长江证券承销保荐有限公司 关于湖北菲利华石英玻璃股份有限公司 向控股子公司增资暨关联交易的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为 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"）以简易程 序向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则（2024 年修订）》《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（2023 年修订）》以及《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定的要求， 对菲利华向控股子公司增资暨关联交易事项进行了审慎核查，核查情况如下： 一、关联交易概述 公司控股子公司江苏中益新材料股份有限公司（以下简称"中益新材"或"子 公司"）因经营发展需要，拟进行增资扩股，注册资本拟由人民币 8,000.00 万元 增加到 12,020.00 万元，增资金额人民币 10,050.00 万元。本次中益新材增资扩 股，公司出资人民币4,780.00 万元认购中益新材新增注册资本1,912.00 万元；公司实际 控制人之一邓家贵先生出资人民币 250 ...

湖北菲利华石英玻璃股份有限公司 第六届监事会第十四次会议决议公告 证券代码：300395 证券简称：菲利华 公告编号：2025-04 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。 一、监事会会议召开情况 2025 年2 月26 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 监事会第十四次会议在公司会议室举行。会议通知于2025 年2 月21 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《公司章程》规定的法定人数，本次监事会会议决议合法有效。 二、监事会会议审议情况 特此公告。 湖北菲利华石英玻璃股份有限公司监事会 2025年2月26日 经审议，监事会认为：公司本次向控股子公司江苏中益新材料股份有限公司进行增资 暨关联交易事项，符合公司战略发展需要，关联交易决策程序符合《深圳证券交易所创业 板股票上市规则》《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》以及《公司章程》等有关法律法规的规定，不存在损害公司及全体股东利益的情 形。因此，监事会同意本次向 ...

证券代码：300395 证券简称：菲利华 公告编号：2025-02 湖北菲利华石英玻璃股份有限公司 关于向控股子公司增资暨关联交易的公告 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。 重要内容提示： 一、关联交易概述 公司控股子公司中益新材因经营发展需要，拟进行增资扩股，注册资本拟由 人民币 8,000.00 万元增加到 12,020.00 万元，增资金额人民币 10,050.00 万元。本 次中益新材增资扩股，公司出资人民币 4,780.00 万元认购中益新材新增注册资本 1,912.00 万元；公司实际控制人之一邓家贵先生出资人民币250.00 万元认购中益新材新 增注册资本100.00 万元；公司实际控制人之一吴学民先生出资人民币200.00 万元认购中 益新材新增注册资本80.00 万元；浙江豪纳新材料有限公司出资人民币250.00 万元认购 湖北菲利华石英玻璃股份有限公司（以下简称"公司"、"本公司"）控股子公司江 苏中益新材料股份有限公司（以下简称"子公司"或"中益新材"）因经营发展 需要，拟进行增资扩股，注册资本拟由人民币 8,000.00 万 ...

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Viewpoints - The company has established a solid position in the aerospace and semiconductor sectors, leveraging its long-standing expertise in quartz materials to expand into new production capabilities. The new business initiatives are expected to gradually materialize starting in 2025, enhancing growth prospects [2][8]. - The report outlines the company's strategic developments across four major business areas: aerospace, semiconductor, optics, and advanced materials, highlighting the ongoing vertical integration and expansion into downstream applications [2][8]. Summary by Relevant Sections Aerospace - The company is a leading supplier of quartz fiber, expanding into composite structural components to enhance its supply capabilities. The quartz fiber's properties, such as high-temperature resistance and low dielectric loss, make it suitable for aerospace applications [9][24]. Semiconductor - The company has increased its market share in the semiconductor sector and is extending its operations from materials to products, achieving full supply chain integration. It is the first domestic company to gain certification from major international semiconductor equipment manufacturers [10][33]. Optics - In the optics sector, the company is utilizing its parent company's advantages in synthetic quartz materials to develop precision processing for TFT-LCD and semiconductor photomasks, aiming for self-sufficiency and reducing reliance on imports [11][41]. Advanced Materials - The company is developing quartz electronic cloth and transparent ceramics to meet the demands of high-frequency and high-speed applications, positioning itself in advanced material trends. The transparent ceramics are designed to replace bulletproof glass in military applications, enhancing protection while reducing weight [12][21]. Profit Forecast and Valuation - The projected net profits for the company are estimated at 312 million, 576 million, and 758 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -41.89%, 84.23%, and 31.77%. The corresponding price-to-earnings ratios are 62, 34, and 26 times, indicating a resilient growth trajectory as new production capabilities are realized [13].

Financial Projections - The estimated net profit for 2024 is projected to be between RMB 260 million and RMB 350 million, representing a decline of 34.90% to 51.64% compared to the previous year's profit of RMB 537.65 million[3] - The net profit after deducting non-recurring gains and losses is expected to be between RMB 210 million and RMB 300 million, a decrease of 39.49% to 57.64% from last year's RMB 495.81 million[3] Performance Factors - The primary reason for the performance decline is attributed to the cyclical adjustment in the photovoltaic industry and a decrease in demand from the aerospace sector, leading to a temporary drop in sales orders[4] - Non-recurring gains and losses are expected to impact net profit by approximately RMB 50 million, mainly from government subsidies and investment income, compared to RMB 41.84 million in the previous year[4] R&D Investment - The company plans to increase its R&D expenditure to approximately RMB 274 million, focusing on technological breakthroughs despite the short-term impact on performance[4]

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].