Daqo Energy(SH:688303) Di Yi Cai Jing·2025-10-28 07:53Core Viewpoint - Daqo Energy (688303.SH) reported a significant recovery in its third-quarter performance, with revenue of 1.773 billion yuan, a year-on-year increase of 24.75%, and a net profit of 73.479 million yuan, indicating a turnaround from previous losses due to the recovery of the polysilicon market and the effectiveness of the photovoltaic "anti-involution" policy [1][2]. Financial Performance - The company's revenue for the first three quarters was 3.243 billion yuan, reflecting a year-on-year decline of 46.00%, with a net loss of 1.073 billion yuan [1]. - In the third quarter, the unit sales price of polysilicon rose to 41.49 yuan/kg, a nearly 36.8% increase compared to the second quarter [2]. - The production and sales rate of polysilicon products was 138%, indicating that the sales volume exceeded the production volume, utilizing some of the previous inventory [2]. Market Dynamics - The polysilicon market has shown signs of recovery, with a cumulative inventory reduction of approximately 12,000 tons in the domestic market during the first three quarters of the year [1]. - The average transaction price of polysilicon increased from below 40,000 yuan/ton in June to around 50,000 yuan/ton in September [1]. - Daqo Energy's production volume for polysilicon in the first half of 2025 is projected to be between 121,000 tons and 124,000 tons, with an expected output of 39,500 to 42,500 tons in the fourth quarter of this year [3]. Strategic Focus - The company has adjusted its R&D project timelines and reduced R&D expenditures by over 55.37% in the first three quarters of the year [2]. - Daqo Energy plans to focus on its core business and maintain a strong cash position and low debt ratio, with no immediate plans for overseas expansion [3]. - The company aims to increase its N-type polysilicon product share to 70% by the end of 2024 [2].