Hoshine Silicon(603260) INDUSTRIAL SECURITIES·2024-11-10 04:06Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The report highlights that the company's organic silicon profitability is improving, with a sequential increase in performance and a solidified cost advantage through integrated supply chains [4] - The company reported a revenue of 20.371 billion yuan for Q3 2024, a year-on-year increase of 2.44%, but a net profit attributable to shareholders of 1.454 billion yuan, down 33.42% year-on-year [4][5] - The report maintains an "Accumulate" rating based on the company's leading position in the silicon materials industry and its ongoing expansion in production capacity [5] Financial Summary - For the fiscal year 2023, the company achieved a revenue of 26,584 million yuan, with a year-on-year growth of 12.4% [3] - The projected revenues for 2024, 2025, and 2026 are 27,556 million yuan, 32,428 million yuan, and 38,302 million yuan, respectively, with expected growth rates of 3.7%, 17.7%, and 18.1% [3] - The net profit attributable to shareholders for 2023 was 2,623 million yuan, with a significant decline of 49.1% year-on-year, and projections for 2024, 2025, and 2026 are 2,300 million yuan, 3,433 million yuan, and 4,178 million yuan, respectively [3] - The gross margin is expected to improve from 20.1% in 2023 to 23.3% in 2024, with a projected ROE of 6.8% in 2024 and increasing to 10.1% by 2026 [3]