通威股份：公司筹划收购丽豪清能，市占率进一步提升，建议“区间操作”-20260227

Investment Rating - The report assigns a "Trading Buy" rating for the company, suggesting a potential price increase within the range of 5% to 15% [8][12]. Core Insights - The company plans to acquire 100% of Lihau Qinneng, which is expected to enhance its market share in the silicon material sector, potentially increasing its production capacity to over 1.1 million tons and achieving a global market share of 36% [9]. - The company has established a full industry chain layout, which is anticipated to benefit from the ongoing industry consolidation. The company currently leads in silicon material production with a market share of 30% and is expected to maintain a strong position in the market [9]. - The financial outlook indicates a gradual improvement in the company's fundamentals, with projected net profits of -9.6 billion RMB in 2025, 820 million RMB in 2026, and 2.83 billion RMB in 2027, alongside corresponding EPS of -2.1, 0.18, and 0.63 RMB [9][11]. Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 18.16 RMB and a market capitalization of 81.76 billion RMB [3]. - The company has a significant shareholder, Tongwei Group, holding 45.24% of the shares [3]. - The company's stock has experienced a decline of 1.8% over the past month, 21.0% over the past three months, and 15.2% over the past year [3]. Financial Projections - The company’s revenue is projected to be 88.67 billion RMB in 2025, increasing to 128.23 billion RMB in 2026 and 146.18 billion RMB in 2027 [13]. - The operating profit is expected to recover from a loss of 12.53 billion RMB in 2025 to a profit of 1.07 billion RMB in 2026 and 3.71 billion RMB in 2027 [13]. - The company’s net profit is forecasted to improve significantly from -9.6 billion RMB in 2025 to 2.83 billion RMB in 2027, indicating a strong recovery trajectory [11].