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Research Report: zheshang Securities: Great Energy has outstanding cost and technological advantages, maintaining a "buy" rating.
Zheshang Securities research report pointed out that the imbalance between supply and demand of silicon materials has led to low prices, which has put pressure on Daquan Energy's (688303.SH) performance in the short term. The net income attributable to the parent company in the first half of the year was -0.67 billion yuan, turning from profit to loss year-on-year; the net income attributable to the parent company in the second quarter was -1.001 billion yuan, turning from profit to loss year-on-year. This is mainly due to the influence of the imbalanced supply and demand in the silicon material market and the significant decline in the price of polycrystalline silicon. The company is a leading domestic player in silicon materials, with significant cost advantages and prominent technological advantages in semiconductors and N-type silicon materials. Considering the intensified competition in the silicon material sector and the short-term pressure on performance, the company's financial situation is excellent,
Great Energy: There are already 8-10 potential customers for semiconductor-grade polycrystalline silicon, and it is expected that the "tug-of-war" in the photovoltaic industry will continue for 2-3 quarters. | Direct hit at shareholder meeting
①In terms of Daquan Energy, the short-term trend of silicon material quote is expected to rise, but the actual fill price depends on the game between upstream and downstream. Currently, the tight balance of supply and demand of silicon materials has not yet been reached; ②If the fill price of silicon material only rises slightly, it is not cost-effective to restart the capacity that has been shut down. During the capacity switching on and off period, manufacturers will suffer from cost and quality pressures; ③Stabilizing the supply chain while reducing costs, Daquan Energy is implementing an "upward integration" layout of industrial silicon.
Daquan Energy 2024 Semi-Annual Report
Summary of Daquan Energy\'s 2024 Semi-Annual Report
Polysilicon prices have dropped significantly. In the first half of the year, Dalian Energy recorded a net loss of 0.67 billion yuan. The annual production volume has been adjusted to 0.21-0.22 million tons.
① In the second quarter of this year, the revenue and net income of Daquan Energy both hit a new low in nearly two years, with significant year-on-year and quarter-on-quarter declines. ② In the first half of this year, Daquan Energy continued to expand production despite a significant drop in polysilicon prices, but the increase in sales volume was lower than the increase in output. ③ The company expects a polysilicon production volume of 0.043-0.046 million tons in the third quarter, and adjusts the annual expected production volume to 0.21-0.22 million tons.
Daquan Energy (688303.SH) spent 0.315 billion yuan to complete the repurchase of 10.2935 million shares.
Dazhuan Energy (688303.SH) has released an announcement. As of the date of this announcement, the deadline for the company's share repurchase has expired...
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