证券代码：603260 证券简称：合盛硅业 公告编号：2024-074 公告的更正公告 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： | 回购方案首次披露日 | 2023/12/12 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2023 年 12 月 日~2024 12 | 27 | 年 | 月 | 26 | 日 | | 预计回购金额 | 万元 50,000 万元~100,000 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | 累计已回购股数 | □为维护公司价值及股东权益 821.2418 万股 | | | | | | | 累计已回购股数占总股本比例 | 0.69% | | | | | | | 累计已回购金额 | 40,765.019581 万元 | | | | | | | 实际回购价格区间 | 42.51 元/股~52.12 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-071 合盛硅业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 购资金总额为不低于人民币 5 亿元（含），不超过人民币 10 亿元（含）；公司本次 回购股份的价格不超过 80.40 元/股（含）；回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月。 根据《关于以集中竞价交易方式回购公司股份的回购报告书》，如公司在回购 期限内实施了资本公积金转增股本、现金分红、派送股票红利、配股、股票拆细 或缩股等除权除息事项，公司将按照中国证监会及上海证券交易所的相关规定， 对回购价格上限进行相应调整。2024 年 8 月 19 日，公司进行了权益分派，每股现 金分红 0.68 元（含税），因此回购价格调整为不超过人民币 79.72 元/股（含）。 公司于 2024 年 8 月 29 日召开第四届董事会第四次会议，审议通过了《关于 调整以集中竞价交易方式回购股份方案的议案》，将"拟回购股份的用途"中的使 用期限由"在披露股份回购实施结果暨股份变动公告后一年内予以转让"调整为 "在披露股份回购实施结果暨股份变动公告后三年内予以转让"。具体内容 ...

证券代码：603260 证券简称：合盛硅业 合盛硅业股份有限公司 投资者关系活动记录表 编号：2024 -02 | --- | --- | --- | --- | |--------------------|-----------------------------------|--------------------------------------------------|----------------------------------------------------------------| | | | | | | | | | | | 投资者关系活动类别 | 特定对象调研 | 分析师会议 | | | | 媒体采访 | 业绩说明会 | | | | 新闻发布会 | 路演活动 | | | | 现场参观 | | | | | | | | | | | | | | | | 其他（请文字说明其他活动内容） | | | 参与单位名称及人员 | 线上参与公司 2024 | | 年半年度业绩说明会的全体投资者 | | 姓名 | | | | | 时间 | 2024 年 09 月 19 | 日 15:00-16:00 ...

证券研究报告| 公司动态点评 2024 年 09 月 10 日 合盛硅业（603260.SH） 工业硅长期发展趋势向上，关注行业供需格局的变化 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 23,657 | 26,584 | 29,975 | 36,695 | 41,942 | | 增长率 yoy （ % ） | 10.6 | 12.4 | 12.8 | 22.4 | 14.3 | | 归母净利润（百万元） | 5,148 | 2,623 | 2,348 | 3,262 | 4,275 | | 增长率 yoy （ % ） | -37.4 | -49.1 | -10.5 | 39.0 | 31.1 | | ROE （ % ） | 21.4 | 8.0 | 6.9 | 9.0 | 10.8 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported a revenue of 13.27 billion yuan for the first half of 2024, representing a year-on-year increase of 11.2%, while the net profit attributable to shareholders was 980 million yuan, a decrease of 45.1% year-on-year [4]. - The silicon industry chain remains under pressure, with the company's performance affected by a prolonged downturn since the second half of 2022, leading to a decline in profitability [4]. - There is potential for recovery in the organic silicon market, as new capacity additions are expected to decrease significantly after 2024, which may lead to improved market conditions [4][5]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue of 7.86 billion yuan, up 26.5% year-on-year and 45.1% quarter-on-quarter. However, the net profit for the same quarter was 450 million yuan, down 42.2% year-on-year and 14.7% quarter-on-quarter [4]. - The gross margin for industrial silicon was 29.5%, remaining stable year-on-year, while the gross margin for organic silicon dropped to 16.3%, a decrease of 6.2 percentage points compared to H1 2023 [4]. Industry Position - The company is one of the largest and most complete players in China's silicon-based new materials industry, with significant production capacities in industrial silicon, organic silicon monomers, and polysilicon [4]. - The company has established strong partnerships with leading enterprises in downstream industries, reinforcing its position as an industry leader [4]. Future Outlook - The company is expanding its downstream industrial chain through projects like the photovoltaic integrated industrial park in Xinjiang and the green electricity-silicon circular economy production base in Yunnan [5]. - The company has made significant advancements in silicon carbide materials, achieving high production yields and technological breakthroughs, positioning itself competitively in the market [5]. - The forecasted net profits for 2024, 2025, and 2026 are expected to be 2.14 billion yuan, 2.46 billion yuan, and 3.15 billion yuan, respectively [5].

证券代码：603260 证券简称：合盛硅业 公告编号：2024-072 合盛硅业股份有限公司 2024 年半年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 2024 年 08 月 30 日在上 海证券交易所网站（www.sse.com.cn）披露了《合盛硅业 2024 年半年度报告》及 《合盛硅业 2024 年半年度报告摘要》。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 2024 年 09 月 19 日（星期四）15:00- 16:00 在"价值在线"（www.ir-online.cn）举办合盛硅业股份有限公司 2024 年半 年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 公司董事、财务总监张雅聪女士； 公司董事会秘书高君秋女士； 公司独立董事赵家生先生。 （如遇特殊情况，参会人员可能进行调整） 四、投资者参加方式 会议召开时间：2024 年 09 月 19 日（星期四） ...

2024 年 09 月 08 日 公司研究 评级：买入(维持) | --- | --- | |--------------|------------------------------------------| | | | | 研究所： | | | 证券分析师： | 李永磊 S0350521080004 liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | 证券分析师： | 贾冰 S0350524030003 jiab@ghzq.com.cn | [Table_Title] Q2 销量环比大幅提升，工业硅景气度阶段承压 ——合盛硅业（603260）动态点评 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/06 | | | | | | | | | | | | 市场数据 | | | 2024/09/06 | | 当前价格（元） | | | 4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) as of September 5, 2024 [1]. Core Views - The company demonstrated resilience in performance despite being at the bottom of the cycle, with a well-ordered advancement in the integrated supply chain [1]. - In the first half of 2024, the company achieved revenue of 13.272 billion yuan, a year-on-year increase of 11.18%, and a net profit attributable to shareholders of 978 million yuan, a decrease of 45.12% year-on-year [1]. - The second quarter of 2024 saw significant improvements in industrial silicon production and sales, with revenue from industrial silicon reaching 4.672 billion yuan, a quarter-on-quarter increase of 107.04% [1]. - The company is enhancing its competitive advantage through a complete utilization of its quartz sand resources and a focus on internal raw material usage to lower procurement costs [1]. Financial Summary - For 2024, the company expects net profits to be 2.286 billion yuan, with a year-on-year decrease of 12.9%, followed by increases of 34.0% and 28.7% in 2025 and 2026, respectively [2][4]. - The projected revenue for 2024 is 27.302 billion yuan, with a modest growth of 2.7% compared to 2023 [2]. - The gross margin is expected to improve gradually from 21.3% in 2024 to 22.4% in 2026 [4]. - The company’s P/E ratios are projected to be 25.76, 19.23, and 14.94 for 2024, 2025, and 2026, respectively [4]. Production and Cost Management - The company has successfully reduced production costs through technological upgrades and has expanded its production scale significantly [1]. - The production volume of industrial silicon in Q2 2024 was 500,000 tons, with a quarter-on-quarter increase of 13.74% [1]. - The company has achieved a leading position in the domestic market for silicon carbide products, with a crystal yield exceeding 90% and an epitaxial yield stable at over 95% [1].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company reported a revenue of 13.272 billion yuan in the first half of 2024, representing a year-on-year increase of 11.2%, while the net profit attributable to shareholders decreased by 45.1% to 978 million yuan [2] - The decline in product prices and inventory impairment led to a significant drop in profits, but the operating cash flow improved significantly in Q2, reaching a historical high [2] - The company is enhancing its "coal-electricity-silicon" industrial chain layout and focusing on developing new silicon-based materials [2] Financial Performance Summary - In H1 2024, the industrial silicon business generated revenue of 6.937 billion yuan, with a gross margin of 29.5% [2] - The organic silicon business achieved revenue of 5.986 billion yuan, but the gross margin fell by 6.2 percentage points to 16.3% due to price declines [2] - The company recorded a significant inventory impairment loss of 484 million yuan in H1 2024, impacting profits [2] Capacity and Production - As of June 2024, the company has an annual production capacity of 1.22 million tons for industrial silicon, 1.73 million tons for organic silicon, and 50,000 tons for polysilicon [2] - The company has successfully launched its first photovoltaic production line in its Xinjiang integrated photovoltaic industrial park [2] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been revised downwards due to falling product prices, with expected net profits of 2.521 billion yuan (down 38%), 3.544 billion yuan (down 31%), and 4.078 billion yuan respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is experiencing pressure on performance due to the bottom of the industry cycle, with a downward adjustment of the EPS forecast for 2024-2026 to 1.81, 2.12, and 2.81 yuan respectively, down from previous estimates of 2.73, 3.13, and 3.49 yuan. The target price is adjusted to 63.35 yuan from 67.26 yuan, based on a 35 times PE for 2024 [3][5]. - In the first half of 2024, the company reported revenue and net profit attributable to shareholders of 13.272 billion and 978 million yuan, respectively, showing a year-on-year increase of 11.18% in revenue but a decrease of 45.12% in net profit [3]. - The company is positioned as a leader in industrial silicon and organic silicon, with a complete industrial chain, which supports its long-term growth potential despite current challenges [3]. Financial Summary - Revenue for 2024 is projected at 27.265 billion yuan, with a growth rate of 2.6% compared to 2023. Net profit attributable to shareholders is expected to decline to 2.144 billion yuan, a decrease of 18.2% [4]. - The company’s gross profit margin is forecasted to be 19.4% in 2024, down from 20.1% in 2023, indicating pressure on profitability [4]. - The net asset return rate is expected to be 6.3% in 2024, reflecting a decline from 8.1% in 2023 [4]. Sales and Production Insights - The company’s sales volume for industrial silicon and cyclic siloxane in Q1 2024 was 16.96 and 1.92 million tons, respectively, showing a year-on-year decrease of 6.14% and 15.79% [3]. - In Q2 2024, the sales volume for industrial silicon increased significantly to 40.62 million tons, a year-on-year increase of 102.29%, while cyclic siloxane sales decreased by 9.79% [3]. - The company is expanding its production capacity in the photovoltaic industry, with significant projects underway, including a 200,000-ton annual production capacity for polysilicon and a 150 million-ton capacity for photovoltaic glass [3].