Investment Rating - The report assigns a "Buy" rating for the company, Kaide Quartz, for the first time [1][3]. Core Viewpoints - Kaide Quartz is a high-quality manufacturer in the quartz processing industry, with a significant increase in its semiconductor segment [2][12]. - The company has shown rapid revenue growth, with a forecasted revenue of 302.29 million yuan for 2024, reflecting a year-on-year increase of 16.4% [1][3]. - The semiconductor and photovoltaic industries are the main drivers for the growth of the quartz industry, with the semiconductor sector accounting for 65% of the end-use applications [38]. Summary by Sections 1. Company Overview - Kaide Quartz specializes in the manufacturing of quartz products, including quartz instruments, quartz pipelines, and quartz boats, and has a strong focus on independent research and development [2][12]. - The company has achieved a high gross margin and net margin compared to its peers, indicating robust performance [2]. 2. Industry Landscape - The quartz supply chain is mature and covers a wide range of industries, with a strong driving effect from the semiconductor sector [2][27]. - The global quartz product market size grew by 10.3% in 2022, with the Chinese market growing by 4.1% [34]. 3. Research and Development - The company has obtained 68 patents, including 17 invention patents, and has made significant advancements in high-precision, large-size quartz product development [2][15]. - Kaide Quartz has established stable relationships with major clients in the microelectronics and semiconductor research sectors [2][15]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 302.29 million yuan in 2024, with net profits of 46.22 million yuan and an EPS of 0.62 yuan [1][3]. - The projected P/E ratios for 2024-2026 are 22.63, 15.49, and 11.67, respectively, indicating a strong growth potential as the semiconductor attributes of the company are expected to enhance its valuation [3].

Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company, Beijing Kaide Quartz Co., Ltd., has achieved breakthroughs in domestic substitution for high-end quartz products, particularly in the semiconductor industry, and is recognized as a national "specialized and innovative" small giant enterprise [3][8]. - The company's revenue has shown robust growth, with a five-year CAGR of 18.56%, and a significant increase of 39.16% year-on-year in the first half of 2024 [3][14]. - The semiconductor industry is experiencing a recovery, which is expected to positively impact the demand for quartz products [3][23]. - The company has successfully developed key quartz components for 8-inch wafers, addressing the critical issue of domestic substitution for quartz components in integrated circuit processes [3][8]. Summary by Sections 1. Company Overview - Beijing Kaide Quartz was established in 1997 and has over 20 years of experience in providing customized quartz products for military semiconductor integrated circuit production lines [3][8]. - The company has a concentrated shareholding structure, with the largest shareholder holding 19.83% of the shares [3][11]. 2. Financial Performance - The total revenue of Kaide Quartz increased from 111 million yuan in 2018 to 260 million yuan in 2023, with a strong growth momentum [3][14]. - The company's gross margin has remained relatively stable, with figures ranging from 38.90% to 48.08% from 2018 to 2023 [3][17]. - In the first half of 2024, the company reported a revenue of 157 million yuan, a year-on-year increase of 39.16%, primarily driven by sales of semiconductor quartz products [3][14]. 3. Industry Dynamics - The semiconductor industry is recovering, which is expected to enhance the demand for quartz products used in semiconductor manufacturing [3][23]. - The company has achieved a breakthrough in domestic substitution for high-end quartz products, particularly in the 8-inch and 12-inch quartz products, which have long been dominated by foreign companies [3][8]. 4. Product Lines and Applications - The main products of Kaide Quartz include quartz instruments, quartz pipelines, and quartz boats, which are widely used in semiconductor integrated circuit manufacturing and the photovoltaic solar industry [3][23]. - The company's semiconductor quartz glass products accounted for 76.97% of its revenue in the first half of 2024, indicating a strong focus on this segment [3][18]. 5. Profitability Forecast and Valuation - The company is expected to achieve revenues of 353 million yuan, 471 million yuan, and 617 million yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 36.07%, 33.16%, and 31.19% [3][4]. - The average PE ratios for comparable companies are projected to be 16.03, 12.08, and 9.74 for 2024, 2025, and 2026, respectively [3][4].

证券代码：835179 证券简称：凯德石英 公告编号：2024-071 北京凯德石英股份有限公司 投资者关系活动记录表 | --- | |--------------------------------------------------------------------| | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 | | 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 | | 担个别及连带法律责任。 | 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 9 月 9 日 活动地点：网络调研 参会单位及人员：东吴证券、中泰证券、交银理财、富国基金、东吴基金、 贝寅资本、财信证券、富敦投资、湘财证券、百思盈孚投资、远信投资、开源证 券、西南证券、创金合信基金、正圆投资、山西证券、壹玖资产、南京璟恒投资 管理有限公司、指南创投、西部证券、长江证券、金元证券、华鑫证券、浙商证 券、野村资管、信达澳亚基金 上市公司接待人员：董事会秘书 南 ...

[Table_StockInfo] 2024 年 09 月 03 日 证券研究报告•2024 年半年报点评 持有 （首次） 当前价：14.74 元 凯德石英（835179）电子 目标价：— —元（6 个月） 半导体收入占比提升，费用端短期承压 [Table_Summary 事件：公司 2024H1 ] 实现收入 1.6亿元，同比+39.2%；实现归母净利润 1971.2 万元，同比-1.6%；实现扣非归母净利润 1938.2万元，同比+5.5%。单 Q2实现 收入 7204.9 万元，同比+38.7%，环比-14.9%；实现归母净利润 816.9 万元， 同比+10.4%，环比-29.2%；实现扣非归母净利润 817.6 万元，同比+32.8%， 环比-27.0%。Q2 业绩略低于市场预期。 公司半导体用石英制品销售占比加大，整体毛利率提升。公司的主要客户包括 通美晶体、吉林华微、北方华创等半导体公司。2024H1 半导体用石英制品收入 占比达到 77.0%，较去年底上升 10.0pp，较去年同期上升 4.7pp。产品结构的 变化带动公司毛利率达到 44.1%，较去年年底上升 5.2pp，较去年同期上升 2. ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-069 北京凯德石英股份有限公司 投资者关系活动记录表 | --- | |--------------------------------------------------------------------| | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 | | 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 | | 担个别及连带法律责任。 | 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 8 月 30 日 活动地点：网络调研 参会单位及人员：申万宏源研究、第一创业证券、万和证券、红塔证券、国 投证券、中山证券、国海证券自营、中信证券、首创证券、国泰君安证券、pinpoint 上海保银投资、中金公司、国元证券、深圳景泰利丰投资、上海名禹资产、正圆 私募、上海宽远资产、宁泉资产、国泰基金、嘉实基金、晨鸣资管、中航信托。 上市公司接待人员：董事长张忠恕；董事会秘书南舒 ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-069 北京凯德石英股份有限公司 投资者关系活动记录表 | --- | |--------------------------------------------------------------------| | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 | | 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 | | 担个别及连带法律责任。 | 一、 投资者关系活动类别 □特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 √分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2024 年 8 月 30 日 活动地点：网络调研 参会单位及人员：申万宏源研究、第一创业证券、万和证券、红塔证券、国 投证券、中山证券、国海证券自营、中信证券、首创证券、国泰君安证券、pinpoint 上海保银投资、中金公司、国元证券、深圳景泰利丰投资、上海名禹资产、正圆 私募、上海宽远资产、宁泉资产、国泰基金、嘉实基金、晨鸣资管、中航信托。 上市公司接待人员：董事长张忠恕；董事会秘书南舒 ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-070 北京凯德石英股份有限公司 关于收到高级管理人员取保候审的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 北京凯德石英股份有限公司（以下简称"公司"）于 2024 年 9 月 2 日收到高 级管理人员田雪楠先生的通知，其于 2024 年 9 月 1 日收到北京市公安局朝阳分 局《取保候审决定书》【京公朝取保字[2024]53353 号】，因涉嫌危险驾驶，可能 判处管制、拘役或者独立适用附加刑，北京市公安局朝阳分局决定对其取保候审， 期限从 2024 年 9 月 2 日起算。 目前，公司生产经营情况正常，各项工作有序开展。公司将持续关注上述事 项的进展情况，及时履行信息披露义务。敬请广大投资者理性投资，并注意投资 风险。 北京凯德石英股份有限公司 董事会 2024 年 9 月 3 日 ...

上 市 公 司 电子 证 券 研 究 报 告 公 司 研 究/ 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 02 日 | | 收盘价（元） | 14.74 | | 一年内最高/最低（元） | 25.00/14.17 | | 市净率 | 1.6 | | 息率（分红/股价） | 0.68 | | 流通 A 股市值（百万元） | 877 | | 上证指数/深证成指 | 2,811.04/8,172.21 | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 9.54 | | 资产负债率 % | 22.95 | | 总股本/流通 A 股（百万） | 75/60 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-0410-0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.57 billion yuan in H1 2024, representing a 39% year-on-year increase, driven by growth in semiconductor demand [2] - The company maintains its profit forecast for 2024-2026, expecting net profits of 0.45 billion yuan, 0.62 billion yuan, and 0.79 billion yuan respectively, with corresponding EPS of 0.60 yuan, 0.83 yuan, and 1.06 yuan per share [2] - The company is focusing on high-end quartz products for the semiconductor industry, with significant progress in product certification and capacity expansion [2] Financial Summary - Revenue for 2024 is projected to be 303 million yuan, with a year-on-year growth of 16.6% [3] - The gross profit margin for 2024 is expected to be 40.6%, with a net profit margin of 15.0% [3] - The company’s P/E ratio is projected to decrease from 25.5 in 2024 to 14.6 in 2026, indicating an improving valuation [3][5] Revenue Breakdown - Revenue from semiconductor quartz products increased by 48.24% to 1.21 billion yuan in H1 2024, while revenue from photovoltaic quartz products grew by 5.21% to 0.32 billion yuan [2] - The subsidiary Kaide Xincheng contributed a net profit of 0.17 billion yuan in H1 2024, reflecting strong performance [2] Strategic Developments - The company is accelerating the certification process for 8-12 inch high-end quartz products, with stable supply for 8-inch products and breakthroughs in 12-inch products [2] - The new factory in Yizhuang has commenced production, contributing to the company's capacity ramp-up [2]

证券代码：835179 证券简称：凯德石英 公告编号：2024-064 北京凯德石英股份有限公司 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2024 年 8 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场结合通讯 4.发出董事会会议通知的时间和方式：2024 年 8 月 16 日以书面方式发出 5.会议主持人：董事长 张忠恕 6.会议列席人员：董事会秘书 南舒宇 7.召开情况合法、合规、合章程性说明： 第三届董事会第二十六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 （一）审议通过《关于 2024 年半年度报告及摘要的议案》 1.议案内容： 根据北京证券交易所相关规定，公司编写了《2024 年半年度报告》及《2024 年半年度报告摘要》。 具体内容详见公司于 2024 年 8 月 28 日在北京证券交易所官方信息披露平台 (http://www.bse.cn/)披露的公告，公告编号分别为：2024-066、2024-067。 2.议案表决结果：同 ...