通威股份第二季度业绩或环比减亏 硅料环节6月已有复苏迹象

Core Viewpoint - Tongwei Co., Ltd. is expected to report a net loss of approximately 49 billion to 52 billion yuan for the first half of 2025, indicating ongoing challenges in the photovoltaic industry despite some signs of recovery in the silicon material segment [1][2] Group 1: Company Performance - In Q1 2025, Tongwei reported a loss of 25.93 billion yuan, with Q2 losses projected to be between 23.07 billion and 26.07 billion yuan, suggesting a potential reduction in losses compared to the previous quarter [2] - Despite the financial challenges, Tongwei's core businesses, particularly in photovoltaic and feed sectors, continue to operate steadily, supported by strong financial liquidity and ongoing technological advancements [2] Group 2: Industry Trends - The photovoltaic industry has seen a significant imbalance in supply and demand, with global production capacity exceeding actual installation needs, leading to a capacity utilization rate below 50% [3] - In July 2025, there was a notable rebound in silicon material prices, with multi-crystalline silicon prices increasing by over 6%, indicating a potential recovery in the market [4] - The top six silicon material companies in China hold approximately 75% of the market share, and their consolidation efforts are viewed as critical signals for industry recovery [2][3] Group 3: Cost and Production Insights - Tongwei's cash cost for silicon material at its Inner Mongolia base has decreased to 27,000 yuan per ton, with industry-leading energy consumption metrics [5] - In 2024, Tongwei's high-purity crystalline silicon sales are projected to reach 467,600 tons, a year-on-year increase of 20.76%, with over 90% of products being N-type [5]