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 | ...

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].

Investment Rating - The investment rating for 合盛硅业 is maintained at "Buy" with a target price of RMB 52.90 [6][7]. Core Views - The company reported a net profit of RMB 9.78 billion for H1 2024, a year-on-year decrease of 45%, despite a revenue increase of 11% to RMB 132.7 billion [1]. - The silicon industry is currently experiencing a downturn, with expectations for recovery in the future [3][4]. - The company is expected to achieve net profits of RMB 27 billion, RMB 36 billion, and RMB 44 billion for the years 2024 to 2026, respectively, with corresponding EPS of RMB 2.30, RMB 3.04, and RMB 3.71 [1][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of RMB 132.7 billion, up 11% year-on-year, while net profit was RMB 9.78 billion, down 45% year-on-year [1]. - For Q2 2024, revenue was RMB 78.6 billion, a 27% increase year-on-year, with a net profit of RMB 4.5 billion, down 42% year-on-year [1][2]. Product Segments - Industrial silicon revenue increased by 14% to RMB 69 billion, with sales volume up 37% to 576,000 tons, but the average price fell by 17% to RMB 12,000 per ton [2]. - The organic silicon segment saw revenue growth of 8.7% to RMB 59.9 billion, but the average prices decreased by 9% to RMB 12,900 per ton [2]. Future Outlook - The photovoltaic segment remains in a cyclical low, with total assets of RMB 433 billion and liabilities of RMB 206 billion as of Q2 2024 [3]. - The company is expected to leverage its scale advantage in the industrial and organic silicon sectors to support its profit margins in the future [4][9].

证券代码：603260 证券简称：合盛硅业 公告编号：2024-061 合盛硅业股份有限公司 2024 年第二季度主要经营数据公告 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《上海证券交易所上市公司自律监管指引第 3 号行业信息 披露：第十三号——化工》及相关要求，合盛硅业股份有限公司（以下简称"公司"） 现将 2024 年第二季度主要经营数据披露如下： 注 1：上述销售量为全部对外销售数量，未包含公司自用量。 注 2：自用量分别为工业硅 12.71 万吨、110 生胶 2.14 万吨、107 胶 0.14 万吨、环体 硅氧烷 13.04 万吨、气相法白炭黑 0.34 万吨、多晶硅 0.44 万吨。 主要产品 2024 年二季度 2024 年二季度 2024 年二季度 生产量（吨） 销售量（吨） 销售金额（万元） 工业硅 496,816.66 406,192.81 467,159.00 110 生胶 116,771.42 86,261.67 107,147.88 107 胶 78,525.69 84,7 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-060 合盛硅业股份有限公司 关于调整以集中竞价交易方式回购股份方案的公告 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： ●本次调整前回购股份方案：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 ●本次调整后回购股份方案：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 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》《上市公 司股份回购规则》等法律法规的规定，合盛硅业股份有限公司（以下简称"公司"、 "合盛硅业"）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》，同意公司对股份回购方案部分 内容进行调整，具体情况如下： 一、调整前本次回购股份事项的概述 2023 年 12 月 11 日，公司召开第三届董事会第二十二次会议、第三届监事会第 十五次会议审议并通过了《关于以集中竞价交易方式回购股份方案的议案》，具体 内容详见公司于 2023 年 1 ...