Daqo Energy(688303)2024-04-29 10:50Financial Performance - The company's operating revenue for Q1 2024 was RMB 298,163.90 million, a decrease of 38.60% compared to the same period last year[4] - The net profit attributable to shareholders was RMB 33,061.35 million, down 88.64% year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 35,377.17 million, a decline of 87.84% compared to the previous year[4] - The net cash flow from operating activities was negative RMB 166,802.82 million, a decrease of 131.03% year-on-year[4] - The total comprehensive income attributable to the parent company's owners for Q1 2024 is CNY 330,613,498, compared to CNY 2,911,036,747.30 in Q1 2023, representing a significant decrease[28] - Basic earnings per share for Q1 2024 is CNY 0.15, down from CNY 1.36 in Q1 2023[28] - The company’s operating profit for Q1 2024 is CNY 429,670,129.61, compared to CNY 3,434,971,040.65 in Q1 2023, reflecting a sharp decline[28] - The total profit for Q1 2024 is CNY 430,323,350.71, down from CNY 3,432,795,680.55 in Q1 2023[28] Research and Development - Research and development expenses totaled RMB 13,677.07 million, an increase of 78.00% compared to the same period last year[6] - The proportion of R&D expenses to operating revenue was 4.59%, an increase of 3.01 percentage points year-on-year[6] Production and Sales - In Q1 2024, the company achieved a production volume of 62,278 tons and a sales volume of 53,987 tons, representing an increase of 84.0% and 113.5% year-over-year, respectively[19] - The company successfully produced 43,000 tons of N-type polysilicon in Q1 2024, with sales of 37,000 tons, accounting for 69.0% and 68.6% of total production and sales, respectively[18] - The company expects a total production volume of 280,000-300,000 tons for the full year 2024, with Q2 production projected at 60,000-63,000 tons[21] Pricing and Costs - The average unit selling price (excluding tax) decreased to 54.92 RMB/kg, down 71.2% compared to 190.42 RMB/kg in Q1 2023[19] - The unit cost decreased to 45.99 RMB/kg, a reduction of 14.0% from 53.45 RMB/kg in the same period last year[19] - The company reported a unit cash cost of 40.50 RMB/kg, down 13.8% from 47.00 RMB/kg in Q1 2023[19] - The average price range for P-type dense silicon material in Q1 2024 was between 58,500-60,100 RMB/ton, while N-type silicon material ranged from 69,600-72,100 RMB/ton[18] Market Conditions - The decline in operating revenue and net profit was primarily due to intensified price competition in the upstream and downstream supply chain, leading to a significant drop in silicon material prices[8] - The company is focusing on cost control and quality management to enhance product competitiveness amid market fluctuations[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 5,031,205.37 million, a decrease of 0.76% from the end of the previous year[6] - Total liabilities decreased to CNY 6,080,898,230.72 from CNY 6,815,809,416.00, a reduction of 10.8%[24] - Shareholders' equity increased to CNY 44,231,155,478.32 from CNY 43,879,245,108.79, an increase of 0.8%[24] Cash Flow - Cash and cash equivalents decreased to CNY 17,410,508,036.71 from CNY 19,628,991,520.99, a decline of 11.3%[22] - Net cash flow from operating activities for Q1 2024 is -CNY 1,668,028,219.69, compared to CNY 5,375,809,906.44 in Q1 2023, indicating a substantial decline[30] - Total cash outflow from operating activities in Q1 2024 is CNY 2,676,324,073.68, up from CNY 2,311,104,194.76 in Q1 2023[30] - The company reported a net cash outflow from investing activities of -CNY 548,307,632.91 in Q1 2024, compared to -CNY 1,625,477,179.46 in Q1 2023[30] Shareholding Structure - The company holds a 21.35% shareholding by major shareholders Xu Guangfu and Xu Xiang, who are father and son[14]