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An Intrinsic Calculation For Tongwei Co.,Ltd (SHSE:600438) Suggests It's 37% Undervalued
Key Insights Using the 2 Stage Free Cash Flow to Equity, TongweiLtd fair value estimate is CN¥29.03 Current share price of CN¥18.31 suggests TongweiLtd is potentially 37% undervalued Our fair
Ruìyuǎn Fund's Fu Pengbo second quarter report disclosed: reducing stock positions while continuing to increase investment in Hong Kong stocks.
Ruifeng Fund's second quarter report shows that fund managers Fu Pengbo and Zhu Lin mentioned in the second quarter report that compared to the previous quarter's stock purchases, Ruifeng Growth Value's overall stock position dropped to 87.83%, However, the Hong Kong stock position further increased to 23.63%.
Research Reports: China Securities Co., Ltd. - In Q2, Tongwei Co., Ltd. expanded its losses compared to the previous quarter, and there are still positive changes to look forward to in Q3.
China Securities Co., Ltd. research reports point out that Tongwei Co., Ltd. (600438.SH)'s net income attributable to mother in Q2 is expected to be around -2.2 billion yuan to -2.5 billion yuan, with a wider loss than Q1. The main reason for the wider loss in Q2 is the further deterioration of the profitability of the photovoltaic main industry chain. It is expected that the loss ratio of the company's silicon materials, batteries, and components will expand compared with the previous quarter. Due to profit pressure, the operating rates of the silicon materials, batteries, and components industries have continued to decline since June, and the speed of cumulative industry inventory is expected to slow down, and product prices are expected to gradually stabilize. Although the industry's profits are under pressure, there are still positive changes to look forward to in Q3 of the company, including the Q3 high-water period electricity prices.
Several photovoltaic companies have predicted losses in their interim reports, and capacity clearing marks the beginning of a new cycle.
As expected, the solar industry is still struggling. The entire industry chain is almost losing money, but as expected, on July 9th, many leading companies in the solar industry chain have successively released performance forecasts. It can be seen that from silicon materials to silicon wafers, from solar cells to modules, the entire industry chain is almost losing money. However, the poor performance of the photovoltaic industry chain is also within expectations. The main reason for the loss of performance is still attributed to the decline in product prices under the background of overcapacity and supply-demand imbalance. According to InfoLink's data, by 2023, silicon material prices will drop by about 70%, and silicon wafer and solar cell prices will drop by about 60%, while module
Multiple photovoltaic companies have released their semi-annual report forecasts, and Tongwei Co., Ltd. is expected to break through first in the second half of the year.
As the photovoltaic industry enters a new adjustment period, the long-term survival ability of the industry chain enterprises is particularly important under the dual challenges of intensified market competition and global demand slowdown. Recently, several photovoltaic companies announced their performance forecast for the first half of 2024, with a year-on-year loss. In recent years, the photovoltaic industry has experienced a process from explosive growth to a gradual return to rationality. With the rapid release of production capacity, the growth rate of global demand has slowed down, and the problem of homogenized competition has become increasingly prominent. The photovoltaic industry has entered a new stage full of challenges and opportunities, and the long-term survival ability of enterprises has become the key factor in determining whether they can cross the cycle.
Tongwei Co.,Ltd (600438.SH): Currently, there is no business cooperation with Zhejiang Akcome New Energy Technology.
Tongwei Co., Ltd (600438.SH) stated on the investor interaction platform on July 9th that the company currently has no business cooperation with Zhejiang Akcome New Energy Technology.
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