Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance has declined due to a drop in demand, particularly in the photovoltaic sector, leading to a significant decrease in revenue and profit margins [7] - The demand for silicon-carbon anodes is gradually increasing, and the company is actively expanding its production of zone-refined polysilicon, which is expected to become a new growth driver [7] - The forecast for the company's net profit has been adjusted downwards for 2025-2027, with expected figures of -48 million, 8 million, and 46 million respectively, reflecting a significant decline in profitability [7] Financial Summary - Total revenue for 2023 is projected at 1,120.69 million, with a year-on-year growth of 17.55%, but is expected to decline to 510.59 million in 2025, a decrease of 27.62% [1] - The net profit attributable to shareholders is forecasted to be 308.23 million in 2023, dropping to -47.77 million in 2025, indicating a year-on-year decline of 161.50% [1] - The latest diluted EPS is expected to be -0.11 in 2025, compared to 0.73 in 2023 [1] - The company's P/E ratio is projected to be -107.27 in 2025, reflecting the anticipated losses [1] - The company's total assets are estimated to be 2,147 million in 2024, with a slight increase to 2,385 million by 2027 [8]
硅烷科技（838402）：2022中报点评：需求下滑致业绩下降，硅碳负极逐步起量，积极拓展区熔级多晶硅