Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 7.411 billion RMB, down 54.62% year-on-year, and a net loss of 2.718 billion RMB, down 147.17% year-on-year. The net profit aligns closely with previous expectations [1][4] - The report expresses optimism regarding the potential positive impact of supply-side policies and the company's strong financial position, suggesting it can navigate through the industry cycle [1][4] Summary by Sections Performance Overview - For Q4 2024, the company plans to reduce production capacity, with a projected polysilicon output of 34,000 tons, a 21% decrease from the previous quarter. The sales volume remains stable at 42,000 tons, with a cash cost of 35.19 RMB/kg, down 11% [2] - The company has a cash reserve of approximately 7.3 billion RMB as of the end of 2024, indicating a strong liquidity position [2] Future Production Plans - In 2025, the company intends to maintain a low operating rate, anticipating a polysilicon output of 110,000 to 140,000 tons for the year, with Q1 output expected to be between 25,000 to 28,000 tons. The report highlights the potential for improved industry supply dynamics [3] Profit Forecast and Valuation - The report revises the company's polysilicon sales forecasts for 2025 and 2026 down to 135,000 tons and 150,000 tons, respectively, and lowers the expected polysilicon prices to 52 RMB/kg and 55 RMB/kg. Consequently, the net profit forecast for 2025 and 2026 is adjusted to 1.556 billion RMB and 1.647 billion RMB, respectively [4][12] - The target price is set at 25.55 RMB, based on a 35x PE ratio for 2025, reflecting the company's leading position in the polysilicon market and its strong cash reserves [4][6]

Core Viewpoint - Daqian Energy (688303.SH) reported a significant decline in its 2024 annual performance, with a 54.62% decrease in revenue and a net loss of 271.81 million yuan, reflecting a 147.17% year-over-year decline [1] Financial Performance - The company achieved an operating income of 741,051.84 thousand yuan in 2024, down from the previous year [1] - The net profit attributable to shareholders was -271,813.24 thousand yuan, a decrease of 147.17% compared to the prior year [1] - The basic earnings per share for 2024 were -1.27 yuan, compared to 2.70 yuan in the same period last year [1] - The weighted average return on net assets was -6.48%, down from 13.30% in the previous year [1] Fundraising and Stock Issuance - Daqian Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 22, 2021, with an initial public offering of 300 million shares at a price of 21.49 yuan per share [1] - The total amount raised from the IPO was 644.70 million yuan, with a net amount of 606.72 million yuan, exceeding the original plan by 106.72 million yuan [1] - In 2022, the company issued 212,396,215 A-shares at a price of 51.79 yuan per share, raising a total of approximately 10.99 billion yuan [2] - The net amount raised from the 2022 issuance, after deducting issuance costs, was approximately 10.94 billion yuan [2] - Cumulatively, the company has raised a total of 17.447 billion yuan from two fundraising rounds [3]

大全新能源公司2024年第4季度及2024年度业绩情况说明 大全新能源公司（NYSE 代码：DQ）（一家为全球太阳能光伏产业提供高纯多晶硅的领先 制造企业，以下简称"大全新能源"，"公司"或"我们"）于今天公布了未经审计的 2024 年第 4 季度及 2024 年度财务业绩。 2024 年第 4 季度财务和运营概况 1 2024 年第 4 季度末，现金、短期投资、应收银行承兑票据及银行定期存款余额总计 22 亿美元，第 3 季度末为 24 亿美元。 2024 年第 4 季度多晶硅产量为 34,236 吨，第 3 季度为 43,592 吨 2024 年第 4 季度多晶硅销售量为 42,191 吨，第 3 季度为 42,101 吨 2024 年第 4 季度多晶硅单位制造成本(1)为 6.81 美元/公斤，第 3 季度为 6.61 美元/公 斤 2024 年第 4 季度多晶硅单位现金制造成本(1)为 5.04 美元/公斤，第 3 季度为 5.34 美元 /公斤 2024 年第 4 季度多晶硅平均售价为 4.62 美元/公斤，第 3 季度为 4.69 美元/公斤 2024 年第 4 季度营业收入为 195.4 百万美 ...

证券代码：688303 证券简称：大全能源 公告编号：2025-009 新疆大全新能源股份有限公司 关于自愿披露公司控股股东 2024 年第四季度及全年业 绩以及 2025 年第一季度及 2025 年度产量预测的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要提示： Daqo New Energy Corp.（大全新能源公司，以下简称"开曼大全"，股 票代码：DQ）为新疆大全新能源股份有限公司（以下简称"公司"）的控 股股东，系一家于美国纽约证券交易所上市的公司。开曼大全于北京时间 2025 年 2 月 27 日在美国披露 2024 年第四季度及全年业绩以及 2025 年第 一季度及 2025 年度产量预测。开曼大全持有公司 71.40%的股权。 本公告中开曼大全 2024 年第四季度及全年的财务和运营数据系开曼大全 按照美国会计准则编制，与公司的具体数据，因适用的会计准则和外汇转 换等原因，存在一定差异，仅供投资者参考，不可直接与公司的经营业绩 数据进行对比。开曼大全作为控股型公司，现阶段未从事具体业务，其主 要 ...

Financial Performance - Total revenue for 2024 was RMB 741,051.84 million, a decrease of 54.62% compared to the previous year[3] - Net profit attributable to shareholders was -RMB 271,813.24 million, a decline of 147.17% year-on-year[3] - Basic earnings per share were -RMB 1.27, down 147.04% from the previous year[3] - The weighted average return on equity decreased by 19.78 percentage points to -6.48%[3] Assets and Production - Total assets at the end of the reporting period were RMB 4,420,024.93 million, a decrease of 12.81% from the previous year[5] - The company produced 205,068 tons of polysilicon in 2024, with sales volume at 181,362 tons[9] Pricing and Costs - The average unit selling price for polysilicon was RMB 40.68 per kilogram, while the average unit cash cost was RMB 38.82 per kilogram[9] - The company faced significant pressure on profitability due to a decline in polysilicon prices, which fell below cash costs[7] Strategic Adjustments - The company implemented production adjustments to mitigate market challenges, resulting in a 70% increase in N-type silicon production ratio[9] - The company has a strong cash reserve to withstand cyclical market fluctuations despite the overall industry losses[7]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [10][22]. Core Views - The company is experiencing significant losses due to the downturn in the polysilicon industry, with projected net losses for 2024 ranging from 2.6 billion to 3.1 billion yuan [6][9]. - The polysilicon industry is entering a capacity reduction cycle, with expectations of a slow recovery in 2025 as supply and demand dynamics improve [9]. - The company demonstrates strong cost control capabilities and robust financial strength, which are crucial for navigating the industry's downturn [9][10]. Summary by Sections Company Performance - The company reported a substantial loss in Q4 2024, with losses estimated between 1.5 billion to 2 billion yuan, primarily due to oversupply and significant price declines in the polysilicon market [9]. - For the first three quarters of 2024, the company recorded asset impairment losses of 1.367 billion yuan, with further impairments expected in Q4 [9]. Industry Outlook - The polysilicon industry is facing a supply surplus, leading to a drastic reduction in production from a peak of 189,500 tons to 103,800 tons by December 2024, a decrease of 45.22% [9]. - The industry is expected to operate at less than 50% capacity, with many major manufacturers reducing output [9]. Financial Projections - The company forecasts net profits of -2.701 billion yuan for 2024, with a recovery to 1.413 billion yuan in 2025 and 3.227 billion yuan in 2026 [10][12]. - The projected earnings per share (EPS) are -1.26 yuan for 2024, 0.66 yuan for 2025, and 1.50 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 31.26 and 13.69 for 2025 and 2026, respectively [10][12].

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2024 to be between CNY 260 million and CNY 310 million, compared to a net profit of CNY 576.27 million in the same period last year [5][8]. - The expected net loss attributable to shareholders after deducting non-recurring gains and losses is projected to be between CNY 255 million and CNY 305 million [5][7]. - The total profit for the previous year was CNY 686.94 million, with a net profit attributable to shareholders of CNY 576.27 million [8]. Market Conditions - The decline in performance is primarily due to a mismatch in supply and demand in the domestic polysilicon market, leading to a significant drop in product prices [10]. - The company has recognized asset impairment losses due to the continuous decline in polysilicon product prices, impacting the current year's performance [11]. Financial Health and Strategy - The company has maintained a healthy financial status with ample cash reserves, which provides a solid foundation to withstand industry cyclical fluctuations [10]. - The company plans to enhance cost reduction, efficiency improvement, and quality enhancement through continuous technological innovation in 2025 [11]. - The company aims to diversify its supply chain and sales channels to stimulate new productive forces and improve operational performance [11]. Forecast Reliability - The performance forecast has not been audited by registered accountants, and the company assures that there are no significant uncertainties affecting the accuracy of the forecast [12]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change upon the release of the audited annual report [13].

Investment Rating - The investment rating for Daqo New Energy ADR/A (DQ/688303.SS) is "Buy" based on the belief that the current valuation overly reflects concerns about the decline in polysilicon prices and that the company will maintain its industry-leading position in the medium to long term [6]. Core Insights - Daqo New Energy has reduced its production capacity utilization to 35%-40% in Q4 2024 to match downstream demand and has successfully lowered its inventory to a healthy level of one month [2][3]. - The company is experiencing a continuous decrease in cash costs due to falling industrial polysilicon and electricity prices, as well as optimization of production capacity structure [2]. - Management confirmed the implementation of an industry production quota mechanism, which is expected to last at least until mid-2025 [2][3]. - If polysilicon prices rise above RMB 50 per kilogram, the company may increase its capacity utilization, with an expected monthly demand increase of 50,000-100,000 tons [3]. - The company plans to execute a $100 million ADR buyback only after reaching cash cost breakeven, which is above RMB 45 per kilogram for polysilicon [3]. Summary by Sections Production and Inventory Management - As of the end of 2024, Daqo New Energy's inventory has been reduced to one month, down from a peak of two months, while production capacity utilization has decreased to 35%-40% from 50% in Q3 2024 [2]. Cost Structure - The management anticipates a reduction in cash costs in Q4 2024 due to lower prices for industrial polysilicon and electricity, alongside the closure of older production lines in Xinjiang [2][3]. Industry Mechanisms - The production quota mechanism led by the China Photovoltaic Industry Association is primarily based on self-discipline among companies, with no substantial penalties for violations [2]. Price Sensitivity - The management indicated that if polysilicon prices remain below RMB 55 per kilogram, the likelihood of resuming second and third-tier production capacity is low, as this price point corresponds to the EBITDA breakeven level for marginal capacities [3]. Financial Strategy - The company is waiting to reach cash cost breakeven before considering the execution of its ADR buyback plan, which is contingent on polysilicon prices exceeding RMB 45 per kilogram [3].

第三届董事会第十五次会议决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 新疆大全新能源股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日在 上海市浦东新区张杨路 838 号华都大厦 29 楼 A/J 座会议室以现场结合通讯方式召 开第三届董事会第十五次会议。会议通知及会议材料于 2024 年 12 月 27 日以邮件 方式送达全体董事。本次会议应到董事 9 名，实到董事 9 名。会议由董事长徐广 福先生召集并主持。 证券代码：688303 证券简称：大全能源 公告编号：2025-004 新疆大全新能源股份有限公司 三、审议通过《关于公司 ESG 战略规划及重大性议题的议案》 一、审议通过《关于变更公司注册资本、修订<公司章程>并办理相应工商变更登 记的议案》 表决结果：同意 9 票、反对 0 票、弃权 0 票 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）上披露 的《新疆大全新能源股份有限公司关于变更注册资本、修订<公司章程>并办理工 商变更登记的公告》（公告编号：20 ...

新疆大全新能源股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 新疆大全新能源股份有限公司（以下简称"公司"）第三届监事会第十四次会 议于 2024 年 12 月 30 日以通讯会议方式召开。会议通知及会议材料已于 2024 年 12 月 27 日以电子邮件形式送达全体监事。会议应到监事 3 名，实到监事 3 名。会 议由监事会主席阚桂兵先生主持。 本次会议的召集、召开程序均符合《中华人民共和国公司法》等相关法律法 规和《新疆大全新能源股份有限公司章程》的规定。全体与会监事经认真审议， 一致通过以下决议： 证券代码：688303 证券简称：大全能源 公告编号：2025-003 表决结果：同意 3 票、反对 0 票、弃权 0 票 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）上披露 的《新疆大全新能源股份有限公司关于募投项目结项暨节余募集资金永久补充流 动资金并注销募集资金专户的公告》（公告编号：2025-002）。 特此公告。 新疆大全新能源股份有限公 ...