通威股份：拟收购润阳股份，促进光伏行业资产整合

Investment Rating - The report maintains a "Buy" rating for Tongwei Co., Ltd. (600438.SH) [1][12] Core Views - The acquisition of Runyang Co., Ltd. is expected to promote asset integration in the photovoltaic industry, enhancing Tongwei's market position and capacity [1][2] - The integration of Runyang's production capabilities will complement Tongwei's existing operations, particularly in overseas markets, potentially increasing profitability [2] - The acquisition aligns with industry trends towards consolidation and supply-side reform in the photovoltaic sector, addressing the current supply-demand imbalance [2] Financial Summary - Revenue projections for Tongwei are as follows: 2024E at 117.54 billion, 2025E at 159.47 billion, and 2026E at 199.42 billion [1][2] - The expected net profit for 2024E is -2.05 billion, followed by 4.18 billion in 2025E and 7.29 billion in 2026E, indicating a recovery trajectory [1][2] - Key financial metrics include a projected EPS of -0.46 for 2024E, 0.93 for 2025E, and 1.62 for 2026E, with corresponding P/E ratios of -59.4, 29.2, and 16.7 [1][6]