高纯石英砂业务量价齐升，掌握核心提纯技术综合实力强劲

Investment Rating - The report assigns a "Buy - A" rating to the company, indicating a positive outlook for future investment returns [1][5]. Core Insights - The company, Quartz Co., Ltd. (603688.SH), reported a significant increase in revenue and net profit for 2023, with operating income reaching 7.184 billion yuan, a year-on-year growth of 258.46%, and net profit attributable to shareholders of 5.039 billion yuan, up 378.92% [1][2]. - The growth is primarily driven by the booming photovoltaic market, which has seen substantial demand for quartz products, leading to increased production and sales [1][3]. - The company has successfully completed a high-purity quartz material project with an annual capacity of 60,000 tons, further enhancing its production scale and market share [1][3]. Financial Performance - The company achieved a gross profit margin of 87.5% in 2023, with expectations of maintaining a gross margin of around 86% in the coming years [2][4]. - Forecasts for 2024-2026 predict revenues of 12.307 billion yuan, 15.360 billion yuan, and 16.123 billion yuan, respectively, with corresponding net profits of 8.158 billion yuan, 10.291 billion yuan, and 10.930 billion yuan [2][3]. - The earnings per share (EPS) are projected to be 22.58 yuan, 28.48 yuan, and 30.25 yuan for the years 2024, 2025, and 2026, respectively [1][2]. Market Position and Competitive Advantage - The company is recognized as a leading player in the high-purity quartz sand and related products sector, benefiting from advanced production technologies and a comprehensive product range [1][5]. - The report highlights the company's strong competitive edge due to its proprietary production techniques and established relationships with major clients in the semiconductor and photovoltaic industries [1][3]. - The quartz materials produced by the company are noted for their high quality and cost-effectiveness, which have garnered widespread customer recognition and enhanced the company's brand image [1][3].