| | | | 工业硅&多晶硅日评20250630：供给端扰动，价格低位反弹 | | | | --- | --- | --- | --- | --- | --- | | 2025/6/30 | 指标 | 单位 | 今值 | 变动 | 近期趋势 | | 不通氧553#（华东）平均价格 | | 元/吨 | 8,100.00 | 0.00% | | | 工业硅期现价格 | 期货主力合约收盘价 | 元/吨 | 8,030.00 | 4.02% | | | 基差（华东553#-期货主力） | | 元/吨 | 70.00 | -310.00 | | | N型多晶硅料 | | 元/千克 | 33.50 | 0.00% | | | 多晶硅期现价格 | 期货主力合约收盘价 | 元/吨 | 33,315.00 | 5.04% | | | 基差 | 不通氧553#（华东）平均价格 | 元/吨 元/吨 | 185.00 8,100.00 | -1,600.00 0.00% | | | 不通氧553#（黄埔港）平均价格 | | 元/吨 | 8,150.00 | 0.00% | | | 不通氧553#（天津港）平均价格 | | 元/吨 ...

Group 1 - In Q1 2025, the company reported a net loss of RMB 263.01 million, with total revenue of RMB 3,198.89 million and operating costs of RMB 3,006.23 million, indicating multiple negative factors have been released [1] - The multi-crystalline silicon supply-demand situation is slowly improving, with the industry expected to remain under pressure in 2025 due to high inventory levels and weak demand [1] - The company’s revenue composition for 2024 shows that multi-crystalline silicon accounts for 37.4%, while wind and solar power station construction and operation account for 35.9% and 11.3% respectively, suggesting that the company's value is severely underestimated when considering its renewable energy assets [1] Group 2 - The company has been given a "Buy" rating with a target price of HKD 5.66 per share, representing a potential upside of 32% based on a projected 8x PE for 2026 [2]