Hoshine Silicon(SH:603260) Di Yi Cai Jing·2025-05-06 12:33Core Viewpoint - In 2024, the company achieved operating revenue of 26.692 billion yuan, a year-on-year increase of 0.41%, while net profit attributable to shareholders decreased by 33.64% to 1.740 billion yuan. The company anticipates a promising outlook for the organic silicon industry in 2025, driven by emerging applications and the gradual replacement of traditional petroleum-based materials [1][2]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 26.692 billion yuan, reflecting a slight increase of 0.41% year-on-year [2]. - The net profit attributable to shareholders for 2024 was 1.740 billion yuan, representing a significant decline of 33.64% compared to the previous year [1][2]. Group 2: Industry Outlook - The company expects the silicon industry to experience a slowdown in demand growth in 2025 due to self-regulatory measures and capacity adjustments within the crystalline silicon photovoltaic industry [1]. - The organic silicon sector is projected to maintain high growth rates in 2025, supported by the rapid development of emerging industries such as renewable energy, 5G, and ultra-high voltage [1]. Group 3: Production and Cost Management - The company maintains an industrial silicon inventory level of approximately one month as of the end of Q1 2025, demonstrating flexibility in responding to market changes [2]. - The production costs of industrial silicon are influenced by various factors, including electricity prices and raw material costs, with the company benefiting from its integrated business model and self-sufficient power supply [2]. - As of the end of 2024, the company had an industrial silicon production capacity of 1.22 million tons per year and an organic silicon monomer capacity of 1.73 million tons per year [4]. Group 4: Market Dynamics - In 2024, industrial silicon prices faced downward pressure due to supply-demand imbalances, with a gradual recovery expected as industry players collaborate to address pricing challenges [3]. - The company has successfully maintained stable gross margins and increased sales volume through refined management and technological innovation, despite price fluctuations [3].