菲利华（300395）：菲利华电子布及掩膜版新兴业务乘势而上

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Viewpoints - The report focuses on the growth potential of the company's quartz electronic cloth and optical mask plates, driven by advancements in high-speed interconnect technology and increasing demand in various sectors such as AI, data centers, and smart vehicles [2][5]. - The company’s subsidiary, Zhongyi New Materials, has been developing ultra-low loss quartz electronic cloth since 2017 and is now entering a phase of mass production, with plans to increase production capacity significantly by 2030 [6][33]. - The company is positioned as a leading supplier of quartz glass fiber in the aerospace sector and is expanding its capabilities in the optical field, particularly in TFT-LCD and semiconductor mask plate precision processing [7][8]. Summary by Sections Quartz Electronic Cloth and High-Speed Interconnects - The report highlights the increasing global demand for PCBs, projected to grow from 73.57 billion USD in 2024 to 94.66 billion USD by 2029, with a compound annual growth rate (CAGR) of 5.2% [17][18]. - The 224Gbps high-speed interconnect technology is essential for applications in data centers and AI, requiring materials that can meet stringent dielectric loss specifications [19][21]. Zhongyi New Materials' Development - Zhongyi New Materials has achieved significant advancements in the production of ultra-low loss quartz electronic cloth, with a target production capacity of 20 million meters by 2030, compared to 1 million meters in 2024 [6][49]. - The company is one of the few manufacturers globally capable of mass-producing quartz glass fiber, which is critical for high-frequency and high-speed PCB applications [35][36]. Optical Mask Plates and Precision Processing - The company leverages its parent company's advantages in synthetic quartz materials to enhance its capabilities in precision processing for TFT-LCD and semiconductor mask plates, contributing to the domestic supply chain and reducing reliance on imports [7][8]. - The optical mask plates are crucial for the semiconductor manufacturing process, with the market for semiconductor mask plates expected to expand significantly [7][8]. Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 576 million, 820 million, and 1.141 billion CNY, respectively, with year-on-year growth rates of 83.27%, 42.47%, and 39.10% [8].