Hoshine Silicon(SH:603260) Guohai Securities·2025-11-02 05:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In Q3 2025, the company's sales of industrial silicon increased both in volume and price, leading to a turnaround in net profit [6] - The company reported a revenue of 54.30 billion yuan in Q3 2025, a year-on-year decrease of 23.51% but a quarter-on-quarter increase of 14.92% [5] - The net profit attributable to the parent company was 0.76 billion yuan in Q3 2025, showing a year-on-year decline of 84.12% but a significant quarter-on-quarter increase of 111.52% [5] - The sales volume of industrial silicon reached 347,000 tons in Q3 2025, a year-on-year increase of 0.6% and a quarter-on-quarter increase of 61.7% [6] - The average selling price of industrial silicon was 7,933 yuan per ton, down 25.3% year-on-year but up 8.1% quarter-on-quarter [6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 152.06 billion yuan, a year-on-year decrease of 25.35% [4] - The gross profit margin was 8.19%, down 13.82 percentage points year-on-year, while the net profit margin was -2.24%, down 9.22 percentage points year-on-year [4] - The weighted ROE was -0.98%, a decrease of 5.42 percentage points year-on-year [4] Product Sales Data - In Q3 2025, the company sold 34.70 million tons of industrial silicon and 19.47 million tons of silicone rubber [6] - The sales revenue for industrial silicon was 27.53 billion yuan in Q3 2025, while for silicone rubber, it was 19.90 billion yuan [14] Market Outlook - The report indicates that the industrial silicon price is expected to stabilize and gradually recover as market demand improves [6] - The company is focusing on optimizing its capital structure and enhancing operational efficiency to respond to market changes [10]