Daqo Energy(688303)2023-10-27 16:00Financial Performance - Revenue for the third quarter of 2023 was RMB 355,335.30 thousand, a decrease of 57.38% year-over-year[4] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 68,894.48 thousand, a decrease of 87.61% year-over-year[4] - Revenue for the first nine months of 2023 was RMB 12.878 billion, a decrease of 47.81% year-on-year[16] - Net profit attributable to shareholders for the first nine months of 2023 was RMB 5.115 billion, a decrease of 66.09% year-on-year[16] - Adjusted net profit (excluding non-recurring gains and losses) for the first nine months of 2023 was RMB 4.842 billion, a decrease of 67.95% year-on-year[16] - Total revenue for the first three quarters of 2023 was RMB 12.88 billion, a significant decrease from RMB 24.68 billion in the same period of 2022[23] - Net profit for the first three quarters of 2023 was RMB 5.12 billion, compared to RMB 15.08 billion in the same period of 2022[24] - Basic earnings per share (EPS) for the first three quarters of 2023 was RMB 2.39, down from RMB 7.55 in the same period of 2022[25] - The company's basic earnings per share (EPS) for the third quarter was RMB 0.32, a decrease of 87.69% year-over-year[5] - The company's weighted average return on equity (ROE) for the first nine months of 2023 decreased by 44.06 percentage points year-over-year[8] R&D and Operating Costs - R&D investment for the third quarter was RMB 47,417.72 thousand, an increase of 15.43% year-over-year, accounting for 13.34% of revenue[5] - R&D expenses for the first three quarters of 2023 were RMB 48.22 million, slightly higher than RMB 47.93 million in the same period of 2022[23] - Total operating costs for the first three quarters of 2023 were RMB 7.17 billion, slightly higher than RMB 6.94 billion in the same period of 2022[23] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 5,017,305.32 thousand, a decrease of 4.00% compared to the end of the previous year[5] - Total liabilities as of Q3 2023 were RMB 6.75 billion, a slight increase from RMB 6.72 billion in the same period of 2022[22] - Total equity attributable to the parent company as of Q3 2023 was RMB 43.43 billion, down from RMB 45.54 billion in the same period of 2022[22] - 2023年9月30日公司货币资金为20.67亿元，较2022年底下降13.15%[20] - 2023年9月30日公司固定资产为180.96亿元，较2022年底增长98.73%[21] Cash Flow - The company's operating cash flow for the first nine months of 2023 was RMB 1,010,052.66 thousand, an increase of 7.62% year-over-year[5] - Net cash flow from operating activities increased to 10.10 billion CNY, up from 9.39 billion CNY in the previous period[28] - Cash received from tax refunds amounted to 76.13 million CNY, compared to 1.13 million CNY in the previous period[28] - Cash received from other operating activities was 592.27 million CNY, up from 213.72 million CNY[28] - Total cash inflows from operating activities were 17.18 billion CNY, down from 18.23 billion CNY[28] - Cash paid for goods and services was 3.36 billion CNY, slightly up from 3.28 billion CNY[28] - Cash paid to employees increased to 662.07 million CNY from 463.06 million CNY[28] - Net cash flow from investing activities was -5.57 billion CNY, compared to -3.57 billion CNY in the previous period[28] - Cash received from financing activities was 221.72 million CNY, down significantly from 13.12 billion CNY[29] - Net cash flow from financing activities was -7.53 billion CNY, compared to 10.75 billion CNY in the previous period[29] - The net increase in cash and cash equivalents was -3.00 billion CNY, down from 16.56 billion CNY[29] Polysilicon Production and Sales - 2023年1-9月公司多晶硅产量为13.68万吨，同比增长36.67%[17] - 2023年1-9月公司多晶硅销量为14.01万吨，同比增长27.93%[17] - 2023年三季度多晶硅产量为5.77万吨，环比增长27.28%[17] - 2023年三季度多晶硅销量为6.33万吨，环比增长22.72%[17] - 2023年1-9月公司单位销售价格同比下降59.26%至91.26元/公斤[17] - 2023年1-9月公司单位成本同比下降15.09%至49.74元/公斤[17] - 2023年1-9月公司单位现金成本同比下降18.34%至43.51元/公斤[17] - 公司预计2023年四季度多晶硅产量为5.9-6.2万吨，全年产量为19.6-19.9万吨[18] Shareholder Information - The company's largest shareholder, Daqo New Energy Corp., holds 71.41% of the shares[9] - Xu Guangfu and Xu Xiang, as father and son, collectively hold 19.53% of the shares in Cayman Daquan as of September 30, 2023[12] - The company repurchased 1,253,747 shares, accounting for 0.0585% of the total share capital, with a total expenditure of RMB 50.218 million[14] - The first vesting period of the 2022 restricted stock incentive plan resulted in 7.5415 million shares being vested, accounting for 0.3516% of the total share capital[15] Government Subsidies - Government subsidies received during the reporting period amounted to RMB 33,445.04 thousand[6] Market and Pricing Factors - The decrease in revenue and net profit was primarily due to a significant drop in polysilicon prices caused by increased supply from new production capacities[8]