A：Company Basic Information
Full Name: Tongwei Co., Ltd./Tongwei Co., Ltd.
Stock Code: 600438.SH
Stock Abbreviation: Tongwei Shares
Region: Chengdu, Sichuan Province
Industry: New Energy, Agriculture
Establishment Date: March 17, 1995
Founder: Liu Hanyuan
Company Website: http://www.tongwei.com.cn
Registered Address: 588, Middle Section of Tianfu Avenue, High-tech Zone, Chengdu, Sichuan Province
Total Share Capital: 431,494.5604 million shares (as of October 22, 2024)
Total Market Value: 123.989 billion yuan (as of October 22, 2024)
Business Scope: Research, development, production, and sales of products such as aquatic feed and poultry feed; research, development, production, and sales of products such as high-purity crystalline silicon, solar cells, and components.
Company Profile: Tongwei Co., Ltd. is a leading company in the fields of agriculture and new energy, with businesses covering various areas including aquaculture, poultry and livestock breeding, photovoltaic industry, and more. The company holds a significant market position and technological advantages in the fields of aquatic feed and solar cells, and is committed to becoming a world-class clean energy operator and a world-class safe food supplier.
B：Value Investment Analysis
Key Financial Indicators:
Operating Income: In the first half of 2024, Tongwei Co., Ltd. achieved a revenue of 102.084 billion yuan, a year-on-year increase of 118.6%.
Net Profit: In the first half of 2024, the net profit attributable to the parent company was 21.73 billion yuan, a year-on-year increase of 265.54%.
R&D Investment: In 2023, the company's annual R&D expenditure exceeded 3.982 billion yuan, with 4,157 R&D personnel.
Company Investment Value:
Tongwei Co., Ltd. has significant technological and cost advantages in the photovoltaic industry, with its high-purity crystalline silicon and solar cell production capacity ranking among the industry's forefront. The company's vertical integration layout in the photovoltaic industry chain helps enhance overall competitiveness and profitability. Moreover, the company's deep cultivation in the agricultural field, especially its leading position in the aquatic feed sector, provides a stable source of revenue and strong risk resistance for the company.
Company Growth Potential:
The growth potential of Tongwei Co., Ltd. mainly comes from the continuous growth of the photovoltaic industry and the company's leading position in this field. With the increasing global demand for renewable energy, the company's high-purity crystalline silicon and solar cell businesses are expected to achieve rapid growth. At the same time, the company's innovation and R&D investment in the agricultural field are also expected to drive continuous growth in this business segment.
Industry Support Policies:
Tongwei Co., Ltd. benefits from the national support for the new energy industry, especially in the photovoltaic industry. The state has introduced a series of policies, including tax incentives, financial support, R&D subsidies, etc., to promote the development of the photovoltaic industry. These policies provide a favorable development environment and opportunities for companies like Tongwei Co., Ltd.
International Policy Risks:
The current international situation is complex and changeable. Trade frictions and technology blockades may have certain impacts on the company's supply chain and market expansion. However, Tongwei Co., Ltd. actively responds to international policy risks by strengthening independent research and development and cooperation, striving to ensure the stable development of the company.
A.Top's Investment Review:
As a leading enterprise in the photovoltaic industry, Tongwei Co., Ltd. demonstrates good investment value and growth potential with its technological advantages and scale effects in high-purity crystalline silicon and solar cells. With the increasing global demand for renewable energy, the company is expected to achieve sustained growth in the photovoltaic industry. Meanwhile, the company's steady development in the agricultural field provides additional growth momentum and risk hedging capabilities.