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 ...

实际上，从去年年底开始，通威股份、大全能源等硅料大厂几乎同步"带头"减产以响应相关部门及中国 光伏行业协会提出的光伏产业"反内卷"倡议。据第一财经记者了解，截至目前，我国所有在产多晶硅企 业基本处于降负荷运行状态。不过据硅业分会披露，本月总计1家企业进入检修状态，预计对整体产量 影响较为有限。 除了各环节供需矛盾，下游终端市场需求的疲软，也是导致眼下光伏产业链从上至下各环节价格均走低 的一大原因。 在硅业分会看来，近期硅片环节价格的下行主要变化不在于供给端，而在需求端。"下游终端组件需求 快速回落，导致电池排产下降，对硅片需求大幅减弱。" 光伏主产业链由上至下主要分为硅料（多晶硅）、硅片、电池、组件四大环节。4月24日晚间，中国有 色金属工业协会硅业分会（下称"硅业分会"）披露的数据显示，过去一周，多晶硅价格震荡下行，硅片 价格继续下行，电池和组件价格同样呈继续下探趋势。 "多晶硅市场处于僵持博弈状态，现货市场鲜少成交，买方与卖方暂时没有达成较为一致的价格共 识。"据硅业分会分析，上游多晶硅环节价格再度下滑的主要原因在于，目前二季度硅片的产出不及预 期。"整体来看，4月硅料签单水平不及3月，而5月硅片开工预计 ...

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 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 ...