Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 36.75 CNY, while the current price is 30.85 CNY [1]. Core Insights - The company reported a revenue of 60.05 billion CNY for the first three quarters of 2024, reflecting a year-on-year decrease of 53.37% [1]. - The net profit attributable to the parent company was -10.99 billion CNY, with a net profit margin of -18.31%, showing a year-on-year decline of 121.49% [1]. - The company experienced a significant reduction in losses in Q3 2024, primarily due to a decrease in industry prices and an asset impairment loss of approximately 5.8 billion CNY [1]. - The cash cost continued to decline, reaching 20-21 CNY/kg in Q3 2024, which is a decrease of about 38.93% compared to the previous quarter [1]. - The company expects to achieve a multi-crystalline silicon production volume of 4.2 million tons in 2024, with a stable shipment volume in Q3 [1]. Financial Summary - For 2023, the total revenue is projected at 16,329 million CNY, with a year-on-year growth rate of -47.2% [3]. - The net profit for 2023 is estimated at 5,763 million CNY, with a year-on-year growth rate of -69.9% [3]. - The company’s cash flow from operating activities is expected to be 8,741 million CNY in 2023, with a significant decline projected for 2024 [3]. - The company’s total assets are estimated to be 50,695 million CNY in 2023, with a liability ratio of 13.4% [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its market position and operational efficiency [5]. Core Views - The company's performance in Q1-Q3 2024 showed a significant decline in revenue and net profit, primarily due to an imbalance in supply and demand within the photovoltaic industry, leading to low prices for silicon materials [1][2]. - Despite the challenging market conditions, the company has demonstrated strong cost control capabilities and maintained a high proportion of N-type silicon production, which is crucial for its competitive edge [2]. - The company's cash reserves are robust, totaling 144.9 billion yuan, which is expected to support its operations through the industry cycle [3]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenues of 6.005 billion yuan, a year-on-year decrease of 53.37%, and a net profit attributable to shareholders of -1.099 billion yuan, down 121.49% [1]. - In Q3 2024, the company achieved revenues of 1.421 billion yuan, a decline of 60.01% year-on-year, with a net profit of -429 million yuan, reflecting a year-on-year drop of 162.27% [1]. - The company's cash cost in Q3 2024 was 38.93 yuan/kg, a decrease of 3.1% from the previous quarter, while the unit cost increased to 48.83 yuan/kg, up 6.3% due to reduced production [2]. Future Projections - Revenue projections for 2024-2026 are estimated at 7.394 billion yuan, 13.394 billion yuan, and 16.232 billion yuan, respectively, with net profits expected to be -1.409 billion yuan, 865 million yuan, and 1.680 billion yuan [6]. - The company is expected to achieve a price-to-earnings (PE) ratio of 80x in 2025 and 41x in 2026, indicating a potential recovery in profitability as market conditions improve [3][6].

截止本公告披露日，曹伟先生未直接持有公司股份。曹伟先生任职期间，恪 尽职守、勤勉尽责，为公司的规范治理和良好发展发挥了重要作用，公司及董事 会对其为公司作出的贡献表示衷心感谢。 证券代码：688303 证券简称：大全能源 公告编号：2024-057 新疆大全新能源股份有限公司 关于公司高级管理人员辞职的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 新疆大全新能源股份有限公司（以下简称"公司"）董事会于近日收到公司副 总经理曹伟先生递交的书面辞职报告。因个人原因，曹伟先生申请辞去公司副总 经理职务。辞任后，曹伟先生将不再担任公司任何职务。 根据《中华人民共和国公司法》等相关法律法规及《新疆大全新能源股份有 限公司章程》的有关规定，曹伟先生辞任副总经理的报告书自送达董事会之日起 生效。曹伟先生所负责的工作已平稳交接，其辞去高管职务不会对公司日常运营 产生不利影响。 特此公告。 新疆大全新能源股份有限公司董事会 2024 年 11 月 1 日 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 142,093.27 million, a decrease of 60.01% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was a loss of CNY 42,901.05 million, representing a decline of 162.27% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was a loss of CNY 47,699.75 million, down 214.47% from the previous year[2]. - The basic earnings per share for Q3 2024 was -CNY 0.20, a decline of 162.50% compared to the same period last year[3]. - The weighted average return on net assets was -1.02%, a decrease of 2.63 percentage points year-over-year[3]. - The total comprehensive income for the third quarter of 2024 was a loss of CNY 1,099,172,599.27, compared to a gain of CNY 5,115,066,876.18 in the same period of 2023[23]. Assets and Liabilities - The company's total assets at the end of Q3 2024 were CNY 4,692,122.13 million, a decrease of 7.44% compared to the end of the previous year[3]. - The company's total assets decreased to CNY 46,921,221,323.28 from CNY 50,695,054,524.79 year-over-year, indicating a decline of 7.4%[20]. - The company's total liabilities decreased to CNY 5,010,288,361.03 from CNY 6,815,809,416.00 year-over-year, representing a reduction of 26.5%[20]. - The total equity attributable to shareholders was CNY 41,910,932,962.25, down from CNY 43,879,245,108.79 in the previous year, reflecting a decrease of 4.5%[20]. Cash Flow - The net cash flow from operating activities for the year-to-date period was -CNY 440,118.76 million, a decline of 143.57% compared to the same period last year[5]. - The company reported a net cash flow from operating activities of -303.25 million RMB after adjustments, indicating challenges in cash generation[16]. - The net cash flow from operating activities for the first three quarters of 2024 is -4,401,187,570.07 RMB, compared to 10,100,526,621.66 RMB in the same period of 2023, indicating a significant decline[25]. - Total cash inflow from operating activities is 3,099,120,601.93 RMB, down from 17,177,695,772.53 RMB year-on-year[25]. - Cash outflow from operating activities increased to 7,500,308,172.00 RMB, compared to 7,077,169,150.87 RMB in the previous year[25]. - The ending balance of cash and cash equivalents is 3,528,959,224.85 RMB, down from 20,654,019,497.56 RMB at the end of the previous year[27]. Production and Sales - In Q3 2024, the company produced 44,000 tons of polysilicon with a sales volume of 42,000 tons, achieving a production and sales rate of 96.6%, a quarter-on-quarter increase of 30.3 percentage points[12]. - The N-type polysilicon production reached 33,000 tons, accounting for 75.1% of total production, with sales also at 33,000 tons, representing 79.4% of total sales[13]. - For the first three quarters of 2024, the total polysilicon production was 170,831 tons, a year-on-year increase of 24.86%, while total sales were 139,170 tons, a slight decrease of 0.66%[14]. Costs and Expenses - Research and development expenses for Q3 2024 amounted to CNY 5,965.05 million, a decrease of 87.42% year-over-year[3]. - Research and development expenses for the first three quarters of 2024 were CNY 30,113,660.01, a decrease of 37.5% compared to CNY 48,216,990.30 in the same period of 2023[21]. - The unit cost of production was 48.83 RMB/kg, a quarter-on-quarter increase of 6.3%, while the unit cash cost decreased by 3.1% to 38.93 RMB/kg due to improved production efficiency[12]. - The average selling price per kilogram (excluding tax) was 33.62 RMB, a decrease of 52.93% compared to the same period last year[14]. Shareholder Information - Daqo New Energy Corp. holds 1,531,718,500 shares, representing 71.41% of total shares[7]. - The company has a total of 41,026 common shareholders at the end of the reporting period[7]. - The top three shareholders hold a combined total of 1,631,341,043 shares, which is approximately 77.03% of the total shares[8]. - The company plans to repurchase shares with a total fund of no less than RMB 200 million and no more than RMB 400 million, with a maximum repurchase price of RMB 50 per share[11]. - As of August 21, 2024, the company repurchased a total of 10,293,488 shares, accounting for 0.48% of the total share capital[11]. - The average repurchase price was RMB 30.58 per share, with a total payment of RMB 314,823,317.17[11]. Other Information - The company attributed the decline in revenue and profit primarily to the continuous drop in polysilicon prices due to supply and demand mismatches[5]. - The total non-recurring gains and losses for Q3 2024 amounted to CNY 4,798.70 million, with significant contributions from the disposal of non-current assets and government subsidies[4]. - The company has not disclosed any related party transactions among the top shareholders[9]. - The repurchase plan is set to be completed within 12 months from the board's approval date[11]. - The company has not participated in any margin trading or securities lending activities during the reporting period[9].

证券代码：688303 证券简称：大全能源 公告编号：2024-054 新疆大全新能源股份有限公司 关于 2022 年限制性股票激励计划第二个归属期 归属条件成就的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要提示： 一、股权激励计划批准及实施情况 （一）本次股权激励计划的主要内容 1、股权激励方式：第二类限制性股票。 2、授予数量（调整后）：1,810.99 万股，占《新疆大全新能源股份有限公司 2022 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"或"本 激励计划"）公告时公司股本总额的 0.85%。 3、授予价格（调整后）：28.98 元，即满足归属条件后，激励对象可以每股 28.98 元的价格购买公司向激励对象定向发行的公司 A 股普通股股票。 4、授予人数（调整后）：649 人 5、限制性股票激励计划的归属安排： 本激励计划有效期为自限制性股票授予日起至激励对象获授的限制性股票全 部归属或作废失效之日止，最长不超过 48 个月。 限制性股票归属前，激励对象获授的限制性股票不得转让、抵 ...

证券代码：688303 证券简称：大全能源 公告编号：2024-052 新疆大全新能源股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 为真实、客观地反映新疆大全新能源股份有限公司（以下简称"公司"）2024 年第三季度的财务状况和经营成果，公司根据《企业会计准则》及公司会计政策 等相关规定，结合公司实际业务情况及行业市场变化趋势等，对公司及下属子公 司的资产进行了减值测试，并基于谨慎性原则公司拟对可能发生资产减值损失的 资产计提减值准备。经公司财务部门测算，公司 2024 年第三季度拟计提的各项减 值损失总额约为 58,193.35 万元。具体情况如下表所示： 单位：万元 | 项目 | 计提金额 | | 原因 | | --- | --- | --- | --- | | 资产减值损失 | | 58,193.35 | 存货跌价损失 | 二、2024 年第三季度计提资产减值准备事项的具体说明 根据《企业会计准则第 1 号——存货》，资产负债表日，存货应当按照成本与 可 ...

新疆大全新能源股份有限公司 第三届董事会第十三次会议独立董事意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所科创板 股票上市规则》《上市公司独立董事管理办法》等有关法律、法规、规范性文件及《新 疆大全新能源股份有限公司章程》《新疆大全新能源股份有限公司独立董事工作制度》 的相关规定,作为新疆大全新能源股份有限公司(以下简称"公司")的独立董事,本 着认真、负责、独立判断的态度,我们对公司第三届董事会第十三次会议的相关议案进 行了核查,现发表独立意见如下: 一、《关于公司 2022年限制性股票激励计划第二个归属期归属条件成就的议案》的 独立意见 根据《新疆大全新能源股份有限公司 2022年限制性股票激励计划(草案)》《新疆 大全新能源股份有限公司 2022 年限制性股票激励计划实施考核管理办法》的相关规定, 公司 2022 年限制性股票激励计划第二个归属期的归属条件已经成就。本次 646 名激励 对象的归属资格合法有效,可归属的限制性股票数量为 524.04 万股。本次归属安排和审 议程序符合《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管 理办法》《上海证券交易所 ...

新疆大全新能源股份有限公司监事会 关于2022年限制性股票激励计划第二个归属期 激励对象名单的核查意见 新疆大全新 亰股份 在事会 音 30 日 阚桂兵 何光进 e and a 综上,监事会同意公司本次激励计划中限制性股票第二个归属期的归属名单。 新疆大全 (此页无正文,为《新疆大全新能源股份有限公司监事会关于 2022 年限制性股 票激励计划第二个归属期激励对象名单的核查意见》之监事签字页) 何光进 徐益 新疆大全新能源股份有限公司(以下简称"公司")监事会依据《中华人民 共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证 券法》)、《上市公司股权激励管理办法》(以下简称《管理办法》)、《上海证券交 易所科创板股票上市规则》(以下简称《上市规则》)、《科创板上市公司自律监管 指南第 4 号 -- 股权激励信息披露》和《新疆大全新能源股份有限公司章程》(以 下简称《公司章程》)等有关规定,对公司 2022年限制性股票激励计划(以下简 称"本次激励计划")第二个归属期符合归属条件的激励对象名单进行审核,发 表核查意见如下: 本次可归属的激励对象符合《中华人民共和国公司法》《中华人民共和 ...

证券代码：688303 证券简称：大全能源 公告编号：2024-051 新疆大全新能源股份有限公司 第三届监事会第十二次会议决议公告 本公司监事会及全体监事保证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、准确性和完整性依法承担法律责任。 新疆大全新能源股份有限公司（以下简称"公司"）第三届监事会第十二次会 议于 2024 年 10 月 30 日以通讯会议方式召开。会议通知已于 2024 年 10 月 23 日 以邮件方式送达全体监事。会议应到监事 3 名，实到监事 3 名。会议由监事会主 席阚桂兵先生主持。 本次会议的召集、召开程序均符合《中华人民共和国公司法》等相关法律法 规和《新疆大全新能源股份有限公司章程》的规定。全体与会监事经认真审议， 一致通过以下决议： 一、审议通过《关于公司 2024 年第三季度报告的议案》 监事会认为：公司 2024 年第三季度报告的编制和审议程序符合相关法律法规 及《公司章程》等内部规章制度的规定；公司 2024 年第三季度报告的内容与格式 符合相关规定，公允地反映了公司 2024 年第三季度的财务状况和经营成果等事项。 表决结果：同意 3 票、 ...

证券代码：688303 证券简称：大全能源 公告编号：2024-053 新疆大全新能源股份有限公司 关于作废 2022 年限制性股票激励计划部分已授予 但尚未归属的限制性股票的公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 新疆大全新能源股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召 开第三届董事会第十三次会议、第三届监事会第十二次会议，审议通过《关于作 废 2022 年限制性股票激励计划部分已授予但尚未归属的限制性股票的议案》，现 将相关事项公告如下： 一、 本次股权激励计划已履行的决策程序和信息披露情况 1、2022 年 8 月 10 日，公司召开第二届董事会第二十八次会议，审议通过了 《关于<新疆大全新能源股份有限公司 2022 年限制性股票激励计划（草案）>及其 摘要的议案》《关于<新疆大全新能源股份有限公司 2022 年限制性股票激励计划实 施考核管理办法>的议案》以及《关于提请股东大会授权董事会办理公司 2022 年 限制性股票激励计划相关事宜的议案》等议案。公司独立董事就本激励计划 ...