Daqo Energy(SH:688303) Western Securities·2025-09-30 01:31Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The recent increase in silicon material prices has been noted, with prices surpassing 50,000 yuan/ton, and N-type re-investment material averaging 53,200 yuan/ton, while N-type granular silicon averages 50,500 yuan/ton [4] - The company's performance has been under pressure due to a significant decline in silicon material prices, resulting in a revenue drop of 67.9% year-on-year to 1.47 billion yuan in the first half of 2025, with a net loss of 1.147 billion yuan [1][2] - The company has proactively reduced production to control losses, with a production volume of 50,821 tons in the first half of 2025, a decrease of approximately 60% year-on-year, effectively alleviating market supply pressure [1][2] Financial Performance Summary - In the first half of 2025, the company's cash cost per kilogram decreased to 37.66 yuan, a 6.6% year-on-year decline, despite an increase in unit costs due to fixed costs from idle production lines [2] - The company's asset-liability ratio is low at 8.04%, with no interest-bearing debt, providing a solid financial foundation to navigate industry cycles [2] - Forecasted net profits for 2025-2027 are -1.417 billion yuan, 1.259 billion yuan, and 2.324 billion yuan, respectively, with corresponding EPS of -0.66 yuan, 0.59 yuan, and 1.08 yuan [2][8]