单季度表现方面，该公司第三季度实现营业收入14.21亿元，同比下降60.01%，归母净利润-4.29亿元。①The company plans to make a provision for inventory impairment losses of approximately 0.582 billion yuan in the third quarter of 2024; ②It is expected that the production of polycrystalline silicon in the fourth quarter will be between 0.031 million tons and 0.034 million tons, with the expected annual production in 2024 ranging from 0.2 million tons to 0.21 million tons; ③Analysts believe that the subsequent energy consumption limits are expected to further tighten, and the bottom position of silicon prices may have stabilized.
On the evening of October 30th, Daquan Energy released the third quarter report for 2024.
The company achieved revenues of 6.005 billion yuan in the first three quarters, a year-on-year decrease of 53.37%; the net income attributable to the mother is -1.099 billion yuan, a year-on-year decrease of 121.49%.
In terms of quarterly performance, the company achieved revenues of 1.421 billion yuan in the third quarter, a year-on-year decrease of 60.01%, with a net income attributable to the mother of -0.429 billion yuan.
The decline in revenue and net income is explained by Daquan Energy as mainly being impacted by the mismatch between supply and demand at the silicon material end, with silicon prices continuing to decline, leading to a decrease in revenue and net income.
On the same day (October 30th), the company issued an announcement on the provision of asset impairment losses in the third quarter of 2024. According to the company's financial department calculations, the estimated total amount of inventory impairment losses to be provided in the third quarter of 2024 is about 0.582 billion yuan.
In terms of silicon prices, according to the latest quote from TrendForce's New Energy Research Center on October 30th, the mainstream transaction price of monocrystalline recycled materials remains at 37 yuan/KG, the mainstream transaction price of monocrystalline dense materials is 35 yuan/KG, and the quote for N-type materials is 41 yuan/KG.
From the market situation in the third quarter, the pace of new production capacity release in the silicon material industry has significantly slowed down, with many companies maintaining a low operating rate to respond to market changes. However, the oversupply situation in the silicon material market has not fundamentally improved, and silicon material prices are still in the L-shaped bottoming stage.
In terms of production capacity, Daquan Energy disclosed in the third quarterly report that the company's polycrystalline silicon production reached 0.044 million tons, sales volume achieved 0.042 million tons, with a production-sales ratio of 96.6%, a 30.3 percentage point increase compared to the previous period. Regarding future production capacity planning, a person from the Securities Department of Daquan Energy recently told the 'Star Daily' reporter, 'Currently, there is no production capacity adjustment plan.' The company expects a production volume of polycrystalline silicon in the fourth quarter to be between 0.031 million tons and 0.034 million tons, with an expected annual production volume of 0.2 million tons to 0.21 million tons in 2024.
Regarding the current imbalance between supply and demand of silicon materials, Daquan Energy stated, 'The company has effectively controlled production costs through optimizing production processes, improving production efficiency, and reducing energy consumption.' During this reporting period, the unit cost was 48.83 yuan/kg, with a 6.3% increase compared to the previous period, mainly due to the shutdown of some old units, a decrease in production volume, and an increase in unit fixed costs. The unit cash cost was 38.93 yuan/kg, a 3.1% decrease compared to the previous period, mainly due to the improvement in production efficiency of operating units.
Analyst Deng Yongkang from Minsheng Securities believes that the silicon material industry has faced the issue of overcapacity in the past period, and regulatory measures or industry self-discipline to limit production may accelerate the process of capacity clearance. In July of this year, the Ministry of Industry and Information Technology issued the 'Conditions for the Photovoltaic Manufacturing Industry (2024)', which requires that existing projects for polycrystalline silicon have a comprehensive electricity consumption of less than 60kWh/kg, and new and expanded projects have a comprehensive electricity consumption of less than 57kWh/kg. It is expected that the subsequent energy consumption limits will be further tightened. The bottom position of silicon material prices may have stabilized, and if subsequent production restrictions are implemented, it will be beneficial for polycrystalline silicon companies with low energy consumption advantages.
