通威，再现曙光

Core Viewpoint - The Chinese photovoltaic industry is currently facing significant challenges due to irrational competition and a prolonged period of losses, leading to a call for industry self-discipline and a reduction in excessive competition [1][3][4]. Industry Overview - The photovoltaic industry in China has transitioned from a phase of catching up to one of leading the global market, with substantial advancements in scale and technology [2]. - The industry is experiencing a severe supply-demand mismatch, resulting in widespread losses across the sector, including leading companies [3][4]. Company Insights - Tongwei Co., Ltd. is projected to face its first annual loss in over 40 years in 2024, highlighting the severity of the current market conditions [2]. - The company has emphasized the importance of market-driven solutions to address perceived overcapacity, suggesting that the market will eventually find a new balance [4]. - Despite the challenges, Tongwei has been actively seeking to improve its cash flow and operational efficiency through strategic investments and partnerships [9]. Market Dynamics - Recent data indicates a significant increase in the price of polysilicon, with futures prices rising over 60% in the past month, reflecting a potential recovery in the market [7]. - The average transaction prices for various types of polysilicon have also shown substantial week-on-week increases, suggesting a positive trend in pricing [7]. Financial Performance - Tongwei's half-year profit forecast for 2025 indicates a projected net loss of approximately 49 to 52 billion yuan, which is an increase compared to the previous year, primarily due to ongoing supply-demand imbalances [8]. - The company has been focusing on vertical integration to enhance its competitive position, but the current market downturn has intensified the financial pressures across its product lines [8].