上半年经营性现金流增逾19倍，合盛硅业迎来底部反转

Core Viewpoint - Despite facing operational pressure in the industrial silicon, organic silicon, and photovoltaic sectors, the company achieved a revenue of 9.775 billion yuan in the first half of 2025, although it reported a net profit of -397 million yuan due to price declines influenced by economic fluctuations and supply-demand mismatches [1] Group 1: Organic Silicon Business - The organic silicon prices have rapidly declined to historical lows, but the simultaneous decrease in raw material costs and product prices has prevented a significant drop in the industry's overall gross profit margin [2] - As a leading player in the organic silicon sector, the company is expected to accelerate its profit rebound due to anticipated price recovery and improved supply-demand dynamics [2] - The company's organic silicon business generated a revenue of 4.662 billion yuan in the first half of the year, with a gross margin of 17.36%, an increase of 1 percentage point year-on-year [2] Group 2: Industrial Silicon Business - The company is positioned to benefit from industry consolidation and efficiency improvements as high-energy-consuming capacities are phased out [4] - The company has optimized its resource allocation and increased its self-supply ratio, enhancing product quality and reducing production costs [4] - Industrial silicon prices have begun to rebound after hitting a low in early June, with expectations for a gradual recovery in the second half of the year as supply-demand conditions improve [4] Group 3: Silicon Carbide Business - The company is extending its silicon-based new materials industry chain, positioning silicon carbide products as a new growth point [5] - The company has mastered the core technologies across the entire silicon carbide production chain, achieving leading domestic product yields and competitive technical indicators [6] - The company has successfully developed ultra-pure silicon carbide ceramic powders and high-purity semi-insulating silicon carbide powders, catering to various high-purity and customized powder demands [6] Group 4: Future Outlook - The company anticipates a gradual release of demand in the second half of 2025, driven by stable organic silicon market capacity and ongoing demand from emerging sectors [7] - The photovoltaic industry is undergoing significant adjustments, with government interventions expected to help restore healthy development, positively impacting the upstream industrial silicon market [7] - The company has a robust cash flow position, significantly outperforming comparable companies, which is crucial for navigating the industry's downturn [8]