民生证券：给予大全能源买入评级

Core Viewpoint - Daqo Energy's recent half-year report indicates significant revenue decline and net losses, attributed to supply-demand imbalance in the photovoltaic industry and low product prices, but the company maintains a buy rating due to effective cost management and strong financial position [2][5]. Financial Performance - In H1 2025, Daqo Energy reported revenue of 1.47 billion yuan, a year-on-year decrease of 67.93%, with a net loss of 1.15 billion yuan [2]. - Q2 2025 revenue was 563 million yuan, down 64.87% year-on-year and 37.96% quarter-on-quarter, with a net loss of 589 million yuan [2]. Production and Cost Management - The company implemented a production cut in response to the national "anti-involution" initiative, resulting in a 60% decrease in polysilicon production to 50,800 tons in H1 2025 and a 52% drop in sales to 46,100 tons [3]. - Despite increased fixed costs due to reduced production, cash costs fell to 37.66 yuan/kg, a 6.6% decrease from the previous year [3]. Financial Stability - As of H1 2025, Daqo Energy had a total cash reserve of 12.09 billion yuan and a low debt ratio of 8.04%, with no interest-bearing debt [4]. - The strong financial position is expected to support the company through industry cycles and provide strategic options at the bottom of the cycle [4]. Investment Outlook - Revenue projections for 2025, 2026, and 2027 are 3.85 billion yuan, 8.48 billion yuan, and 12.21 billion yuan, respectively, with expected net profits of -1.53 billion yuan, 791 million yuan, and 1.51 billion yuan [5]. - The company is positioned as a leading player in the silicon material sector, with effective cost control and financial strength anticipated to help navigate through market challenges [5].