通威股份2025年业绩预亏扩大，股价震荡走弱

Group 1 - The core viewpoint of the news is that Tongwei Co., Ltd. (600438) is forecasting a significant increase in net losses for 2025, estimating losses between 9 billion to 10 billion yuan, primarily due to industry supply-demand imbalance and asset impairment provisions [1] - In contrast, institutional forecasts predict a net loss of 5.86 billion yuan for 2025, indicating a discrepancy with the company's projections, which will need to be confirmed by formal announcements [1] - The Q3 report for 2025 showed signs of improvement, with a single-quarter loss narrowing to 315 million yuan, a year-on-year reduction of 62.69%, attributed to a rebound in photovoltaic industry chain prices [1] Group 2 - Over the past week, Tongwei's stock price has experienced a volatile decline, with a cumulative drop of 5.83%, closing at 18.42 yuan on February 12, down 1.34% for the day [2] - The financial outlook appears weak, with a net outflow of 24.52 million yuan in principal funds on February 12, while the financing balance remains high at 2.697 billion yuan [2] - Trading volume saw a spike on February 9 due to movements in the photovoltaic sector, but subsequent corrections led to overall performance lagging behind industry indices [2] Group 3 - On February 11, the State Council released a document on the construction of a unified national electricity market system, aiming to establish a unified market by 2030, which is expected to benefit energy storage and renewable energy demand in the long term [3] - On February 9, the photovoltaic sector experienced fluctuations due to news of Elon Musk's inspection of the industry chain, with Tongwei being mentioned as a leading company, although the overall industry still faces significant loss pressures [3] Group 4 - Huatai Securities reported on February 12 that the construction of a unified electricity market will empower investments in energy storage and the grid, highlighting structural growth opportunities in the renewable energy sector [4] - The comprehensive target price for Tongwei Co., Ltd. is set at 28.00 yuan, indicating a potential upside of 47.21% from the current stock price, although the sentiment remains neutral with a predominant hold rating [4]