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：2024-069 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 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥156.68 million, representing a 39.16% increase compared to ¥112.59 million in the same period last year[13]. - The net profit attributable to shareholders of the listed company was approximately ¥19.71 million, a slight decrease of 1.63% from ¥20.04 million in the same period last year[13]. - The net profit after deducting non-recurring gains and losses was approximately ¥19.38 million, reflecting a 5.52% increase from ¥18.37 million in the previous year[13]. - The total revenue for the reporting period was CNY 156,681,884.52, representing a 39.16% increase compared to the same period last year[32]. - The company's net profit for the first half of 2024 reached CNY 24,206,469.97, an increase from CNY 22,204,945.24 in the same period of 2023, representing a growth of approximately 9.0%[77]. - The total comprehensive income for the first half of 2024 was CNY 24,206,469.97, compared to CNY 22,204,945.24 in the same period of 2023, representing a growth of about 9.0%[77]. Profitability Metrics - The gross profit margin improved to 44.08% in the current period, up from 41.84% in the previous year[13]. - The weighted average return on net assets based on net profit attributable to shareholders was 2.79%, down from 2.98% in the previous year[13]. - Revenue from semiconductor integrated circuit quartz products was CNY 120,597,479.54, with a gross margin of 51.01%, a decrease of 2.06 percentage points year-on-year[31]. - Revenue from photovoltaic solar industry quartz products was CNY 32,094,949.66, with a gross margin of 18.54%, an increase of 7.51 percentage points year-on-year[31]. Costs and Expenses - Operating costs rose by 33.80% to ¥87,617,905.61, driven by increased sales of semiconductor quartz products[28]. - Management expenses surged by 73.29% to ¥25,347,542.63, primarily due to stock incentive costs and increased employee compensation[28]. - Financial expenses increased by 97.39% to -¥40,818.78, attributed to reduced interest income and higher loan interest expenses[28]. - The company reported a significant increase in tax and additional charges to ¥1,865,051.01 from ¥605,299.69, highlighting a potential increase in operational scale and regulatory compliance costs[76]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -41.68 million yuan, worsening from -17.73 million yuan in the same period last year[15]. - The net cash flow from operating activities decreased by 135.12% to CNY -41,675,344.47 compared to the previous year[34]. - Cash inflow from financing activities was CNY 73,073,263.65, significantly higher than CNY 21,000,000.00 in the first half of 2023[80]. - The ending cash and cash equivalents balance was CNY 77,851,536.48, down from CNY 138,750,063.77 year-on-year[80]. Assets and Liabilities - Total assets at the end of the period reached 1,002.24 million yuan, a 5.14% increase from the previous year[14]. - The company's total liabilities amounted to 229.97 million yuan, reflecting an 11.29% increase year-on-year[14]. - The debt-to-asset ratio (consolidated) was 22.95%, up from 21.68% in the previous year[14]. - The company's accounts receivable at the end of the reporting period amounted to 82.0657 million yuan, accounting for 8.19% of total assets, indicating a potential risk of bad debts affecting cash flow and operating performance[41]. Research and Development - The company has established a strong R&D and innovation system, holding multiple patents and maintaining long-term partnerships with upstream and downstream enterprises[22]. - Research and development expenses rose to ¥9,820,965.46 in the first half of 2024, compared to ¥8,661,148.57 in the same period of 2023, indicating a commitment to innovation[76]. - The company aims to expand its market presence and enhance product offerings through ongoing research and development efforts[2]. Market Position and Recognition - The company was recognized as a top ten enterprise in quartz materials by the China Electronic Materials Industry Association in July 2024[2]. - The company passed the review for the "National High-tech Enterprise" certification, indicating its commitment to innovation and technology[2]. - The quartz products industry is expected to benefit from the growth in semiconductor capacity transfer and the continuous development of the photovoltaic industry[23]. Governance and Management - The company has a well-established governance structure to mitigate risks from actual controllers potentially exerting undue influence on strategic decisions[40]. - The company has maintained a stable management team with no significant changes in senior management positions[62]. - The board of directors consists of 7 members, while the supervisory board has 3 members[58]. Shareholder Information - The largest shareholder, Zhang Zhongshu, holds 14,869,947 shares, representing 19.83% of total shares[56]. - The total shares held by the top ten shareholders amount to 46,458,115, which is 61.94% of the total shares[56]. - The company has a remaining balance of 48,770,613.59 yuan from the raised funds as of June 30, 2024[57]. Risks and Challenges - The company faces risks related to the loss of skilled technical personnel due to industry competition, but has implemented measures to retain talent through competitive compensation and long-term contracts[40]. - The company has not disclosed specific names of major suppliers and customers to protect business secrets, which may impact transparency[5]. - The company is actively fulfilling its social responsibilities while maintaining profitability and supporting regional economic development[38].

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 ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-063 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6月16日 ...

北京凯德石英股份有限公司（以下简称"公司"）的全资子公司北京凯芯新 材料科技有限公司（以下简称"凯芯新材料"）因经营发展需要，对注册地址进 行变更，具体如下： | 变更项目 | 变更前 | | | | | | | 变更后 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 注册地址 | 北京市通州区环科中路 | | | | | | 16 | 北京市北京经济技术开发区（通 | | | | | | | | | 号 | 41 | 幢 | 2 | 层 | 101 | | 州）景盛北一街 | 2 | 号院 | 3 | 号楼 | 5 | 层 | 二、审议及表决情况 本次凯芯新材料注册地址变更无需经公司董事会、股东大会审议。 证券代码：835179 证券简称：凯德石英 公告编号：2024-062 北京凯德石英股份有限公司 关于全资子公司变更注册地址并完成工商登记的公告 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， ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-061 北京凯德石英股份有限公司 2023 年年度权益分派实施公告 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 2023 年年度权益分派方案已获 2024 年 4 月 29 日召开的股东大会审议通过，本次实施分配方案距离股东大会审议通过的时间未 超过两个月。 现将权益分派事宜公告如下： 本 次 权 益 分 派 基 准 日 合 并 报 表 归 属 于 母 公 司 的 未 分 配 利 润 为 224,861,314.81 元，母公司未分配利润为 208,814,512.77 元。本次权益分派共 计派发现金红利 7,475,151.50 元。 一、权益分派方案 1、本公司 2023 年年度权益分派方案为： 以公司股权登记日应分配股数 74,751,515 股为基数（应分配总股数等于股 权登记日总股本 75,000,000 股减去回购的股份 248,485 股，根据《公司法》等 规定，公司持有的本公司股份不得分配利润） ...

证券代码：835179 证券简称：凯德石英 公告编号：2024-056 北京凯德石英股份有限公司 第三届监事会第二十次会议决议公告 本公司及监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、会议召开和出席情况 会议应出席监事 3 人，出席和授权出席监事 3 人。 二、议案审议情况 根据北京证券交易所相关规定，公司根据 2024 年第一季度情况编写了 《2024 年第一季度报告》。 具 体 内 容 详 见 公 司 于 同 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，公告编号为 2024-057。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 （一）会议召开情况 1.会议召开时间：2024 年 4 月 26 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2024 年 4 月 19 日以书面方式发出 5.会议主持人：刘云 6.召开情况合法、合规、合章程性说明： 本次会议符合《公 ...