The Dongwu Securities Research Report pointed out that Tongwei Co., Ltd. reduced losses, repaired prices, and increased battery module shipments. The company's net profit for Q1-3 in '26 was 6.759 billion yuan, or -28.2%, of which 26Q3 was net profit of 1,639 billion yuan, -420.8%/+38.7% year-on-month. On the price side, the price of silicon material rebounded from a low of about 32 yuan/kg at the end of August to 40 yuan/kg in late August, and has remained stable since September; all of the company's polysilicon production capacity has met the new silicon polycrystalline energy consumption limit standard, and supply and demand are expected to improve further as the industry continues to push back and forth. Battery module shipments increase and operational losses decrease: We expect 26Q3's battery shipments to be about 28-30 GW, a month-on-month increase. The 232 tariff policy window period will drive improvements in shipping and profit and month-on-month loss reduction; module sales will reduce losses per watt, and the share of overseas shipments will continue to rise. Considering that the company's silicon shipments are expected to be stable and expenses are generally stable, the net profit forecast for 26-28 is -74/10/27/billion yuan, an increase of 22%/113%/180% over the same period, maintaining the “buy” rating.

The Dongwu Securities Research Report pointed out that Tongwei Co., Ltd. reduced losses, repaired prices, and increased battery module shipments. The company's net profit for Q1-3 in '26 was 6.759 billion yuan, or -28.2%, of which 26Q3 was net profit of 1,639 billion yuan, -420.8%/+38.7% year-on-month. On the price side, the price of silicon material rebounded from a low of about 32 yuan/kg at the end of August to 40 yuan/kg in late August, and has remained stable since September; all of the company's polysilicon production capacity has met the new silicon polycrystalline energy consumption limit standard, and supply and demand are expected to improve further as the industry continues to push back and forth. Battery module shipments increase and operational losses decrease: We expect 26Q3's battery shipments to be about 28-30 GW, a month-on-month increase. The 232 tariff policy window period will drive improvements in shipping and profit and month-on-month loss reduction; module sales will reduce losses per watt, and the share of overseas shipments will continue to rise. Considering that the company's silicon shipments are expected to be stable and expenses are generally stable, the net profit forecast for 26-28 is -74/10/27/billion yuan, an increase of 22%/113%/180% over the same period, maintaining the “buy” rating.