Investment Rating - The report assigns a "Buy" rating for the company, Kaide Quartz, for the first time [1][3]. Core Viewpoints - Kaide Quartz is a high-quality manufacturer in the quartz processing industry, with a significant increase in its semiconductor segment [2][12]. - The company has shown rapid revenue growth, with a forecasted revenue of 302.29 million yuan for 2024, reflecting a year-on-year increase of 16.4% [1][3]. - The semiconductor and photovoltaic industries are the main drivers for the growth of the quartz industry, with the semiconductor sector accounting for 65% of the end-use applications [38]. Summary by Sections 1. Company Overview - Kaide Quartz specializes in the manufacturing of quartz products, including quartz instruments, quartz pipelines, and quartz boats, and has a strong focus on independent research and development [2][12]. - The company has achieved a high gross margin and net margin compared to its peers, indicating robust performance [2]. 2. Industry Landscape - The quartz supply chain is mature and covers a wide range of industries, with a strong driving effect from the semiconductor sector [2][27]. - The global quartz product market size grew by 10.3% in 2022, with the Chinese market growing by 4.1% [34]. 3. Research and Development - The company has obtained 68 patents, including 17 invention patents, and has made significant advancements in high-precision, large-size quartz product development [2][15]. - Kaide Quartz has established stable relationships with major clients in the microelectronics and semiconductor research sectors [2][15]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 302.29 million yuan in 2024, with net profits of 46.22 million yuan and an EPS of 0.62 yuan [1][3]. - The projected P/E ratios for 2024-2026 are 22.63, 15.49, and 11.67, respectively, indicating a strong growth potential as the semiconductor attributes of the company are expected to enhance its valuation [3].
凯德石英：石英制品优质厂商，半导体占比显著提高