菲利华2024年一季报点评：业绩短期下滑，看好长期成长

Investment Rating - The report maintains an "Accumulate" rating for Feilihua (300395) with a target price of 41.45 CNY, unchanged from the previous forecast [1][10]. Core Views - The company experienced a short-term decline in performance but is expected to achieve long-term growth due to continuous investment in R&D and efforts to penetrate high-end markets [1][10]. - The first quarter of 2024 saw a revenue of 4.1 billion CNY, a decrease of 17.81% year-on-year, and a net profit attributable to shareholders of 0.77 billion CNY, down 30.77% [1][10]. - Despite the short-term performance dip, the report expresses confidence in the company's long-term growth potential [1][10]. Summary by Sections Financial Performance - Revenue for Q1 2024 was 4.1 billion CNY, down 17.81% year-on-year, with a net profit of 0.77 billion CNY, a decrease of 30.77% [1][10]. - The company has been increasing its R&D investment, which accounted for 14.49% of Q1 revenue, reflecting a year-on-year growth of 46.43% [1][10]. Market Position - Feilihua is recognized as a leader in the quartz industry, with products expanding into high-end markets, and is expected to achieve high-quality growth throughout the year [1][10]. - The company has successfully developed advanced semiconductor process key materials and eco-friendly quartz glass, which are entering mass production [1][10]. Future Outlook - The report anticipates that the company will maintain a target price of 41.45 CNY, supported by its strategic focus on high-end product development and capacity expansion [1][10]. - The management team has shown confidence in the company's future by increasing their shareholdings, indicating a strong belief in the company's long-term value [1][10].