通威股份（600438）：公司筹划收购丽豪清能，市占率进一步提升，建议“区间操作”

Investment Rating - The investment rating for the company is "Trading Buy" with a suggested price target of 20.5 RMB [2][8]. Core Insights - The company plans to acquire 100% of Lihau Qingneng, which will increase its silicon material production capacity to over 1.1 million tons, raising its global market share to 36% [9]. - The company has established a full industry chain layout, which enhances supply chain security and positions it to benefit from industry consolidation [9]. - The company is expected to see a gradual improvement in its fundamentals, with projected net profits of -9.6 billion RMB in 2025, 820 million RMB in 2026, and 2.83 billion RMB in 2027 [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 projected net profits for 2025, 2026, and 2027 are -9.6 billion RMB, 820 million RMB, and 2.83 billion RMB, respectively [11]. - Earnings per share (EPS) are expected to be -2.1 RMB in 2025, 0.18 RMB in 2026, and 0.63 RMB in 2027 [11]. - The current price-to-book (PB) ratio is 1.96 [9].