合盛硅业 20250605 合盛硅业工业硅业务受西南地区丰水期开工率影响，短期内价格上行空 间有限。公司全年工业硅产量目标为 160 万吨，外售约 100 万吨，自 用量保持稳定。同时，公司根据市场和下游需求动态调整生产策略，但 预计不会有大幅变动。 公司多晶硅装置在 2024 年稳定运行 5 万吨后进行检修和技改，目标是 将现金成本压缩至 3.5 万元/吨。组件项目已启动首条 5G 生产线，光伏 玻璃项目启动首个窑炉，但受行业大环境影响，产能利用率不高。 合盛硅业在工业硅方面拥有成本优势，现金成本低于 8,000 元/吨。自备 电厂自供比例超过 50%，且石英石自供比例逐步提高，计划今年提升至 70%-80%，显著降低采购成本。有机硅业务目前基本处于盈亏平衡状 态。 有机硅市场整体开工稳定，价格保持稳定。关税确定后，市场稳价信心 增强，需求保持稳定。预计 2025 年有机硅行业保持双位数增长，尽管 四五月份受关税影响价格有所下降，但下游消费增长仍可观。 Q&A 合盛硅业近期的经营情况如何，尤其是工业硅板块的供需状况？ 目前合盛硅业主要关注工业硅板块。从供应端来看，新疆部分地区的工业用电 价格出现小幅下调，预 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-036 (五)网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年6月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 合盛硅业股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 26 日 14 点 00 分 召开地点：浙江省慈溪市北三环东路 1988 号恒元广场 A 座 4 楼公司会议室 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

证券研究报告| 公司动态点评 2025 年 05 月 20 日 合盛硅业（603260.SH） 公司盈利能力承压，静待行业周期性复苏及公司新产能扩张-合盛硅 业 2024 年报及 2025 年一季报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,584 | 26,692 | 27,888 | 31,217 | 33,447 | | 增长率 yoy（%） | 12.4 | 0.4 | 4.5 | 11.9 | 7.1 | | 归母净利润（百万元） | 2,623 | 1,740 | 1,785 | 2,741 | 3,371 | | 增长率 yoy（%） | -49.1 | -33.6 | 2.6 | 53.5 | 23.0 | | ROE（%） | 8.0 | 5.2 | 5.2 | 7.6 | 8.7 | | EPS 最新摊薄（元） | 2.22 | 1.47 | 1.51 | 2.32 | 2.85 | | P/E（倍） | 22.9 | 3 ...

公司研究 合盛硅业（603260）2024 年报及 2025 年一季报点评 强推（维持） 证 券 研 究 报 告 行业底部静待复苏，有机硅有望率先修复 目标价：62 元 事项： 1）公司 2024 年实现营收 266.92 亿元，同比+0.41%，实现归母净利润 17.40 亿 元，同比-33.64%。其中 24Q4 实现营收 63.21 亿元，同比-5.62%/环比-10.96%， 实现归母净利润 2.86 亿元，同比-34.73%/环比-39.97%，实现毛利率 15.81%， 净利率 4.42%。2）公司发布 2025 年一季报，2025Q1 实现营收 52.28 亿元，同 比-3.47%/环比-17.3%，实现归母净利润 2.60 亿元，同比-50.81%/环比-9.21%， 实现毛利率 14.62%，净利率 4.85%。 评论： ❖ 风险提示：工业硅行业产能释放超预期、有机硅行业持续低迷等 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入( ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-035 合盛硅业股份有限公司 关于控股股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 截至本公告日，合盛硅业股份有限公司（以下简称"公司"）控股股东宁波 合盛集团有限公司（以下简称"合盛集团"）直接持有公司546,647,073股股份， 占公司总股本的46.24%。本次质押后，合盛集团累计质押股份为270,190,100股， 占其所持股份比例的49.43%，占公司总股本比例的22.85%。 三、 其他情况说明 截至本公告日，合盛集团及其一致行动人罗立国、罗燚、罗烨栋合计直接持 有公司股份929,105,229股，占公司总股本的78.59%。本次质押后，合盛集团及其 一致行动人罗立国、罗燚、罗烨栋直接持有的公司股份中处于质押状态的股份累 计数为461,918,200股，占其合计所持公司股份总数的49.72%，占公司总股本的 39.07%。 公司于近日接到控股股东合盛集团关于其所持部分公司股份办理质押业务 的通知，具体事项如下： ...

2024年，合盛硅业实现营业收入266.92亿元，同比增长0.41%；实现归属于上市公司股东的净利润17.40 亿元，同比下降33.64%。 罗立国认为，2025年有机硅行业展现出广阔发展前景，新兴领域或成为核心增长驱动力，增长动能来自 逐步取代传统石油基材料及新兴应用场景拓展。具体来看，室温胶和高温胶受新能源市场需求驱动；液 体胶和硅树脂虽下游分散，但因新应用场景拓展而需求增长迅速。 在回答投资者有关工业硅2025年一季度期末库存和停产计划相关问题时，公司董事兼财务总监张雅聪表 示，公司工业硅2025年度一季度期末维持在一个月左右的库存水平。"公司始终灵活应对市场的各种变 动，紧密关注下游客户需求以及行业变化情况，结合公司经营计划，科学合理组织生产经营工作。" "2025年，晶硅光伏产业链启动行业自律措施，主动调整产能，铝合金和有机硅领域需求持续增长，预 计工业硅需求端增速将有所放缓。另外，根据行业周期规律，本轮有机硅行业扩产周期已近尾声，市场 已逐步消化新增产能，行业阶段性供需错配正趋向平衡，且受益于新能源、5G、特高压等新兴产业高 速发展，预计2025年有机硅行业需求有望保持较高增速。" 谈及公司202 ...

丨证券研究报告丨 联合研究丨公司点评丨合盛硅业（603260.SH） [Table_Title] 硅产业链景气触底业绩承压，静待复苏 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年度实现收入 266.9 亿元，同比变动+0.4%，归属 净利润 17.4 亿元，同比变动-33.6%，归属扣非净利润 15.4 亿元，同比变动-29.6%。2025Q1 实现收入 52.3 亿元，同比变动-3.5%，环比变动-17.3%，归属净利润 2.6 亿元，同比变动-50.8%， 环比变动-9.2%，归属扣非净利润 2.2 亿元，同比变动-58.5%，环比变动-4.4%。2024 年度公 司拟向全体股东每 10 元派发现金红利 4.5 元，共计拟派发现金红利 5.3 亿元。 分析师及联系人 [Table_Author] 马太 邬博华 SAC：S0490516100002 SAC：S0490514040001 SFC：BUT911 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Rank]投资 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [6]. Core Views - The company is experiencing pressure on profitability due to low prices in the industrial silicon and organic silicon markets, with a projected revenue of 26.692 billion yuan in 2024, a slight increase of 0.41% year-on-year, but a significant decline in net profit by 33.64% to 1.740 billion yuan [1][3]. - The industrial silicon sector shows strong production and sales performance, with a production increase of over 25% to 4.71 million tons in 2024, despite low pricing, which has decreased by 16.36% year-on-year to an average selling price of 11,174 yuan per ton [2]. - The organic silicon market is stabilizing, with demand supported by sectors like new energy and home appliances, while the supply side is expected to improve as new capacity releases slow down [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 26.692 billion yuan, with a net profit of 1.740 billion yuan, reflecting a year-on-year decline of 33.64% [1]. - The first quarter of 2025 saw a revenue of 5.228 billion yuan, down 3.47% year-on-year, and a net profit of 260 million yuan, a decrease of 50.81% year-on-year [1]. Industrial Silicon - The industrial silicon market is characterized by increased production and sales, with a total output of 471,000 tons in 2024, a year-on-year increase of over 25% [2]. - Exports of industrial silicon rose by 27% to 720,000 tons, driven by recovering overseas demand [2]. - The average selling price for industrial silicon has decreased significantly, impacting overall profitability [2]. Organic Silicon - The organic silicon sector is expected to see improved supply-demand dynamics as new capacity additions slow down, despite current pricing pressures leading to losses in the industry [3]. - Demand remains stable, particularly in the new energy and home appliance sectors, although the real estate sector shows weakness [3]. Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2025-2027 projected at 1.744 billion, 2.394 billion, and 3.284 billion yuan respectively, reflecting a recovery trend [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 and Q1 2025 is under pressure due to the decline in prices of industrial silicon and other products [1] - The company achieved a revenue of 26,692 million yuan in 2024, a year-on-year increase of 0.41%, but the net profit attributable to shareholders decreased by 33.64% to 1,740 million yuan [5] - The report highlights significant growth in industrial silicon production and sales, with a production increase of 38.1% to 1,870,000 tons in 2024 [6] - The company is focusing on optimizing production costs and expanding into high-value-added areas such as organic silicon deep processing and silicon-based new materials [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 266.92 billion yuan and a net profit of 17.40 billion yuan, with a significant decline in profitability due to lower product prices [5][9] - For Q1 2025, the company recorded a revenue of 52.28 billion yuan, a decrease of 3.47% year-on-year, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [5][7] Production and Sales - The company’s industrial silicon revenue reached 138 billion yuan in 2024, a growth of 1.10%, while organic silicon revenue was 122 billion yuan, a decrease of 1.1% [6] - The production of industrial silicon in Q1 2025 was 36.2 million tons, a decrease of 17.1%, but sales volume increased by 53.2% [7] Cost and Margin Analysis - The overall gross margin for Q1 2025 was 14.6%, a decline of 8.3 percentage points year-on-year, primarily due to falling product prices [7] - The average selling price of industrial silicon in Q1 2025 was 9,342 yuan per ton, down 29.8% year-on-year [7] Future Outlook - The company is expected to face continued pressure on earnings due to declining prices of industrial silicon and organic silicon products, leading to revised profit forecasts for 2025-2027 [9][10] - The projected net profits for 2025, 2026, and 2027 are 1,897 million yuan, 2,600 million yuan, and 3,368 million yuan, respectively [10]

Core Viewpoint - The financial report of Hoshine Silicon Industry shows stable growth in 2024, with historical highs in revenue and net profit, driven by the industrial silicon and organic silicon markets [1][3] Financial Performance - Hoshine Silicon's 2024 revenue reached 26.692 billion yuan, with a net profit of 1.740 billion yuan and a net cash flow from operating activities of 4.517 billion yuan, reflecting a healthy cash flow level [1] - The overall gross profit margin for the company improved to 20.54%, an increase of 0.39 percentage points compared to 2023 [3] Business Segments - The industrial silicon segment generated approximately 13.763 billion yuan in revenue with a gross margin of 26.10%, while the organic silicon segment achieved around 12.2 billion yuan in revenue with a gross margin of 16.71% [2] - In 2024, industrial silicon production reached 1.8714 million tons, with sales of 1.23 million tons, marking a year-on-year production increase of 38.11% and sales growth of 20.93% [2] Market Dynamics - The domestic industrial silicon consumption increased by 22.1% year-on-year, with significant demand growth from the polysilicon and organic silicon sectors [3] - The organic silicon market is expected to see continued double-digit growth in 2025, driven by new applications in sectors like 5G and new energy vehicles [6][7] Supply Chain and Cost Management - Hoshine Silicon has optimized its resource allocation and reduced energy costs, with coal prices decreasing by 20.68% year-on-year [5][12] - The company has implemented a digital transformation strategy to enhance operational efficiency and cost control [12] R&D and Innovation - R&D investment increased to 575 million yuan, representing 2.15% of total revenue, focusing on downstream processing products and emerging fields like silicon carbide [6][11] - The company has made significant advancements in silicon carbide technology, with production capabilities for 6-inch and 8-inch substrates [11] Industry Position - Hoshine Silicon is a leading player in the domestic silicon-based new materials industry, with a market share of approximately 26% in the organic silicon segment [8] - The company is well-positioned to benefit from the anticipated recovery in the organic silicon market, with expectations of a new growth cycle starting in 2025 [7][9]