有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 航空航天业务阶段性下滑导致上半年业绩 承压，Q2 环比改善 核心观点 事件： 公司发布 2024 年半年报，2024H1 营收 9.15 亿元（-10.54%），归母净利润 1.72 亿元（-39.94%）。24Q2营收5.05亿元（-3.61%），归母净利润0.95亿元（-45.80%） ⚫ 航空航天业务阶段性下滑等因素影响，公司营收有所下滑。2024 H1 实现营收 9.15 亿元（-10.54%），2024Q2 实现营收 5.05 亿元（-3.61%）。上半年，航空航天领 域需求回落导致公司销售阶段性下滑，半导体板块稳步增长。公司单 Q2 实现营收 5.05 亿元，环比增长 23.01%，主要由于半导体等业务环比改善。 ⚫ 上半年业绩基本符合预期，Q2 单季度毛利率改善明显。2024 H1 实现归母净利润 1.72 亿元（-39.94%），24Q2 实现归母净利润 0.95 亿元（-45.80%）。24H1 公司 毛利率下降至 42.85%（-7.28pct），主 ...

证券研究报告·公司点评报告·航空装备Ⅱ 菲利华（300395） 2024 年中报点评：深耕石英玻璃领域，半导 体板块稳步增长 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1719 | 2091 | 2390 | 2890 | 3412 | | 同比 | 40.52 | 21.59 | 14.34 | 20.92 | 18.06 | | 归母净利润（百万元） | 488.87 | 537.65 | 573.26 | 720.69 | 873.29 | | 同比 | 32.08 | 9.98 | 6.62 | 25.72 | 21.17 | | EPS- 最新摊薄（元 / 股） | 0.94 | 1.03 | 1.10 | 1 ...

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 experienced a decline in revenue and net profit in the first half of 2024, with revenue at 915 million yuan, down 10.5% year-over-year, and net profit at 172 million yuan, down 39.9% year-over-year. However, there was a quarter-over-quarter improvement in both revenue and profit in Q2 2024 [1]. - The company is recognized as a leader in high-end quartz materials in China, with significant certifications from major semiconductor manufacturers, which supports its long-term growth prospects [1]. - The report highlights an increase in research and development investment, with R&D expenses rising by 37.8% to 131 million yuan in the first half of 2024, reflecting the company's commitment to innovation [1]. Financial Performance Summary - In Q2 2024, the company achieved revenue of 505 million yuan, a 23.0% increase quarter-over-quarter, despite a 3.6% year-over-year decline. Net profit for the same period was 95 million yuan, showing a 22.5% increase quarter-over-quarter [1]. - The gross margin for the first half of 2024 decreased by 7.3 percentage points to 42.9%, while the net margin fell by 9.6 percentage points to 19.9%, primarily due to a significant drop in the gross margin of high-margin quartz glass products [1]. - The company’s revenue from quartz glass products grew by 22.71% year-over-year to 380 million yuan, while revenue from quartz glass materials decreased by 21.37% year-over-year to 530 million yuan [1]. Future Earnings Forecast - The company’s projected net profits for 2024, 2025, and 2026 are 475 million yuan, 597 million yuan, and 824 million yuan, respectively, with corresponding price-to-earnings ratios of 32x, 25x, and 18x [2][4].

证券研究报告：国防军工 | 公司点评报告 2024 年 8 月 22 日 公司基本情况 最新收盘价（元） 29.08 总股本/流通股本（亿股）5.20 / 5.11 总市值/流通市值（亿元）151 / 149 52 周内最高/最低价 47.77 / 22.95 资产负债率(%) 23.9% 市盈率 27.62 第一大股东 邓家贵 股票投资评级 买入|维持 个股表现 -49% -43% -37% -31% -25% -19% -13% -7% -1% 5% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 菲利华 国防军工 资料来源：聚源，中邮证券研究所 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) 半导体板块稳定增长，航空航天订单有望恢复 ⚫ 事件 8 月 22 日，菲利华发布 2024 年半年报。2024H1，公司实现营业 收入 9.15 亿元，同比下 ...

证券代码：300395 证券简称：菲利华 公告编号：2024-50 2024 年8 月22 日，湖北菲利华石英玻璃股份有限公司（以下简称"公司"）第六届 监事会第十一次会议在公司会议室举行。会议通知于2024 年8 月12 日以通讯和邮件的方 式发出。本次会议由第六届监事会主席李再荣女士主持。出席监事3名，占公司监事总数 的 100%，符合《湖北菲利华石英玻璃股份有限公司章程》规定的法定人数，本次监事会 会议决议合法有效。 本公司及监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。 二、监事会会议审议情况 （一）《关于公司 2024 年半年度报告及其摘要的议案》 公司监事会在全面审核公司 2024 年半年度报告全文及其摘要后，一致认为： 公司 2024 年半年度报告编制和审核的程序符合相关法律法规，报告内容真实、 准确、完整地反映了公司 2024 年上半年度经营的实际情况，不存在虚假记载、 误导性陈述或重大遗漏。 本议案具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）刊登的《2024 年半年度报告》和《2024 年 ...

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥914.91 million, a decrease of 10.54% compared to ¥1,022.76 million in the same period last year[14]. - Net profit attributable to shareholders was approximately ¥172.25 million, down 39.94% from ¥286.77 million year-on-year[14]. - The basic earnings per share decreased by 40.63% to ¥0.3315 from ¥0.5584 in the previous year[14]. - The net cash flow from operating activities was approximately ¥134.65 million, a significant decrease of 49.98% compared to ¥269.18 million in the same period last year[14]. - The weighted average return on equity was 4.32%, down from 8.43% in the previous year, indicating a decline in profitability[14]. - Operating costs increased by 2.51% to ¥522,830,043.67 compared to the previous year[31]. - Sales expenses rose by 33.84% to ¥14,379,268.28, primarily due to increased marketing investments for market expansion[31]. - The company reported a non-recurring loss of ¥1,550,575.59 from the disposal of non-current assets[17]. - The total non-recurring gains and losses, after tax and minority interest adjustments, reached ¥37,596,254.31[18]. - The company achieved operating revenue of ¥914,911,035.03, a year-on-year decrease of 10.54%[25]. - The net profit attributable to shareholders was ¥172,248,775.50, down 39.94% year-on-year[25]. - The company reported a total comprehensive income of CNY 135.27 million for the first half of 2024, compared to CNY 244.21 million in the same period last year[114]. - The company reported a decrease in tax expenses to ¥18,587,016.61 from ¥34,173,007.12, a reduction of 45.4%[111]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥5.96 billion, reflecting a slight increase of 0.78% from ¥5.92 billion at the end of the previous year[14]. - The net assets attributable to shareholders increased by 1.18% to approximately ¥3.97 billion from ¥3.92 billion year-on-year[14]. - Total current assets increased to ¥2,941,427,958.88 from ¥2,889,191,868.45, representing a growth of approximately 1.5%[103]. - Accounts receivable increased to CNY 654,953,776.07, accounting for 10.99% of total assets, up from 8.16% in the previous year[35]. - Total liabilities decreased to ¥1,405,747,911.13 from ¥1,413,761,795.25, a decline of about 0.6%[105]. - The total liabilities at the end of the period were CNY 1,273,211,869.77, indicating a manageable debt level[127]. Investments and R&D - Significant investments in R&D are being made to drive innovation and achieve mass delivery of new products[25]. - Research and development expenses increased by 37.77% to CNY 130,677,776.75 due to a rise in the number of R&D projects[32]. - The company has established a comprehensive R&D platform to support advancements in semiconductor and aerospace technologies[26]. - The company is focusing on deepening its industrial chain layout and enhancing collaborative effects within the industry[25]. - The company is investing 50 million in R&D for new technologies aimed at enhancing product features[144]. Market and Product Development - The company specializes in the production and sales of quartz glass materials and products, which are essential in semiconductor, aerospace, optical, and optical communication industries[20]. - The company is expanding its product offerings in the optical field, with high-end optical synthetic quartz glass materials being used in key national projects[24]. - The company is positioned to provide comprehensive solutions for the photovoltaic industry, meeting diverse product demands[24]. - The company is actively expanding its production capabilities in the optical communication sector, benefiting from the national 5G strategy[24]. - The company plans to continue investing in new product development and market expansion strategies in the upcoming quarters[126]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company issued 5,640,157 shares at a price of RMB 53.19 per share, raising a total of RMB 299,999,950.83, with a net amount of RMB 295,499,951.57 after deducting issuance costs[43]. - The company has completed its share repurchase plan as of May 31, 2024, in line with its annual equity distribution plan[92]. - Major shareholders include Deng Jiagui with 7.57% and Wu Xue Min with 6.39%, both having pledged a portion of their shares[94]. - The total number of shareholders holding more than 5% of shares is 17,047, indicating a diverse ownership structure[94]. Environmental and Sustainability Initiatives - The company received an extension for its pollutant discharge permit, valid from September 1, 2023, to August 31, 2028[65]. - The company implemented measures to reduce natural gas usage by 57,500 cubic meters annually through heat recovery systems[68]. - The company has established a wastewater treatment station and an exhaust gas treatment system, both of which are operating normally[66]. - The company is actively responding to national energy-saving and emission reduction strategies by improving its energy management system[68]. - The company aims to reduce CO2 emissions by 3,460 tons annually through energy efficiency measures[69]. Risk Management - The company has disclosed potential risks and countermeasures in its management discussion section, which investors should pay attention to[2]. - The company faces risks from macroeconomic fluctuations that could impact market demand and revenue, particularly in high-performance quartz glass materials used in various industries[55]. - The company recognizes estimated liabilities when obligations related to contingent events meet specific criteria, including the likelihood of economic outflow[192]. Compliance and Governance - The financial report for the first half of 2024 has not been audited, which may affect the reliability of the financial data presented[102]. - The company’s financial statements comply with the requirements of the Chinese Securities Regulatory Commission and reflect the financial position as of June 30, 2024[138]. - There are no significant legal disputes or non-compliance issues reported during the reporting period[72][73]. Accounting Policies - The company recognizes revenue when control of the goods is transferred to the customer, which occurs upon customer acceptance or receipt of the goods[198]. - The company applies the expected credit loss model for financial asset impairment, considering various economic indicators and client situations[136]. - The company uses the straight-line method for depreciation and amortization of fixed and intangible assets, regularly reviewing useful lives[137].

| 编制单位：湖北菲利华石英玻璃股份有限公司 | | | | | 上市公司2024年1-6月非经营性资金占用及其他关联资金往来情况汇总表 | | | | | 金额单位：人民币万元 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2024年初占 用资金余额 | 2024年1-6月占用累计 发生金额（不含利息） | 2024年1-6月占用 资金的利息（如有） | 2024年1-6月度偿 还累计发生额 | 2024年6月末占 用资金余额 | 占用形成原因 | | 占用性质 | 资金占用 | | 现大股东及 | | | | | | | | | | | 非经营性占用 | | | 其附属企业 | | | | | | | | | | | 非经营性占用 | | | 小 计 | —— | —— | —— | - | - | - | - | | - —— | | —— | | | 前大股东及 | | | | ...

证券代码：300395 证券简称：菲利华 公告编号：2024-49 湖北菲利华石英玻璃股份有限公司 第六届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 本议案具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨 潮资讯网（www.cninfo.com.cn）刊登的《2024 年半年度报告》和《2024 年半年 度报告摘要》（公告编号：2024-48）。 表决结果：9 票赞成（占有效表决票数的 100%）、0 票反对、0 票弃权。 （二）《关于<2024 年半年度募集资金存放与使用情况专项报告>的议案》 董事会认为，公司 2024 年半年度募集资金的存放与使用情况符合中国证监 会、深圳证券交易所关于上市公司募集资金存放和使用的相关规定，符合公司《募 集资金管理制度》的具体要求，并及时、真实、准确、完整地履行了相关信息披 露工作，不存在募集资金使用及管理的违规情形。 湖北菲利华石英玻璃股份有限公司（以下简称"菲利华"或"公司"）于 2024 年 8 月 22 日在公司会议室以现场与通讯相结合的方式召开第六 ...

湖北菲利华石英玻璃股份有限公司董事会 关于 2024 年半年度募集资金存放与使用情况专项报告 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》（证监会公告[2012]44 号）和深圳证券交易所颁布的《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》等有关规定， 湖北菲利华石英玻璃股份有限公司（以下简称"公司"或"本公司"）董事会编制 了截至 2024 年 6 月 30 日止募集资金半年度存放与实际使用情况的专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 根据中国证券监督管理委员会《关于同意湖北菲利华石英玻璃股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕42 号）核准，公司以简易程序 向特定对象发行普通股（A 股）5,640,157 股，每股发行价格为 53.19 元，募集资金 总额为人民币 299,999,950.83 元，扣除发行费用（不含税）4,499,999.26 元，实际募 集资金净额人民币 295,499,951.57 元。上述募集资金到位情况已经中审众环会计师 事务所（特殊普通合伙）验 ...

证券代码：300395 证券简称：菲利华 公告编号：2024-47 湖北菲利华石英玻璃股份有限公司 关于公司实际控制人、董事、高级管理人员 增持公司股份计划期限届满暨增持完成的公告 本公司实际控制人邓家贵先生、吴学民先生，董事长商春利先生，董事、 总经理蔡绍学先生，董事、副总经理周生高先生，董事、董事会秘书郑巍先生， 董事卢晓辉女士，董事孙凯先生，财务总监魏学兵先生，副总经理刘俊龙先生 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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于 2024 年 2 月 5 日披露了《关于公司实际控制人、董事、高级管理人员增持股份计划的公告》 （公告编号：2024-02）。基于对公司未来发展前景的信心和对公司长期投资价 值的高度认可，实际控制人邓家贵先生、吴学民先生，董事长商春利先生，董事、 总经理蔡绍学先生，董事、副总经理周生高先生，董事、董事会秘书郑巍先生， 董事卢晓辉女士，董事孙凯先生，财务总监魏学兵先生，副总经理刘俊龙先生（以 下合称"增持主体"）拟自 ...