Hoshine Silicon(SH:603260) EBSCN·2024-03-04 16:00Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Viewpoints - The company focuses on enhancing the "coal-electricity-silicon" industrial chain, aiming to improve efficiency and quality while expanding its upstream and downstream layout [1][2]. - The company has significant production capacity, with 1.22 million tons/year of industrial silicon and 1.73 million tons/year of organic silicon, accounting for approximately 30% of domestic production [1]. - The company has successfully launched a 200,000 tons multi-crystalline silicon project, with the first production line achieving high-quality output [1]. - A share buyback plan of 500 million to 1 billion yuan demonstrates the company's confidence in its future development [1][2]. Financial Summary - Revenue (in million yuan): 21,343 (2021), 23,657 (2022), 25,908 (2023E), 40,530 (2024E), 51,458 (2025E) [3][9]. - Net Profit (in million yuan): 8,212 (2021), 5,148 (2022), 2,835 (2023E), 4,052 (2024E), 5,124 (2025E) [3][9]. - EPS (in yuan): 7.64 (2021), 4.79 (2022), 2.40 (2023E), 3.43 (2024E), 4.33 (2025E) [3][9]. - ROE (diluted): 40.81% (2021), 21.60% (2022), 8.66% (2023E), 11.18% (2024E), 12.61% (2025E) [3][9]. - P/E Ratio: 7 (2021), 12 (2022), 23 (2023E), 16 (2024E), 13 (2025E) [3][9]. Market Position - The company is a leader in the domestic industrial silicon and organic silicon industry, continuously expanding its production capacity and moving towards higher value-added products like multi-crystalline silicon and silicon carbide [2][9].