证券代码：603260 证券简称：合盛硅业 公告编号：2024-086 合盛硅业股份有限公司 二、 本次股份解质押的基本情况 关于控股股东及其一致行动人部分股份质押及解质押的公告 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立国直接持有公司10,558,753股 股份，占公司总股本的0.89%。本次质押及解质押后，合盛集团累计质押股份为 270,846,100股，占其所持股份比例的49.55%，占公司总股本比例的22.91%；罗立 国累计质押股份为6,400,000股，占其所持股份比例的60.61%，占公司总股本比例 的0.54%。 截至本公告日，合盛集团及其一致行动人罗立国、罗燚、罗烨栋合计直接持 有公司股份929,105,229股，占公司总股本的78.59%。本次质押及解质押后，合盛 集团及其一致行动人罗立 ...

本公司董事会、全体董事及相关股东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： 证券代码：603260 证券简称：合盛硅业 公告编号：2024-085 合盛硅业股份有限公司股东减持股份计划公告 股东持股的基本情况 截至本公告日，富达实业公司（以下简称"富达实业"）持有合盛硅业股份有 限公司（以下简称"公司"）无限售流通股 43,928,248 股，占公司总股本的 3.72%。 减持计划的主要内容 富达实业因自身资金需求，拟自本减持计划公告披露日起 3 个交易日后的 3 个月内计划通过大宗交易方式减持不超过 23,644,138 股（即不超过公司总股本的 2%）。减持价格根据减持时的市场价格及交易方式确定。在上述减持计划实施期 间，公司若发生送红股、转增股本、增发新股或配股等股份变动事项，富达实业 本次减持股份数量和比例将相应进行调整。 一、减持主体的基本情况 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | | | ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-084 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： | 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 12 | 27 | 日~2024 | 月 | 26 | 日 | | 预计回购金额 | 50,000 万元~100,000 万元 | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | □为维护公司价值及股东权益 | | | | | | | 累计已回购股数 | 万股 845.7718 | | | | | | | 累计已回购股数占总股本比例 | 0.72% | | | | | | | 累计已回购金额 | 万元 42,197.722081 | | | | | | | 实际回购价格区间 | 42.51 元 ...

证券代码：603260 证券简称：合盛硅业 公告编号：2024-083 本次质押股份不存在被用作重大资产重组业绩补偿等事项的担保或其他保 障用途。 合盛硅业股份有限公司 关于控股股东部分股份质押的公告 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%。本次质押后，合盛集团累计质押股份为270,846,100股，占其 所持股份比例的49.55%，占公司总股本比例的22.91%。 截至本公告日，合盛集团及其一致行动人罗立国、罗燚、罗烨栋合计直接持 有公司股份929,105,229股，占公司总股本的78.59%。本次质押后，合盛集团及其 一致行动人罗立国、罗燚、罗烨栋直接持有的公司股份中处于质押状态的股份累 计数为438,898,400股，占其合计所持公司股份总数的47.24%，占公司总股本的 37.13%。 公司于近日接到控股股东合盛集团关 ...

Investment Rating - Strong Buy (Maintained) with a target price of 81.9 RMB, compared to the current price of 62.25 RMB [1] Core Views - The company's cost advantage has helped it maintain a high external sales rate despite weak supply and demand in the industrial silicon market [2] - The company's industrial silicon capacity is 1.22 million tons, with Q3 production of 480,400 tons and sales of 345,100 tons, of which 70% were external sales [2] - The average price of industrial silicon in Q3 was 10,600 RMB/ton, down 7.68% QoQ [2] - The company's self-owned power plant capacity provides a cost advantage, allowing it to maintain a high external sales rate of 71.8% in Q3 [2] - Organic silicon production and sales continue to increase, while polysilicon production and sales need recovery [2] - The company is expanding its capacity in the photovoltaic and polysilicon sectors, with several projects under construction, including a 200,000-ton high-purity polysilicon project and a 20GW photovoltaic module project [2] - The company is expected to benefit from the recovery of the industrial silicon and polysilicon markets, with projected net profits of 2.149 billion RMB, 3.223 billion RMB, and 4.536 billion RMB for 2024, 2025, and 2026, respectively [2] Financial Performance - Revenue for the first three quarters of 2024 was 20.371 billion RMB, up 2.44% YoY [1] - Net profit attributable to shareholders was 1.454 billion RMB, down 33.42% YoY [1] - Q3 revenue was 7.099 billion RMB, down 10.68% YoY and 9.63% QoQ [1] - Q3 net profit attributable to shareholders was 476 million RMB, up 18.42% YoY and 5.82% QoQ [1] - Q3 non-GAAP net profit was 416 million RMB, up 20.86% YoY and 9.62% QoQ [1] Industry and Market Outlook - The industrial silicon market is expected to recover in Q4 due to the dry season, with the company likely to benefit the most as a market leader [2] - The company's organic silicon business is performing well, with sales of key products increasing QoQ, despite a general downturn in the industry [2] - The polysilicon market is expected to recover as photovoltaic production increases in Q4 [2] - The company is expanding into high-growth sectors such as silicon materials, photovoltaic glass, and silicon carbide, which are expected to drive future growth [2] Valuation and Projections - The company's 2024-2026 net profit projections have been revised to 2.149 billion RMB, 3.223 billion RMB, and 4.536 billion RMB, respectively, reflecting a YoY growth rate of -18.1%, +50.0%, and +40.7% [2] - The company's 2025 P/E ratio is estimated at 30x, supporting the target price of 81.9 RMB [2]

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： 2024-03 | | | | | | | 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姓名 | 线上参与公司 2024 | 年三季度业绩说明会的全体投资者 | | | 时间 | 2024 年 11 月 08 | 日 15:30-16:30 | | | 地点 | 董事长 罗立国 | 价值 ...

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 investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 20.37 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.4%. However, the net profit attributable to shareholders was 1.45 billion yuan, a decrease of 33.4% year-on-year [4]. - The silicon-based industry chain is experiencing a bottoming out phase, with the company's main products, industrial silicon and organic silicon, facing a decline in market conditions since mid-2022. The gross margin for Q3 2024 was 19.6%, up 5.0 percentage points year-on-year, while the net margin was 6.6%, up 1.6 percentage points year-on-year [4][5]. - The company is expected to see a turnaround in the organic silicon market by 2025, as the domestic production capacity is projected to decrease significantly after a period of intensive capacity expansion from 2022 to 2024 [5]. - The company is leveraging its "coal-electric-silicon" integrated industrial chain to enhance its downstream layout, with projects in Xinjiang and Yunnan progressing according to market conditions [5][6]. - The company has achieved significant advancements in silicon carbide materials, with production yields leading in the domestic market and nearing international standards [6]. - The forecasted net profits for the company from 2024 to 2026 are 2.05 billion yuan, 2.72 billion yuan, and 3.41 billion yuan, respectively [6].

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].