菲利华：拟定增募资不超3亿元投建石英电子纱项目

Core Viewpoint - The company plans to raise up to 300 million yuan through a simplified procedure for a specific audience to fund the construction of a new quartz electronic yarn production line, which will add an annual production capacity of 1,000 tons of quartz electronic yarn [1] Industry Demand and Supply - Quartz electronic yarn is a raw material for quartz electronic cloth, which is preferred for high-frequency and high-speed copper-clad laminates (CCL) due to its low dielectric constant, low dielectric loss, excellent high-temperature resistance, and low thermal expansion coefficient [2] - The demand for AI servers is strong, driving a high boom cycle in the PCB industry, with the global AI server market expected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, and potentially reach 222.7 billion USD by 2028 [2] - The rapid increase in AI computing power is leading to larger AI clusters, which in turn increases the demand for high-frequency PCBs driven by the construction of 5G/6G communication bases and the growing need for automotive PCBs due to the popularity of electric vehicles [3] - The production process of quartz electronic yarn is complex, and there are very few companies globally capable of mass production, leading to a significant short-term supply-demand gap in the high-performance quartz electronic yarn market [3] Company Position and Strategy - The company is one of the earliest domestic enterprises engaged in the research and production of quartz glass fiber and has significant influence in both domestic and international markets [3] - Since 2017, the company has been developing quartz electronic cloth and has successfully created various high-end ultra-thin fabrics and fibers, making it one of the few domestic suppliers of high-performance electronic-grade glass fiber products [3] - The implementation of the fundraising project will enhance the company's quartz electronic yarn production capacity, ensuring a stable supply of high-performance raw materials for downstream quartz electronic cloth production, thereby meeting the emerging demands from AI servers and 5G communications [4] - The project has a total investment of 624 million yuan, with 300 million yuan raised through stock issuance, and is expected to yield a post-tax internal rate of return of 20.72% with a payback period of 5.93 years [5]