Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The report highlights that the company's organic silicon profitability is improving, with a sequential increase in performance and a solidified cost advantage through integrated supply chains [4] - The company reported a revenue of 20.371 billion yuan for Q3 2024, a year-on-year increase of 2.44%, but a net profit attributable to shareholders of 1.454 billion yuan, down 33.42% year-on-year [4][5] - The report maintains an "Accumulate" rating based on the company's leading position in the silicon materials industry and its ongoing expansion in production capacity [5] Financial Summary - For the fiscal year 2023, the company achieved a revenue of 26,584 million yuan, with a year-on-year growth of 12.4% [3] - The projected revenues for 2024, 2025, and 2026 are 27,556 million yuan, 32,428 million yuan, and 38,302 million yuan, respectively, with expected growth rates of 3.7%, 17.7%, and 18.1% [3] - The net profit attributable to shareholders for 2023 was 2,623 million yuan, with a significant decline of 49.1% year-on-year, and projections for 2024, 2025, and 2026 are 2,300 million yuan, 3,433 million yuan, and 4,178 million yuan, respectively [3] - The gross margin is expected to improve from 20.1% in 2023 to 23.3% in 2024, with a projected ROE of 6.8% in 2024 and increasing to 10.1% by 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [17]. Core Views - The company's performance in Q3 2024 showed slight improvement, with a year-on-year revenue increase of 2.44% to 20.371 billion yuan, despite a decline in net profit by 33.42% to 1.454 billion yuan [1]. - The photovoltaic industry is anticipated to reach a turning point, with significant policy support and a potential recovery in product prices, which could benefit the company's performance [7][9]. - The company is actively advancing key investment projects, enhancing its competitive advantage through industrial synergy [8]. Financial Summary - Revenue for 2024 is projected to be 29.975 billion yuan, with a year-on-year growth rate of 12.8% [1]. - The net profit for 2024 is estimated at 2.348 billion yuan, reflecting a decline of 10.5% compared to the previous year [1]. - The company's gross profit margin for the first three quarters of 2024 was 22.01%, a slight increase from the same period in 2023 [2]. - Operating cash flow for the first three quarters of 2024 saw a significant increase of 1236.39% year-on-year, amounting to 1.819 billion yuan [3]. Industry Insights - The photovoltaic industry has seen a 24.77% year-on-year increase in new installations, indicating a robust growth trajectory [7]. - The company’s main products, including industrial silicon and organic silicon, experienced fluctuating revenue, with industrial silicon revenue decreasing by 14.17% year-on-year in Q3 2024 [4]. - The report highlights that raw material prices have decreased, alleviating cost pressures on the company's main products [6]. Future Projections - The company is expected to achieve revenues of 36.695 billion yuan and 41.942 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 3.262 billion yuan and 4.275 billion yuan [9]. - The projected EPS for 2024, 2025, and 2026 are 1.99 yuan, 2.76 yuan, and 3.62 yuan, respectively [9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 2024 performance met expectations, with a comprehensive layout in the industrial chain and significant cost advantages in industrial silicon. The company is extending its product range to include polysilicon, photovoltaic glass, battery cells, and modules, with capacity gradually being released [3][4]. - The target price has been raised to 66.30 yuan from the previous 63.35 yuan, based on a projected 30 times PE for 2025 [4][6]. Financial Performance Summary - Q3 2024 revenue and net profit attributable to shareholders were 20.371 billion yuan and 1.454 billion yuan, respectively, showing year-on-year changes of +2.44% and -33.42%. The revenue for Q3 2024 was 7.099 billion yuan, with a net profit of 476 million yuan, reflecting year-on-year changes of -10.68% and +18.42% [4]. - The gross profit margin for Q3 2024 was 19.61%, up 49.8 percentage points year-on-year, while the net profit margin was 6.61%, an increase of 1.65 percentage points year-on-year [4]. - The company’s main products saw production volumes of 480,400 tons for industrial silicon and 114,900 tons for 110 raw rubber, with sales volumes of 348,100 tons and 96,200 tons, respectively [4]. - The average price of industrial silicon decreased by 10.02% year-on-year and 7.68% quarter-on-quarter, while costs for key materials like silicon ore and petroleum coke also declined [4]. Industry Position and Outlook - The company is positioned as a leader in both organic silicon and industrial silicon, leveraging synergies in the "coal-electricity-silicon" collaborative development model. The production capacity for polysilicon is gradually being released, and the company is entering the core areas of the photovoltaic industry [4][5]. - The company’s projects, including the third phase of organic silicon in Xinjiang and the second phase of industrial silicon in the eastern region, have reached production capacity, enhancing the integrated advantages of the industrial chain [4].

证券代码：603260 证券简称：合盛硅业 公告编号：2024-080 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 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。 根据《上海证券交易所上市公司自律监管指引第 7 号—回购股份》等相关法 律法规的要求，公司在回购股份期间，应当在每个月的前 3 个交易日内公告截至 上月末的回购进展情况。现将公司回购股份进展的具体情况公告如下： 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 年 | 27 | 日~2024 | 12 | 26 | 日 | | 月 | | | □减少注册资本 | | | | | | | | | | | | | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 万股 821.2418 | | | | | | | | | ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-081 合盛硅业股份有限公司 关于控股股东一致行动人部分股份解质押的公告 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546,647,073股股份， 占公司总股本的46.24%；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%。本次解质押后，罗燚累计质押股份为77,532,300股， 占其所持股份比例的40.28%，占公司总股本比例的6.56%。 公司将持续关注合盛集团及其一致行动人的股份质押情况，严格遵守相关规 定，及时履行信息披露义务。 特此公告。 | 股东名称 | 罗燚 | | --- | --- | | 本次解质股份 | 股 18,233,400 | | 占其所持股份比例 | 9.47% | | 占公司总股本比例 | 1.54% | | 解质时间 | 2024/10/31 | ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-082 合盛硅业股份有限公司 关于注销募集资金专户的公告 上述募集资金到位情况经天健会计师事务所（特殊普通合伙）审验，并由其 于 2023 年 1 月 13 日出具了《验资报告》（天健验〔2023〕第 16 号）。 二、募集资金管理情况 为规范公司募集资金管理，保护中小投资者的权益，根据中国证监会《上市 公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、《上海证 券交易所股票上市规则》、《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》相关法律、法规和规范性文件等有关规定，公司及保荐机构中信证券 股份有限公司对募集资金采取了专户储存管理。公司及保荐机构中信证券股份有 限公司分别与募集资金专户监管银行签订了《募集资金专户存储三方监管协议》， 具体内容详见公司于 2023 年 1 月 30 日发布在上海证 券交易所网站 (www.sse.com.cn)及指定信息披露媒体的《合盛硅业关于签订募集资金专户存储 三方监管协议的公告》（公告编号：2023-009）。 截至目前，公司上述开立募集资金存储专户情况如下： | 中国民生银 ...

合盛硅业（ [Table_StockNameRptType] 603260） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------|------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a slight quarter-on-quarter revenue growth in Q3, and there is optimism regarding the gradual recovery of profitability in the silicon industry [2] - The company reported a total revenue of 20.371 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.44%, while the net profit attributable to shareholders was 1.454 billion yuan, a year-on-year decrease of 33.42% [2] - In Q3 2024, the company achieved a revenue of 7.099 billion yuan, a year-on-year decrease of 10.68% and a quarter-on-quarter decrease of 9.63%, with a net profit of 476 million yuan, a year-on-year increase of 18.42% and a quarter-on-quarter increase of 5.82% [2] - The company expects the profitability of its main products, including industrial silicon and organic silicon, to gradually recover as the industry cycle reaches its bottom [2] Financial Summary - For 2024, the company’s projected net profit is 2.153 billion yuan, with earnings per share (EPS) of 1.82 yuan, and a price-to-earnings (P/E) ratio of 32.6 times [3] - The company’s revenue is expected to grow from 28.460 billion yuan in 2024 to 40.196 billion yuan in 2026, with a compound annual growth rate (CAGR) of 16.1% [3] - The gross margin is projected to be 17.9% in 2024, improving to 20.5% by 2025 and 2026 [3] - The company’s total assets are expected to increase from 87.950 billion yuan in 2024 to 106.865 billion yuan in 2026 [4] Industry Insights - The company is actively expanding its projects in the photovoltaic sector, including 400,000 tons/year of polysilicon and 20 GW/year of modules [2] - The photovoltaic industry is taking steps to strengthen self-discipline and prevent "involution" or vicious competition, which may lead to a turning point in profitability for the industry [2]

证券代码：603260 证券简称：合盛硅业 公告编号：2024-079 合盛硅业股份有限公司 2024 年第三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 2024 年 10 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 年第三季度报告》。 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 2024 年 11 月 08 日（星期五）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 年第三季度业绩说明会，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：2024 年 11 月 08 日（星期五）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 征 集 ： 投 资 者 可 于 2024 年 11 月 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-078 合盛硅业股份有限公司 | | | 担保 方持 | 被担保 方最近 | | 本次新 增担保 | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 本次新增 | 占上市 | 剩余可用 | 否 | 是否 | | 担保方 | 被担保方 | | 一期资 | 担保（万 | 公司最 | 担保额度 | 关 | 有反 | | | | 股比 | 产负债 | 元） | 近一期 | （万元） | 联 | 担保 | | | | 例 | | | | | 担 | | | | | | 率 | | 净资产 | | 保 | | | | | | | | 比例 | | | | | 对全资子公司的担保 | | | | | | | | | | 资产负债率为70%以下的控股子公司 | | | | | | | | | | 合盛硅 | 合盛硅业（鄯 | 100% | 35.52% | 7,000.00 | 0.22% | 1,667,400 | 否 | 否 | | 业股份 | 善）有限公司 ...