证券代码：300395 证券简称：菲利华 公告编号：2024-62 一、担保概述 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）之控股子公司上海菲利华石 创科技有限公司（以下简称"上海石创"，本次担保方）的全资子公司湖北石创半导体科 技有限公司（以下简称"湖北石创"，本次被担保方）拟向中国光大银行股份有限公司荆 州分行（以下简称"光大银行荆州分行"）申请总额不超过人民币5,000万元的授信额度， 上海石创同意为湖北石创与光大银行荆州分行之间发生的一系列债权债务关系提供本金 金额不超过人民币5,000万元的担保，具体担保范围包括债务本金、利息（包括法定利息、 约定利息及罚息）、复利、违约金、损害偿还金、实现债权的费用（包括但不限于诉讼/ 仲裁费用、律师费用、公证费用、执行费用等）和所有其他应付的费用，并签署相关法律 文件。担保方式为连带责任保证担保。 统一社会信用代码：91421000MA7GM84R2X 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 的相关规定，本次担保事项属于公司控股子公司为公司合并报表范围内的法人提供担保， 担保人上海石创已履行了内部审批程序，无需提交公司 ...

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, citing its leadership in the quartz glass industry and its potential for long-term growth driven by aerospace and semiconductor demand [5][87] Core Views - The company is a leading player in the quartz glass industry, with a vertically integrated supply chain and strong market positioning in aerospace and semiconductor sectors [5][8] - Downstream industries, particularly aerospace and semiconductors, are experiencing high demand, which is expected to drive the company's growth [4][8] - The company's quartz products are expected to see revenue growth of 16.2%, 18.6%, and 28.5% from 2024 to 2026, with gross margins of 30.3%, 30.9%, and 31.7% respectively [7][112] Company Overview - The company has a long history in the quartz glass industry, with over 50 years of experience, and has established itself as a key supplier in aerospace and semiconductor sectors [39][143] - It has six production bases and multiple R&D centers, enabling it to produce a wide range of quartz glass products, including quartz fibers and composites [39][43] - The company has implemented three equity incentive plans to retain core talent and drive employee motivation [15] Financial Performance - From 2018 to 2023, the company's revenue grew at a CAGR of 23.7%, reaching RMB 2.09 billion, while net profit grew at a CAGR of 27.2%, reaching RMB 538 million [18] - In 2024, the company is expected to achieve revenue of RMB 1.86 billion and net profit of RMB 330 million, with a PE ratio of 68x, below the industry average of 75x [5][87] Industry and Market Trends - The global semiconductor market is expected to grow from USD 526.9 billion in 2023 to USD 611.2 billion in 2024, driven by demand for logic chips and memory [31] - The aerospace sector is benefiting from increased defense spending, with China's defense budget growing by 7% in 2024, supporting demand for quartz fiber materials [23] - The quartz glass market is projected to grow steadily, with semiconductor applications accounting for 65% of the market, followed by fiber optics and photovoltaics [154] Product and Technology - The company has developed advanced quartz glass materials, including high-purity, low-hydroxyl, and low-expansion quartz glass, which are critical for semiconductor and aerospace applications [79][108] - It has also made breakthroughs in photomask substrates, becoming the first domestic company to produce G8.5 and G10.5 generation substrates, reducing reliance on foreign suppliers [80] Capacity Expansion - The company has expanded its production capacity, adding 1,200 tons of electric-fused quartz glass, 100 tons of synthetic quartz glass, and 600 tons of gas-fused quartz glass in 2023 [83] - It is also investing in high-purity quartz sand production, with a new project expected to produce 20,000 tons annually, enhancing supply chain security [110] Competitive Landscape - The company competes with global players like Heraeus, Momentive, and Tosoh, but has gained a competitive edge through certifications from major semiconductor equipment manufacturers like TEL, Lam Research, and AMAT [77][73] - Its subsidiaries, such as Shanghai Feilihua Shichuang, have become key suppliers in the semiconductor and optical industries, with products certified by domestic leaders like SMIC and NAURA [43][77]

重要内容提示： 1、本次归属股票人数：453 人（其中 2 人同时属于首次授予和预留授予归 属的激励对象，总计归属人数为 451 人，下同），其中首次授予部分归属人数为 352 人，预留授予部分归属人数为 101 人； 2、本次归属股票数量：2,444,700 股，占目前公司总股本的 0.47%，其中首 次授予第三个归属期（第一批）限制性股票归属数量：2,166,000 股，占目前公 司总股本的 0.42%，预留授予第二个归属期限制性股票归属数量：278,700 股， 占目前公司总股本的 0.05%； 3、本次归属股票的上市流通日：2024 年 10 月 31 日（星期四）； 证券代码：300395 证券简称：菲利华 公告编号：2024-61 湖北菲利华石英玻璃股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个归属期 （第一批）及预留授予部分第二个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 4、归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于 ...

证券研究报告：国防军工 | 公司点评报告 2024 年 10 月 28 日 公司基本情况 总股本/流通股本（亿股）5.20 / 5.11 总市值/流通市值（亿元）235 / 231 52 周内最高/最低价 47.79 / 22.95 资产负债率(%) 23.9% 市盈率 42.99 第一大股东 邓家贵 股票投资评级 买入|维持 个股表现 -41% -35% -29% -23% -17% -11% -5% 1% 7% 13% 19% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 菲利华 国防军工 资料来源：聚源，中邮证券研究所 最新收盘价（元） 45.26 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 菲利华(300395) 研发投入持续增长，业绩拐点有望到来 ⚫ 事件 10 月 22 日，菲利华发布 2024 年三季报。2024Q1-Q3，公司实现 营业收入 13.14 亿 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.97 CNY, up from the previous forecast of 40.36 CNY [4][9]. Core Insights - The company experienced a revenue decline of 12.1% year-on-year in the first three quarters of 2024, totaling 1.314 billion CNY, and a net profit drop of 42.8%, amounting to 235 million CNY. However, with the elimination of demand-side disturbances, performance is expected to improve [2][9]. - The report highlights that the company's R&D expenses increased by 28.6% to 197 million CNY, indicating a strong commitment to innovation despite short-term performance challenges [2][9]. Financial Performance Summary - For the first three quarters of 2024, the company reported: - Revenue: 1.314 billion CNY, down 12.1% year-on-year - Net profit: 235 million CNY, down 42.8% year-on-year - Gross margin: 42.4%, down 8.2 percentage points year-on-year - Net margin: 18.5%, down 10.7 percentage points year-on-year [9][10]. - In Q3 2024 alone, the company achieved: - Revenue: 399 million CNY, down 15.5% year-on-year - Net profit: 62 million CNY, down 49.5% year-on-year [9]. Market Position and Future Outlook - The company is recognized as a leading manufacturer of high-end quartz products, particularly in the aerospace sector, and is actively advancing new product development to capture emerging market opportunities [9][10]. - The anticipated recovery in aerospace demand is seen as a catalyst for future growth, with expectations of improved profitability as market conditions stabilize [9].

Investment Rating - The investment rating for the company is downgraded to "Hold" with a target price of RMB 41.40 [5][4]. Core Views - The company reported Q3 revenue of RMB 399 million, a year-over-year decrease of 15.52% and a quarter-over-quarter decrease of 21.01%. The net profit attributable to the parent company was RMB 62.4 million, down 49.50% year-over-year and 34.20% quarter-over-quarter. For the first three quarters of 2024, the company achieved revenue of RMB 1.314 billion, a year-over-year decline of 12.11%, and a net profit of RMB 235 million, down 42.82% year-over-year [1][2]. - The aerospace and other downstream sectors are still under pressure, impacting the company's performance. The global semiconductor industry is recovering, and domestic demand is improving, leading to steady growth in the semiconductor segment. However, the photovoltaic industry is experiencing price fluctuations due to supply-demand mismatches, and the optical fiber sector is facing declining overseas demand and intensified price competition [2][4]. - The company completed a share repurchase of approximately RMB 50 million, which will be used for employee stock ownership plans or equity incentives, aimed at enhancing employee motivation [3]. Summary by Sections Financial Performance - Q3 revenue was RMB 399 million, down 15.52% year-over-year and 21.01% quarter-over-quarter. The net profit attributable to the parent company was RMB 62.4 million, down 49.50% year-over-year and 34.20% quarter-over-quarter. For the first three quarters of 2024, total revenue was RMB 1.314 billion, down 12.11% year-over-year, and net profit was RMB 235 million, down 42.82% year-over-year [1][2]. - The gross profit margin for Q3 was 42.36%, reflecting a year-over-year decline of 8.18 percentage points but remaining stable quarter-over-quarter. The net profit margin was 18.54%, down 10.72 percentage points year-over-year and 1.34 percentage points quarter-over-quarter [2]. Valuation and Target Price - The target price is set at RMB 41.40, based on a revised forecast for the company's net profit attributable to the parent company for 2024-2026, which is estimated at RMB 425 million, RMB 598 million, and RMB 706 million, respectively. The corresponding year-over-year growth rates are -20.91%, +40.70%, and +18.01% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is facing operational pressure and market challenges, with a revenue decline of 12.11% year-on-year for the first three quarters of 2024, resulting in a net profit decrease of 42.82% [1][2] - The company is experiencing growth in inventory and accounts receivable, indicating an expansion in sales scale, with inventory increasing by 13.33% and accounts receivable by 4.86% [1] - The company is capitalizing on opportunities in the semiconductor field and aerospace market, with a significant increase in R&D investment, which rose by 28.54% year-on-year to 197 million yuan in the first three quarters of 2024 [2] - The earnings forecast has been adjusted downwards, with expected net profits for 2024-2026 being 447 million, 671 million, and 830 million yuan respectively, corresponding to P/E ratios of 53, 36, and 29 [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 1.314 billion yuan, down from the previous year, and a net profit of 235 million yuan [1] - The company's total revenue is projected to be 2.033 billion yuan in 2024, with a year-on-year decline of 2.77% [8] - The company's net profit margin is expected to be 21.99% in 2024, down from 25.72% in 2023 [8] - The company's R&D expenses are projected to increase to 244 million yuan in 2024, reflecting a continued commitment to innovation [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.314 billion yuan for the first three quarters of 2024, a year-on-year decrease of 12.1%, and a net profit attributable to shareholders of 235 million yuan, down 42.8% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 399 million yuan, a decline of 15.5% year-on-year, with a net profit of 62 million yuan, down 49.5% year-on-year [2][6] - The gross margin for Q3 2024 was 41.23%, a decrease of 10.21 percentage points year-on-year, while the net margin was 15.47%, down 13.27 percentage points year-on-year [2][6] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected to be 2.148 billion yuan, with a growth rate of 2.74% [7] - The net profit for 2024 is expected to be 405 million yuan, reflecting a decline of 24.70% [7] - The company’s gross margin is expected to stabilize, indicating a potential bottoming out of high-margin military product orders [6] Cost and Expenses - R&D and sales expenses increased by 28.58% and 17.15% year-on-year respectively, indicating a focus on product iteration and market expansion [6] - Management expenses decreased by 12.29% year-on-year, suggesting efforts to optimize costs amid declining profitability [6] Cash Flow and Market Position - The company demonstrated strong cash flow management, with operating cash flow of 131 million yuan in Q3 2024, highlighting its good market positioning and bargaining power [6] - The company is expected to maintain a high moat and benefit from an upward industry trend, justifying the "Buy" rating [6] Future Projections - Revenue projections for 2024-2026 are 2.148 billion yuan, 2.783 billion yuan, and 3.137 billion yuan, with respective growth rates of 2.74%, 29.56%, and 12.73% [7] - Net profit projections for the same period are 405 million yuan, 646 million yuan, and 755 million yuan, with growth rates of -24.70%, 59.51%, and 16.99% respectively [7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its strong product barriers and growth potential [1][3]. Core Views - The company reported a revenue of 1.314 billion yuan for the first three quarters of 2024, a year-over-year decrease of 12.1%, and a net profit attributable to shareholders of 235 million yuan, down 42.8% year-over-year. The performance is largely in line with market expectations, impacted by a temporary decline in sales orders due to reduced demand in the aerospace sector [1][3]. - The company is a leader in the high-end quartz glass sector in China, serving industries such as aerospace, semiconductors, optics, photovoltaics, and optical communications. The report suggests that demand is expected to recover from its current low point [1][3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 399 million yuan, a year-over-year decline of 15.5%, and a net profit of 62 million yuan, down 49.5% year-over-year. The gross margin decreased by 8.2 percentage points to 42.4%, and the net margin fell by 10.7 percentage points to 18.5% due to reduced high-value product deliveries and increased operating expenses [1][3]. - The company increased its R&D expenses by 28.6% to 197 million yuan, with the R&D expense ratio rising to 15.0%. This reflects a commitment to innovation and development, with a CAGR of 44.82% in R&D spending from 2020 to 2023 [1][3]. - Operating cash flow for the first three quarters was 137 million yuan, down from 295 million yuan in the same period last year. The company also saw an increase in contract liabilities by 42.6% due to higher advance payments [1][3]. Financial Forecast - The company is projected to achieve net profits of 340 million yuan, 645 million yuan, and 952 million yuan for the years 2024, 2025, and 2026, respectively. The current stock price corresponds to PE ratios of 70x, 37x, and 25x for the same years [2][4].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its strong product barriers and growth potential [1][3]. Core Views - The company reported a revenue of 1.314 billion yuan for the first three quarters of 2024, a year-over-year decline of 12.1%, and a net profit attributable to shareholders of 235 million yuan, down 42.8% year-over-year. The performance is largely in line with market expectations [1]. - The decline in demand from the aerospace sector has led to a temporary decrease in sales orders, impacting the company's financial performance [1]. - The company has increased its R&D investment significantly, with R&D expenses rising by 28.6% to 197 million yuan, reflecting a commitment to innovation and development [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 399 million yuan, down 15.5% year-over-year, and a net profit of 62 million yuan, down 49.5% year-over-year [1]. - The gross margin for the first three quarters of 2024 decreased by 8.2 percentage points to 42.4%, while the net margin fell by 10.7 percentage points to 18.5% due to reduced high-value product deliveries and increased operating expenses [1]. - The operating cash flow for the first three quarters was 137 million yuan, down from 295 million yuan in the same period last year [1]. Financial Forecasts - The company is projected to achieve net profits of 340 million yuan, 645 million yuan, and 952 million yuan for the years 2024, 2025, and 2026, respectively [2][4]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 70x for 2024, 37x for 2025, and 25x for 2026, indicating a potential for growth as demand recovers [1][2]. R&D and Innovation - The company has formed a technical R&D team of 667 people, accounting for 24% of its total workforce, to tackle product technology challenges and achieve breakthroughs in quartz glass new materials [1]. - R&D expenses as a percentage of revenue increased to 15.0%, reflecting the company's strategy to enhance its technological capabilities [1].