TONGWEI CO.,LTD(600438) 华创证券·2024-11-07 07:59Investment Rating - The report maintains a "Recommended" rating for Tongwei Co., Ltd. (600438) with a target price of 35.11 CNY [1][2]. Core Insights - The company reported a significant reduction in losses in Q3 2024 compared to previous quarters, indicating a potential turnaround in performance [1]. - The integrated production model is expected to enhance growth opportunities, particularly in the silicon material and solar cell sectors [2]. - The company has achieved a year-on-year increase in silicon material shipments, with a notable 28.5% growth in the first three quarters of 2024 [2]. - The company is expanding its production capacity for N-type solar cells, with plans to exceed 100GW by the end of 2024 [2]. - The company has successfully increased its module shipments, with a 58.68% year-on-year growth in the first three quarters of 2024 [2]. - The financial forecasts have been adjusted, with expected net profits for 2024-2026 being -4.97 billion, 4.52 billion, and 7.02 billion CNY respectively [2]. Financial Summary - Total revenue for 2024 is projected to be 101.34 billion CNY, reflecting a year-on-year decrease of 27.1% [3]. - The net profit for 2024 is expected to be -4.97 billion CNY, a significant decline of 136.6% compared to the previous year [3]. - Earnings per share (EPS) is forecasted to be -1.10 CNY for 2024, with a recovery to 1.00 CNY in 2025 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be -27 for 2024, improving to 30 in 2025 and 19 in 2026 [3].