Daqo Energy(688303) 浙商证券·2024-09-13 08:03Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company is experiencing short-term pressure on performance due to an imbalance in the silicon material supply and demand, leading to a significant decline in revenue and profit [2] - The company's N-type silicon material ratio is increasing, showcasing its technological advantages and creating a competitive moat in the industry [3] - The company is adjusting production loads and progressing with new capacity projects in an orderly manner, with expectations for production adjustments in the upcoming quarters [4] - The profit forecast has been revised downward, but the company maintains a strong financial position and cost advantages, justifying the "Buy" rating despite short-term performance challenges [4] Financial Summary - In H1 2024, the company achieved revenue of 4.584 billion yuan, a year-on-year decrease of 50.84%, and a net profit of -670 million yuan, transitioning from profit to loss [2] - The company's silicon production in H1 2024 was 127,200 tons, a year-on-year increase of 60.75%, with sales volume reaching 97,100 tons, up 26.34% [3] - The unit sales price for silicon was 47.01 yuan/kg, down 60.99% year-on-year [3] - The company expects a production volume of 43,000 to 46,000 tons in Q3 2024, with an annual production forecast adjusted to 210,000 to 220,000 tons [4] - The revised profit forecasts for 2024-2026 are -1.365 billion, 1.167 billion, and 1.561 billion yuan, respectively [4] Market Position - The company is a leading player in the domestic silicon material market, with significant cost advantages and outstanding technology in semiconductor and N-type silicon materials [4] - The company has successfully implemented advanced technologies for semiconductor-grade silicon production, enhancing its competitive edge [3]