Report Industry Investment Rating - Not provided Core Viewpoints - The silicon market has a situation of strong supply and weak demand, with high inventory pressure in the industry. It is expected to maintain a weak trend in the short - term, with the industrial silicon price operating in the range of 8,000 - 10,000 yuan/ton. For polysilicon, it is expected to be weakly sorted in the short - term, and the unilateral strategy can consider shorting on rallies [1]. Summary by Relevant Catalogs Industrial Silicon and Polysilicon Price Changes - The average price of non - oxygenated 553 (East China) industrial silicon decreased by 1.08% to 9,150 yuan/ton, and the average price of 421 (East China) decreased by 0.97% to 10,200 yuan/ton. The closing price of the futures main contract dropped by 2.52% to 8,325 yuan/ton. The price of N - type polysilicon material remained unchanged at 38 yuan/kg, and the closing price of the futures main contract fell by 2.24% to 36,410 yuan/ton [1]. Supply - side Information - On April 30, a new 1,200 - ton/day photovoltaic glass furnace was added in Zhaotong, Yunnan, and the total domestic furnace production capacity increased to 125,650 tons/day. In April 2025, industrial silicon production was 301,000 tons, a 12% month - on - month and 16% year - on - year decrease. From January to April 2025, the cumulative production of industrial silicon decreased by 12.6% year - on - year. The decrease in April was mainly due to the large - scale production cut of a major factory in Xinjiang and a small amount of production cuts by silicon enterprises in Gansu and other places [1]. - In April, the domestic production of organic silicon DMC decreased by 8.04% compared with March, but the decline rate decreased. It is expected that the DMC start - up rate in May will drop to about 55% [1]. Demand - side Information - Polysilicon enterprises maintain a production - cut state, and the resumption of production may be postponed. Organic silicon enterprises have a strong willingness to cut production to support prices, but demand is weak, and downstream enterprises are mainly in a wait - and - see state. Silicon alloy enterprises purchase on demand, and the downstream's willingness to stock up at low levels is insufficient [1]. Investment Strategies - For industrial silicon, considering the supply and demand situation, it is expected to maintain a weak trend in the short - term, and continue to pay attention to the production dynamics of silicon enterprises. For polysilicon, it is expected to be weakly sorted in the short - term, and continue to pay attention to the futures warehouse receipt registration situation and the actual production situation of silicon material factories. The unilateral strategy can consider shorting on rallies [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is actively expanding its materials business to support performance amid a challenging market environment [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Financial Summary - The comprehensive gross margin for Q1 2025 was 18.8%, a decrease of 1.3 percentage points year-over-year, while the net margin was 6.74%, an increase of 1.46 percentage points year-over-year. The total expense ratio for the quarter was 21.17%, up 4.26 percentage points year-over-year [2]. - The company forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.22 RMB, 0.26 RMB, and 0.27 RMB respectively. The expected price-to-earnings (PE) ratio for 2025 is 37.5 times, leading to a target price of 8.25 RMB [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.25 RMB [6][7]. Core Views - The company's Q1 2025 revenue was 714 million RMB, a year-over-year decrease of 15.39% but a quarter-over-quarter increase of 39.99%. The net profit attributable to the parent company was 47.96 million RMB, up 8.18% year-over-year and up 235.15% quarter-over-quarter. However, the non-recurring net profit dropped significantly by 95.38% year-over-year [1][3]. - The decline in non-recurring net profit is primarily attributed to order delays in the photovoltaic sector, which negatively impacted the specialized equipment manufacturing and installation segment. The company is facing downward pressure in the equipment sector due to market conditions but is actively expanding its materials business to support performance [3][4]. - The company received government subsidies of 48.81 million RMB in Q1 2025, which significantly contributed to its profits for the quarter [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 18.8% and a net margin of 6.74%, with year-over-year changes of -1.3 percentage points and +1.46 percentage points respectively. The total expense ratio was 21.17%, reflecting a year-over-year increase of 4.26 percentage points [2]. - The company’s EPS for 2025 is projected to be 0.22 RMB, with expected EPS for 2026 and 2027 at 0.26 RMB and 0.27 RMB respectively [4][5]. Market Position and Outlook - The company is positioned as a leader in both equipment and materials sectors, with ongoing partnerships with major players in the new energy vehicle and data center industries, which are expected to drive growth in its materials business [3][4]. - The report anticipates that the company will maintain its earnings forecast, with a target price based on a price-to-earnings ratio of 37.5x for 2025, aligning with industry averages [4][11].

Core Viewpoint - Despite the challenges in the photovoltaic industry, the company achieved its best-ever financial results, with significant revenue and profit growth in 2024 and Q1 2025 [1][2]. Financial Performance - In 2024, the company reported a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit of 11.036 billion yuan, up 16.92% [1]. - For Q1 2025, revenue reached 19.036 billion yuan, reflecting a 50.92% year-on-year growth, while net profit was 3.826 billion yuan, up 82.52% [1]. - The company’s net profit for 2024 was the first to exceed 10 billion yuan, establishing it as the "profit king" in the photovoltaic sector [1][2]. Business Segments - The main revenue sources for the company in 2024 were photovoltaic inverters (47.904 billion yuan, 61.53%) and energy storage (24.959 billion yuan, 32.06%) [2]. - The company’s revenue from photovoltaic inverters, energy investment development, and energy storage systems accounted for 37.41%, 26.98%, and 32.06% of total revenue, respectively [3]. Market Position - The company maintained its position as the global leader in photovoltaic inverter shipments, with a total of 147 GW shipped in 2024, a 13% increase year-on-year [3]. - The cumulative installed capacity of the company’s energy storage systems reached 28 GWh, marking a 167% year-on-year growth [3]. Strategic Focus - The company emphasized its core competitiveness and brand influence, focusing on deepening its main business areas and leveraging its global marketing service network [2]. - The company aims to ship 40-50 GWh of energy storage systems in 2025, although U.S. tariff policies may introduce uncertainties affecting this target [4][5]. Market Outlook - The company anticipates a compound annual growth rate of over 10% for the global photovoltaic market from 2024 to 2030, despite current challenges [6]. - The domestic photovoltaic market is expected to face growth pressures this year, but the long-term outlook remains optimistic [6]. Executive Compensation - The overall compensation for the company’s executives increased in 2024, with notable figures receiving substantial pre-tax salaries [6][7].

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - The industrial silicon market shows a pattern of increasing supply in the south and decreasing in the north, with overall limited changes. On the demand side, polysilicon and organic silicon enterprises are in a state of production reduction, and the demand for industrial silicon is weak. The silicon market has strong supply and weak demand, and the industry has high inventory pressure. The silicon price is expected to face pressure after the rebound [1]. - The polysilicon market has a situation where supply and demand are both changing. Supply-side enterprises maintain production reduction, and demand-side distributed component orders cool down while centralized orders increase. With the approaching of the 430 rush installation node, the demand is expected to weaken in May, which will drag down the polysilicon price. The polysilicon futures market is in a state of shock and then stabilizes [1]. 3. Summary by Relevant Catalogs Industrial Silicon Price Information - The average price of industrial silicon non-oxygenated 553 (East China) remained flat at 9,600 yuan/ton, and the average price of 421 (East China) remained flat at 10,550 yuan/ton. The closing price of the futures main contract rose 1.48% to 8,930 yuan/ton [1]. Supply and Demand - Supply: Furnace openings in Xinjiang decreased, while new furnace openings appeared in Sichuan. In April, some silicon enterprises in Yunnan are expected to have new production capacity put into operation, showing a pattern of increasing supply in the south and decreasing in the north, with overall limited changes [1]. - Demand: Polysilicon enterprises maintain production reduction, organic silicon enterprises have a strong willingness to reduce production and support prices, but the demand is weak, and the downstream is in a wait-and-see mood. The actual transaction price has declined. Domestic monomer enterprises in production are expected to further reduce the operating rate to below 70% in April, and the demand for industrial silicon will further decline. Silicon-aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. Investment Strategy - Considering the strong supply and weak demand in the silicon market and high inventory pressure, the strategy is to consider shorting after the price rebounds, with an operating range of 8,500 - 10,000 yuan/ton. Continuously monitor the production dynamics of silicon enterprises [1]. Polysilicon Price Information - The price of N-type dense material remained flat at 39.5 yuan/kg, the price of polysilicon re-feeding material remained flat at 36 yuan/kg, the price of polysilicon dense material remained flat at 34.5 yuan/kg, and the price of polysilicon cauliflower material remained flat at 33.5 yuan/kg. The closing price of the futures main contract rose 2.93% to 39,135 yuan/ton [1]. Supply and Demand - Supply: Polysilicon enterprises maintain production reduction, and the output in April is expected to remain within 100,000 tons [1]. - Demand: As the 430 rush installation node approaches, the demand for distributed component orders has cooled down, while the demand for centralized orders has increased. The battery production schedule has increased to 63 - 64GW, with sufficient supply and a decline in the transaction price. On the silicon wafer side, affected by the earthquake and the cautious production schedule of leading enterprises, the silicon wafer production schedule in April may fall short of expectations. After the demand peak in the middle and late April and May ends, the upward space for silicon wafers is limited [1]. Investment Strategy - As the demand is expected to weaken in May, which will drag down the polysilicon price, the polysilicon futures market is in a state of shock and then stabilizes. The cross-period strategy can consider the 06 - 11 positive spread and the 11 - 12 negative spread. Continuously monitor the futures warehouse receipt registration situation and the actual operating situation of polysilicon factories [1]. Other Information - On April 21, according to data from the German Federal Network Agency, the newly installed solar photovoltaic capacity in Germany in March was about 787.2 megawatts, the lowest monthly performance in the German photovoltaic market since December 2022. This decline may be related to the new regulations of the "Solarspitzengesetz" that came into effect at the end of February [1].

回首IPO路程，首航新能源也经历过一些风风雨雨。 这场IPO从2022年6月16日获受理，到现在申购阶段已经历时接近3年，募资金额也随着行业的 调整开始回落，从35.12亿元降至约12.11亿元。 业绩一直是投资者参考的重要标准，招股书显示该公司2021年-2024上半年营收分别约为18.2 亿元、44.5亿元、37.4亿元、14.69亿元，扣非净利润分别约为2.6亿元、8.4亿元、3亿元、1.2 亿元，跟随者行业一起经历了大起大落。 该公司主要收入来自境外，2021年-2024上半年境外收入占比分别约为88%、89.6%、75.5%、 83%，2023年以来海外对于储能和光伏的需求区域饱和，影响了公司效益。此外该公司对于大 客户的依赖性也较高，报告期内五大客户的销售额占比均超过50%以上，且以上两种现象并不 会在短时间内解决。 也就是说，如果行业趋于稳定，那么首航新能源的基本盘就会固定，上市后也让很难会有大规 模的变动。 光伏储能双驱动的首航新能需要资本力量扩大舞台。 起点锂电获悉， 3月24日首航新能源开启申购，公开发行4123.71万股人民币普通股（A股）， 发行价格为11.80元/股，共计募资12.1 ...