Data Requirements for Evaluating Tongwei and Hesheng Silicon Industry & Analysis Plan

To ensure the evaluation is rigorous and does not rely on unverified data, I need to first supplement the following key information:

• Tongwei Co., Ltd. and Hesheng Silicon Industry: Revenue, gross profit margin, operating profit, capacity utilization rate, and capital expenditure guidance from the latest interim/third-quarter report; management’s outlook on Q4 gross profit margin and shipment volume; brokerages’ earnings forecasts and target prices.
• Polysilicon prices: Latest spot prices of dense material and N-type material (for at least the past month); futures delivery prices or benchmark prices (confirmation of the 50,000 yuan → 60,000 yuan range); inventory levels and transaction activity.
• Industry supply and policies: Schedules of implemented production restrictions/cuts and the scale of exited capacity; industry operating rate and inventory destocking progress; supporting details of anti-involution policies (e.g., credit, approval, export constraints).
• Valuation and comparables: Current PE (TTM/forward), ROE, and “Profitability Ratio PR = PE/ROE/100”; comparison with historical valuation midpoint and peers (e.g., Daquan Energy, Xinte Energy); market’s implied expectations for polysilicon profit elasticity.
• Macro and demand: Changes in downstream installation/component production scheduling; impact of overseas trade policies and grid absorption capacity on demand.

Once the above data is available, I will conduct the following:

• Profit elasticity calculation: Quantitative transmission of polysilicon price changes to gross profit margin and net profit (considering cost structure and operating rate).
• Valuation reshaping analysis: Under given assumptions of polysilicon prices and profit improvement, provide valuation range and target price based on “Profitability Ratio PR” and comparable PE-ROE, and compare with current market prices.
• Risk prompts: Policy implementation intensity, demand falling short of expectations, technology route switching, fluctuations in raw material and energy costs, etc.

Please confirm whether to prioritize supplementing the latest company-level financial reports and guidance, polysilicon spot/futures price sequences, and specific documents or announcement sources for industry production cuts and policy details. Upon receipt, I will complete the quantitative evaluation and chart explanations as soon as possible, along with full sources.