Daqo Energy(SH:688303)2021-10-28 16:00Financial Performance - The company's operating revenue for Q3 2021 was RMB 379,295.53 million, representing a year-on-year increase of 336.95%[4] - The net profit attributable to shareholders for Q3 2021 was RMB 231,237.62 million, an increase of 1,132.74% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was RMB 230,979.48 million, up by 1,103.12% year-on-year[4] - Total operating revenue for Q3 2021 reached ¥8,304,720,876.43, a significant increase from ¥2,996,371,052.22 in the same period of 2020, representing a growth of approximately 176.5%[22] - Operating profit for Q3 2021 was ¥5,259,079,091.34, compared to ¥587,929,020.10 in Q3 2020, indicating a substantial increase of about 795.5%[23] - Net profit for Q3 2021 amounted to ¥4,472,788,625.39, a significant rise from ¥497,034,031.80 in Q3 2020, reflecting an increase of approximately 798.4%[23] Assets and Equity - The total assets at the end of Q3 2021 reached RMB 2,000,405.99 million, reflecting a 122.22% increase compared to the end of the previous year[5] - The total equity attributable to shareholders at the end of Q3 2021 was RMB 1,521,309.15 million, an increase of 226.15% year-on-year[5] - Total assets as of Q3 2021 were ¥20,004,059,927.92, compared to ¥9,001,738,086.91 in the previous year, marking an increase of about 122.2%[20] - The company's total equity reached ¥15,216,132,072.38 in Q3 2021, up from ¥4,667,802,307.65 in Q3 2020, reflecting an increase of approximately 226.5%[20] Research and Development - Research and development expenses for Q3 2021 amounted to RMB 17,260.85 million, accounting for 4.55% of operating revenue, an increase of 3.14 percentage points year-on-year[5] - The company has increased its R&D investment significantly, with total R&D expenses for the year-to-date period reaching RMB 30,135.66 million, up by 699.26% year-on-year[9] - Research and development expenses for Q3 2021 were ¥33,564,599.57, slightly down from ¥37,704,666.75 in Q3 2020, showing a decrease of approximately 11.3%[22] Production and Sales - In the first nine months of 2021, the company produced 63,000 tons and sold 63,714 tons of polysilicon, with a product quality maintaining over 99% for monocrystalline silicon materials[15] - The average selling price of polysilicon increased by 125.05% year-on-year, reaching 129.72 RMB/kg in the first nine months of 2021[16] - The company achieved a production volume of 21,683.96 tons in Q3 2021, marking an 11.89% increase compared to the same period last year[16] - The increase in revenue and profit was primarily driven by a surge in the sales price and volume of polysilicon products due to strong downstream demand in the photovoltaic market[8] - The overall photovoltaic market has seen continuous growth in 2021, driven by strong downstream demand and tight polysilicon supply, leading to increased sales prices[15] Cash Flow and Investments - The company reported a net cash flow from operating activities of RMB 349,074.65 million for the year-to-date period[5] - Cash inflows from operating activities for the first three quarters of 2021 reached CNY 7.38 billion, a substantial increase from CNY 2.36 billion in the same period of 2020[25] - The net cash flow from operating activities for Q3 2021 was CNY 3.49 billion, compared to a negative CNY 149.36 million in Q3 2020, showcasing a turnaround in cash generation[25] - The company reported a net cash outflow from investing activities of CNY 4.58 billion in Q3 2021, compared to CNY 395.92 million in the same period last year, indicating increased investment[26] - Cash inflows from financing activities for Q3 2021 totaled CNY 6.56 billion, significantly higher than CNY 1.50 billion in Q3 2020, reflecting strong financing efforts[26] Future Outlook - The company expects to maintain full production capacity, with an estimated annual output of 83,000 to 85,000 tons for 2021[16] - The company is currently constructing a 35,000 tons annual production expansion project, expected to be completed by the end of 2021 and reach full capacity by the end of March 2022[16] - The company's financial statements indicate a solid foundation for future growth and potential market expansion[30]