Gelonghui, May 22 | Guotai Junan Research Report pointed out that competition in the photovoltaic industry has recently intensified, Tongwei Co., Ltd. (600438.SH) has made significant preparations for price declines in inventory and fixed assets, and the results of the 2023 annual report and 2024 quarterly report are lower than expected. The bank is optimistic that the company is a leading company in silicon materials and batteries, with obvious competitive advantages, steady expansion of high-quality production capacity, and continued development of the component business. PE was granted 20X in 2025, the target price was lowered to 26.6 (-25.9) yuan, and the holding increase rating was maintained. In 2023, the company achieved sales volume of 387,200 tons of high-purity silicon, a year-on-year increase of 50.79%, and a global market share of over 25%. By the end of 2023, the company has a production capacity of 450,000 tons of high-purity crystalline silicon and 400,000 tons of production capacity under construction. It is expected to be put into operation in the second and third quarters of 2024, respectively. At present, the company's N-type products account for more than 90% of the monthly output; the average production cost has been reduced to less than 42,000 yuan/ton; and deep cooperative relationships have been established with downstream customers through models such as equity cooperation and long order signing.