【私募调研记录】汐泰投资调研菲利华

Group 1 - The core viewpoint of the news is that Xi Tai Investment has conducted research on a listed company, specifically focusing on the performance and capabilities of the company in the quartz electronic fabric and semiconductor materials sectors [1] - The company, Feili Hua, achieved sales revenue of 13.1248 million yuan in the first half of 2025, indicating it is in the client small-batch testing and end-customer certification phase [1] - Feili Hua possesses a complete industrial chain capability from quartz sand purification to quartz electronic fabric production, with significant technical accumulation [1] Group 2 - In the photomask substrate area, Feili Hua has production capabilities ranging from G4.5 to G10.5 generations, with the Hefei project already in bulk supply and the Jinan project having completed line connections and optimized processes [1] - The company is advancing in the localization of semiconductor materials, with high-purity synthetic quartz sand entering the pilot test phase and multiple products achieving stable or bulk production [1] - In the aerospace sector, Feili Hua has seen a recovery in quartz fiber orders, with several composite material projects successfully developed and some projects entering bulk production [1]