Tongwei Earnings: Fair Value Estimate Cut 7% on Lower Shipments and Prices; Shares Undervalued
Tongwei's second-quarter revenue fell 10% year on year. The company continued to post deep losses, with net margin at negative 12%.
Tongwei Co Ltd Class A 600438
Bulls Say, Bears Say
Bulls
Tongwei gains more polysilicon market shares during the current downturn.
Bears
Polysilicon prices remain subdued for years due to massive overcapacity.
Trading Information
- Previous Close Price
- CN¥11.07
- Day Range
- CN¥11.04–11.77
- 52-Week Range
- CN¥10.32–27.75
- Bid/Ask
- CN¥11.52 / CN¥11.53
- Shares Outstanding
- 4.50B
- Market Cap
- CN¥51.86B
- Volume/Avg
- 56M / 52M
Key Statistics
- Price/Earnings (Normalized)
- —
- Price/Sales
- 0.67
- Dividend Yield (Trailing)
- 0.00%
- Dividend Yield (Forward)
- 0.00%
- Dividend Payment Schedule
- —
- Total Yield
- —
Company Profile
Tongwei is the world's largest polysilicon producer and a leading solar cell and module supplier. The solar business contributed more than 60% of revenue in 2025. In addition, Tongwei runs a feed and food business, which made up 35% of revenue in 2025.
- Sector
- Technology
- Industry
- Solar
- Stock Style Box
- Large Core
- Total Number of Employees
- 44,798
- Website
- https://www.tongwei.cn
Competitors
Valuation
|
Metric
|
600438
|
601012
|
002129
|
|---|---|---|---|
Price/Earnings (Normalized) | — | — | — |
Price/Book Value | 1.54 | 1.75 | 2.02 |
Price/Sales | 0.67 | 1.31 | 1.23 |
Price/Cash Flow | 5.41 | 14.56 | 7.58 |
Price/Earnings
600438
601012
002129
Financial Strength
|
Metric
|
600438
|
601012
|
002129
|
|---|---|---|---|
Quick Ratio | 0.69 | 0.91 | 0.66 |
Current Ratio | 1.03 | 1.28 | 0.98 |
Interest Coverage | −3.95 | −7.77 | −5.06 |
Quick Ratio
600438
601012
002129
Profitability
|
Metric
|
600438
|
601012
|
002129
|
|---|---|---|---|
Return on Assets (Normalized) | −5.34% | −5.38% | −7.75% |
Return on Equity (Normalized) | −26.06% | −15.06% | −41.13% |
Return on Invested Capital (Normalized) | −5.58% | −8.46% | −8.13% |
Return on Assets
600438
601012
002129
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United States