Daqo Energy(SH:688303) East Money Securities·2025-11-05 13:13Investment Rating - The report maintains a "Buy" rating for Daqo Energy [5] Core Views - Daqo Energy has turned profitable in Q3 2025, driven by a significant increase in both sales volume and prices of polysilicon, with a revenue of 1.773 billion yuan, representing a year-on-year growth of 24.8% and a quarter-on-quarter increase of 214.9% [4][5] - The company's net profit attributable to shareholders reached 73.48 million yuan, marking a turnaround from losses in previous periods [4] - The recovery in the polysilicon market, influenced by the "anti-involution" policy, has led to a notable price increase, with the average sales price reaching 41.49 yuan/kg, up 36.8% quarter-on-quarter [4] - Daqo Energy achieved a sales volume of 42,406 tons, a staggering 134% increase from the previous quarter, with a production and sales rate of 138% [4] - The company has effectively controlled costs, reducing its unit cash cost to 34.63 yuan/kg, down 11.1% quarter-on-quarter, which has supported its profitability recovery [4] - Daqo Energy maintains a low debt ratio of 8.20%, providing a solid financial cushion to navigate industry cycles and seize future market opportunities [4] Financial Summary - The total market capitalization is approximately 64.21 billion yuan, with a 52-week price range of 34.39 yuan to 17.53 yuan [4] - Revenue projections for 2025-2027 are estimated at 5 billion, 7.5 billion, and 9.9 billion yuan respectively, with net profits expected to be -140 million, 980 million, and 1.92 billion yuan [5][6] - The company anticipates an increase in polysilicon production to between 39,500 and 42,500 tons in Q4 2025, which is expected to enhance economies of scale and cost optimization [4]