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菲利华(300395):半导体军工需求回暖 电子石英布受益算力建设有望高成长

Core Insights - The company reported a total revenue of 908 million yuan for the first half of 2025, a slight decrease of 0.77% year-on-year, while the net profit attributable to shareholders increased by 28.72% to 222 million yuan, and the net profit excluding non-recurring items rose by 51.07% to 203 million yuan, indicating a significant improvement in profitability quality driven by a recovery in high-margin semiconductor and military sectors [1][2] Business Segments - Quartz glass materials generated revenue of 643 million yuan, up 21.35% year-on-year, accounting for 70.8% of total revenue - Quartz glass products saw a revenue decline of 30.93% to 262 million yuan, making up 28.91% of total revenue - The semiconductor sector continues to grow steadily due to a global industry recovery, while demand in the aerospace sector is also rebounding, leading to a recovery in orders - The photovoltaic sector faced significant revenue decline due to supply-demand mismatches and intensified competition, while the optical communication segment remained stable with revenue largely unchanged [2] Profitability and Margin Improvement - The company's gross margin reached 49.22%, an increase of 6.37 percentage points year-on-year, while the net margin improved to 22.99%, up 3.11 percentage points - The increase in margins is attributed to the rapid growth of high-margin quartz glass materials, which saw a gross margin increase of 6.02 percentage points, significantly impacting the overall product mix [3] Market Demand and Product Development - The military and semiconductor sectors are expected to continue their recovery, providing a solid foundation for the company's performance - The ultra-thin quartz electronic cloth is positioned as a preferred material for high-frequency and high-speed copper-clad laminates (CCL), with sales revenue of 13.12 million yuan achieved in the first half of 2025 - The company is currently in the small-batch testing and certification phase for its ultra-thin quartz electronic cloth, which has strong application prospects in the computing sector [4][5] Vertical Integration and Competitive Advantage - The company has established a comprehensive service capability across the entire product line, from quartz sand to quartz rods and fibers, culminating in quartz electronic cloth - With a long-standing focus on the quartz sector, the company possesses core competitive advantages in the market, positioning it to benefit from the application of electronic quartz cloth materials in computing PCBs [6] Revenue and Profit Forecast - Revenue projections for the company are 1.935 billion yuan, 2.745 billion yuan, and 3.676 billion yuan for 2025, 2026, and 2027 respectively, with net profit forecasts of 484 million yuan, 744 million yuan, and 1.075 billion yuan, leading to corresponding PE ratios of 91.7X, 59.71X, and 41.3X [7]