基础化工/化学制品 合盛硅业（603260.SH） 硅产业链龙头，或将充分受益于反内卷 告 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-09 2025-01 2025-05 合盛硅业 沪深300 相关研究报告 《2024 年主营产品量增价减，业绩整 体承压 — 公 司 信 息 更 新 报 告 》 -2025.4.25 《Q3 业绩环比小幅增长，看好硅产业 链盈利逐步修复—公司信息更新报 告》-2024.10.31 金益腾（分析师） 蒋跨跃（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 jiangkuayue@kysec.cn 证书编号：S0790523120001 公司为硅产业链龙头，或将充分受益于反内卷，维持"买入"评级 2025 年 09 月 17 日 投资评级：买入（维持） | 日期 | 2025/9/17 | | --- | --- | | 当前股价(元) | 51.19 | | 一年最高最低(元) | 66.03/44.73 | | 总市值(亿元) | 605.17 | | 流通市值(亿元) | 605.17 | | 总股本 ...

公司 2025H1 实现营收 97.75 亿元，同比-26.34%，实现归母净利润-3.97 亿元，同比 -140.60%。其中 25Q2 实现营收 45.48 亿元，同比-42.11%/环比-13.02%，实现归母 净利润-6.57 亿元，同比-245.87%/环比-352.93%。其中 Q2 多项业务价格下探，叠加 Q2 计提多晶硅资产减值损失（-2.38 亿元），公司净利润由盈转亏。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 26,692 | 27,132 | 30,936 | 33,428 | | 同比增速(%) | 0.4% | 1.6% | 14.0% | 8.1% | | 归母净利润(百万) | 1,740 | 969 | 2,140 | 3,013 | | 同比增速(%) | -33.6% | -44.4% | 121.0% | 40.8% | | 每股盈利(元) | 1.47 | 0.82 | 1.81 ...

合盛硅业是中国硅基新材料龙头，拥有完整的产业链和规模优势，受益 于新疆低成本煤电资源，实现煤电硅一体化，降低生产成本。公司工业 硅、有机硅产能巨大，多晶硅产能也在建设中，未来有望受益于光伏产 业政策改善。 有机硅下游应用广泛，尤其在新兴产业如锂电池和光伏组件领域需求增 长迅速。过去两年国内有机硅产能扩张迅猛，导致价格下跌，但未来两 年新增产能有限，且海外企业关停部分产能，预计供给优化将推动价格 上行。 工业硅作为周期性工业原料，价格波动大。全球需求稳步增长，受益于 光伏组件和有机硅需求，以及海外经济增长带来的出口增加。中国新增 产能放缓，小型矿热炉淘汰将优化供给结构，可能推动价格回升。 华峰化学是中国最大的氨纶生产商，同时也是全球己二酸和鞋底原液的 领先企业。公司凭借卓越的经营能力和稳健的发展策略，在行业洗牌中 脱颖而出，成为行业领导者。 合盛硅业&华峰化学 20250916 摘要 Q&A 为什么将合盛硅业和华峰化学放在一起进行分享？ 合盛硅业是全球最大的硅产业链龙头公司，主营产品为工业硅，依托能源优势 和工艺优势，具备强大的成本竞争力。而华峰化学则是聚氨酯行业的龙头公司， 其主要产品包括氨纶、己二酸和鞋底原 ...

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486,647,073股股份，占公司总股本的41.16%；合盛集团一致行动人罗燚直 接持有公司192,493,302股股份，占公司总股本的16.28%。本次质押及解质押后，合盛集团累计质押股 份为242,329,100股，占其所持股份比例的49.80%，占公司总股本比例的20.50%；罗燚累计质押股份为 88,920,600股，占其所持股份比例的46.19%，占公司总股本比例的7.52%。 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869,105,229股， 占公司总股本的73.52%。本次质押及解质押后，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423,193,200股，占其合计所持公司股份总数的 48.69%，占公司总股本的35.80%。 公司于近日接到控股股东合盛集团及其一致行动人罗燚关于其所持部分公司股份办理质押及解质押业务 的通知，具体事项如下： 一、本次股份质押的基本情况 ■ 登录新 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2025-059 合盛硅业股份有限公司 关于控股股东及其一致行动人部分股份质押及解质押的公告 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486,647,073股股份， 占公司总股本的41.16%；合盛集团一致行动人罗燚直接持有公司192,493,302股股 份，占公司总股本的16.28%。本次质押及解质押后，合盛集团累计质押股份为 242,329,100股，占其所持股份比例的49.80%，占公司总股本比例的20.50%；罗 燚累计质押股份为88,920,600股，占其所持股份比例的46.19%，占公司总股本比 例的7.52%。 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869,105,229股，占公司总股本的73.52%。本次质押及解质押后，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 ...

每经AI快讯，合盛硅业（SH 603260，收盘价：51.96元）9月16日晚间发布公告称，截至本公告日，合 盛硅业股份有限公司控股股东宁波合盛集团有限公司直接持有公司约4.87亿股股份，占公司总股本的 41.16%；合盛集团一致行动人罗燚直接持有公司约1.92亿股股份，占公司总股本的16.28%。本次质押及 解质押后，合盛集团累计质押股份约为2.42亿股，占其所持股份比例的49.8%，占公司总股本比例的 20.5%；罗燚累计质押股份约为8892万股，占其所持股份比例的46.19%，占公司总股本比例的7.52%。 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约8.69亿股，占 公司总股本的73.52%。本次质押及解质押后，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约为4.23亿股，占其合计所持公司股份总数的48.69%，占公 司总股本的35.8%。 2024年1至12月份，合盛硅业的营业收入构成为：非金属冶炼占比51.56%，化工行业占比45.71%，其他 业务占比2.73%。 截至发稿，合盛硅业市值为614亿元。 每经头条（nbd ...

Market Overview - The Shanghai Composite Index closed at 3875.31 points, up by 1.65%, with a total trading volume of 24645.93 billion yuan [1] - A total of 104 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] Notable Stocks - The stocks with the highest deviation rates from their annual moving averages include: - Xinxing Microelectronics (688593) with a deviation rate of 14.18%, closing at 19.98 yuan after a 20.00% increase [1] - Jingwei Technology (300120) with a deviation rate of 8.52%, closing at 10.00 yuan after a 9.41% increase [1] - Phoenix Optical (600071) with a deviation rate of 7.05%, closing at 23.07 yuan after a 10.01% increase [1] - Other notable stocks with smaller deviation rates include: - Hoshine Silicon Industry (300134) with a deviation rate of 6.43% [1] - Longqi Technology (603341) with a deviation rate of 6.41% [1] Trading Activity - The trading turnover rates for the top stocks are as follows: - Xinxing Microelectronics at 9.86% [1] - Jingwei Technology at 13.20% [1] - Phoenix Optical at 5.02% [1] - The overall trading activity reflects a robust interest in stocks that are performing well above their annual averages [1]

Core Viewpoint - The company has achieved comprehensive mastery of the entire industrial chain core process technology in the silicon carbide field, including raw material synthesis, crystal growth, substrate processing, and chip epitaxy, positioning itself competitively in the market [1] Group 1: Technology and Production - The company has broken through key material and equipment technical barriers, leading to a high yield of silicon carbide products, which is at the forefront among domestic enterprises [1] - The 6-inch silicon carbide substrate has entered full-scale production, with a crystal yield exceeding 95% and an epitaxy yield stabilizing at over 98%, indicating industry-leading performance [1] - The company has initiated small-scale production of 8-inch silicon carbide substrates and is making steady progress in the research and development of 12-inch silicon carbide substrates [1] Group 2: Product Development - The company continues to deepen its efforts in the high-end silicon carbide powder sector, successfully developing ultra-pure silicon carbide ceramic powders that meet the high purity and customization requirements for various fields, including semiconductors and high-temperature structural components [1] - The company has also developed high-purity semi-insulating silicon carbide powders that meet the requirements for the growth of silicon carbide gem crystals and optical waveguide crystals [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products are under pressure, and it is waiting for a recovery in the industry chain [1] - In the first half of 2025, the company reported a revenue of 9.776 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a decline of 140.60% year-on-year [4][5] - The second quarter saw a revenue of 4.548 billion yuan, with a year-on-year and quarter-on-quarter decrease of 42.11% and 13.02%, respectively [4] - The company experienced a significant drop in sales volume and prices for its main products, including industrial silicon, silicone rubber, and silicone oil [5] - The report indicates that the company is expected to benefit from potential price recovery as the industry undergoes restructuring and capacity consolidation [6] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 2.014 billion, 2.840 billion, and 3.773 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.06X, 21.31X, and 16.04X [7] - Key financial indicators for 2025E include revenue of 28.709 billion yuan, a year-on-year growth of 7.6%, and a net profit margin of 7.0% [10] - The gross profit margin is expected to be 18.8% in 2025, with a projected return on equity (ROE) of 5.8% [10]

Company Overview - Hoshine Silicon Industry Co., Ltd. is located in Cixi City, Ningbo, Zhejiang Province, and was established on August 23, 2005. The company went public on October 30, 2017. Its main business involves the research, production, and sales of silicon-based new materials, including industrial silicon and organic silicon [1]. - The revenue composition of Hoshine Silicon is as follows: industrial silicon accounts for 52.66%, organic silicon for 46.68%, and other products for 0.66% [1]. Stock Performance - On September 5, Hoshine Silicon's stock rose by 5.02%, reaching a price of 53.77 CNY per share, with a trading volume of 525 million CNY and a turnover rate of 0.84%. The total market capitalization is 63.567 billion CNY [1]. Shareholder Information - Among the top ten circulating shareholders of Hoshine Silicon, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 735,000 shares in the second quarter, bringing its total to 6.3055 million shares, which represents 0.53% of the circulating shares. The estimated floating profit from this investment is approximately 16.2052 million CNY [2]. - The Huatai-PB CSI 300 ETF was established on May 4, 2012, and has a current scale of 374.704 billion CNY. Year-to-date, it has achieved a return of 13.29%, ranking 2781 out of 4222 in its category. Over the past year, the return is 37.26%, ranking 2245 out of 3795, and since inception, the return is 102.71% [2]. Fund Management - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has a cumulative tenure of 16 years and 98 days. The total asset size under his management is 466.972 billion CNY. The best fund return during his tenure is 137.96%, while the worst is -45.64% [3].