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]

Core Viewpoint - The company, Hesheng Silicon Industry Co., Ltd., reported its 2024 annual results, highlighting a stable performance in a challenging economic environment, with a focus on the growth of the silicon-based materials industry driven by the photovoltaic sector. Group 1: Company Overview - Hesheng Silicon Industry is engaged in the research, production, and sales of silicon-based new materials, including industrial silicon, organic silicon, and polysilicon, making it one of the largest companies in China's silicon-based materials industry [9][10]. - As of the end of 2024, the company had an industrial silicon production capacity of 1.22 million tons per year and an organic silicon monomer capacity of 1.73 million tons per year [9]. Group 2: Industry Performance - In 2024, the industrial silicon industry in China experienced growth in both supply and demand, with production reaching 4.72 million tons, a year-on-year increase of 27.6% [5]. - The export volume of industrial silicon increased to 725,000 tons, up 28.5% year-on-year, driven by recovering overseas consumption [5]. - Domestic consumption of industrial silicon rose by 22.1%, with significant demand from the polysilicon and organic silicon sectors, which saw growth rates of approximately 25% [5]. Group 3: Financial Performance - The company achieved an operating income of 26.692 billion yuan in 2024, an increase of 0.41% compared to the previous year [3]. - The net profit attributable to shareholders decreased by 33.64% to 1.740 billion yuan, while the net profit after deducting non-recurring gains and losses fell by 29.58% to 1.540 billion yuan [3][4]. - The earnings per share for 2024 were reported at 1.48 yuan [4]. Group 4: Future Outlook - For 2025, the silicon industry is expected to face structural adjustments in supply and demand, with uncertainties in exports due to geopolitical and economic policy influences [8]. - The organic silicon sector is projected to maintain high growth rates, driven by new applications and the gradual replacement of traditional petroleum-based materials [8].

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit, indicating operational pressure in a complex market environment [1][4]. Group 1: Financial Performance - The company achieved total revenue of 26.692 billion yuan, a year-on-year increase of 0.41% [1]. - The net profit attributable to shareholders was 1.740 billion yuan, a year-on-year decrease of 33.64% [1][4]. - The non-recurring net profit was 1.540 billion yuan, down 29.58% year-on-year, highlighting challenges in cost control and price fluctuations [1][4]. Group 2: Market Position and Production Capacity - The company maintains a dual leading position in the industrial silicon and organic silicon sectors, with daily production of industrial silicon exceeding 70 tons and energy consumption per ton reduced to below 10,000 kWh [4]. - The production capacity of organic silicon has been enhanced to 330-350 tons per day through technological upgrades, with steam consumption reduced by 30% [4]. Group 3: Research and Development - The company has significantly increased its R&D investment, achieving breakthroughs in silicon carbide technology, with a 95% yield rate for 6-inch silicon carbide substrates and a stable 98% yield for epitaxy [5]. - New products such as functional silicone oil and high-performance liquid silicone rubber have been developed, reinforcing the company's leading position in silicon-based new materials [6]. Group 4: Sustainability and Digital Transformation - The company has optimized resource allocation processes to enhance product quality and reduce production costs, while also advancing a comprehensive digital transformation strategy [7]. - Efforts to align with national "dual carbon" strategies include upgrading production processes and energy efficiency, embedding sustainable development into corporate governance [7].

证券代码：603260 证券简称：合盛硅业 公告编号：2025-021 合盛硅业股份有限公司 第四届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 合盛硅业股份有限公司（以下简称"公司"或"合盛硅业"）第四届监事会 第六次会议通知于 2025 年 4 月 12 日以电子邮件送达的方式发出，会议于 2025 年 4 月 22 日下午 15:00 时在公司慈溪办公室四楼会议室以现场和通讯相结合方 式召开。出席会议的监事应到 3 人，实到 3 人。本次会议由监事会主席严培玉女 士主持，公司董事会秘书列席了本次会议。本次监事会会议的召集、召开符合国 家有关法律、法规和《公司章程》的规定，会议决议合法有效。 二、监事会会议审议情况 1、审议通过了《关于<公司 2024 年度监事会工作报告>的议案》 表决结果：3 票赞成、0 票反对、0 票弃权、0 票回避。 本议案尚需提交公司 2024 年年度股东大会审议。 2、审议通过了《关于<公司 2024 年度内部控制评价报告>的议案》 具体内容详 ...

合盛硅业股份有限公司 第四届董事会第七次会议决议公告 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。 一、董事会会议召开情况 合盛硅业股份有限公司（以下简称"公司"或"合盛硅业"）第四届董事会 第七次会议通知于 2025 年 4 月 12 日以短信和邮件送达的方式发出，会议于 2025 年 4 月 22 日下午 14:00 时在公司慈溪办公室二十四楼黑河会议室以现场和通讯 相结合方式召开。出席会议的董事应到 9 人，实到 9 人。会议由公司董事长罗立 国先生主持，公司监事及高级管理人员列席了本次会议。本次董事会会议的召集、 召开符合国家有关法律、法规和《公司章程》的规定，会议决议合法有效。 二、董事会会议审议情况 1、审议通过了《关于<公司 2024 年度董事会工作报告>的议案》； 表决结果：9 票赞成、0 票反对、0 票弃权、0 票回避。 证券代码：603260 证券简称：合盛硅业 公告编号：2025-020 本议案尚需提交公司 2024 年年度股东大会审议。 2、审议通过了《关于<公司 2024 年度董事会审计委员会履职情 ...

合盛硅业股份有限公司 2024年年度利润分配方案公告 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。 证券代码：603260 证券简称：合盛硅业 公告编号：2025-026 一、利润分配方案内容 （一）利润分配方案的具体内容 根据天健会计师事务所（特殊普通合伙）审计结果，截至2024年12月31日， 合盛硅业股份有限公司（以下简称"公司"）母公司报表中期末未分配利润为人 民币1,539,231,936.90元。 经董事会决议，公司2024年年度以实施权益分派股权登记日登记的总股本 （扣除公司回购专用账户中的股份数）为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利4.50元（含税）。截至2025年3月31 日，公司总股本1,182,206,941股，扣除回购专用证券账户股份数9,774,418股，以 此计算合计拟派发现金红利527,594,635.35元（含税）。本年度以现金为对价， 采用集中竞价方式已实施的股份回购金额500,087,216.21元，现金分红和回购金 额合计1,027,681,851 ...