Zhi Tong Cai Jing·2025-10-21 07:26Core Viewpoint - CEG (协鑫科技) has turned profitable in Q3 2025 for its photovoltaic materials segment, reporting a profit of 960 million RMB, which includes a post-tax profit of 640 million RMB from the sale of its associate company, Xinhua Semiconductor [1] Group 1: Financial Performance - CEG's photovoltaic materials segment achieved a profit of 960 million RMB in Q3 2025, marking a turnaround from previous losses [1] - The increase in profit is attributed to a significant rise in polysilicon prices, which increased from a low of 34,000 RMB per ton to the current price of 50,000 RMB per ton since late July [1] - The company's operating rate has increased, which has helped to dilute unit depreciation and expenses, contributing to the profitability of the granular silicon business [1] Group 2: Market Outlook - CEG's net profit forecast has been raised by the research firm, with a target price adjustment to 1.54 HKD based on a 2026 price-to-earnings ratio of 16 times [1] - The firm maintains a "Buy" rating for CEG, indicating a positive outlook for the company's future performance [1]