菲利华：锲守航空航天半导体，臻于新域新质生产力

Investment Rating - The report maintains a "Buy" rating for the company [13]. Core Viewpoints - The company has established a solid position in the aerospace and semiconductor sectors, leveraging its long-standing expertise in quartz materials to expand into new production capabilities. The new business initiatives are expected to gradually materialize starting in 2025, enhancing growth prospects [2][8]. - The report outlines the company's strategic developments across four major business areas: aerospace, semiconductor, optics, and advanced materials, highlighting the ongoing vertical integration and expansion into downstream applications [2][8]. Summary by Relevant Sections Aerospace - The company is a leading supplier of quartz fiber, expanding into composite structural components to enhance its supply capabilities. The quartz fiber's properties, such as high-temperature resistance and low dielectric loss, make it suitable for aerospace applications [9][24]. Semiconductor - The company has increased its market share in the semiconductor sector and is extending its operations from materials to products, achieving full supply chain integration. It is the first domestic company to gain certification from major international semiconductor equipment manufacturers [10][33]. Optics - In the optics sector, the company is utilizing its parent company's advantages in synthetic quartz materials to develop precision processing for TFT-LCD and semiconductor photomasks, aiming for self-sufficiency and reducing reliance on imports [11][41]. Advanced Materials - The company is developing quartz electronic cloth and transparent ceramics to meet the demands of high-frequency and high-speed applications, positioning itself in advanced material trends. The transparent ceramics are designed to replace bulletproof glass in military applications, enhancing protection while reducing weight [12][21]. Profit Forecast and Valuation - The projected net profits for the company are estimated at 312 million, 576 million, and 758 million yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of -41.89%, 84.23%, and 31.77%. The corresponding price-to-earnings ratios are 62, 34, and 26 times, indicating a resilient growth trajectory as new production capabilities are realized [13].