TONGWEI CO.,LTD(600438) 东吴证券·2025-01-20 01:45Investment Rating - The investment rating for Tongwei Co., Ltd. is "Buy" (maintained) [1] Core Views - The company is expected to face significant pressure on its annual performance due to low prices and impairment impacts, with a projected net loss of 7.2 to 7.5 billion yuan for 2024 [8] - Despite the challenges, the company maintains positive operating cash flow, indicating resilience in its core operations [8] - The report anticipates a recovery in silicon prices post-Spring Festival, driven by reduced industry inventory and improved production rates [8] Financial Summary - Total revenue for 2024 is projected at 84.296 billion yuan, a decrease of 39.40% year-on-year [1] - The net profit attributable to shareholders is expected to be a loss of 7.205 billion yuan, reflecting a year-on-year decline of 153.08% [1] - Earnings per share (EPS) is forecasted to be -1.60 yuan for 2024, compared to 3.02 yuan in 2023 [1] - The company is expected to ship 450,000 to 500,000 tons of silicon material in 2024, with a significant increase in battery shipments [8] - The report predicts a recovery in net profit to 3.586 billion yuan by 2025, with a growth rate of 149.78% [1]