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 ...

中信证券股份有限公司 （二）保荐代表人 孟夏、刘纯钦 中信证券股份有限公司 关于合盛硅业股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐人"） 作为正在对合盛硅业股份有限公司（以下简称"合盛硅业""公司""上市公司"）进 行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期间"）的规范 运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 （三）现场检查人员 孟夏、侯万铎 （四）现场检查时间 2025 年 4 月 21 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披 露情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情 况、募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况 等方面进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项 及意见"。 （六）现场检查手段 本次现场检查的手段主要包括资料查阅、访谈、现场查看等，具体 ...

中信证券股份有限公司 一、发行人基本情况 二、本次发行情况概述 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，公司由中信证券股份有限公司（以 下简称"中信证券"或"保荐人"）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权益性证券直接相关 的新增外部费用 5,779,284.33 元（不含税）后，公司本次募集资金净额为 6,994,220,689.23 元。上述募集资金到位情况业经天健会计师事务所（特殊普通 合伙）验证，并由其出具《验资报告》（天健验〔2023〕16 号）。 关于合盛硅业股份有限公司 2022 年度 ...

中证报中证网讯（王珞）合盛硅业4月23日晚发布2024年年报。2024年，公司营业收入为266.92亿 元，创历史新高；归母净利润17.40亿元，扣非后归母净利润15.40亿元。特别值得关注的是，该公司 2024年经营活动产生的现金流量净额为45.17亿元，比2023年增加53.07亿元，净现比达到2.60。 根据年报，2024年公司主要产品产量均进一步提升，销售量保持良好增长。同时，公司年内研发投 入也增长到5.75亿元，占总营收的2.15%，有机硅下游深加工产品、碳化硅等新兴领域的研发投入不断 加强。 近年来，合盛硅业抓住新疆大力发展光伏产业的机遇，打造"煤－电－硅"产业链协同的业务模式， 又利用云南水电资源优势打造"绿－电－硅"循环模式，并进一步加速新型储能技术与新能源前沿领域的 深度融合，构建"源网荷储"一体化绿色生态体系。公司2024年工业硅生产量达187.14万吨，同比增长 38.11%，上下游产业链协同优势得到进一步巩固。 合盛硅业在年报中提出，根据市场行情，公司适当收缩对光伏业务板块的相关投入，通过优化资源 在公司内部的配置，保证公司了核心竞争力的稳定。 年报显示，合盛硅业2024年针对有机硅 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][7]. Core Views - The company reported a revenue of 26.692 billion yuan in 2024, a slight increase of 0.41% year-on-year, but the net profit attributable to shareholders decreased by 33.64% to 1.740 billion yuan [1][7]. - The first quarter of 2025 saw a revenue of 5.228 billion yuan, down 3.47% year-on-year, with a net profit of 260 million yuan, reflecting a significant decline of 50.81% [1][7]. - The overall market for industrial silicon and organic silicon remains weak, impacting the company's performance, but it continues to enhance capacity and reduce costs, maintaining a relatively stable gross margin [7]. Financial Data and Valuation - The company’s total revenue for 2023 was 26.584 billion yuan, with a projected decrease to 26.160 billion yuan in 2025E, followed by a recovery to 31.690 billion yuan in 2026E and 38.608 billion yuan in 2027E [2][13]. - The net profit attributable to shareholders is expected to recover from 1.847 billion yuan in 2025E to 2.676 billion yuan in 2026E and 3.408 billion yuan in 2027E [8][14]. - The current price-to-earnings (PE) ratio is projected to be 34, 23, and 18 for the years 2025E, 2026E, and 2027E respectively [7][8]. Industry Position and Developments - The company holds a leading position in the industrial silicon and organic silicon markets, with an industrial silicon capacity of 1.22 million tons per year and organic silicon monomer capacity of 1.73 million tons per year [7]. - The company is expanding into silicon-based new materials, with significant projects in the photovoltaic sector, including a 200,000-ton high-purity polysilicon project and a 20GW photovoltaic module project [7]. - The company has successfully overcome technical barriers in silicon carbide production, with 6-inch substrates in full production and 8-inch substrates in small batch production [7].

证券研究报告 合盛硅业 (603260 CH) 24 年盈利承压，硅化工景气待改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 化学原料 | 合盛硅业于 4 月 23 日发布 2024 年报和 25Q1 一季报：全年实现营业收入 266.9 亿元，同比+0.4%，归母净利润 17.4 亿元，同比-34%；其中 24Q4 实现营业收入 63.2 亿元，同比-6%/环比-11.0%，归母净利润 2.9 亿元，同 比-35%/环比-40%。公司 25Q1 实现营业收入 52.3 亿元，同比-3.5%/环比 -17%，归母净利润 2.6 亿元，同比-51%/环比-9%。24 年末公司拟每股派现 0.45 元（含税），现金分红及回购合计占年度归母净利润 59%。公司 25Q1 归母净利基本符合我们预期（2.2 亿元）。考虑公司具备工业硅/有机硅龙头 规模优势，行业低谷期有望保持成本领先，维持"增持"评级。 24 年工业硅价格承压下行，公司有机硅橡胶稳步放量 24 年工业硅板块营收同比+1%至 137.6 亿元，工业 ...

4月24日，合盛硅业（603260）(603260.SH)公告2025年一季报，公司在今年第一季度实现营业收入52.28 亿元，与上年同期基本持平；实现归母净利润2.6亿元。经营性活动产生的现金流量净额16.48亿元，较 上年同期大幅好转。由于报告期内，国内工业硅、硅橡胶等主要产品市场销售价格较上年同期呈现下滑 态势，致使公司利润承压。但公司凭借"煤—电—硅"产业链优势，在行业景气度低迷的背景下展现了较 强的抗风险能力和盈利能力。 合盛硅业公告显示，2024年以来，公司通过加大布局，将上下游产业链协同优势进一步巩固。在上游方 面，工业硅生产所需的电力及硅石成本占比较高，公司已拥有多处石英砂矿产探矿权及采矿权。公司依 托自身储备的优质石英砂矿产，通过优化资源调配工艺，不断提升自产自用比例，切实增强产品核心品 质并压缩生产成本。 同时，合盛硅业的工业硅及多晶硅业务主要集中在新疆，2024年新疆地区煤炭产量大幅增长，煤价进一 步回落，让公司电力成本进一步降低，年报显示，公司年内采购电价同比降低2.43%，电厂用煤价格减 少20.68%。2025年一季度，公司硅厂煤平均价格环比下降4.58%，同比下降25.01%；电 ...

Core Viewpoint - The company reported 2024 performance in line with market expectations, while 1Q25 results were slightly below expectations due to industry downturn and price drops in industrial silicon and organic silicon [1] Group 1: 2024 Performance - The company achieved revenue of 26.69 billion yuan in 2024, a year-on-year increase of 0.4% [1] - The net profit attributable to shareholders was 1.74 billion yuan, a year-on-year decrease of 33.6%, with earnings per share of 1.47 yuan, meeting market expectations [1] - In 4Q24, revenue was 6.32 billion yuan, with a net profit of 286 million yuan [1] Group 2: 1Q25 Performance - For 1Q25, the company reported revenue of 5.23 billion yuan, a year-on-year decline of 3.5% [1] - The net profit attributable to shareholders was 260 million yuan, a year-on-year decrease of 50.8%, with earnings per share of 0.22 yuan, slightly below market expectations [1] Group 3: Industry Trends - The industrial silicon industry is expected to see supply growth slow down in 2025, with total production capacity increasing by 11% to 6.65 million tons in 2024 [2] - The average price of industrial silicon in 2024 was 13,000 yuan per ton, down 15.4% year-on-year, and the average price in 2025 to date is 11,000 yuan per ton, down 15.3% year-on-year [2] - The organic silicon industry is projected to see a recovery in supply-demand balance in 2025-26, with demand growth expected to be in the range of 5-10% [3] Group 4: Profit Forecast and Valuation - The company has lowered its 2025 profit forecast by 31% to 1.94 billion yuan and introduced a 2026 forecast of 3.50 billion yuan [4] - The target price has been reduced by 10% to 65 yuan, corresponding to 40/22 times the price-to-earnings ratio for 2025/26, indicating a 22% upside potential from the current stock price [4]