PACIFIC QUARTZ(603688) 东方财富·2024-09-12 08:23Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2024, with revenue at 737 million yuan and net profit at 257 million yuan, primarily due to weak demand in the photovoltaic sector [2]. - The semiconductor segment showed growth, with quartz tube revenue increasing by 11% year-on-year to 550 million yuan and a gross margin of 50%. The company is focusing on technological advancements and product development to enhance efficiency and sales [2][5]. - The quartz sand segment experienced a substantial decline in revenue to 170 million yuan, attributed to market fluctuations in the photovoltaic industry and reduced demand for quartz materials [2]. - The company has successfully completed a 60,000 tons/year high-purity quartz material project and is expanding its production capacity in the semiconductor sector [2]. Summary by Sections Financial Performance - For H1 2024, the company reported revenue of 737 million yuan, a significant decline compared to the previous year, with net profit at 257 million yuan [2]. - The semiconductor quartz products saw steady growth, with sales increasing and market share rising [2]. - The quartz sand revenue dropped significantly to 170 million yuan due to reduced demand in the photovoltaic sector [2]. Capacity Planning - The company has achieved international leading standards in quartz material production technology, with a successful completion of a high-purity quartz material project and ongoing expansion in semiconductor production capacity [2][5]. Profit Forecast - The company is projected to achieve net profits of 620 million yuan, 790 million yuan, and 980 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.1, 1.5, and 1.8 yuan per share [5].