合盛硅业：景气磨底，静待复苏

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 20.37 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 2.4%. However, the net profit attributable to shareholders was 1.45 billion yuan, a decrease of 33.4% year-on-year [4]. - The silicon-based industry chain is experiencing a bottoming out phase, with the company's main products, industrial silicon and organic silicon, facing a decline in market conditions since mid-2022. The gross margin for Q3 2024 was 19.6%, up 5.0 percentage points year-on-year, while the net margin was 6.6%, up 1.6 percentage points year-on-year [4][5]. - The company is expected to see a turnaround in the organic silicon market by 2025, as the domestic production capacity is projected to decrease significantly after a period of intensive capacity expansion from 2022 to 2024 [5]. - The company is leveraging its "coal-electric-silicon" integrated industrial chain to enhance its downstream layout, with projects in Xinjiang and Yunnan progressing according to market conditions [5][6]. - The company has achieved significant advancements in silicon carbide materials, with production yields leading in the domestic market and nearing international standards [6]. - The forecasted net profits for the company from 2024 to 2026 are 2.05 billion yuan, 2.72 billion yuan, and 3.41 billion yuan, respectively [6].