Zheng Quan Zhi Xing·2025-07-27 09:26Core Viewpoint - The report highlights the potential of Feiliwa (300395) in transforming its technological advantages into a first-mover advantage in the quartz fabric market, supported by a stock incentive plan that reflects the company's confidence in its future growth [1][2]. Group 1: Market Opportunity - Feiliwa is entering the blue ocean market of electronic fabrics by leveraging its full industry chain advantages in quartz fibers, particularly in aerospace and semiconductor applications [2][4]. - The global PCB market in the server/data storage sector is projected to grow from $10.9 billion to $18.9 billion from 2024 to 2029, with a CAGR of 12%, indicating a significant demand for quartz fabric due to its excellent dielectric properties [3]. Group 2: Technological Edge - Feiliwa has a 60-year history in quartz technology, making it one of the few manufacturers capable of mass-producing quartz fibers, which are critical for high-precision applications [4]. - The company has developed a second-generation ultra-low loss quartz electronic fabric, directly competing with international giants like Shin-Etsu Chemical [4]. Group 3: Stock Incentive Plan - The stock incentive plan aims to motivate 255 core technical and sales personnel by granting 1.6881 million shares at a price significantly below the market price, with performance targets tied to net profit growth [5]. - The plan is designed to enhance employee engagement and operational efficiency, reflecting the company's commitment to its core talent [5]. Group 4: Financial Projections - Feiliwa's projected EPS for 2025, 2026, and 2027 are 1.16, 1.65, and 2.45 yuan, respectively, with a total market capitalization of approximately 39.7 billion yuan as of July 25, 2025 [6]. - The corresponding PE ratios for these years are expected to be 65.4, 46.0, and 31.1 times, indicating a strong growth outlook [6].