Hoshine Silicon(SH:603260) Xin Lang Cai Jing·2025-12-01 09:05Core Viewpoint - 合盛硅业 is a leading player in the global industrial silicon and organic silicon markets, with significant production capacity and competitive advantages in vertical integration [1] Group 1: Company Overview - 合盛硅业 ranks among the top in the world for industrial silicon production capacity and has been the number one producer in China for several consecutive years [1] - The company holds the largest production capacity for organic silicon monomers in China, showcasing strong competitive strength in vertical integration [1] Group 2: Forward Integration - The company has established a self-sufficient power plant in Xinjiang, leveraging low-cost coal resources to achieve cost advantages in power generation [1] - 合盛硅业 is expanding its production capacity for graphite electrodes to 14.5 million tons per year, which helps in reducing raw material costs [1] - Future limitations on industrial silicon and power generation indicators in Xinjiang may hinder the replication of the company's cost advantages [1] Group 3: Backward Integration - The company extends its industrial chain into the downstream organic silicon sector, highlighting its cost advantages through integrated operations [1] - The growth potential for the company remains strong due to its integrated layout in the coal, electricity, and silicon sectors [1] Group 4: Industry Outlook - The industrial silicon and organic silicon industries have been stagnant for a long time, but there is potential for marginal improvement in industry conditions under the "anti-involution" backdrop [1] - As a leader in the silicon industry chain, 合盛硅业 is expected to benefit significantly from the anticipated industry recovery [1] Group 5: Financial Projections - The company's projected net profits for 2025, 2026, and 2027 are estimated to be 150 million, 168 million, and 256 million yuan respectively [1] - The company maintains a "buy" rating based on its strong market position and growth prospects [1]