SHANGHAI, April 21,
2022 /PRNewswire/ -- Daqo New Energy Corp. (NYSE: DQ)
("Daqo New Energy", the "Company" or "we"), a leading manufacturer
of high-purity polysilicon for the global solar PV industry, today
announced its unaudited financial results for the first quarter of
2022.
First Quarter 2022 Financial and Operating Highlights
- Polysilicon production volume was 31,383 MT in Q1 2022,
compared to 23,616 MT in Q4 2021
- Polysilicon sales volume was 38,839
MT in Q1 2022, compared to 11,642
MT in Q4 2021
- Polysilicon average total production cost(1) was
$10.09/kg in Q1 2022, compared to
$14.11/kg in Q4 2021
- Polysilicon average cash cost(1) was $9.19/kg in Q1 2022, compared to $13.32/kg in Q4 2021
- Polysilicon average selling price (ASP) was $32.76/kg in Q1 2022, compared to $33.91/kg in Q4 2021
- Revenue was $1,280.3 million in
Q1 2022, compared to $395.5 million
in Q4 2021
- Gross profit was $813.6 million
in Q1 2022, compared to $239.8
million in Q4 2021. Gross margin was 63.5% in Q1 2022,
compared to 60.6% in Q4 2021
- Net income attributable to Daqo New Energy Corp. shareholders
was $535.8 million in Q1 2022, compared to $141.3 million in Q4 2021
- Earnings per basic American Depositary Share
(ADS)(3) was $7.17 in Q1 2022, compared to
$1.90 in Q4 2021
- EBITDA (non-GAAP)(2) was $826.8 million in Q1 2022, compared to
$251.1 million in Q4 2021. EBITDA
margin (non-GAAP)(2) was 64.6% in Q1 2022, compared to
63.5% in Q4 2021
|
Three months
ended
|
US$ millions
except as indicated
otherwise
|
Mar 31,
2022
|
Dec 31,
2021
|
Mar 31,
2021
|
Revenues
|
1,280.3
|
395.5
|
256.1
|
Gross profit
|
813.6
|
239.8
|
118.9
|
Gross margin
|
63.5%
|
60.6%
|
46.4%
|
Income from
operations
|
796.9
|
228.1
|
109.2
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
535.8
|
141.3
|
83.2
|
Earnings per basic
ADS(3) ($ per ADS)
|
7.17
|
1.90
|
1.13
|
EBITDA
(non-GAAP)(2)
|
826.8
|
251.1
|
128.1
|
EBITDA margin
(non-GAAP)(2)
|
64.6%
|
63.5%
|
50.0%
|
Polysilicon sales
volume (MT)
|
38,839
|
11,642
|
21,471
|
Polysilicon average
total production cost ($/kg)(1)
|
10.09
|
14.11
|
6.29
|
Polysilicon average
cash cost (excl. dep'n) ($/kg)(1)
|
9.19
|
13.32
|
5.37
|
Notes:
(1) Production cost and cash cost only refer to production in
our polysilicon facilities. Production cost is calculated by the
inventoriable costs relating to production of polysilicon divided
by the production volume in the period indicated. Cash cost is
calculated by the inventoriable costs relating to production of
polysilicon excluding depreciation expense, divided by the
production volume in the period indicated.
(2) Daqo New Energy provides EBITDA and EBITDA margins on a
non-GAAP basis to provide supplemental information regarding its
financial performance. For more information on these non-GAAP
financial measures, please see the section captioned "Use of
Non-GAAP Financial Measures" and the tables captioned
"Reconciliation of non-GAAP financial measures to comparable US
GAAP measures" set forth at the end of this press release.
(3) ADS means American Depositary Share. One (1) ADS
representing five (5) ordinary shares.
Management Remarks
Mr. Longgen Zhang, CEO of Daqo New Energy, commented, "We are
very pleased to report exceptional results for the first quarter of
2022, the best-ever in the company's history. I would like to thank
our entire team for their hard work and dedication in delivering
such excellent operational and financial performance. For the
quarter, we achieved polysilicon sales volume of 38,839 MT, more than 3 times our sales volume for
the fourth quarter of 2021. We recorded $1.3
billion in revenue, also more than 3 times of the revenue
for the fourth quarter of 2021, and we recorded operating income of
$797 million, net income attributable
to Daqo New Energy shareholders of $536
million, earning per share ("EPS") of $7.17 per share and EBITDA of $827 million, all representing substantial
sequential and year-over-year growth. At the end of the quarter,
our combined cash, short term investments, and bank note receivable
balance reached $2.6 billion, an
increase of $1.2 billion compared to
the end of 2021. This strong financial performance reflects not
only the strength of the end market but also the trust that our
customers place in the quality and reliability of our high-purity
mono-grade polysilicon products."
"Last December, we began production at our new 35,000MT phase 4B
polysilicon expansion project. Production ramp up was successful
throughout the first quarter. During the first quarter we produced
31,383 MT of polysilicon, a 33% increase compared to the fourth
quarter of 2021, of which 97.2% was mono-grade. In the first
quarter, our production cost was $10.09/kg, a significant decrease from
$14.11/kg in the fourth quarter of
2021, primarily due to the decrease in the cost of silicon powder,
as well as manufacturing efficiency improvements and better
economies of scale."
"We continue to see very strong demand for solar PV products
both in China and overseas. In the
first two months of 2022, new installations of solar PV in
China were approximately 10.9 GW.
According to the China Photovoltaic Industry Association, new PV
installations in China are
expected to increase from 53 GW in 2021 to 75-90 GW in 2022. In the
first two months of 2022, based on China's custom's data, China's solar PV module export volume was
approximately 26 GW, doubled from the same period in 2021. As a
result of the stronger-than-expected market demand, product pricing
across the entire solar PV value chain increased consistently
during the first quarter. Based on statistics from the China
Silicon Industry Association, the average market ASPs (VAT
included) of small chunk mono-grade polysilicon increased from
RMB 231.8/kg in the first week of
January to RMB 253.3/kg in the third
week of April, reflecting healthy demand from our customers and
continued tight supplies. We also see healthy gross margin in the
downstream wafer sector which indicates that the solar value chain
is able to pass down the impact of strong polysilicon prices to the
end market."
"Global trends continue to favor the solar industry, which
particularly benefits the polysilicon sector. We are beginning to
witness significant policy shifts to accelerate clean energy
adoption and de-carbonization around the world. During the month of
March 2022, the European Union
announced its RePowerEU initiative, which calls for an acceleration
of clean energy transition under the European Green Deal.
Germany, in particular, has
announced an ambitious program to significantly accelerate its
clean energy transition, with plans to deploy 22GW of solar
installations per year starting 2026, a four-fold increase from
2021 installations of 5.3GW. As solar energy has already achieved
grid-parity broadly in many regions globally, the recent spike in
high and volatile energy prices will further drive solar energy
adoption with attractive economic returns. All these factors will
lead to additional demand for solar products which cannot be met by
the current market supply. We believe the polysilicon sector will
remain one of the most profitable sectors in the solar PV value
chain, as polysilicon will continue to be in short supply and
determine the actual pace and total volume of global installations.
We will continue to focus on the efficient operation of our core
business, increase our capacity based on market needs, continue to
enhance our competitiveness in quality and reliability, and further
optimize our cost structure to provide consistent returns to our
shareholders."
Outlook and guidance
The Company expects to produce approximately 32,000MT to 34,000MT
of polysilicon in the second quarter of 2022 and approximately
120,000MT to 125,000MT of polysilicon in the full year of 2022,
inclusive of the impact of the Company's annual facility
maintenance.
This outlook reflects Daqo New Energy's current and preliminary
view as of the date of this press release and may be subject to
changes. The Company's ability to achieve these projections is
subject to risks and uncertainties. See "Safe Harbor Statement" at
the end of this press release.
First Quarter 2022 Results
Revenues
Revenues were $1,280.3 million,
compared to $395.5 million in the
fourth quarter of 2021 and $256.1
million in the first quarter of 2021. The increase in
revenues as compared to the fourth quarter of 2021 was primarily
due to significantly higher polysilicon sales volume partially
offset by slightly lower ASPs.
Gross profit and margin
Gross profit was $813.6 million,
compared to $239.8 million in the
fourth quarter of 2021 and $118.9
million in the first quarter of 2021. Gross margin was
63.5%, compared to 60.6% in the fourth quarter of 2021 and 46.4% in
the first quarter of 2021. The increase in gross profit as compared
to the fourth quarter of 2021 was primarily due to higher sales
volume. The increase in gross margin as compared to the fourth
quarter of 2021 was primarily due to lower production cost
partially offset by lower ASPs.
Selling, general and administrative expenses
Selling, general and administrative expenses were $15.5 million, compared to $10.2 million in the fourth quarter of 2021 and
$9.0 million in the first quarter of
2021. The increase in SG&A expenses as compared to the fourth
quarter of 2021 was primarily due to an increase in shipment
expenses as a result of increased sales volume. SG&A expenses
during the first quarter included $2.0
million in non-cash share-based compensation costs related
to the Company's share incentive plan.
Research and development expenses
Research and development (R&D) expenses were $2.1 million, compared to $1.3 million in the fourth quarter of 2021 and
$1.2 million in the first quarter of
2021. Research and development expenses can vary from period to
period and reflect R&D activities that take place during the
quarter.
Income from operations and operating margin
As a result of the foregoing, income from operations was
$796.9 million, compared to
$228.1 million in the fourth quarter
of 2021 and $109.2 million in the
first quarter of 2021.
Operating margin was 62.2%, compared to 57.7% in the fourth
quarter of 2021 and 42.6% in the first quarter of 2021.
EBITDA (non-GAAP)
EBITDA (non-GAAP) was $826.8
million, compared to $251.1
million in the fourth quarter of 2021 and $128.1 million in the first quarter of 2021.
EBITDA margin (non-GAAP) was 64.6%, compared to 63.5% in the fourth
quarter of 2021 and 50.0% in the first quarter of 2021.
Net income attributable to Daqo New Energy Corp.
shareholders and earnings per ADS
As a result of the aforementioned, net income attributable to
Daqo New Energy Corp. shareholders was $535.8 million, compared to $141.3 million in the fourth quarter of 2021 and
$83.2 million in the first quarter of
2021.
Earnings per basic American Depository Share (ADS) was
$7.17, compared to $1.90 in the fourth quarter of 2021, and
$1.13 in the first quarter of
2021.
Financial Condition
As of March 31, 2022, the Company
had $1,127.7 million in cash, cash
equivalents and restricted cash, compared to $724.0 million as of December 31, 2021 and $227.8 million as of March
31, 2021. As of March 31,
2022, the notes receivable balance was $1,499.4 million, compared to $365.9 million as of December 31, 2021 and $38.5 million as of March
31, 2021. The increase in notes receivables compared to
December 31, 2021 was primarily due
to higher revenues and advance payments from customers. As of
March 31, 2022, total borrowings were
nil, compared to nil as of December 31,
2021 and total borrowings of $222.2
million, including $100.4
million long-term borrowings, as of March 31, 2021.
Cash Flows
For the three months ended March 31,
2022, net cash provided by operating activities was
$231.3 million, compared to
$159.2 million in the same period of
2021. The increase was primarily due to higher revenues and gross
margin.
For the three months ended March 31,
2022, net cash provided by investing activities was
$170.4 million, compared to net cash
used in investing activities of $79.9
million in the same period of 2021. The net cash used in
investing activities in Q1 2021 was primarily related to the
capital expenditures on the Company's Phase 4B and 4A polysilicon projects. The net cash
provided by investing activities in Q1 2022 was primarily due to
the redemption of short-term investments offset by the capital
expenditures on the Company's Phase 4B project and Inner Mongolia polysilicon
project.
For the three months ended March 31,
2022, net cash provided by financing activities was nil,
compared to net cash used in financing activities of $31.7 million in the same period of 2021.
Use of Non-GAAP Financial Measures
To supplement Daqo New Energy's consolidated financial results
presented in accordance with United States Generally Accepted
Accounting Principles ("US GAAP"), the Company uses certain
non-GAAP financial measures that are adjusted for certain items
from the most directly comparable GAAP measures including earnings
before interest, taxes, depreciation and amortization ("EBITDA")
and EBITDA margin (which represents the proportion of EBITDA in
revenues). Our management believes that each of these non-GAAP
measures is useful to investors, enabling them to better assess
changes in key element of the Company's results of operations
across different reporting periods on a consistent basis,
independent of certain items as described below. Thus, our
management believes that, used in conjunction with US GAAP
financial measures, these non-GAAP financial measures provide
investors with meaningful supplemental information to assess the
Company's operating results in a manner that is focused on its
ongoing, core operating performance. Our management uses these
non-GAAP measures internally to assess the business, its financial
performance, current and historical results, as well as for
strategic decision-making and forecasting future results. Given our
management's use of these non-GAAP measures, the Company believes
these measures are important to investors in understanding the
Company's operating results as seen through the eyes of our
management. These non-GAAP measures are not prepared in accordance
with US GAAP or intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with US GAAP; the non-GAAP measures should be reviewed
together with the US GAAP measures, and may be different from
non-GAAP measures used by other companies.
A reconciliation of non-GAAP financial measures to comparable US
GAAP measures is presented later in this document.
Conference Call
The Company has scheduled a conference call to discuss the
results at 8:00 AM Eastern Time on
April 21, 2022. (8:00 PM Beijing / Hong
Kong time on the same day).
The dial-in details for the live conference call are as
follows:
Participant dial in
(toll free):
|
+1-888-346-8982
|
Participant
international dial in:
|
+1-412-902-4272
|
China mainland toll
free:
|
4001-201203
|
Hong Kong toll
free:
|
800-905945
|
Hong Kong-local
toll:
|
+852-301-84992
|
Participants
please dial in 10 minutes before
the call is scheduled to begin and ask to be
joined into the Daqo
New Energy Corp. call.
|
You can also listen to the conference call via Webcast through
the URL:
https://services.choruscall.com/mediaframe/webcast.html?webcastid=81uk8uIG
A replay of the call will be available 1 hour after the end of
the conference through April 28,
2022.
The conference call replay numbers are as follows:
US Toll
Free:
|
+1-877-344-7529
|
International
Toll:
|
+1-412-317-0088
|
Canada Toll
Free:
|
855-669-9568
|
Replay access
code:
|
6420441
|
To access the replay using an international dial-in number,
please select the link below.
https://services.choruscall.com/ccforms/replay.html
Participants will be required to state their name and company upon
entering the call.
About Daqo New Energy Corp.
Daqo New Energy Corp. (NYSE: DQ) ("Daqo" or the "Company") is a
leading manufacturer of high-purity polysilicon for the global
solar PV industry. Founded in 2007, the Company manufactures and
sells high-purity polysilicon to photovoltaic product manufactures,
who further process the polysilicon into ingots, wafers, cells and
modules for solar power solutions. The Company has a total
polysilicon nameplate capacity of 105,000 metric tons and is one of
the world's lowest cost producers of high-purity polysilicon.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates", "might" and "guidance" and similar
statements. Among other things, the outlook for the second quarter
and the full year of 2022 and quotations from management in these
announcements well as Daqo New Energy's strategic and operational
plans, contain forward-looking statements. The Company may also
make written or oral forward-looking statements in its reports
filed or furnished to the U.S. Securities and Exchange Commission,
in its annual reports to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about the Company's beliefs
and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties, all of which
are difficult or impossible to predict accurately and many of which
are beyond the Company's control. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the demand for photovoltaic products and the development
of photovoltaic technologies; global supply and demand for
polysilicon; alternative technologies in cell manufacturing; the
Company's ability to significantly expand its polysilicon
production capacity and output; the reduction in or elimination of
government subsidies and economic incentives for solar energy
applications; the Company's ability to lower its production costs;
changes in political and regulatory environment; and the duration
of COVID-19 outbreaks in China and
many other countries and the impact of the outbreaks and the
quarantines and travel restrictions instituted by relevant
governments on economic and market conditions, including
potentially weaker global demand for solar PV installations that
could adversely affect the Company's business and financial
performance. Further information regarding these and other risks is
included in the reports or documents the Company has filed with, or
furnished to, the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date
hereof, and the Company undertakes no duty to update such
information or any forward-looking statement, except as required
under applicable law.
Daqo New Energy
Corp.
|
Unaudited Condensed
Consolidated Statement of Operations
|
(US dollars in
thousands, except ADS and per ADS data)
|
|
|
|
Three months
Ended
|
|
|
Mar 31,
2022
|
|
Dec 31,
2021
|
|
Mar 31,
2021
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$1,280,323
|
|
$395,547
|
|
$256,095
|
|
Cost of
revenues
|
|
(466,767)
|
|
(155,719)
|
|
(137,151)
|
|
Gross profit
|
|
813,556
|
|
239,828
|
|
118,944
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
(15,483)
|
|
(10,249)
|
|
(9,033)
|
|
Research and
development expenses
|
|
(2,079)
|
|
(1,269)
|
|
(1,197)
|
|
Other operating
income / (expenses)
|
|
938
|
|
(217)
|
|
479
|
|
Total operating
expenses
|
|
(16,624)
|
|
(11,735)
|
|
(9,751)
|
|
Income from
operations
|
|
796,932
|
|
228,093
|
|
109,193
|
|
Interest
expense, net
|
|
(1,468)
|
|
(2,002)
|
|
(7,543)
|
|
Investment
income
|
|
1,495
|
|
3,317
|
|
-
|
|
Income before income
taxes
|
|
796,959
|
|
229,408
|
|
101,650
|
|
Income tax
expense
|
|
(129,908)
|
|
(50,394)
|
|
(14,487)
|
|
Net income
|
|
667,051
|
|
179,014
|
|
87,163
|
|
Net income attributable
to non-controlling interest
|
|
131,208
|
|
37,738
|
|
3,944
|
|
Net income attributable
to Daqo New Energy Corp.
shareholders
|
|
$535,843
|
|
$141,276
|
|
$83,219
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
Basic
|
|
7.17
|
|
1.90
|
|
1.13
|
|
Diluted
|
|
6.99
|
|
1.84
|
|
1.08
|
|
|
|
|
|
|
|
|
|
Weighted average ADS
outstanding
|
|
|
|
|
|
|
|
Basic
|
|
74,710,994
|
|
74,377,874
|
|
73,338,969
|
|
Diluted
|
|
76,631,999
|
|
76,713,053
|
|
76,744,468
|
|
Daqo New Energy
Corp.
|
Unaudited
Consolidated Balance Sheets
|
(US dollars in
thousands)
|
|
|
|
|
Mar 31,2022
|
|
Dec 31, 2021
|
|
Mar 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash
|
|
1,127,735
|
|
723,966
|
|
227,849
|
|
Short-term
investments
|
|
10,411
|
|
280,251
|
|
7,631
|
|
Notes
receivable
|
|
1,499,425
|
|
365,911
|
|
38,547
|
|
Inventories
|
|
100,313
|
|
327,771
|
|
34,064
|
|
Other current
assets
|
|
14,412
|
|
45,081
|
|
15,343
|
|
Total current
assets
|
|
2,752,296
|
|
1,742,980
|
|
323,434
|
|
Property, plant
and equipment, net
|
|
1,619,217
|
|
1,559,110
|
|
1,081,352
|
|
Prepaid land use
right
|
|
40,592
|
|
40,741
|
|
30,534
|
|
Other non-current
assets
|
|
800
|
|
820
|
|
3,794
|
|
TOTAL
ASSETS
|
|
4,412,905
|
|
3,343,651
|
|
1,439,114
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term borrowings,
including current portion
of long-term
borrowings
|
|
-
|
|
-
|
|
121,822
|
|
Accounts payable
and notes payable
|
|
56,422
|
|
81,469
|
|
78,622
|
|
Advances from
customers-short term portion
|
|
465,973
|
|
202,958
|
|
64,640
|
|
Payables for
purchases of property, plant and
equipment
|
|
104,160
|
|
142,937
|
|
34,778
|
|
Other current
liabilities
|
|
297,507
|
|
123,135
|
|
47,691
|
|
Total current
liabilities
|
|
924,062
|
|
550,499
|
|
347,553
|
|
Long-term
borrowings
|
|
-
|
|
-
|
|
100,422
|
|
Advance from
customers – long term portion
|
|
99,409
|
|
90,661
|
|
77,494
|
|
Other non-current
liabilities
|
|
49,262
|
|
38,661
|
|
28,406
|
|
TOTAL
LIABILITIES
|
|
1,072,733
|
|
679,821
|
|
553,875
|
|
EQUITY:
|
|
|
|
|
|
|
|
Total Daqo New
Energy Corp.'s shareholders'
equity
|
|
2,705,856
|
|
2,161,959
|
|
849,659
|
|
Non-controlling
interest
|
|
634,316
|
|
501,871
|
|
35,580
|
|
Total equity
|
|
3,340,172
|
|
2,663,830
|
|
885,239
|
|
TOTAL LIABILITIES &
EQUITY
|
|
4,412,905
|
|
3,343,651
|
|
1,439,114
|
|
Daqo New Energy
Corp.
|
Unaudited
Consolidated Statements of Cash Flows
|
(US dollars in
thousands)
|
|
|
|
For the three months
ended March 31,
|
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
Operating
Activities:
|
|
|
|
|
|
Net income
|
|
$667,051
|
|
$87,163
|
|
Adjustments to reconcile net income to net cash provided
by
operating activities
|
|
31,837
|
|
22,035
|
|
Changes in operating assets and liabilities
|
|
(467,544)
|
|
49,980
|
|
Net cash provided by
operating activities
|
|
231,344
|
|
159,178
|
|
|
|
|
|
|
|
Investing
activities:
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
(101,263)
|
|
(72,179)
|
|
Purchase of short-term investments
|
|
(858)
|
|
(7,712)
|
|
Redemption of short-term investments
|
|
272,501
|
|
-
|
|
Net cash provided by /
(used in) investing activities
|
|
170,380
|
|
(79,891)
|
|
|
|
|
|
|
|
Financing
activities:
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
-
|
|
31,740
|
|
Non-cash
transactions
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
2,045
|
|
(1,582)
|
|
Net increase in cash,
cash equivalents and restricted cash
|
|
403,769
|
|
109,445
|
|
Cash, cash equivalents
and restricted cash at the beginning of the
period
|
|
723,966
|
|
118,404
|
|
Cash, cash equivalents
and restricted cash at the end of the period
|
|
1,127,735
|
|
227,849
|
|
Daqo New Energy
Corp.
|
Reconciliation of
non-GAAP financial measures to comparable US GAAP
measures
|
(US dollars in
thousands)
|
|
|
|
|
|
Three months
Ended
|
|
|
Mar. 31,
2022
|
|
Dec. 31,
2021
|
|
Mar. 31,
2021
|
|
Net
income
|
|
667,051
|
|
179,014
|
|
87,163
|
|
Income tax
expense
|
|
129,908
|
|
50,394
|
|
14,487
|
|
Interest expense,
net
|
|
1,468
|
|
2,002
|
|
7,543
|
|
Depreciation &
amortization
|
|
28,359
|
|
19,739
|
|
18,914
|
|
EBITDA
(non-GAAP)
|
|
826,786
|
|
251,149
|
|
128,107
|
|
EBIDTA margin
(non-GAAP)
|
|
64.6%
|
|
63.5%
|
|
50.0%
|
|
For more information, please visit www.dqsolar.com
Daqo New Energy Corp.
Investor Relations
Email: dqir@daqo.com
Christensen
In China
Mr. Rene Vanguestaine
Phone: +86 178 1749 0483
rvanguestaine@christensenir.com
In the U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@Christensenir.com
View original
content:https://www.prnewswire.com/news-releases/daqo-new-energy-announces-unaudited-first-quarter-2022-results-301529963.html
SOURCE Daqo New Energy Corp.