Hoshine Silicon(603260) 长江商报·2025-04-25 00:31Core Viewpoint - The company, Hoshine Silicon Industry (合盛硅业), continues to experience a decline in operating performance due to falling product prices, with a significant drop in net profit for three consecutive years [1][4][5] Financial Performance - In 2024, Hoshine Silicon achieved operating revenue of 26.692 billion yuan, a slight increase of 0.41% year-on-year, while net profit attributable to shareholders was 1.740 billion yuan, down 33.64% year-on-year [2][4] - The quarterly breakdown for 2024 shows revenue of 5.416 billion yuan, 7.856 billion yuan, 7.099 billion yuan, and 6.321 billion yuan, with year-on-year changes of -5.46%, +26.53%, -10.68%, and -5.62% respectively [2] - The net profit for the quarters was 528 million yuan, 450 million yuan, 476 million yuan, and 286 million yuan, with year-on-year changes of -47.36%, -42.25%, +18.42%, and -34.73% respectively [2] Inventory and Pricing Issues - The company reported high inventory levels, with a book value of 9.402 billion yuan as of March 2024, which is approximately 2.2 times higher than the 2.915 billion yuan reported in the same period of 2021 [5] - A significant factor in the decline of net profit in 2024 was the provision for inventory impairment losses, amounting to approximately 933 million yuan [5] Financial Pressure and Debt - As of the end of March 2024, Hoshine Silicon had cash and cash equivalents of 2.166 billion yuan against interest-bearing liabilities of approximately 29.8 billion yuan, indicating a debt-to-cash ratio of 13.75 times [8] - The company's financial expenses have been increasing, with total expenses of 892 million yuan in 2024, a year-on-year increase of approximately 57% [6][8] Dividend Policy - Despite ongoing financial pressures, Hoshine Silicon has maintained a high dividend payout ratio, distributing 798 million yuan and 528 million yuan in cash dividends for 2023 and 2024 respectively, with both years having a dividend payout ratio of around 30% [8][9] R&D Investment - The company has seen a decline in R&D investment over the past three years, with expenditures of 728 million yuan, 567 million yuan, and 575 million yuan from 2022 to 2024, representing only 2.15% of operating revenue in 2024 [7]