Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][11]. Core Views - The company is recognized as a "hidden champion" in high-end glass materials, with its semiconductor substrates and electronic cloth fibers expected to create a second growth curve. The glass materials business is expanding, and the basic performance is likely to recover, driving growth elasticity. The optical glass business has seen revenue growth and improved gross margins since 2024, although the specialty glass segment faces short-term pressure due to the end of major customer orders and delays in onboarding new clients. Increased R&D investment and strategic partnerships are expected to enhance collaboration in the semiconductor field, indicating a potential operational turning point [5][9][13]. Summary by Sections 1. Company Overview - The company has over a decade of experience in the optical glass industry, with core technologies in glass formulation, melting, testing, and production line design. It has expanded its product offerings to include optical glass, specialty functional glass, and semiconductor application glass [19][20]. 2. Market Performance - The global market for nano-microcrystalline glass is projected to grow at a CAGR of 30% from 2024 to 2029, driven by the rapid increase in Android smartphone shipments. The company is positioned to benefit from this trend as one of the few manufacturers capable of mass production [6][34]. 3. Growth Opportunities - The company is strategically expanding into semiconductor glass substrates and electronic cloth fibers, which are critical materials for advanced semiconductor packaging. The domestic market is expected to see significant growth opportunities as local companies accelerate their production capabilities [7][8][13]. 4. Financial Performance - The company is projected to achieve net profits of 44 million, 133 million, and 207 million yuan from 2025 to 2027, with corresponding P/E ratios of 127, 42, and 27 times. The company is considered a leader in high-end glass materials in China, with growth potential in new business areas [9][11][12]. 5. Industry Trends - The optical glass industry is experiencing a shift towards high-end products and domestic substitution, with the company positioned among the top tier of domestic manufacturers. The demand for optical glass is expected to rise due to advancements in consumer electronics, automotive electronics, and security monitoring [37][41].
戈碧迦（920438）：高端玻璃材料隐形冠军，半导体载板与电子布纤维打造第二增长曲线