Daqo New Energy(DQ)

Search documents
Daqo New Energy Remains Too Cheap To Ignore - Bullish Support Is Here
Seeking Alpha· 2024-04-20 14:00
grandriver/E+ via Getty Images We previously covered Daqo New Energy (NYSE:NYSE:DQ) in December 2023, discussing why we maintained our Hold rating on the stock, with China's accelerating solar panel installation likely to be negated by the stalling demand in the US and EU over the next few quarters. While the stock might be rerated closer to its book value, we believed that there might be more pain in the near-to-intermediate term, due to the increasingly imbalanced global supply/ demand picture through ...
Daqo New Energy: An Opportunity To Buy The Company For Cents On The Dollar
Seeking Alpha· 2024-04-03 18:16
abriendomundo/iStock via Getty Images Daqo New Energy (NYSE:DQ) is the holding company of one of the world's largest polysilicon manufacturers, Xinjiang Daqo, which is listed as a subsidiary of Daqo on the Shanghai Stock Exchange via A-shares. Thesis The investment thesis is very simple. Daqo New Energy currently holds around 72.68% of the Chinese subsidiary Xinjiang Daqo, which currently has a market capitalization of around 8.05 billion and is listed on the Shanghai Stock Exchange. The stake in the su ...
Daqo New Energy's Subsidiary Xinjiang Daqo Proposes 2023 Cash Dividend for Approval at Its Annual Shareholders' Meeting
Prnewswire· 2024-04-01 12:00
SHANGHAI, April 1, 2024 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ) ("Daqo New Energy", the "Company" or "we"), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today announced that its subsidiary Xinjiang Daqo's board of directors has approved its cash dividend plan for 2023 and has proposed it to Xinjiang Daqo's annual shareholders' meeting for approval. For the year ended December 31, 2023, the net profit attributable to Xinjiang Daqo's shareholders was RMB 5,762,6 ...
Best Value Stocks to Buy for March 28th
Zacks Investment Research· 2024-03-28 09:31
Here are three stocks with buy rank and strong value characteristics for investors to consider today, March 28:Xerox Holdings Corporation (XRX) : This workplace technology company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.2% over the last 60 days.Xerox Holdings Corp has a price-to-earnings ratio (P/E) of 7.77 compared with 12.20 for the industry. The company possesses a Value Score of A.Reynolds Consumer Products Inc. (REYN) : This ho ...
3 Stocks About to Boom on Unusual Call Option Volume
MarketBeat· 2024-03-18 12:46
Key PointsIt looks like options traders are back on the block, and they picked three stocks with a thesis that goes around higher oil prices.With a different narrative for your portfolio, you can strike a balance from speculation all the way to a near sure bet. Wall Street analysts and institutional buyers confirm the writing on the wall.5 stocks we like better than Daqo New EnergyMost investors focus on the volume profile of the stocks they analyze, forgetting that there is another primary market that can ...
Strength Seen in Daqo (DQ): Can Its 6.4% Jump Turn into More Strength?
Zacks Investment Research· 2024-03-08 09:10
Daqo New Energy (DQ) shares soared 6.4% in the last trading session to close at $25.86. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 25.3% gain over the past four weeks.Optimism over strong customer demand for polysilicon seemed to have driven the stock higher. The company is benefiting from strong demand for its high-quality N-type polysilicon despite headwinds from lower polysilicon selling prices. Its energy efficiency effo ...
Daqo New Energy(DQ) - 2023 Q4 - Earnings Call Transcript
2024-02-28 17:11
Financial Data and Key Metrics Changes - In 2023, the company achieved a polysilicon production volume of 197,831 metric tons, a 47.8% year-over-year increase from 133,812 metric tons in 2022 [7] - Revenue for 2023 was $2.3 billion, down from $4.6 billion in 2022, primarily due to lower average selling prices (ASPs) [8][20] - Gross margin for 2023 was 39.9%, compared to 74% in 2022, reflecting the impact of lower ASPs [20][22] - The company generated approximately $1.6 billion in operating cash flow for the year and maintained a cash balance of $3 billion by year-end [8][22] Business Line Data and Key Metrics Changes - The company sold 200,002 metric tons of polysilicon in 2023, a 50% increase from 132,909 metric tons in 2022 [7] - In Q4 2023, the total production volume was 61,014 metric tons, an increase of 3,350 metric tons compared to the previous quarter [8] - ASP for Q4 was $7.90 per kilogram, up 3.8% from Q3 2023 [16] Market Data and Key Metrics Changes - The global solar market saw record installation volumes in 2023, with China's new solar PV capacity reaching 216.88 gigawatts, a 148% year-over-year growth [13] - N-type poly prices are expected to rebound slightly in Q1 2024, with forecasts of RMB70 to RMB73 per kilogram for N-type and around RMB65 for P-type [27][30] - The company anticipates that the market transition to N-type products will accelerate, driven by higher price premiums [14] Company Strategy and Development Direction - The company plans to begin initial production at its new Inner Mongolia 5B facility in Q2 2024, with full-year 2024 production volume expected to be approximately 280,000 to 300,000 metric tons [10] - The company aims to enhance its competitive advantage by optimizing its cost structure through digital transformation and increasing the proportion of N-type in its product mix [15][14] Management Comments on Operating Environment and Future Outlook - Management noted that 2023 was a year of unforeseen developments in the solar industry, with record low prices at the end of the year despite robust demand growth [7] - The company expects a slight rebound in poly prices in Q1 2024, followed by stabilization in Q2 [12][27] - Management expressed confidence in the company's operations and cash flow, while remaining cautious about market dynamics [34] Other Important Information - The company maintained a healthy balance sheet with no financial debt and a combined cash and bank notes receivable balance of $3.2 billion [8][22] - SG&A expenses for 2023 were $213 million, down from $354 million in 2022, primarily due to reduced non-cash share-based compensation costs [21] Q&A Session Summary Question: What is the outlook for poly prices in Q1 and Q2? - Management expects N-type prices to range between RMB70 to RMB73 per kilogram in Q1, with potential for N-type to rebound to RMB80 in the second half of 2024 [27][30] Question: What are the dynamics affecting price expansion? - Current market demand is relatively low, with module production utilization at 60% to 70%, leading to improved pricing from December levels [29][30] Question: Is there a plan for a new buyback program? - The board is considering a share repurchase plan contingent upon the A-share dividend plan, with discussions ongoing [34][40] Question: What is the CapEx plan for 2024? - The CapEx budget for 2024 is estimated to be around RMB8 billion to RMB9 billion, primarily for ongoing projects in Inner Mongolia [38] Question: How will power tariff hikes affect production costs? - The company does not expect significant impacts on production costs due to favorable electricity agreements in Xinjiang and Inner Mongolia [44]
Daqo New Energy (DQ) Q4 Earnings and Revenues Miss Estimates
Zacks Investment Research· 2024-02-28 13:11
Daqo New Energy (DQ) came out with quarterly earnings of $0.64 per share, missing the Zacks Consensus Estimate of $0.84 per share. This compares to earnings of $4.71 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -23.81%. A quarter ago, it was expected that this solar panel parts maker would post earnings of $1.70 per share when it actually produced a loss of $0.09, delivering a surprise of -105.29%.Over the last four quarter ...
Daqo New Energy(DQ) - 2023 Q4 - Earnings Call Presentation
2024-02-28 13:00
February 28, 2024 Q4 and Fiscal Year 2023 Results Presentation Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “guidance” and similar statements. Among other things, the outlook for the first quart ...
Daqo New Energy(DQ) - 2024 Q1 - Quarterly Report
2024-02-27 16:00
Production and Sales - Polysilicon production volume reached 61,014 MT in Q4 2023, up from 57,664 MT in Q3 2023[2] - Full year 2023 polysilicon production volume was 197,831 MT, a 47.8% increase from 133,812 MT in 2022[4] - The company expects Q1 2024 polysilicon production volume to be approximately 60,000 MT to 62,000 MT[12] - The anticipated full year 2024 production volume is projected to be between 280,000 MT and 300,000 MT, representing a 40% to 50% increase from 2023[12] Revenue and Profitability - Revenue for Q4 2023 was $477.1 million, a decrease from $484.8 million in Q3 2023[3] - Revenue for the full year 2023 was $2,308.5 million, down from $4,608.4 million in 2022 due to lower average selling prices[4] - Full year 2023 revenues were $2,308.5 million, a decrease from $4,608.4 million in 2022, primarily due to lower polysilicon average selling prices (ASPs)[20] - Gross profit increased to $87.2 million in Q4 2023, compared to $67.8 million in Q3 2023, with a gross margin of 18.3%[3] - Gross profit for 2023 was $920.7 million, down from $3,407.9 million in 2022, with a gross margin of 39.9% compared to 74.0% in 2022[22] - EBITDA (non-GAAP) for 2023 was $918.6 million, a decrease from $3,150.7 million in 2022, with an EBITDA margin of 39.8% compared to 68.4% in 2022[28] Net Income - Net income attributable to shareholders was $44.9 million in Q4 2023, a significant recovery from a net loss of $6.3 million in Q3 2023[3] - Net income attributable to Daqo New Energy Corp. shareholders was $44.9 million in Q4 2023, compared to a net loss of $6.3 million in Q3 2023 and a loss of $332.7 million in Q4 2022[17] - Adjusted net income (non-GAAP) for 2023 was $554.7 million, down from $2,122.3 million in 2022, with adjusted earnings per basic ADS at $7.42 compared to $27.97 in 2022[27] - Adjusted net income (non-GAAP) attributable to Daqo New Energy Corp. shareholders was $65,954 thousand for the three months ended December 31, 2023, compared to $43,975 thousand in the previous quarter[55] Cash Flow and Financial Position - The company generated approximately $1.6 billion in operating cash flow for 2023, maintaining a cash balance of $3.0 billion[7] - Net cash provided by operating activities for 2023 was $1,610.9 million, a decrease from $2,462.7 million in 2022, primarily due to lower revenues and gross margin[31] - Cash, cash equivalents, and restricted cash at the end of the period were $3,047,956 thousand, down from $3,520,351 thousand at the beginning of the period[51] - As of December 31, 2023, the company had $3,048.0 million in cash and cash equivalents, down from $3,520.4 million a year earlier[29] Expenses - Selling, general and administrative (SG&A) expenses were $39.0 million in Q4 2023, down from $89.7 million in Q3 2023 and $44.0 million in Q4 2022[15] - Research and development (R&D) expenses increased to $3.3 million in Q4 2023 from $2.8 million in Q3 2023 and $2.7 million in Q4 2022, focusing on quality improvements and N-type product research[16] Operational Performance - Income from operations was $83.3 million in Q4 2023, significantly up from $22.5 million in Q3 2023 but down from $623.1 million in Q4 2022, with an operating margin of 17.5%[17] - Total current liabilities increased to $851,087 thousand as of December 31, 2023, compared to $810,318 thousand in the previous quarter[46] - Total assets decreased to $7,441,524 thousand as of December 31, 2023, from $7,594,096 thousand a year earlier[48] - The company’s total liabilities stood at $1,001,625 thousand as of December 31, 2023, compared to $948,050 thousand in the previous quarter[46] Shareholder Returns - The company repurchased 14.55 million ADSs for approximately $491 million as part of its $700 million share buyback program[10]