TONGWEI CO.,LTD(600438)2024-06-04 12:36Industry Trends and Policy Impact - The photovoltaic industry is facing supply-demand imbalances and profit pressures, prompting regulatory attention and potential policy reforms [3] - The government is expected to introduce supply-side reform policies to guide high-quality development in the photovoltaic sector [3] - Industry concentration is likely to increase after the current "reshuffle," benefiting stronger companies [3] - The State Council's 2024-2025 Energy Conservation and Carbon Reduction Action Plan proposes increasing new energy utilization rates to 90% in resource-rich areas [3] Market Performance and Projections - China's photovoltaic installations reached 60.11GW in the first four months of 2024, a 24.4% year-on-year increase [3] - Full-year photovoltaic installation growth in 2024 is expected to exceed 20% [3] - Domestic photovoltaic installations are projected to reach new highs in 2024, driven by centralized and distributed installations [3] Company Operations and Technology - Tongwei's semiconductor-grade polysilicon subsidiary has a 1000-ton capacity and has achieved overseas shipments [4] - The company plans to complete 38GW PERC capacity upgrades and add 41GW TNC battery capacity in 2024 [5] - Tongwei aims for 90GW solar cell shipments in 2024, with TNC batteries expected to exceed 70% [5] - The company's HJT 1GW pilot line equipment has been moved in, with ongoing development of silver-coated copper and copper interconnection technologies [4] Financial and Strategic Developments - Tongwei has repurchased 5,249,500 shares for 114.33 million yuan as of April 30, 2024 [5] - The controlling shareholder has increased holdings by 1,692,014 A shares, totaling 40.21 million yuan [5] - The company targets 50GW module shipments in 2024, aiming for increased overseas market share [6] Raw Material Market Dynamics - Polysilicon prices have fallen below cash costs for most producers, with May production expected to decrease by 5% [4] - Industry-wide maintenance and capacity control measures are expected to alleviate supply-demand imbalances [4]