研报掘金丨申万宏源研究：首予通威股份“增持”评级，成本壁垒构筑长期护城河

Core Viewpoint - Tongwei Co., Ltd. has established a cyclical turning point and built cost barriers that create a long-term competitive advantage in the market [1] Group 1: Company Overview - The company started in the agricultural feed sector and has grown to become a leading comprehensive feed producer in China [1] - In 2007, the company entered the high-purity silicon sector through its subsidiary Yongxiang Co., Ltd., marking its entry into the photovoltaic new energy industry [1] - Through restructuring and integration of companies like Hefei Solar and Tongwei New Energy, the company has completed a full industry chain layout from silicon materials, cells, to modules and power plants [1] Group 2: Business Model and Strategy - Tongwei Co., Ltd. has formed a dual business model driven by "green agriculture + clean energy," becoming a global leader in high-purity silicon and solar cell manufacturing [1] - The company benefits from industry trends that reduce internal competition, leveraging its leading technology and cost advantages [1] Group 3: Financial Outlook - Using a segmented valuation method, the company's target market value for 2026 is estimated to be 112.7 billion [1] - The company is positioned as a top player in the polysilicon and photovoltaic cell sectors, with expectations to emerge from the bottom of the photovoltaic cycle ahead of competitors [1] - The initial coverage of the company has been rated as "overweight" [1]