Tongwei Co Ltd Class A

600438: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Tongwei: Preliminary Loss Guidance Worse Than Expected

Cheng Wang

Jan 21, 2025

Tongwei's preliminary loss guidance of CNY 7.0 billion-CNY 7.5 billion is higher than our forecast loss of CNY 5.9 billion for 2024. This range indicates a loss of CNY 3.0 billion-CNY 3.5 billion for the fourth quarter, nearly four times the third quarter's loss despite the stabilization of polysilicon prices since June. We believe that the widened loss is likely due to lower utilization rates in the fourth quarter, resulting in negative operating leverage.

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Tongwei Co Ltd Class A

Tongwei: Preliminary Loss Guidance Worse Than Expected

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