通威股份（600438）：25Q3大幅减亏，多晶硅盈利改善显著

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company significantly reduced its losses in Q3 2025, with notable improvement in polysilicon profitability due to price increases and cost reductions during the wet season [2][3] - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 908.33 billion, 1074.77 billion, and 1201.88 billion respectively, and a return to profitability by 2026 [3][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 646.00 billion, a year-on-year decrease of 5.38%, and a net loss attributable to shareholders of 52.70 billion, which is an increase in losses compared to the previous year [1] - In Q3 2025, the company achieved revenues of 240.91 billion, a decrease of 1.57% year-on-year and 1.97% quarter-on-quarter, with a net loss of 3.15 billion, showing a significant reduction in losses compared to previous quarters [1] Polysilicon Market Dynamics - The polysilicon prices saw a substantial increase from the low point in June 2025, with N-type and granular silicon prices rising by 55% and 51% respectively by the end of September 2025 [2] - The improvement in profitability for polysilicon is attributed to the "anti-involution" measures in the photovoltaic sector, which led to price adjustments above the comprehensive cost line [2] Cash Flow and Operational Efficiency - The company reported a positive operating cash flow of 47.76 billion in Q3 2025, indicating a significant improvement in operational quality [3] Future Projections - The company forecasts a return to profitability with net profits of -57.91 billion in 2025, 30.50 billion in 2026, and 60.25 billion in 2027, with corresponding PE ratios of 34X and 17X for 2026 and 2027 respectively [3][5]