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研报掘金丨天风证券:通威股份后续业绩有望反转,调整为“增持”评级

Core Viewpoint - Tongwei Co., Ltd. reported a net profit attributable to shareholders of -4.955 billion yuan for the first half of 2025, a year-on-year decline of 58.35% [1] - The company achieved a net profit of -2.363 billion yuan in the second quarter of 2025, a slight year-on-year decrease of 0.85% [1] - The report indicates a positive gross margin in Q2 2025, with cash flow showing marginal improvement despite ongoing losses due to impairment provisions [1] Group 1: Financial Performance - In H1 2025, the company's net profit was -4.955 billion yuan, reflecting a significant decline compared to the previous year [1] - The Q2 2025 net profit was -2.363 billion yuan, indicating a minor decrease year-on-year [1] - The gross margin turned positive in Q2 2025, suggesting improved cost control capabilities [1] Group 2: Production and Quality Metrics - In H1 2025, the N-type product shipment ratio exceeded 90%, with silicon consumption reduced to below 1.04 kg/kg.si [1] - The company achieved near-zero steam consumption and improved product quality, with metal content in N-type materials reduced to below 0.1 ppbw and surface metal to below 0.2 ppbw [1] Group 3: Market Performance - The company sold 5.08 GW in the overseas market during the first half of 2025, continuing its growth trajectory [1] - Tongwei has established a leading position in markets such as Poland, Romania, and Hungary, achieving significant milestones like the delivery of the first EEC 148 MW traceability project order and the first TNC 2.0 G12R66 double-glass order [1] - The report anticipates a potential reversal in performance due to a significant rebound in polysilicon prices since June 2025 [1]