant challenges in recent years, entering a downturn due to price wars and other pressures [1] - Tongwei Co., Ltd. reported a revenue of 91.994 billion yuan for 2024, a year-on-year decrease of 33.87%, and a net profit attributable to shareholders of -7.039 billion yuan, a decline of 151.86% [1] - Despite the industry's current difficulties, the chairman of Tongwei remains optimistic about the future, citing strong global photovoltaic installation demand and a belief that the industry will recover [1] Company Performance - Tongwei has invested over 11 billion yuan in research and development over the past three years, with R&D personnel increasing to 5,277 by the end of 2024 [1] - The company has achieved significant results in its 1GW-HJT pilot line [1] - As of the end of Q1, Tongwei's monetary funds were approximately 40 billion yuan, with bank credit exceeding 140 billion yuan, and strategic investments have been introduced to optimize the debt structure [1] Market Strategy - In response to domestic market competition, Tongwei is expanding its overseas business, with sales reaching 9.451 billion yuan in 2024, representing a year-on-year growth of 98.76% [1] - The company has established a presence in over 70 countries and regions [1] - Future profitability is expected to improve due to a better supply-demand balance in the industry [1]