TOPCon adoption drives N-type wafer demand
• Poised to benefit from long term adoption of TOPCon technology as a leading N-type wafer maker
• Impacted by falling wafer prices due to oversupply and keen competition
• Cut FY24 EPS estimate on lower wafer ASP and GPM assumptions, reflecting the challenging pricing environment .
• Current valuation indicates considerable pessimism; we maintain a BUY rating albeit with a reduced TP of Rmb23
