菲利华(300395)：1H25净利润增长29%；稳步推进石英电子布测试

Core Viewpoint - The company reported its 1H25 financial results, showing stable growth in the semiconductor sector and recovery in aerospace orders, alongside significant progress in ultra-thin quartz electronic cloth products [1][4]. Financial Performance - 1H25 revenue reached 910 million yuan, a year-over-year decrease of 0.8%; net profit attributable to shareholders was 220 million yuan, up 28.7% year-over-year; and net profit excluding non-recurring items was 200 million yuan, up 51.1% year-over-year [1]. - In 2Q25, the company achieved revenue of 500 million yuan, a year-over-year decrease of 0.6%; net profit attributable to shareholders was 120 million yuan, up 23.0% year-over-year; and net profit excluding non-recurring items was 110 million yuan, up 26.8% year-over-year [1]. - The gross margin for 1H25 improved by 6.4 percentage points to 49.2%, while the net margin increased by 3.1 percentage points to 23.0% [1]. Segment Performance - Revenue from quartz glass products was 260 million yuan, down 30.9% year-over-year, accounting for 29% of total revenue, with a gross margin decline of 3.17 percentage points to 26.0% [2]. - Revenue from quartz glass materials was 640 million yuan, up 21.4% year-over-year, representing 71% of total revenue, with a gross margin increase of 6.02 percentage points to 58.7% [2]. - The subsidiary Zhongyi Technology reported revenue of 90 million yuan, up 31.7% year-over-year, with a net profit of 10 million yuan, also up 31.3% year-over-year [2]. Cost Management - The company's expense ratio decreased by 1.8 percentage points year-over-year to 22.5% in 1H25, with reductions in sales, management, and R&D expense ratios [3]. - Operating cash flow significantly improved, reaching 190 million yuan in 1H25 compared to 10 million yuan in the same period last year [3]. Investment Outlook - The company is a leading domestic supplier of quartz glass fiber for aerospace, with a complete industrial chain in quartz glass fiber materials and innovative products like the 10.5 generation TFT-LCD photomask substrate [4]. - The ongoing development of ultra-thin quartz electronic cloth products is in the client testing and certification phase, which is expected to drive future growth [4]. - Projected net profits for 2025 to 2027 are 439 million yuan, 636 million yuan, and 865 million yuan, with corresponding price-to-earnings ratios of 111x, 77x, and 57x [4].