盈利底部呈现品质及成本优势，具备穿越周期实力

Investment Rating - The report maintains an "Accumulate" rating for Daqo Energy [3][2]. Core Views - Daqo Energy's performance in 2023 showed a significant decline in revenue due to cyclical inventory consumption and increased production capacity, with a revenue of CNY 16.329 billion, down 47.22% year-on-year, while net profit attributable to shareholders was CNY 5.763 billion, up 69.86% year-on-year [1][2]. - The company managed to achieve a net profit of CNY 648 million in Q4 2023, indicating resilience despite the extreme price drop in silicon materials [1]. - Daqo Energy's cost control measures have positioned it in the top tier of the industry, with a unit production cost of CNY 48.70 per kg, which is on a declining trend [1]. - The demand for N-type silicon materials has surged, with the company's N-type silicon production ratio nearing 60% in December 2023, highlighting its competitive edge in product quality [1]. - The ongoing construction of a high-purity semiconductor material project is expected to add 1,000 tons of annual production capacity, potentially becoming a new profit growth point for the company [1]. Financial Summary - For 2023, the company is projected to achieve a net profit of CNY 5.763 billion, with estimates of CNY 3.109 billion and CNY 3.321 billion for 2024 and 2025, respectively [2][6]. - The expected P/E ratios for 2024 and 2025 are 20.1x and 18.8x, respectively, indicating a slight adjustment in profit forecasts due to the company's quality and cost advantages in silicon materials [2][6]. - The company's revenue is expected to recover slightly in 2024 and 2025, with projected revenues of CNY 18.619 billion and CNY 21.322 billion, respectively [6][10].