Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a revenue of 3.524 billion yuan in 2024, representing a year-on-year growth of 3.4%. However, the net profit attributable to shareholders decreased by 22.08% to 249 million yuan [3][5]. - The company benefits from the domestic high-end and new high-temperature alloy production scale, with significant growth in overseas markets, particularly in sectors related to the Belt and Road Initiative, where revenue growth reached 54.08% [5][6]. - The industry outlook is positive, with a strong upward trend in demand for military and civil aviation engines, supported by a 7.2% increase in national defense spending in 2025 [5][6]. Financial Performance Summary - Revenue for 2024 was 3.524 billion yuan, with a growth rate of 3.4%. The forecast for 2025 is 3.824 billion yuan, reflecting an expected growth rate of 8.51% [7]. - The net profit for 2024 was 249 million yuan, with projections of 288 million yuan for 2025, indicating a recovery with a growth rate of 15.93% [7]. - The company's gross margin is expected to improve, with a forecasted gross margin of 30.40% in 2025 [10]. Market and Product Insights - The company focuses over 60% of its products on the aerospace sector, which is expected to see robust growth in both military and civil aviation engine demands [5][6]. - The company is actively expanding its domestic and international markets, with significant potential in low-altitude economy and gas turbine sectors [5][6]. - The product structure is anticipated to optimize further, enhancing overall profitability and net profit margins in the coming years [5][6].

Core Viewpoint - The article emphasizes the importance of compliance in business operations and tax payment as foundational elements for long-term development, highlighting the case of Qianjiang Feiliwa Quartz Glass Materials Co., Ltd. as a model for integrity in tax practices [1][4]. Group 1: Compliance and Business Operations - Compliance in business operations and lawful tax payment serve as both a "tightening spell" and a "protective talisman" for enterprises, ensuring stable operations and long-term growth [1]. - Qianjiang Feiliwa has established a comprehensive tax internal control mechanism covering procurement, production, and sales, ensuring that all tax-related activities are legal and compliant [1]. Group 2: Smart Taxation and Policy Application - The Hubei tax authority utilizes big data analysis to create detailed profiles of taxpayers, allowing for precise policy application and reducing the risk of tax-related issues due to misunderstandings [3]. - By tailoring tax policies to fit specific business needs, the tax authority helps lower compliance costs, enabling companies to allocate more resources towards innovation and capacity expansion [3]. Group 3: Credit Incentives and Tax Compliance - A-grade tax credit provides significant advantages in competitive bidding processes, such as reduced cash flow requirements and expedited patent application processes, enhancing the company's market position [4]. - The practice of integrity in tax payment is not only a legal obligation but also a core competitive advantage for long-term development, as demonstrated by Qianjiang Feiliwa's experience [4].

[Table_Info1] 国防军工 [Table_Date] 发布时间：2025-04-28 $$i k\neq\pm i k$$ 航发集团召开集体业绩说明会，航发赛道保持高景气度 报告摘要： [Table_Summary] 板块回顾：上周申万国防军工指数上涨 0.15%，上证指数上涨 0.56%，深 证成指上涨 1.38%，创业板指数上涨 1.74%，沪深 300 指数上涨 0.38%， 国防军工板块涨幅在 31 个申万一级行业中排名第 22。截至周五收盘， 申万国防军工板块 PE(TTM)为 72.51 倍，各子板块中航天装备为 104.77 倍，航空装备为 59.03 倍，地面兵装为 115.87 倍，航海装备为 83.42 倍， 军工电子为 82.55 倍。 航发集团召开集体业绩说明会。4 月 25 日，中国航发控股上市公司 2024 年度集体业绩交流活动在成都举行。航发动力 2024 年营收 478.8 亿元， 同比增速 9.48%；归母净利润 8.6 亿元，同比下滑 39.48%，主要原因系 公司在航空发动机关键技术领域的高研发投入导致成本上升；其次，原 材料价格波动和来自供应链端的压力对公司生 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The lithography process is the most technically challenging, costliest, and time-consuming step in chip manufacturing, accounting for approximately 30% of costs and 40-50% of time in the manufacturing process [7][10][12] - The lithography process involves multiple steps, including surface treatment, coating, exposure, development, and inspection, with advanced technology nodes requiring 60-90 lithography steps [7][10] - The lithography market is dominated by three major players: ASML, Nikon, and Canon, with a market size in the hundreds of billions [3.2][4.1] Summary by Sections 1. Lithography Process - Lithography is crucial for defining the minimum line width of chips and directly impacts the performance and process level of semiconductor devices [7][10] - Key parameters in lithography include resolution and overlay accuracy, which are essential for ensuring the precise transfer of patterns onto silicon wafers [14][32] 2. Components of Lithography Machines - Lithography machines consist of several key components, including the light source, illumination system, and projection optics, which are critical for the exposure process [43][45] - The light source provides the energy needed for lithography, with different types such as mercury lamps, excimer lasers, and extreme ultraviolet (EUV) light being used depending on the process requirements [45][48] 3. Lithography Machine Market - The lithography machine market is characterized by a high level of competition among leading manufacturers, with ASML being a dominant player in the EUV segment [3.2][4.1] - The report highlights the evolution of lithography technology, including advancements in light source wavelengths and numerical aperture (NA), which are essential for improving resolution [19][22] 4. Domestic Supply Chain Manufacturers - The report outlines several domestic manufacturers involved in the lithography supply chain, including Shanghai Micro Electronics, Guoke Precision, and Huazhuo Jingke, each specializing in different aspects of lithography technology [4.1][4.2][4.3]

证券代码：300395 证券简称：菲利华 公告编号：2025-20 湖北菲利华石英玻璃股份有限公司 第六届监事会第十六次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 2025 年4 月25 日，湖北菲利华石英玻璃股份有限公司（以下简称"公司"）第六届 监事会第十六次会议在公司会议室举行。会议通知于2025 年4 月20 日以通讯和邮件的方 式发出。本次会议由第六届监事会主席李再荣女士主持。出席监事3名，占公司监事总数 的 100%，符合《湖北菲利华石英玻璃股份有限公司章程》规定的法定人数，本次监事会 会议决议合法有效。 本议案具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）刊登的《2025年第一季度报告》（公告编号：2025-21）。 表决结果：3票赞成（占有效表决票数的100%）、0票反对、0票弃权。 三、报备文件 （一）第六届监事会第十六次会议决议。 特此公告。 湖北菲利华石英玻璃股份有限公司监事会 2025年4月25日 二、监事会会议审议情况 （一）《关于湖 ...

湖北菲利华石英玻璃股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：300395 证券简称：菲利华 公告编号：2025-19 本议案具体内容详见公司同日在中国证监会指定的创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）刊登的《2025年第一季度报告》（公告编号：2025-21）。 表决结果：9票赞成（占有效表决票数的100%）、0票反对、0票弃权。 三、报备文件 （一）第六届董事会第十六次会议决议； （二）第六届董事会审计委员会第十一次会议决议。 一、董事会会议召开情况 湖北菲利华石英玻璃股份有限公司（以下简称"公司"）于2025年4月25日在公司 会议室以现场与通讯相结合的方式召开第六届董事会第十六次会议，会议通知于2025 年4 月 20 日以通讯和邮件的方式发出。会议由董事长商春利先生主持，本次董事会应出席的 人数9 人，实际出席会议的董事9 人，占公司董事总数的100%。会议的召集和召开符合 《中华人民共和国公司法》等法律法规和《湖北菲利华石英玻璃股份有限公司章程》的相 关规定 ...

Financial Performance - The company's revenue for Q1 2025 was ¥406,260,612.77, a decrease of 0.97% compared to ¥410,249,218.63 in the same period last year[5] - Net profit attributable to shareholders increased by 35.72% to ¥105,085,733.78 from ¥77,426,245.04 year-on-year[5] - The net profit after deducting non-recurring gains and losses surged by 93.28% to ¥94,946,168.55 compared to ¥49,124,740.89 in the previous year[5] - Basic earnings per share rose by 49.50% to ¥0.2226 from ¥0.1489 year-on-year[5] - Net profit for the current period was ¥96,014,594.59, an increase of 22.0% compared to ¥78,719,006.94 in the previous period[21] Cash Flow - The net cash flow from operating activities improved significantly, reaching ¥158,233,216.36, a 235.96% increase from -¥116,383,122.28 in the same period last year[5] - Operating cash inflow for the current period reached $436.39 million, a significant increase from $273.44 million in the previous period, reflecting a growth of approximately 59.7%[24] - Net cash flow from operating activities was $158.23 million, a turnaround from a negative cash flow of $116.38 million in the previous period[24] - Cash inflow from investment activities totaled $470.39 million, compared to $153.11 million in the prior period, indicating a growth of about 207.5%[25] - Net cash flow from investment activities was negative at -$45.78 million, worsening from -$4.16 million in the previous period[25] - Cash inflow from financing activities amounted to $173.33 million, an increase from $143.49 million in the previous period, representing a growth of approximately 20.8%[25] - Net cash flow from financing activities was $69.46 million, a decrease from $99.89 million in the previous period[25] - The ending balance of cash and cash equivalents was $792.08 million, up from $442.39 million in the previous period, reflecting a substantial increase of about 79%[25] - Cash received from sales of goods and services was $393.33 million, compared to $237.32 million in the previous period, marking an increase of approximately 65.8%[24] - Total cash outflow from operating activities decreased to $278.15 million from $389.82 million, a reduction of about 28.6%[24] Assets and Liabilities - Total assets increased by 3.01% to ¥6,274,481,334.73 from ¥6,090,924,172.08 at the end of the previous year[5] - Total liabilities increased slightly to ¥1,153,322,044.45 from ¥1,143,736,595.47, a rise of 0.5%[18] - Non-current assets totaled ¥3,279,432,234.20, an increase of 3.0% from ¥3,185,018,855.12[18] - Accounts receivable increased to RMB 562,833,008.19 from RMB 501,411,713.78[16] - Inventory at the end of the period is RMB 738,605,763.33, slightly down from RMB 743,136,196.28[16] - The company’s trading financial assets decreased to RMB 368,066,097.42 from RMB 392,199,158.09[16] - Other receivables decreased to RMB 11,720,789.38 from RMB 19,142,528.48[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 13,146[13] - The largest shareholder, Deng Jiagui, holds 7.53% of shares, totaling 39,331,174 shares[13] - The second-largest shareholder, Wu Xueming, holds 6.42% of shares, totaling 33,510,589 shares, with 1,500,000 shares pledged[13] Investment and Capital Changes - The company reported a significant increase in investment income, which rose by 241.07% to ¥9,835,807.39 from ¥2,883,829.90 in the previous year[9] - The company has increased its registered capital in its subsidiary Jiangsu Zhongyi New Materials Co., Ltd. from RMB 80 million to RMB 120.2 million, with an investment of RMB 47.8 million[15] - The company’s shareholding in Jiangsu Zhongyi New Materials decreased from 60.00% to 55.84% after the capital increase[15] Research and Development - Research and development expenses were ¥61,356,055.48, up from ¥59,451,848.71, indicating continued investment in innovation[20] Other Information - The company experienced a 41.67% increase in taxes and surcharges, amounting to ¥4,281,253.30, primarily due to increased VAT obligations[9] - The company’s weighted average return on equity improved to 2.51% from 1.96% year-on-year[5] - The company did not report any new product or technology developments, market expansions, or mergers during this period[26]

2025年4月22日，菲利华公司发布了2024年年报。报告显示，公司2024年实现营业总收入17.42亿元，同 比下降16.68%；归属净利润为3.14亿元，同比下降41.56%；扣非净利润为2.64亿元，同比下降46.71%。 尽管公司在研发投入上逆势增长，但整体业绩表现不佳，显示出外部环境对公司经营的巨大冲击。 营收净利双降，外部环境压力显著 菲利华2024年的业绩表现可谓"双降"。营业总收入从2023年的20.91亿元降至17.42亿元，同比下降 16.68%。归属净利润和扣非净利润分别从5.38亿元和4.96亿元降至3.14亿元和2.64亿元，同比降幅均超 过40%。这一业绩下滑主要归因于全球宏观经济形势的复杂多变以及下游市场的周期性波动。 半导体市场虽然呈现结构性复苏，但国际产业政策变化和供应链不稳定影响了公司的半导体板块。航空 航天领域的需求回落导致销售订单阶段性下降，光伏行业则因供需错配和竞争加剧，营收同比下降。光 通讯板块同样面临市场需求承压和价格竞争加剧的双重挑战。这些外部因素共同导致了公司整体业绩的 下滑。 研发投入逆势增长，技术突破显著 尽管业绩承压，菲利华在研发投入上并未退缩。2024 ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,091 | 1,742 | 2,237 | 2,739 | 3,245 | | 同比 | 21.59 | (16.68) | 28.45 | 22.42 | 18.47 | | 归母净利润（百万元） | 537.65 | 314.21 | 509.83 | 683.10 | 787.47 | | 同比 | 9.98 | (41.56) | 62.26 | 33.99 | 15.28 | | EPS-最新摊薄（元/股） | 1.03 | 0.60 | 0.98 | 1.31 | 1.51 | | P/E（现价&最新摊薄） | 47.21 | 80.78 | 49.79 | 37.16 | 32.23 | 证券研究报告·公司点评报告·航空装备Ⅱ 菲利华（300395） 2024 年报点评：半导体市场复苏呈现结构性 分化，下游市场周期性波动 买入（维持） [Table_Tag] [ ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company achieved a revenue of 1.74 billion yuan in 2024, a year-over-year decrease of 16.7%, and a net profit attributable to shareholders of 314 million yuan, down 41.6% year-over-year [1][2]. - The company is focusing on long-term development by deepening its industrial chain layout and achieving technological breakthroughs in key materials despite facing significant short-term demand pressures [1][2]. - The company successfully developed 18 high-performance composite material structural component projects, which passed relevant testing assessments by the end of 2024 [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 430 million yuan, a year-over-year decline of 28.1%, and a net profit of 80 million yuan, down 37.5% year-over-year [2]. - The gross profit margin for 2024 decreased by 7.3 percentage points to 42.2%, with net profit margin declining by 8.7 percentage points to 18.7% due to changes in customer structure [2]. - The company’s revenue from quartz glass products was 660 million yuan, down 3.6% year-over-year, while revenue from quartz glass materials was 1.05 billion yuan, down 21.4% year-over-year [3]. R&D and Operational Efficiency - The company increased its R&D expenses by 12% to 250 million yuan in 2024, with the R&D expense ratio rising to 14.3% [4]. - The company’s accounts receivable decreased by 12% to 780 million yuan, while inventory increased by 11.6% to 740 million yuan by the end of 2024 [4]. Future Projections - The company is expected to achieve net profits of 576 million yuan, 845 million yuan, and 1.09 billion yuan for the years 2025, 2026, and 2027, respectively [5][6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 44x, 30x, and 23x, respectively [5][6].