Investment Rating - No rating provided for the company [9] Core Views - The company's performance was dragged down by a significant increase in management expenses [8] - In 2024 Q1-Q3, the company achieved revenue of 231.91 million yuan, a year-on-year increase of 25.52%, while net profit attributable to the parent company was 29.49 million yuan, a year-on-year decrease of 6.09% [3] - In 2024 Q3, the company achieved revenue of 75.23 million yuan, a year-on-year increase of 4.25%, while net profit attributable to the parent company was 9.78 million yuan, a year-on-year decrease of 13.96% [3] - The company's gross margin in 2024 Q1-Q3 was 45.00%, a year-on-year increase of 3.69 percentage points, while the net profit margin attributable to the parent company was 15.68%, a year-on-year decrease of 3.10 percentage points [3] - The company's gross margin in 2024 Q3 was 46.90%, a year-on-year increase of 6.44 percentage points, while the net profit margin attributable to the parent company was 16.16%, a year-on-year decrease of 1.15 percentage points [3] Financial Performance - From 2020 to 2023, the company's revenue grew from 163.53 million yuan to 259.69 million yuan, with a year-on-year growth rate of 43.06% in 2023 [5] - From 2020 to 2023, the company's net profit attributable to the parent company fluctuated, with a year-on-year decrease of 29.61% in 2023 [5] - The company's ROE decreased from 13.39% in 2020 to 5.59% in 2023 [5] - The company's EPS decreased from 0.64 yuan in 2020 to 0.52 yuan in 2023 [5] - The company's P/E ratio increased from 26.01 in 2022 to 45.52 in 2023 [5] Operational Metrics - The company's total asset turnover rate was 0.23, remaining flat compared to the previous year [6] - The company's operating cash flow was -12.04 million yuan, a year-on-year increase of 51.96% [6] - The company's management expense ratio increased by 4.49 percentage points year-on-year to 17.32% in 2024 Q1-Q3 [6] Company Overview - The company is a quartz product processing enterprise with over 20 years of history, specializing in the production, R&D, and sales of quartz instruments, quartz pipes, and quartz boats [7] - The company's products are widely used in the semiconductor integrated circuit chip field, photovoltaic solar industry, and other fields [7] - The company has established a strong R&D and innovation system, with a high-quality talent team and multiple patented technologies [7] - As of December 5, 2024, the company's market capitalization was 2.5971 billion yuan, with a TTM P/E ratio of 72.03 [7] Market Data - As of December 5, 2024, the company's closing price was 34.62 yuan [4] - The company's total share capital is 75 million shares, with a circulating share capital of 59.51 million shares [4] - The company's net assets are 725.26 million yuan, with total assets of 1,024.92 million yuan [4] - The company's net asset per share is 9.67 yuan [4]

行 业 研 究 证券研究报告 ＃industryId＃ 食品饮料 ＃title＃ 食品饮料行业 2025 年年度策略： | --- | --- | --- | --- | |-------------------------------------------|----------------------------------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ＃ 推荐 （ investSug gestion ＃ | ＃ 维持 ） investSuggesti ＃ | | 雨后复斜阳，关山阵阵苍 ＃ createTi ...

Industry Investment Rating - The report maintains a "Recommended" rating for the construction engineering industry [3] Core Views - The construction industry faced pressure in 2024, but infrastructure investment is expected to remain robust in 2025 due to debt resolution policies [3] - The report highlights two main investment themes: debt resolution and the "Belt and Road" initiative, which are expected to drive industry recovery and growth [3] - Debt resolution is expected to improve the operational quality of state-owned construction enterprises, while the "Belt and Road" initiative will benefit international engineering companies [3] Industry Fundamentals and Market Performance 2024 Industry Review - New contracts, revenue, and profits in the construction industry declined for the first time in recent years in 2024 [12] - New contracts in the construction industry fell by 4.74% YoY in Q1-Q3 2024, while orders on hand grew by 1.81% [12] - Revenue and net profit of listed construction companies declined by 5.0% and 11.8% YoY, respectively, in Q1-Q3 2024 [12] Market Performance - The SW Construction Decoration Index rose by 19.13% from the beginning of 2024 to November 28, 2024, outperforming the CSI 300 and Wind All-A indices by 6.3 and 8.5 percentage points, respectively [24] - State-owned enterprises (SOEs) and local SOEs led the gains, with increases of 22.33% and 22.31%, respectively, while private enterprises lagged with a 2.94% increase [24] Investment Themes Theme 1: Debt Resolution Driving SOE Improvement - Debt resolution is expected to improve the cash flow and profitability of state-owned construction enterprises, with EPS and PE multiples expected to rise [33] - The report estimates that 1.2-1.6 trillion yuan of debt resolution funds will be used to repay construction companies' receivables, improving their financial health [64] - Key beneficiaries include China Railway Group, China Railway Construction, and China Communications Construction [69] Theme 2: "Belt and Road" Initiative Accelerating International Engineering - The "Belt and Road" initiative is expected to accelerate, benefiting international engineering companies with high overseas exposure [34] - Southeast Asia and the Middle East are highlighted as regions with strong infrastructure demand, with significant growth in overseas contracts [84] - Companies like China National Materials, China National Chemical Engineering, and China National Machinery Industry are expected to benefit [34] Historical Performance of "Belt and Road" Themes - The report reviews four major "Belt and Road" market cycles (2014-2015, 2017, 2019, and 2023), noting that international engineering companies outperformed large construction SOEs in three of the four cycles [83] - International engineering companies like China National Materials and China National Chemical Engineering showed higher elasticity in revenue and profit growth during these cycles [83]

＃title＃ 请务必阅读正文之后的信息披露和重要声明 行 业 研 究 证券研究报告 ＃建筑材料 industryId＃ 建材行业 2025 年年度策略：盈利底部，供需拐点将至 ＃investSuggestion 推荐 ＃ ( 维持 ） 行 业 投 资 策 略 报 告 ＃createTime1＃ | --- | --- | --- | --- | |---------------------------------------------------|---------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

＃重点公司 relatedReport＃ 重点公司 评级 菲利华 增持 航天电器 增持 航天南湖 增持 航发动力 增持 中航沈飞 增持 中航高科 增持 光威复材 增持 海格通信 增持 七一二 增持 国科军工 增持 国泰集团 增持 航天电子 增持 来源：兴业证券经济与金融研究院 shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 ＃徐东晓assAuthor＃ xudongxiao@xyzq.com.cn S0190524070009 行 业 研 究 证券研究报告 ＃industryId＃ 国防军工 ＃title＃ 兴证军工观察： "十四五"收官年将至，需求结构性反转可期 ＃ investSuggest ion＃ 推荐 (＃ investSuggestionCh ange＃ （维持 ） ＃createTime1＃ 2024 年 12 月 9 日 行 业 周 报 相关报告 20241124《兴证军工观察：短 期跟随市场波动，逢低布局 2025》 20241122《军工板块 2024 年三 季报总结：订单进度影响短期 营收 ...

＃title＃ ＃assAuthor＃ 行 业 研 究 证券研究报告 ＃industryId＃ 房地产 政治局会议点评：更积极的表述，更积极的政策 ＃createTime1＃ 2024 年 12 月 10 日 投资要点 ＃事件： summary12＃月 9 日，中共中央召开政治局会议，会议提及："实施更加积极有为 的宏观政策，扩大国内需求，推动科技创新和产业创新融合发展，稳住楼市股 市"； "实施更加积极的财政政策和适度宽松的货币政策，充实完善政策工具 箱，加强超常规逆周期调节，打好政策'组合拳'"等。 点评： 1、"稳住楼市"，简短、明确。更积极的表述。 此前我们报告中强调，从 9.26 政治局会议开始，"止跌回稳"就成为房地产基 本面核心逻辑。本次的"稳住楼市"，政策目标更加明确有力。在政策目标明 确情况下，以结果导向思维来看待地产可能比过程导向思维更合适。"止跌回 稳"、"稳住楼市"很可能会以我们想象得到和想象不到的方式实现。 2、"更加积极的财政政策和适度宽松的货币政策"，更积极的政策。 货币政策基调从"稳健"调整为"适度宽松"，财政政策基调从"积极"变为 "更加积极"。这是 2011 年以来首次转变 ...

行 ＃title＃ 请务必阅读正文之后的信息披露和重要声明 北 研究 行 बार 周报 | --- | --- | --- | --- | --- | |----------------------|--------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

研究 ＃title＃ 证券研究报告 ＃industryId＃ 交通运输 航运 2025 年年度策略：供给开启出清，静待需求拐点 业 投资家 路 ＃ investSugg estion＃ 推荐 ( ＃ investSuggestion Change＃ 维持 ） | --- | --- | --- | |-------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

重点公司 重点公司 评级 顾家家居 增持 慕思股份 增持 喜临门 增持 欧派家居 增持 索菲亚 增持 志邦家居 增持 居然之家 增持 百亚股份 增持 公牛集团 增持 明月镜片 增持 太阳纸业 增持 共创草坪 增持 来源：兴业证券经济与金融研究院 行 业 研 究 证券研究报告 ＃industryId＃ 轻工制造 ＃title＃ 轻工制造行业 2025 年年度策略： 把握内需复苏顺周期，出口关注优质个股 ＃createTime1＃ 2024 年 12 月 10 日 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan ge＃ 维持 ） 行 业 投 资 策 略 报 告 ＃相关报告 relatedReport＃ 【兴证轻工】轻工制造行业 2024 年度中期策略报告：出口 景气有望延续，内需静待复苏 2024-06-20 【兴证轻工】轻工行业 2024 年 投资策略：关注内需高景气赛道 和出口链的投资机会 2023-11- 29 分析师： 林寰宇 linhuanyu@xyzq.com.cn S0190524080006 侯宜芳 houyifang@xyzq.com.cn S0 ...

＃title＃ 行 业 研 究 行 业 周 报 重点公司 | --- | --- | |----------|-------| | | | | 重点公司 | 评级 | | 中国中铁 | 增持 | | 中国建筑 | 增持 | | 中国交建 | 增持 | | 中国铁建 | 增持 | | 中国电建 | 增持 | | | | | 中国化学 | 增持 | | 中国中冶 | 增持 | | 中国化学 | 增持 | | 中材国际 | 增持 | | 中钢国际 | 增持 | | 北方国际 | 增持 | | 鸿路钢构 | 增持 | 来源：兴业证券经济与金融研究院 ＃相关报告 relatedReport＃ 《【兴证建筑】周观点：24 年专 项债新增限额增加到 9.9 万亿， 继续看好化债带来的大建筑央 企投资机会——兴证建筑每周 观点》2024-12-1 《【兴证建筑】周观点："化债" 再融资专项债发行超万亿，节奏 加快助力建筑央国企基本面改 善——兴证建筑每周观点》 2024-11-24 《【兴证建筑】周观点："化债" 再融资专项债陆续发行，大建筑 央企基本面改善可期》2024-11- 17 ＃分析师： emailAuthor＃ ...