L R AS Published on Saturday 2 March 2024 - n° 478 - Categories:company results
Daqo in 2023: less flamboyant results
In 2023, silicon manufacturer Daqo increased its silicon production (to 197,831 tonnes) and sales by 50%. However, as the price of silicon plummeted, sales halved to $2.3 billion.
Gross profit for the year was $920 million, compared with $3,408 million in 2022, and the gross margin fell from 74% to 39.9%.
For 2024, the company is forecasting a production volume of 280,000/300,000 tonnes, representing an increase of 40% to 50% over 2023. The company plans to start building a 100,000 tonne production unit in Xinjiang. The aim of this construction is to trigger an oversupply of silicon to crush new market entrants. Daqo's CEO said, "In the fourth quarter, as new capacity was released, the price disparity became more apparent between high quality manufacturers and new entrants."
https://www.pv-tech.org/daqo-n "ew-energy-2023-revenues-halve-plans-for-2024-expansion/
PV TECH of 28 February 2024
Editor's note: It is important to underline the clearly expressed desire of Chinese silicon producers to increase their production capacity in order to suffocate new manufacturers.
