研报掘金丨国盛证券：维持通威股份“增持”评级 业绩拐点已现，盈利修复可期

Core Viewpoint - Tongwei Co., Ltd. reported a significant reduction in losses for the third quarter, indicating a potential turning point in profitability as the solar industry shows signs of recovery [1] Financial Performance - In the first three quarters, the company achieved a net profit attributable to shareholders of -5.27 billion yuan, with a third-quarter net profit of -315 million yuan, marking a 62.69% reduction in losses [1] - The third-quarter loss represents the lowest quarterly loss since Q4 2023, with a sequential reduction in losses of 86.68% compared to the second quarter [1] Market Dynamics - The price of polysilicon has rebounded significantly, with the average price of N-type re-investment materials rising from 34,700 yuan per ton in early July to 53,200 yuan per ton by late September, reflecting a 53.3% increase [1] - The solar industry is experiencing improvements across various segments, driven by policies aimed at rationalizing prices and reducing internal competition [1] Competitive Position - As a leading player in the entire solar industry chain, the company benefits from cost advantages, technological barriers, and resilient cash flow, which enhance its ability to withstand risks during the industry's consolidation phase [1] - The company is expected to see a recovery in profitability, with an optimistic outlook for future performance, maintaining an "overweight" rating [1]