On September 26th, Haitong Securities research report pointed out that the current polycrystalline silicon industry is in a clearing stage. Tongwei Co., Ltd. (600438.SH) has further deepened its ties with downstream core customers through long-term established equity cooperation and other modes, maintaining industry-leading unit costs. The unit comprehensive electricity consumption has dropped to below 50 degrees, and silicon consumption has fallen to within 1.04kg/Kg-Si. Various production consumption indicators continue to be optimized. In the first half of 2024, silicon material sales volume reached 0.2289 million tons, still achieving a year-on-year growth of 28.82%. It is believed that at the bottom of the industry cycle, companies lacking cost and sales guarantees will gradually exit, while the leading companies will be strengthened at a low level, leading the next round of growth. Referring to comparable company PB average, the company is given a 1.8-2.0 times PB for 2025, corresponding to a reasonable value range of 22.78-25.31 yuan, initiating coverage with an "outperform the market" rating for the first time.