Phil Shen

An analyst, identified as Phil Shen, asked what opportunities Quanta is conceptualizing to deepen its exposure to the AI data center trend beyond the Cupertino acquisition and what key problems its data center customers face that Quanta can solve.

Answer

President & CEO Earl Austin explained that Quanta's strategy is to act as a solutions provider at the intersection of data center owners and utilities. He emphasized that Quanta is in the middle of discussions to help both parties collaborate and accelerate the build-out of all necessary infrastructure. The approach leverages Quanta's full suite of craft-skilled labor and engineering services to solve complex, large-scale infrastructure challenges for these clients.

Phil Shen inquired about Daqo New Energy's gross margin trajectory for Q3, Q4, and 2026, and the company's strategy to address polysilicon overcapacity through industry and government initiatives.

Answer

CFO Ming Yang confirmed positive gross margins for Q3 and Q4 2025, attributing it to increased selling prices, reduced unit costs, and inventory write-downs. Deputy CEO Anita Zhu discussed balancing supply with demand through lower utilization rates and highlighted ongoing anti-involution initiatives and new energy consumption standards as positive catalysts for industry consolidation.

Phil Shen of ROTH Capital asked for the potential timing and scope of China's solar supply-side reform, a quarterly polysilicon pricing forecast for 2025, and the possibility of an upside surprise in China's domestic demand.

Answer

CFO Ming Yang suggested a supply-side policy for the entire solar industry could be announced around the early March government meetings. Deputy CEO Anita Zhu forecasted N-type poly prices in the higher end of the RMB 40-45/kg range in H1 2025, potentially moving to the lower end in H2. She projected stable China demand of 250-300 GW for 2025, with growth limited by grid constraints and policy uncertainty.