Investment Rating - The investment rating for the company is "Buy" [3]. Core Insights - The company, Beijing Kaide Quartz Co., Ltd., has achieved breakthroughs in domestic substitution for high-end quartz products, particularly in the semiconductor industry, and is recognized as a national "specialized and innovative" small giant enterprise [3][8]. - The company's revenue has shown robust growth, with a five-year CAGR of 18.56%, and a significant increase of 39.16% year-on-year in the first half of 2024 [3][14]. - The semiconductor industry is experiencing a recovery, which is expected to positively impact the demand for quartz products [3][23]. - The company has successfully developed key quartz components for 8-inch wafers, addressing the critical issue of domestic substitution for quartz components in integrated circuit processes [3][8]. Summary by Sections 1. Company Overview - Beijing Kaide Quartz was established in 1997 and has over 20 years of experience in providing customized quartz products for military semiconductor integrated circuit production lines [3][8]. - The company has a concentrated shareholding structure, with the largest shareholder holding 19.83% of the shares [3][11]. 2. Financial Performance - The total revenue of Kaide Quartz increased from 111 million yuan in 2018 to 260 million yuan in 2023, with a strong growth momentum [3][14]. - The company's gross margin has remained relatively stable, with figures ranging from 38.90% to 48.08% from 2018 to 2023 [3][17]. - In the first half of 2024, the company reported a revenue of 157 million yuan, a year-on-year increase of 39.16%, primarily driven by sales of semiconductor quartz products [3][14]. 3. Industry Dynamics - The semiconductor industry is recovering, which is expected to enhance the demand for quartz products used in semiconductor manufacturing [3][23]. - The company has achieved a breakthrough in domestic substitution for high-end quartz products, particularly in the 8-inch and 12-inch quartz products, which have long been dominated by foreign companies [3][8]. 4. Product Lines and Applications - The main products of Kaide Quartz include quartz instruments, quartz pipelines, and quartz boats, which are widely used in semiconductor integrated circuit manufacturing and the photovoltaic solar industry [3][23]. - The company's semiconductor quartz glass products accounted for 76.97% of its revenue in the first half of 2024, indicating a strong focus on this segment [3][18]. 5. Profitability Forecast and Valuation - The company is expected to achieve revenues of 353 million yuan, 471 million yuan, and 617 million yuan in 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 36.07%, 33.16%, and 31.19% [3][4]. - The average PE ratios for comparable companies are projected to be 16.03, 12.08, and 9.74 for 2024, 2025, and 2026, respectively [3][4].
凯德石英：首次覆盖：石英制品专精特新企业，高端产品实现国产替代突破