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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on overall performance due to increased product volume but decreased prices in 2024. The revenue for 2024 is projected at 26,692 million yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders is expected to be 1,740 million yuan, a decrease of 33.64% year-on-year [4][5] - The company anticipates gradual recovery in profitability within the silicon industry chain, maintaining a "Buy" rating despite downward adjustments in profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 26,692 million yuan, with a net profit of 1,740 million yuan, reflecting a year-on-year decline of 33.64%. The fourth quarter of 2024 saw a net profit of 286 million yuan, down 34.73% year-on-year and 39.97% quarter-on-quarter [4][5] - For Q1 2025, the company reported a revenue of 5,228 million yuan, a decrease of 3.47% year-on-year and 17.30% quarter-on-quarter, with a net profit of 260 million yuan, down 50.81% year-on-year and 9.21% quarter-on-quarter [4][5] - The company forecasts net profits of 2,005 million yuan in 2025, 3,097 million yuan in 2026, and 4,004 million yuan in 2027, with corresponding EPS of 1.70, 2.62, and 3.39 yuan respectively [4][5] Product and Price Trends - In 2024, the production of industrial silicon and organic silicon reached 1,871,000 tons and 1,621,000 tons, respectively, with year-on-year increases of 38% and 19%. Sales volumes were 1,230,000 tons and 949,000 tons, reflecting year-on-year increases of 21% and 11% [5] - The average prices for industrial silicon, silicone rubber, silicone oil, and cyclic siloxane in 2024 were 11,175 yuan, 12,405 yuan, 10,013 yuan, and 13,000 yuan per ton, showing year-on-year changes of -16.36%, -4.30%, +7.18%, and -2.23% respectively [5] - In Q1 2025, the average prices for these products further declined, with industrial silicon at 9,342 yuan per ton, down 29.80% year-on-year [5] Cost and Raw Material Trends - The procurement prices for key raw materials in 2024 showed significant decreases, with prices for ore, petroleum coke, and coal down by 4.24%, 44.27%, and 20.68% respectively [5] - The company expects that the current prices of industrial silicon and organic silicon are at the bottom of the cycle, with limited downward price pressure due to strong cost support [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on overall performance due to increased product volume but decreased prices in 2024. The revenue for 2024 is projected at 26,692 million yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders is expected to be 1,740 million yuan, a decrease of 33.64% year-on-year [4][5] - The company anticipates gradual recovery in profitability within the silicon industry chain, maintaining a "Buy" rating despite downward adjustments in profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 266.92 billion yuan, with a net profit of 17.40 billion yuan, reflecting a significant decline in profitability [4][5] - For Q1 2025, the company reported a revenue of 52.28 billion yuan, a year-on-year decrease of 3.47%, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [4][5] - The projected net profits for 2025, 2026, and 2027 are 2,005 million yuan, 3,097 million yuan, and 4,004 million yuan respectively, with corresponding EPS of 1.70, 2.62, and 3.39 yuan [4][5][6] Production and Pricing Insights - In 2024, the production of industrial silicon and organic silicon reached 1,871,000 tons and 1,621,000 tons respectively, with year-on-year increases of 38% and 19%. However, the prices for these products have seen a decline [5] - The average selling prices for industrial silicon and organic silicon in 2024 were 11,175 yuan/ton and 12,405 yuan/ton, reflecting year-on-year decreases of 16.36% and 4.30% respectively [5] Cost and Margin Analysis - The cost of raw materials has decreased, with procurement prices for key inputs like petroleum coke and coal dropping significantly in 2024 [5] - The gross margin for 2024 is projected at 20.5%, with a net margin of 6.5%, indicating a challenging profitability environment [6][8]

Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), continues to experience a decline in operating performance due to falling product prices, with a significant drop in net profit for three consecutive years [1][4][5] Financial Performance - In 2024, Hoshine Silicon achieved operating revenue of 26.692 billion yuan, a slight increase of 0.41% year-on-year, while net profit attributable to shareholders was 1.740 billion yuan, down 33.64% year-on-year [2][4] - The quarterly breakdown for 2024 shows revenue of 5.416 billion yuan, 7.856 billion yuan, 7.099 billion yuan, and 6.321 billion yuan, with year-on-year changes of -5.46%, +26.53%, -10.68%, and -5.62% respectively [2] - The net profit for the quarters was 528 million yuan, 450 million yuan, 476 million yuan, and 286 million yuan, with year-on-year changes of -47.36%, -42.25%, +18.42%, and -34.73% respectively [2] Inventory and Pricing Issues - The company reported high inventory levels, with a book value of 9.402 billion yuan as of March 2024, which is approximately 2.2 times higher than the 2.915 billion yuan reported in the same period of 2021 [5] - A significant factor in the decline of net profit in 2024 was the provision for inventory impairment losses, amounting to approximately 933 million yuan [5] Financial Pressure and Debt - As of the end of March 2024, Hoshine Silicon had cash and cash equivalents of 2.166 billion yuan against interest-bearing liabilities of approximately 29.8 billion yuan, indicating a debt-to-cash ratio of 13.75 times [8] - The company's financial expenses have been increasing, with total expenses of 892 million yuan in 2024, a year-on-year increase of approximately 57% [6][8] Dividend Policy - Despite ongoing financial pressures, Hoshine Silicon has maintained a high dividend payout ratio, distributing 798 million yuan and 528 million yuan in cash dividends for 2023 and 2024 respectively, with both years having a dividend payout ratio of around 30% [8][9] R&D Investment - The company has seen a decline in R&D investment over the past three years, with expenditures of 728 million yuan, 567 million yuan, and 575 million yuan from 2022 to 2024, representing only 2.15% of operating revenue in 2024 [7]

证券代码：603260 证券简称：合盛硅业 公告编号：2025-034 合盛硅业股份有限公司 2024 年度暨 2025 年一季度业绩说明会预告公告 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： 一、说明会类型 合盛硅业股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日在上海 证券交易所网站（www.sse.com.cn）披露了《合盛硅业 2024 年年度报告》及《合 盛硅业 2025 年第一季度报告》。为便于广大投资者更加全面深入地了解公司经 营业绩、发展战略等情况，公司定于 2025 年 5 月 6 日（星期二）15:30-16:30 在 "价值在线"（www.ir-online.cn）举办合盛硅业股份有限公司 2024 年度暨 2025 年一季度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2025 年 5 月 6 日（星期二）15:30-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会 议 问 题 ...

中信证券股份有限公司 关于合盛硅业股份有限公司 2024 年度持续督导报告书 | 上市公司：合盛硅业股份有限公司（以下简称"合盛硅业"或"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：孟夏 | 联系电话：021-20262077 | | 保荐代表人姓名：刘纯钦 联系电话：021-20262082 | | 经中国证券监督管理委员会《关于核准合盛硅业股份有限公司非公开发行股 票的批复》（证监许可〔2022〕2977 号）核准，公司由中信证券采用代销方式， 向自然人罗燚、罗烨栋非公开发行人民币普通股（A 股）股票 108,041,364 股， 发行价为每股人民币 64.79 元，共计募集资金 6,999,999,973.56 元，扣除承销和 保荐费用 4,500,000.00 元（含税）后的募集资金为 6,995,499,973.56 元，已由主 承销商中信证券于 2023 年 1 月 12 日汇入公司募集资金监管账户。募集资金总额 减除承销保荐费、审计费、律师费用、信息披露费、股票登记费及发行文件制作 费等与发行 ...