Core Viewpoint - The company is preparing for its 2024 annual shareholder meeting, focusing on the approval of the 2024 financial report and dividend distribution plan, amidst a challenging economic environment that has impacted its profitability [1][35]. Meeting Details - The shareholder meeting is scheduled for June 26, 2025, at 14:00, with both on-site and online voting options available [1]. - The meeting will be hosted by the company's chairman, Mr. Luo Liguo [1]. Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including speaking, questioning, and voting, and must adhere to the meeting's order and regulations [2][3]. - Shareholders must register and provide valid identification to participate in the meeting [2]. Financial Performance - In 2024, the company reported a revenue of RMB 26.69 billion, a slight increase of 0.41% year-on-year, but net profit decreased by 33.64% to RMB 1.74 billion due to economic fluctuations and declining product prices [12][33]. - The company’s total assets reached RMB 90.77 billion, reflecting an 8.91% increase from the previous year [33]. Operational Highlights - The company maintained its leading position in the industrial silicon and organic silicon sectors through refined management and technological innovation, achieving stable gross margins despite market price fluctuations [8][12]. - Significant projects include the production line for high-purity polysilicon and the carbon silicon particle project, which have commenced operations [8]. Research and Development - The company is enhancing its R&D capabilities, focusing on high-value downstream products and breaking through technological barriers in key materials [9][10]. - Investments in R&D are aimed at developing new products for emerging sectors such as 5G and electric vehicles [24]. Sustainability Initiatives - The company is committed to green development, aligning with national carbon reduction strategies, and is implementing measures to enhance energy efficiency and reduce carbon emissions [12][25]. - A digital transformation strategy is being pursued to improve operational efficiency and sustainability across the supply chain [11][25]. Future Plans - The company plans to optimize production management, enhance resource allocation, and continue investing in core business areas to maintain competitive advantages [23][24]. - Key initiatives for 2025 include strengthening the innovation management system and advancing digital transformation efforts [24][25].

2025 年 06 月 10 日 商 品 研 究 工业硅：上行空间有限，以逢高空配为主 多晶硅：盘面以空配为主 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） Si2507成交量（手） | 7,475 539,994 | 185 -126,389 | 315 83,755 | -815 296,984 | | | | Si2507持仓量（手） | | | | | | | | | 177,663 | 16,471 | -30,834 | -5,119 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 34,105 | -635 | -1,495 | - | | | | PS2507成交量（手） | 123,726 | -10,717 | -26,849 | - | | | | PS2507持仓量（手） | 64 ...

Core Insights - Fujian Naxin Silicon Industry Co., Ltd. has invested 510 million yuan and is set to commence production in October 2024, focusing on products such as fumed silica and silicone rubber, with an annual output of over 40,000 tons of organic silicone rubber [1] - The company achieved an order volume exceeding 6,000 tons and a production value of nearly 120 million yuan in the first quarter [1] - Naxin Silicon has become a leading enterprise in the silicone industry in Ninghua County, generating an annual output value of 600 million yuan and serving over 1,000 downstream customers nationwide [1] Company Overview - Naxin Silicon is the first silicone rubber enterprise in Ninghua County, providing raw materials for local companies such as Ninghua Shidai and Sanpu [1] - The company is part of a broader industrial chain, which includes 12 other enterprises attracted to the region, with 9 already in operation [1] - The main industrial chain for silicone-based new materials has been established, with an expected output value of 358 million yuan in 2024 and over 500 million yuan once all 12 projects are operational [1] Industry Development - Ninghua County has adopted a "one area, multiple parks" model to develop a provincial-level overseas Chinese economic development zone, creating specialized parks for various industries including new materials [2] - The region aims to provide a high-quality platform for projects related to silicone oil, silicone rubber, and silicone resin [2]

一车车石英砂往厂里送，一片片光伏玻璃下线，一艘艘货轮驶向海内外市场……这是当前北海硅基 新材料产业发展的动人场景。 他认为，北海石英砂硅含量高，铁含量低，适合生产光伏玻璃。相比于国内爆破岩石开采的石英 砂，北海石英砂易开采，降低了企业的生产成本。"我们公司总部在福建，初步测算，在北海生产光伏 玻璃使用本地石英砂，每吨成本降低约100元。" 据悉，北海石英砂矿产资源探明储量超25亿吨，远景储量超40亿吨，二氧化硅含量达99.5％以上， 储量、品位和综合利用价值均居全国前列。 北海石英砂资源品质得到企业和行业专家的高度肯定。中国工程院院士彭寿表示，北海的硅质资源 丰富，其储量和品质均在国内处于领先地位，为北海硅基新材料产业的发展奠定坚实基础。 高站位谋篇布局 近年来，广西发挥北海石英砂资源优势，支持北海以资源换产业，打造硅基新材料产业，为广西临 港产业开辟新赛道，助力向海经济蓬勃发展。 北海是全国三大优质石英砂基地之一。近年来，广西抢抓国家政策机遇，高位谋划和科学布局，支 持北海发挥资源优势打造硅基新材料产业。 2024年，北海光伏材料产业完成产值112.8亿元，对北海乃至全区工业经济发展贡献越来越大。 石英砂资 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 and Q1 2025 is under pressure due to the decline in prices of industrial silicon and other products [1] - The company achieved a revenue of 26,692 million yuan in 2024, a year-on-year increase of 0.41%, but the net profit attributable to shareholders decreased by 33.64% to 1,740 million yuan [5] - The report highlights significant growth in industrial silicon production and sales, with a production increase of 38.1% to 1,870,000 tons in 2024 [6] - The company is focusing on optimizing production costs and expanding into high-value-added areas such as organic silicon deep processing and silicon-based new materials [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 266.92 billion yuan and a net profit of 17.40 billion yuan, with a significant decline in profitability due to lower product prices [5][9] - For Q1 2025, the company recorded a revenue of 52.28 billion yuan, a decrease of 3.47% year-on-year, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [5][7] Production and Sales - The company’s industrial silicon revenue reached 138 billion yuan in 2024, a growth of 1.10%, while organic silicon revenue was 122 billion yuan, a decrease of 1.1% [6] - The production of industrial silicon in Q1 2025 was 36.2 million tons, a decrease of 17.1%, but sales volume increased by 53.2% [7] Cost and Margin Analysis - The overall gross margin for Q1 2025 was 14.6%, a decline of 8.3 percentage points year-on-year, primarily due to falling product prices [7] - The average selling price of industrial silicon in Q1 2025 was 9,342 yuan per ton, down 29.8% year-on-year [7] Future Outlook - The company is expected to face continued pressure on earnings due to declining prices of industrial silicon and organic silicon products, leading to revised profit forecasts for 2025-2027 [9][10] - The projected net profits for 2025, 2026, and 2027 are 1,897 million yuan, 2,600 million yuan, and 3,368 million yuan, respectively [10]

Core Viewpoint - The financial report of Hoshine Silicon Industry shows stable growth in 2024, with historical highs in revenue and net profit, driven by the industrial silicon and organic silicon markets [1][3] Financial Performance - Hoshine Silicon's 2024 revenue reached 26.692 billion yuan, with a net profit of 1.740 billion yuan and a net cash flow from operating activities of 4.517 billion yuan, reflecting a healthy cash flow level [1] - The overall gross profit margin for the company improved to 20.54%, an increase of 0.39 percentage points compared to 2023 [3] Business Segments - The industrial silicon segment generated approximately 13.763 billion yuan in revenue with a gross margin of 26.10%, while the organic silicon segment achieved around 12.2 billion yuan in revenue with a gross margin of 16.71% [2] - In 2024, industrial silicon production reached 1.8714 million tons, with sales of 1.23 million tons, marking a year-on-year production increase of 38.11% and sales growth of 20.93% [2] Market Dynamics - The domestic industrial silicon consumption increased by 22.1% year-on-year, with significant demand growth from the polysilicon and organic silicon sectors [3] - The organic silicon market is expected to see continued double-digit growth in 2025, driven by new applications in sectors like 5G and new energy vehicles [6][7] Supply Chain and Cost Management - Hoshine Silicon has optimized its resource allocation and reduced energy costs, with coal prices decreasing by 20.68% year-on-year [5][12] - The company has implemented a digital transformation strategy to enhance operational efficiency and cost control [12] R&D and Innovation - R&D investment increased to 575 million yuan, representing 2.15% of total revenue, focusing on downstream processing products and emerging fields like silicon carbide [6][11] - The company has made significant advancements in silicon carbide technology, with production capabilities for 6-inch and 8-inch substrates [11] Industry Position - Hoshine Silicon is a leading player in the domestic silicon-based new materials industry, with a market share of approximately 26% in the organic silicon segment [8] - The company is well-positioned to benefit from the anticipated recovery in the organic silicon market, with expectations of a new growth cycle starting in 2025 [7][9]