菲利华：市场需求短期承压，业务布局加快拓展

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - In 2023, the company achieved a revenue of 2.091 billion yuan, representing a year-on-year growth of 21.59%, and a net profit attributable to shareholders of 538 million yuan, up 9.98% year-on-year. However, in Q1 2024, revenue declined to 410 million yuan, down 17.81% year-on-year, with a net profit of 77 million yuan, a decrease of 30.77% year-on-year, primarily due to cyclical market demand and global macroeconomic conditions [1][21] - The company is rapidly enhancing its production capacity and accelerating its business layout, with the completion of several projects including high-purity quartz sand production bases and new workshops for fused quartz materials. This strategic move aims to strengthen product quality and cost advantages, thereby enhancing competitiveness [1] - Looking ahead, the company is positioned to benefit from the recovery in the aerospace market as a leading supplier of quartz glass fiber. Additionally, it is expanding its product offerings in the semiconductor and optical fields, which are expected to drive significant growth in product value [2][4] Financial Forecasts - The company forecasts net profits attributable to shareholders for 2024, 2025, and 2026 to be 565 million yuan, 701 million yuan, and 956 million yuan respectively, reflecting growth rates of 5%, 24%, and 36%. The corresponding price-to-earnings ratios are projected to be 29, 23, and 17 times [4][6]