智通财经网·2025-09-08 07:50Core Viewpoint - The company is expected to achieve profitability and excess returns among silicon material enterprises due to continuous cost reduction and stabilization in the industry chain prices [1] Group 1: Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 9.01 billion yuan in 2026 and 20.13 billion yuan in 2027 [1] - The average cash production cost of granular silicon for the first half of 2025 is 26.22 yuan/kg, with a decrease to 25.31 yuan/kg in Q2 2025, marking a reduction of 1.76 yuan/kg from Q1 2025 [2] Group 2: Market Position - The sales volume of the top five customers for granular silicon accounted for 23%, 21%, 11%, 8%, and 7% respectively, indicating a stable customer structure [3] - The market share of granular silicon reached 24.3% in the first half of 2025, an increase of 7.2 percentage points compared to the second half of 2024 [3] Group 3: Product Quality and Innovation - The quality of granular silicon products has improved, with 95% of products maintaining a total metal impurity content of ≤0.5 ppbw, and achieving turbidity levels below 100 NTU [4] - The company has officially launched its GW-level perovskite industrial base in June 2025, with large-size stacked perovskite components receiving TÛV Rheinland IEC61730 certification [4]