Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products are under pressure, and it is waiting for a recovery in the industry chain [1] - In the first half of 2025, the company reported a revenue of 9.776 billion yuan, a year-on-year decrease of 26.34%, and a net profit attributable to shareholders of -397 million yuan, a decline of 140.60% year-on-year [4][5] - The second quarter saw a revenue of 4.548 billion yuan, with a year-on-year and quarter-on-quarter decrease of 42.11% and 13.02%, respectively [4] - The company experienced a significant drop in sales volume and prices for its main products, including industrial silicon, silicone rubber, and silicone oil [5] - The report indicates that the company is expected to benefit from potential price recovery as the industry undergoes restructuring and capacity consolidation [6] Financial Summary - The company is projected to achieve net profits attributable to shareholders of 2.014 billion, 2.840 billion, and 3.773 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.06X, 21.31X, and 16.04X [7] - Key financial indicators for 2025E include revenue of 28.709 billion yuan, a year-on-year growth of 7.6%, and a net profit margin of 7.0% [10] - The gross profit margin is expected to be 18.8% in 2025, with a projected return on equity (ROE) of 5.8% [10]

供需错配压力之下，光伏产业正在经历深度调整。这也包括从业人员规模的缩减。 根据21世纪经济报道记者统计，剔除已经退市的企业，109家A股光伏公司2024年在职员工总人数为63.87万 人。而在2023年，这一数字为78.26万人。 不过，亦有光伏企业在2024年逆势招人。例如，光伏设备公司北方华创，2024年扩招4344人；"光储一 哥"阳光电源，2024年则增加3608人。 21世纪经济报道记者注意到，光伏逆变器企业2024年的在职人员数量普遍增加。除了阳光电源外，德业股 份去年增加2110人，艾罗能源增加763人，锦浪科技则增加了662人。 但在2024年，随着光伏产业链主材价格大幅下跌，部分环节甚至跌破成本线，不少企业陷入亏损。大量光 伏企业因订单流失，融资困难，项目延期或终止，而不得不开启"瘦身"模式。 相对应的，2024年国内光伏行业的业绩也陷入低谷——109家A股光伏公司去年合计实现营业收入降至1.38 万亿元，累计净利润则亏损0.06亿元。 此前，光伏大厂的高薪水、高奖金、高红利屡见不鲜。在行业高速增长之时，也吸引了一众求职者"向光而 行"。而如今，热潮退去，在供需错配的压力之下，光伏公司不得不 ...