合盛硅业（603260）：硅产业链景气触底业绩承压，静待复苏

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The silicon industry chain is experiencing a downturn, with the company’s performance under pressure, awaiting recovery [5][8]. - In 2024, the company achieved a revenue of 26.69 billion yuan, a year-on-year change of +0.4%, and a net profit attributable to shareholders of 1.74 billion yuan, a year-on-year change of -33.6% [5][8]. - For Q1 2025, the company reported a revenue of 5.23 billion yuan, a year-on-year change of -3.5% and a quarter-on-quarter change of -17.3% [5][8]. - The company plans to distribute a cash dividend of 4.5 yuan for every 10 yuan to all shareholders, totaling 530 million yuan [5][8]. Summary by Sections Financial Performance - In 2024, the company’s revenue was 26.69 billion yuan, with a net profit of 1.74 billion yuan, reflecting a significant decline in profitability [5][8]. - Q1 2025 results showed a revenue of 5.23 billion yuan and a net profit of 260 million yuan, indicating a continued decline in earnings [5][8]. - The average prices for key products in 2024 were 11,175 yuan for industrial silicon, 12,405 yuan for silicone oil, 10,013 yuan for silicone rubber, and 13,000 yuan for cyclic siloxane, with overall price declines observed [8]. Industry Outlook - The silicon industry is expected to stabilize and recover in 2025, driven by demand growth in the photovoltaic sector and ongoing adjustments in supply and demand dynamics [8]. - The company is positioned as a leading player in the silicon-based new materials industry, with significant production capacity and a focus on cost advantages [8]. - The company is actively optimizing its operations and enhancing efficiency through technological innovations, which is expected to support its competitive position in the market [8]. Future Projections - The company’s net profit is projected to reach 1.79 billion yuan in 2025, 2.36 billion yuan in 2026, and 2.91 billion yuan in 2027 [8].