硅基材料

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宁波前首富家族转让股份,上海“女牛散”拟26.34亿元接手
凤凰网财经· 2025-07-17 13:25
Core Viewpoint - The article discusses the recent share transfer of 5.08% of Hoshine Silicon Industry's shares from its controlling shareholder, Ningbo Hoshine Group, to Xiao Xiugan, highlighting the financial pressures faced by the group and the company's declining performance in the silicon industry [1][5][16]. Group 1: Share Transfer Details - Hoshine Group plans to transfer 5.08% of Hoshine Silicon's shares to Xiao Xiugan for a total price of 2.634 billion yuan, at a price of 43.90 yuan per share, which is nearly 10% lower than the closing price of 48.71 yuan on July 16 [1]. - After the transfer, Hoshine Group's shareholding will decrease from 46.24% to 41.16%, while Xiao Xiugan will become the fourth largest shareholder with 5.08% [2]. - Prior to the transaction, Hoshine Group and its concerted actions held a total of 78.59% of Hoshine Silicon's shares, which will drop to 73.51% post-transaction [2]. Group 2: Financial Pressures and Performance - Hoshine Group has indicated a need for funds, citing both personal financial requirements and the developmental needs of the listed company [5][6]. - The group has previously pledged shares to raise funds for debt repayment, with a total of 4.51 billion shares pledged, accounting for 48.52% of their holdings and 38.13% of Hoshine Silicon's total shares [8]. - Hoshine Silicon's performance has been declining, with an expected net loss of 300 million to 400 million yuan for the first half of 2025, a significant drop from previous profits due to weak downstream demand for industrial silicon [16]. Group 3: Company Background and Market Position - Hoshine Silicon, established in 2005 and listed in 2017, is a leading player in the silicon industry, being the only high-tech enterprise with capabilities across the entire silicon-based industrial chain [3][4]. - The company reached a peak stock price of 259.80 yuan per share in September 2021, with a market capitalization of 279 billion yuan, making the founding family extremely wealthy [4]. - Recent market conditions have led to a significant decline in silicon prices, impacting the company's profitability, which has seen a continuous drop in net profit over the past three years [16].
合盛硅业(603260):硅基产业链景气低迷 短期业绩承压
Xin Lang Cai Jing· 2025-04-24 00:28
2024 年业绩符合市场预期,1Q25 略低于市场预期公司公布2024 年业绩,实现收入266.9 亿元,同比 +0.4%;归母净利润17.4亿元,同比-33.6%,对应每股盈利1.47 元,符合市场预期。其中4Q24 实现营收 63.2 亿元,归母净利润2.86 亿元。公司同时公布1Q25 业绩,实现收入52.3 亿元,同比-3.5%;归母净利 润2.60 亿元,同比-50.8%,对应每股盈利0.22 元,略低于市场预期。我们认为1Q25 业绩下滑主要系行 业景气低迷,工业硅及有机硅价格大跌。 盈利预测与估值 行业景气低迷,我们下调2025 年盈利预测31%至19.4 亿元,并首次引入2026 年预测35.0 亿元,当前股 价对应2025/26 年33/18 倍市盈率。考虑盈利下调及板块整体估值中枢上移,我们下调目标价10%至65 元,对应40/22倍2025/26 年市盈率,较当前股价22%上行空间,维持跑赢行业评级。 风险 宏观经济下行;有机硅扩产速度加快;多晶硅行业亏损持续。 发展趋势 2025 年供给增长或放缓,需求或制约工业硅行业复苏。根据硅业分会数据,2024 年工业硅行业总产能 增长11%至6 ...