多晶硅：消息面预期落空，盘面或大幅下跌 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 商 品 研 究 2025 年 11 月 07 日 工业硅：关注底部支撑 | 指标名称 | | | | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2601收盘价（元/吨） | 9,065 | 45 | -90 | 455 | | | | | Si2601成交量（手） | 228,497 | -47,699 | -92,494 | -164,205 | | | | | Si2601持仓量（手） | 236,855 | 4,006 | 9,091 | 29,878 | | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53,395 | 40 | -1,555 | - | | | | | PS2601成交量（手） | 256,104 | 80,868 | 32,190 | - | | | | | PS260 ...

Core Viewpoint - The company reported a significant decline in performance for 2024, with a revenue of 2.054 billion yuan and a net loss of 771 million yuan, primarily due to challenges in the photovoltaic (PV) industry and high fixed costs associated with its new solar cell project [1][2]. Group 1: Company Performance - In 2024, the company faced a net loss of 771 million yuan, attributed to the underperformance of its photovoltaic battery business amid a competitive market and declining product prices [1][2]. - The company's revenue for 2024 was reported at 2.054 billion yuan, indicating a downturn in financial performance [1][2]. - Despite the current challenges, the company is expected to benefit from a potential recovery in the PV market as supply-demand imbalances begin to stabilize [2][6]. Group 2: Industry Context - The global photovoltaic market is experiencing severe oversupply, with total production capacity exceeding 1,000 GW against a demand of approximately 500 GW in 2024, leading to significant price declines for various solar products [2]. - Prices for specific photovoltaic products, such as 182 TOPCon and 210R battery cells, have dropped by 40% and 30% respectively, reflecting the intense competition within the industry [2]. - The industry is undergoing a deep adjustment, with many companies facing losses, particularly smaller firms, while larger companies are beginning to reduce production to improve market conditions [5]. Group 3: Technological and Strategic Positioning - The company has a strong focus on research and development, with an investment of 161 million yuan in 2024, marking a 4.61% increase from the previous year [3]. - The company holds 262 patents, including 60 invention patents, showcasing its capability to address various industrial pollution control needs [3]. - The company is recognized as a leading provider of comprehensive environmental solutions, serving major clients across multiple industries, which strengthens its market position and reduces dependency on any single sector [4]. Group 4: Future Outlook - The company aims to continue its focus on industrial emission control while expanding its product applications and customer base [6]. - As the photovoltaic industry undergoes adjustments and outdated capacities are eliminated, the company anticipates a return to balanced supply and demand, leading to a stabilization of product prices [6]. - The company's photovoltaic capacity is expected to become a new growth driver, supporting long-term and stable development [6].

4月28日，仕净科技发布了2025年一季报。报告显示，今年一季度仕净科技实现营业收入7.35亿元，归 母净利润0.53亿元，单季实现扭亏为盈。去年光伏电池供需严重失衡已经得到了初步缓解，今年一季度 出现海内外需求走强的情况，新增装机大幅上升。仕净科技在TOPCon光伏电池的布局或可以迎来转 机，收获坚守的回报。 国内抢装潮+国外新兴市场高景气，一季度业绩显著提升 仕净科技主营向光伏、消费电子、汽车制造、钢铁冶金、水泥建材等众多行业提供环境污染防治领域经 济有效的整体解决方案，其中光伏板块是最重要的下游产业。同时仕净科技资建设了24GW高效太阳能 电池片及其产业配套生产基地，一期年产18GW TOPCon高效太阳能电池片项目已于2023年12月28日投 产。 2025年一季度国内光伏新增装机59.71GW，同比+30.5%，其中3月新增20.24GW，同比+124.06%， 受"430"、"531"光伏装机新政节点临近的影响，市场有抢装的需求。同时3月份电池组件出口 30.01GW，同比+11%，环比+53%，巴基斯坦、巴西、沙特等新兴市场维持高景气。 受到近期光伏市场需求增加的影响，仕净科技光伏废气治理业务以 ...