Daqo Energy(SH:688303)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 485,637.01 million, a decrease of 40.26% compared to the same period last year[4] - The net profit attributable to shareholders was RMB 291,103.67 million, down 32.49% year-on-year[4] - Basic earnings per share were RMB 1.36, a decrease of 39.29% year-on-year[4] - Total revenue for Q1 2023 was approximately ¥4.86 billion, a decrease of 40.5% compared to ¥8.13 billion in Q1 2022[21] - Net profit for Q1 2023 was approximately ¥2.91 billion, a decrease of 32.5% from ¥4.31 billion in Q1 2022[22] - Basic earnings per share for Q1 2023 were ¥1.36, down from ¥2.24 in Q1 2022[23] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 308.48%, reaching RMB 537,580.99 million, due to improved sales collection management[9] - Cash flow from operating activities for Q1 2023 was approximately ¥5.38 billion, significantly up from ¥1.32 billion in Q1 2022[24] - The net increase in cash and cash equivalents was 3,750,332,726.98, up from 2,403,120,318.62 in the prior period[25] - The ending balance of cash and cash equivalents reached 27,409,323,413.68, significantly higher than 6,988,131,277.94 at the end of the previous period[25] - The report indicates a significant increase in cash reserves, suggesting a strong liquidity position for future investments[25] Research and Development - R&D investment totaled RMB 7,683.65 million, a decrease of 46.81% compared to the previous year, representing 1.58% of operating revenue[6] - Research and development expenses for Q1 2023 were approximately ¥13.20 million, slightly up from ¥13.09 million in Q1 2022[21] Production and Sales - In Q1 2023, the company produced 33,847.92 tons of polysilicon, a 7.86% increase compared to 31,382.64 tons in Q1 2022[15] - The sales volume in Q1 2023 was 25,283.50 tons, representing a significant decrease of 34.90% from 38,838.66 tons in Q1 2022[15] - The average selling price per kilogram in Q1 2023 was 190.42 RMB, down 8.45% from 207.99 RMB in the same period last year[15] - The unit cost in Q1 2023 was 53.45 RMB per kilogram, a substantial decrease of 28.93% from 75.21 RMB in Q1 2022, mainly due to lower raw material costs[15] - The company achieved a net profit of 115.14 RMB per kilogram in Q1 2023, indicating strong product quality and cost control[14] - The company plans to produce between 193,000 to 198,000 tons of polysilicon in 2023, with Q2 production expected to be 44,000 to 46,000 tons[17] - The company aims to increase shipment volume to 59,000 to 61,000 tons in Q2 2023, while reducing inventory levels to around 5,000 tons[17] Projects and Market Outlook - The Inner Mongolia Phase I 100,000-ton high-purity polysilicon project commenced production in March 2023, enhancing the company's market competitiveness[14] - The Inner Mongolia Baotou Phase II 100,000-ton project is expected to be completed by the end of 2023, increasing total annual production capacity to 305,000 tons[14] - The company anticipates steady growth in overall solar photovoltaic demand in the coming quarters, with downstream capacity expansion quickly absorbing supply increases[16] Other Financial Information - The company did not report any audited financial statements for this quarter[3] - The company did not apply new accounting standards or interpretations for the first quarter of 2023[25] - The cash flow from financing activities was not detailed in the report, indicating a focus on investment and operational cash flows[25] - The company's financial performance reflects a strategic focus on long-term asset acquisition despite negative net cash flow from investing activities[25] - The report was released by the board of directors on April 27, 2023, under the leadership of Xu Guangfu[25]