New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Major Estimate Revision • May 07
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥5.81b to CN¥5.15b. Forecast losses increased from -CN¥0.144 to -CN¥0.446 per share. Semiconductor industry in China expected to see average net income growth of 61% next year. Consensus price target down from CN¥23.39 to CN¥22.39. Share price rose 3.2% to CN¥22.97 over the past week. Price Target Changed • May 04
Price target decreased by 7.6% to CN¥22.61 Down from CN¥24.47, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CN¥22.25. Stock is up 25% over the past year. The company is forecast to post a net loss per share of CN¥0.36 next year compared to a net loss per share of CN¥0.53 last year. Announcement • Apr 30
Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, May 21, 2026 Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, May 21, 2026, at 14:00 China Standard Time. Location: 29F, No. 838, Zhangyang Road, Pudong New Area, Shanghai China Major Estimate Revision • Apr 27
Consensus EPS estimates upgraded to CN¥0.057 loss, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from CN¥6.26b to CN¥5.81b. 2026 losses expected to reduce from -CN¥0.074 to -CN¥0.057 per share. Semiconductor industry in China expected to see average net income growth of 58% next year. Consensus price target down from CN¥24.47 to CN¥23.39. Share price fell 3.1% to CN¥22.56 over the past week. Reported Earnings • Apr 22
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: CN¥0.53 loss per share (improved from CN¥1.27 loss in FY 2024). Revenue: CN¥4.84b (down 35% from FY 2024). Net loss: CN¥1.13b (loss narrowed 59% from FY 2024). Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) exceeded analyst estimates by 10%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Mar 30
Xinjiang Daqo New Energy Co.,Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Feb 27
Full year 2025 earnings released: CN¥0.53 loss per share (vs CN¥1.27 loss in FY 2024) Full year 2025 results: CN¥0.53 loss per share (improved from CN¥1.27 loss in FY 2024). Revenue: CN¥4.84b (down 35% from FY 2024). Net loss: CN¥1.13b (loss narrowed 59% from FY 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jan 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.5% to CN¥25.73. The fair value is estimated to be CN¥33.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 16
Xinjiang Daqo New Energy Co.,Ltd. Provides Earnings Guidance for the Fiscal Year Ended December 31, 2025 Xinjiang Daqo New Energy Co.,Ltd. provided earnings guidance for the fiscal year ended December 31, 2025. The company estimated that under PRC GAAP, its net loss attributable to Xinjiang Daqo's shareholders in Fiscal Year 2025 will be in the range of RMB 1.0 billion to RMB 1.3 billion, compared to net loss attributable to Xinjiang Daqo's shareholders of RMB 2.7 billion in Fiscal Year 2024. Buy Or Sell Opportunity • Jan 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.7% to CN¥26.61. The fair value is estimated to be CN¥33.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last 3 years. Meanwhile, the company became loss making. Announcement • Dec 26
Xinjiang Daqo New Energy Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 21, 2026 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 21, 2026 Buy Or Sell Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to CN¥26.75. The fair value is estimated to be CN¥33.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 28
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: CN¥0.035 (up from CN¥0.20 loss in 3Q 2024). Revenue: CN¥1.77b (up 25% from 3Q 2024). Net income: CN¥73.5m (up CN¥502.5m from 3Q 2024). Profit margin: 4.1% (up from net loss in 3Q 2024). Revenue exceeded analyst estimates by 59%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 27% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Xinjiang Daqo New Energy Co.,Ltd. to Report Q3, 2025 Results on Oct 28, 2025 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Sep 11
Xinjiang Daqo New Energy Co.,Ltd. Provides Latest Update on Litigation Event Xinjiang Daqo New Energy Co.,Ltd. has provided an update on a lawsuit. In April 2024, Xinjiang Daqo New Energy Co. Ltd. received a court summons relating to a contract dispute lawsuit filed against it by Xinjiang Xian'an New Materials Co. Ltd. and its affiliate, Xinjiang Dengbo New Energy Co. Ltd. The plaintiffs previously provided silicon core processing services to Xinjiang Daqo. The plaintiffs requested for termination of the business cooperation agreement with Xinjiang Daqo and for compensation from Xinjiang Daqo for their economic losses totaling CNY 1,958.5 million (which was later reduced to CNY 742.7 million), which consisted largely of alleged consequential damages of the plaintiffs. This litigation was previously disclosed in the Company's annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on April 29, 2024, its press release dated July 17, 2024, and its Form 6-K dated March 17, 2025 and Form 6-K dated April 22, 2025. In July 2024, the Company received the first instance court's verdict, which affirmed termination of the business cooperation agreement and ordered Xinjiang Daqo to compensate the plaintiffs for their losses and attorney fees totaling CNY 3.16 million, while rejecting the plaintiffs' claims for consequential damages. The plaintiffs appealed to the second instance court. In March 2025, the Company received the second instance court's verdict, which vacated the decision of the first instance court and remanded the case for a retrial. Recently, the Company received the verdict of the first instance court's retrial, which affirmed termination of the business cooperation agreement and ordered Xinjiang Daqo to compensate the plaintiffs for their losses and attorney fees totaling CNY 3.30 million, while rejecting the plaintiffs' claims for consequential damages. The litigation's impact on Xinjiang Daqo will be contingent upon the final verdict. Reported Earnings • Aug 31
Second quarter 2025 earnings released: CN¥0.27 loss per share (vs CN¥0.47 loss in 2Q 2024) Second quarter 2025 results: CN¥0.27 loss per share (improved from CN¥0.47 loss in 2Q 2024). Revenue: CN¥562.9m (down 65% from 2Q 2024). Net loss: CN¥588.7m (loss narrowed 41% from 2Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 29
Consensus revenue estimates increase by 53%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CN¥4.63b to CN¥7.10b. EPS estimate fell from -CN¥0.30 to -CN¥0.47 per share. Semiconductor industry in China expected to see average net income growth of 62% next year. Consensus price target up from CN¥21.33 to CN¥24.17. Share price rose 21% to CN¥32.19 over the past week. Price Target Changed • Aug 28
Price target increased by 7.7% to CN¥22.50 Up from CN¥20.88, the current price target is an average from 5 analysts. New target price is 25% below last closing price of CN¥30.05. Stock is up 64% over the past year. The company is forecast to post a net loss per share of CN¥0.47 next year compared to a net loss per share of CN¥1.27 last year. New Risk • Jul 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jun 30
Xinjiang Daqo New Energy Co.,Ltd. to Report First Half, 2025 Results on Aug 30, 2025 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report first half, 2025 results on Aug 30, 2025 Announcement • Jun 24
Xinjiang Daqo New Energy Co.,Ltd.(SHSE:688303) dropped from Shanghai Stock Exchange 180 Value Index Xinjiang Daqo New Energy Co.,Ltd removed from Sanghai Stock Exchange 180 Value Index. Major Estimate Revision • May 14
Consensus revenue estimates decrease by 48% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from CN¥9.28b to CN¥4.79b. EPS estimate unchanged from -CN¥0.28 per share at last update. Semiconductor industry in China expected to see average net income growth of 59% next year. Consensus price target broadly unchanged at CN¥20.88. Share price rose 14% to CN¥21.11 over the past week. Price Target Changed • May 03
Price target decreased by 9.1% to CN¥21.15 Down from CN¥23.27, the current price target is an average from 6 analysts. New target price is 19% above last closing price of CN¥17.78. Stock is down 27% over the past year. The company is forecast to post a net loss per share of CN¥0.28 next year compared to a net loss per share of CN¥1.27 last year. Reported Earnings • May 01
First quarter 2025 earnings released: CN¥0.26 loss per share (vs CN¥0.15 profit in 1Q 2024) First quarter 2025 results: CN¥0.26 loss per share (down from CN¥0.15 profit in 1Q 2024). Revenue: CN¥907.2m (down 70% from 1Q 2024). Net loss: CN¥558.0m (down 269% from profit in 1Q 2024). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Announcement • Apr 30
Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, May 20, 2025 Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, May 20, 2025, at 14:00 China Standard Time. Location: 29F, No. 838, Zhangyang Road, Pudong New Area, Shanghai China Announcement • Apr 25
Xinjiang Daqo New Energy Co.,Ltd. (SHSE:688303) announces an Equity Buyback for CNY 100 million worth of its shares. Xinjiang Daqo New Energy Co.,Ltd. (SHSE:688303) announces a share repurchase program. Under the program, the company will repurchase up to CNY 100 million worth of its A shares. The shares will be repurchased at a price of CNY 44 per share. The shares repurchased will be used for employee shareholding plan or as equity incentive. The program will be valid for a period of 12 months. Announcement • Apr 22
Xinjiang Daqo New Energy Co.,Ltd. Provides Latest Updates on Its Litigation Event In April 2024, Xinjiang Daqo New Energy Co. Ltd. received a court summons relating to a contract dispute lawsuit filed against it by Xinjiang Xian’an New Materials Co. Ltd. and its affiliate, Xinjiang Dengbo New Energy Co. Ltd. The plaintiffs previously provided silicon core processing services to Xinjiang Daqo. The plaintiffs requested for termination of the business cooperation agreement with Xinjiang Daqo and for compensation from Xinjiang Daqo for their economic losses totaling RMB 1,958.5 million (which was later reduced to RM B1,847.8 million), which consisted largely of alleged consequential damages of the plaintiffs. This litigation was previously disclosed in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on April 29, 2024, its press release dated July 17, 2024, and its Form 6-K dated March 17, 2025. In July 2024, the Company received the first instance court’s verdict, which affirmed termination of the business cooperation agreement and ordered Xinjiang Daqo to compensate the plaintiffs for their losses and attorney fees totaling RMB 3.16 million, while rejecting the plaintiffs’ claims for consequential damages. The plaintiffs appealed to the second instance court. In March 2025, the Company received the second instance court’s verdict, which vacated the decision of the first instance and remanded the case for a new trial. Recently, the Company received a court summons, in which the plaintiffs further reduced the requested amount of compensation from Xinjiang Daqo to RMB 742.7 million. The litigation’s impact on Xinjiang Daqo will be contingent upon the final verdict. Announcement • Mar 28
Xinjiang Daqo New Energy Co.,Ltd. to Report Q1, 2025 Results on Apr 30, 2025 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report Q1, 2025 results on Apr 30, 2025 Reported Earnings • Feb 28
Full year 2024 earnings released: CN¥1.27 loss per share (vs CN¥2.70 profit in FY 2023) Full year 2024 results: CN¥1.27 loss per share (down from CN¥2.70 profit in FY 2023). Revenue: CN¥7.41b (down 55% from FY 2023). Net loss: CN¥2.72b (down 147% from profit in FY 2023). Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Announcement • Jan 17
Xinjiang Daqo New Energy Co.,Ltd. Provides Earnings Guidance for the Fiscal Year Ended December 31, 2024 Xinjiang Daqo New Energy Co.,Ltd. provided earnings guidance for the fiscal year ended December 31, 2024. For the year, the company expected that under PRC GAAP, its net loss attributable to Xinjiang Daqo's shareholders would be in the range of RMB 2.6 billion to RMB 3.1 billion, compared to net profit attributable to Xinjiang Daqo's shareholders of RMB 5.8 billion in Fiscal Year 2023. This estimate includes losses related to provisions for inventory impairment and fixed asset impairment. Announcement • Dec 27
Xinjiang Daqo New Energy Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2025 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2025 Price Target Changed • Nov 04
Price target increased by 7.5% to CN¥22.74 Up from CN¥21.16, the current price target is an average from 5 analysts. New target price is 26% below last closing price of CN¥30.85. Stock is down 13% over the past year. The company is forecast to post a net loss per share of CN¥0.24 compared to earnings per share of CN¥2.70 last year. Reported Earnings • Oct 31
Third quarter 2024 earnings released: CN¥0.20 loss per share (vs CN¥0.32 profit in 3Q 2023) Third quarter 2024 results: CN¥0.20 loss per share (down from CN¥0.32 profit in 3Q 2023). Revenue: CN¥1.42b (down 60% from 3Q 2023). Net loss: CN¥429.0m (down 162% from profit in 3Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. New Risk • Sep 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 135% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.8% net profit margin). Announcement • Sep 30
Xinjiang Daqo New Energy Co.,Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥22.41, the stock trades at a forward P/E ratio of 195x. Average forward P/E is 27x in the Semiconductor industry in China. Total loss to shareholders of 64% over the past three years. Major Estimate Revision • Sep 02
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from CN¥10.9b to CN¥8.62b. Forecast loss of -CN¥0.65, down from profit of CN¥1.14 per share profit previously. Semiconductor industry in China expected to see average net income growth of 60% next year. Consensus price target down from CN¥25.02 to CN¥21.16. Share price fell 4.2% to CN¥18.11 over the past week. Reported Earnings • Aug 28
Second quarter 2024 earnings released: CN¥0.47 loss per share (vs CN¥0.71 profit in 2Q 2023) Second quarter 2024 results: CN¥0.47 loss per share (down from CN¥0.71 profit in 2Q 2023). Revenue: CN¥1.60b (down 64% from 2Q 2023). Net loss: CN¥1.00b (down 166% from profit in 2Q 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Semiconductor industry in China. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jul 11
Price target decreased by 7.0% to CN¥25.10 Down from CN¥26.99, the current price target is an average from 5 analysts. New target price is 30% above last closing price of CN¥19.34. Stock is down 52% over the past year. The company is forecast to post earnings per share of CN¥1.29 for next year compared to CN¥2.70 last year. Announcement • Jun 29
Xinjiang Daqo New Energy Co.,Ltd. to Report First Half, 2024 Results on Aug 27, 2024 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report first half, 2024 results on Aug 27, 2024 Reported Earnings • May 01
First quarter 2024 earnings released: EPS: CN¥0.15 (vs CN¥1.36 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.15 (down from CN¥1.36 in 1Q 2023). Revenue: CN¥2.98b (down 39% from 1Q 2023). Net income: CN¥330.6m (down 89% from 1Q 2023). Profit margin: 11% (down from 60% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Announcement • Apr 03
Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, Apr 23, 2024 Xinjiang Daqo New Energy Co.,Ltd., Annual General Meeting, Apr 23, 2024, at 14:30 China Standard Time. Location: Tower D, 29F, No. 838, Zhangyang Road, Pudong New Area, Shanghai China Reported Earnings • Apr 03
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: CN¥2.70 (down from CN¥9.40 in FY 2022). Revenue: CN¥16.3b (down 47% from FY 2022). Net income: CN¥5.76b (down 70% from FY 2022). Profit margin: 35% (down from 62% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Major Estimate Revision • Apr 01
Consensus revenue estimates increase by 22%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥12.6b to CN¥15.4b. EPS estimate fell from CN¥1.64 to CN¥1.48. Net income forecast to shrink 49% next year vs 63% growth forecast for Semiconductor industry in China . Consensus price target down from CN¥32.95 to CN¥26.49. Share price was steady at CN¥27.40 over the past week. Announcement • Mar 29
Xinjiang Daqo New Energy Co.,Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Reported Earnings • Feb 29
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: CN¥2.70 (down from CN¥9.40 in FY 2022). Revenue: CN¥16.3b (down 47% from FY 2022). Net income: CN¥5.76b (down 70% from FY 2022). Profit margin: 35% (down from 62% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Price Target Changed • Feb 01
Price target decreased by 7.3% to CN¥32.95 Down from CN¥35.56, the current price target is an average from 5 analysts. New target price is 27% above last closing price of CN¥26.04. Stock is down 49% over the past year. The company is forecast to post earnings per share of CN¥2.69 for next year compared to CN¥9.40 last year. Announcement • Jan 30
Xinjiang Daqo New Energy Co.,Ltd. Provides Preliminary Earnings Guidance for the Year Ended December 31, 2023 Xinjiang Daqo New Energy Co.,Ltd. provided preliminary earnings guidance for the year ended December 31, 2023. For the year, the company expects, under PRC GAAP, net profit attributable to shareholders to be in the range of RMB 5.7 billion to RMB 5.8 billion, representing a 69.7% to 70.2% year-over-year decrease compared to net profit attributable to shareholders of RMB 19.12 billion in the fiscal year 2022. Price Target Changed • Jan 11
Price target decreased by 9.8% to CN¥35.49 Down from CN¥39.34, the current price target is an average from 5 analysts. New target price is 21% above last closing price of CN¥29.39. Stock is down 39% over the past year. The company is forecast to post earnings per share of CN¥2.74 for next year compared to CN¥9.40 last year. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: CN¥0.32 (vs CN¥2.60 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.32 (down from CN¥2.60 in 3Q 2022). Revenue: CN¥3.55b (down 57% from 3Q 2022). Net income: CN¥688.9m (down 88% from 3Q 2022). Profit margin: 19% (down from 67% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Semiconductor industry in China. Announcement • Aug 23
Xinjiang Daqo New Energy Co.,Ltd. (SHSE:688303) announces an Equity Buyback for CNY 400 million worth of its shares. Xinjiang Daqo New Energy Co.,Ltd. (SHSE:688303) announces a share repurchase program. Under the program, the company will repurchase up to CNY 400 million worth of its shares. The shares will be repurchased at a price of CNY 50 per share. The company expects to fund the repurchases out of its own funds, and plans to use the repurchased shares for its share incentive plans subject to relevant regulatory requirements. The program is effective until August 22, 2024. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CN¥19.7b to CN¥18.5b. EPS estimate also fell from CN¥4.43 per share to CN¥3.80 per share. Net income forecast to shrink 58% next year vs 68% growth forecast for Semiconductor industry in China . Consensus price target down from CN¥42.74 to CN¥39.34. Share price rose 3.0% to CN¥40.12 over the past week. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: CN¥0.71 (vs CN¥2.70 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.71 (down from CN¥2.70 in 2Q 2022). Revenue: CN¥4.47b (down 46% from 2Q 2022). Net income: CN¥1.52b (down 71% from 2Q 2022). Profit margin: 34% (down from 64% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Semiconductor industry in China. Announcement • Jun 28
Xinjiang Daqo New Energy Co.,Ltd. to Report First Half, 2023 Results on Aug 04, 2023 Xinjiang Daqo New Energy Co.,Ltd. announced that they will report first half, 2023 results on Aug 04, 2023 Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥1.36 (vs CN¥2.24 in 1Q 2022) First quarter 2023 results: EPS: CN¥1.36 (down from CN¥2.24 in 1Q 2022). Revenue: CN¥4.86b (down 40% from 1Q 2022). Net income: CN¥2.91b (down 33% from 1Q 2022). Profit margin: 60% (up from 53% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CN¥41.40, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 36x in the Semiconductor industry in China. Total loss to shareholders of 19% over the past year. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: CN¥9.40 (vs CN¥3.25 in FY 2021) Full year 2022 results: EPS: CN¥9.40 (up from CN¥3.25 in FY 2021). Revenue: CN¥30.9b (up 186% from FY 2021). Net income: CN¥19.1b (up 234% from FY 2021). Profit margin: 62% (up from 53% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 39% p.a. on average during the next 2 years, while revenues in the Semiconductor industry in China are expected to grow by 25%. Announcement • Jan 20
Xinjiang Daqo New Energy Co.,Ltd. Provides Earnings Guidance for Full Year 2022 Xinjiang Daqo New Energy Co.,Ltd. provided earnings guidance for Full Year 2022. For the period, the company estimates that under PRC GAAP its net profit attributable to Xinjiang Daqo's shareholders in 2022 would be in the range of RMB 19.0 to RMB 19.2 billion, representing a 231.9% to 235.4% increase as compared to net profit attributable to Xinjiang Daqo's shareholders of RMB 5.7 billion in 2021. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yuan Yuan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Nov 04
Price target decreased to CN¥82.62 Down from CN¥93.36, the current price target is an average from 2 analysts. New target price is 50% above last closing price of CN¥54.96. Stock is down 20% over the past year. The company is forecast to post earnings per share of CN¥7.44 for next year compared to CN¥3.25 last year. Reported Earnings • Oct 28
Third quarter 2022 earnings released: EPS: CN¥2.60 (vs CN¥1.25 in 3Q 2021) Third quarter 2022 results: EPS: CN¥2.60 (up from CN¥1.25 in 3Q 2021). Revenue: CN¥8.34b (up 120% from 3Q 2021). Net income: CN¥5.56b (up 140% from 3Q 2021). Profit margin: 67% (up from 61% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 8.5% p.a. on average during the next 3 years, while revenues in the Semiconductor industry in China are expected to grow by 26%. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: CN¥2.70 (vs CN¥0.97 in 2Q 2021) Second quarter 2022 results: EPS: CN¥2.70 (up from CN¥0.97 in 2Q 2021). Revenue: CN¥8.21b (up 188% from 2Q 2021). Net income: CN¥5.21b (up 230% from 2Q 2021). Profit margin: 64% (up from 55% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 20%, compared to a 49% growth forecast for the industry in China. Announcement • Jul 08
Xinjiang Daqo New Energy Co.,Ltd. announced that it has received CNY 10.999999975 billion in funding On July 6, 2022, Xinjiang Daqo New Energy Co.,Ltd. closed the transaction. The company has issued 212,396,215 A shares at a price of CNY 51.79 per share for total gross proceeds of CNY 10,999,999,974.85. Upon completion of the transaction, Daqo New Energy Corp. beneficially owns approximately 72.68% stake of the company. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥74.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 39x in the Semiconductor industry in China. Major Estimate Revision • Jun 03
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥21.3b to CN¥24.5b. EPS estimate increased from CN¥5.80 to CN¥7.44 per share. Net income forecast to grow 44% next year vs 50% growth forecast for Semiconductor industry in China. Consensus price target up from CN¥93.36 to CN¥103. Share price rose 5.7% to CN¥62.35 over the past week. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥62.72, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 35x in the Semiconductor industry in China. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Yuan Yuan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Mar 29
Consensus revenue estimates increase by 10% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from CN¥15.2b to CN¥16.8b. EPS estimate increased from CN¥4.19 to CN¥5.80 per share. Net income forecast to grow 95% next year vs 44% growth forecast for Semiconductor industry in China. Consensus price target down from CN¥102 to CN¥93.36. Share price fell 5.8% to CN¥54.54 over the past week. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥3.25 (up from CN¥0.69 in FY 2020). Revenue: CN¥10.8b (up 132% from FY 2020). Net income: CN¥5.72b (up 449% from FY 2020). Profit margin: 53% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 40%, compared to a 53% growth forecast for the industry in China. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥59.70, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 44x in the Semiconductor industry in China. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥79.10, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 57x in the Semiconductor industry in China.