Daqo Energy(688303) 华创证券·2024-11-05 05:42Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 36.75 CNY, while the current price is 30.85 CNY [1]. Core Insights - The company reported a revenue of 60.05 billion CNY for the first three quarters of 2024, reflecting a year-on-year decrease of 53.37% [1]. - The net profit attributable to the parent company was -10.99 billion CNY, with a net profit margin of -18.31%, showing a year-on-year decline of 121.49% [1]. - The company experienced a significant reduction in losses in Q3 2024, primarily due to a decrease in industry prices and an asset impairment loss of approximately 5.8 billion CNY [1]. - The cash cost continued to decline, reaching 20-21 CNY/kg in Q3 2024, which is a decrease of about 38.93% compared to the previous quarter [1]. - The company expects to achieve a multi-crystalline silicon production volume of 4.2 million tons in 2024, with a stable shipment volume in Q3 [1]. Financial Summary - For 2023, the total revenue is projected at 16,329 million CNY, with a year-on-year growth rate of -47.2% [3]. - The net profit for 2023 is estimated at 5,763 million CNY, with a year-on-year growth rate of -69.9% [3]. - The company’s cash flow from operating activities is expected to be 8,741 million CNY in 2023, with a significant decline projected for 2024 [3]. - The company’s total assets are estimated to be 50,695 million CNY in 2023, with a liability ratio of 13.4% [3].