近日，畅的新材料科技（上海）有限公司（下文简称"畅的新材"）浙江宁波前湾生产基地奠基。 图片来源：畅的新材 根据规划，项目全面达产后，预计将实现年产能13,000吨高端光学功能薄膜，年销售收入超13亿 元。 畅的新材表示，该基地建成后将成为长三角地区高端光学薄膜智能制造基地，有力支撑新能源汽 车、显示等产业集群发展，推动我国光电显示材料产业向高端化跃迁。 资料显示，畅的新材专注于光学及电子纳米新材料研发、生产和销售。核心产品包括MLCC电极用 纳米Ni浆料、BOPET千层光学膜、电子防窥膜单向透视膜、纳米隔热材料等，广泛应用于 MLCC、电子显示、新能源、汽车、消费电子等领域。 值得一提的是，今年7月，畅的新材完成了近2亿元的B+轮融资，资金将主要用于宁波前湾新区、 台州临海市两个新生产基地和产能的建设。（集邦Display整理） 项目总投资约10亿元人民币，总规划用地面积80亩，总建筑面积115337.92平方米，分两期建设 现代化智能工厂，打造集生产、研发、配套于一体的专业化基地 从功能分区来看，生产基地划分为核心生产区与智慧配套区两大板块，建设内容为： 核心生产区：2条双向拉伸多层光学薄膜生产线（兼容S ...

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 60.71 and a sector rating of outperforming the market [1]. Core Insights - The company, Hubei Feilihua Quartz Glass Co., Ltd., is positioned to benefit from the growing demand for quartz fiber electronic cloth, which is expected to become a core material in the computing era [3]. - The semiconductor and optical materials sectors are anticipated to benefit from domestic substitution trends, while the aerospace, photovoltaic, and optical communication businesses are expected to maintain a stable foundation [3]. - The report highlights the company's comprehensive industrial chain capabilities, which include quartz sand, quartz fiber, and quartz fiber electronic cloth production [3]. Summary by Sections Financial Performance - The company is projected to achieve EPS of RMB 1.16, 1.65, and 2.45 for the years 2025, 2026, and 2027 respectively, with a total market capitalization of approximately RMB 31.7 billion as of July 16, 2025 [5]. - Revenue forecasts indicate a growth trajectory with expected revenues of RMB 2,318 million in 2025, RMB 3,366 million in 2026, and RMB 5,052 million in 2027, reflecting growth rates of 33.1%, 45.2%, and 50.1% respectively [7]. Industry Positioning - The company is recognized as a leading supplier of quartz glass fiber in the aerospace sector, benefiting from the growth of China's aerospace industry [8]. - The report emphasizes the importance of low dielectric electronic cloth as a core material for printed circuit boards (PCBs), with quartz fiber expected to stand out due to its superior properties [8][30]. Market Trends - The global semiconductor quartz products market is projected to grow significantly, with the market size expected to increase from USD 3.226 billion in 2024 to USD 7.321 billion by 2031 [8]. - The demand for low dielectric electronic cloth is driven by advancements in 5G communication, automotive electronics, and aerospace applications, which require high-speed signal transmission and low energy loss [8][42]. Competitive Advantages - The company has established a full industrial chain from high-purity quartz sand to downstream applications, enhancing its competitive edge in the market [22]. - Feilihua has been actively expanding its production capacity to capture the emerging market opportunities in quartz fiber electronic cloth [8][27].

Financial Performance - In 2024, the company achieved a revenue of ¥2,101,954,593.52, a decrease of 43.47% year-on-year [3] - The net profit attributable to shareholders was ¥84,600,941.21, down 81.86% year-on-year [3] - The net profit after deducting non-recurring gains and losses was ¥81,688,257.01, a decline of 81.59% year-on-year [3] - The company recognized an investment loss of ¥81,415,451.89 due to significant goodwill impairment from a key supplier [3] Market Dynamics - The lithium-ion battery materials market is experiencing intensified competition, with prices of key products continuing to decline [3][6] - The demand for lithium-ion battery materials is expected to expand due to the growth of the new energy vehicle sector and advancements in battery technology [4][6] - The global energy storage market is witnessing substantial growth driven by renewable energy development and increasing demand for data centers [5] Future Growth Drivers - The company aims to leverage its technological and scale advantages in lithium-ion battery materials to meet the evolving needs of core customers [4] - The optical film sector is anticipated to benefit from the domestic shift in LCD production and ongoing upgrades in consumer electronics [6] - The functional silane market is projected to grow steadily, driven by demand from emerging industrial applications and the increasing entry barriers in the industry [6] Industry Outlook - The lithium-ion battery materials industry is in a deep adjustment period, with companies slowing down capacity release amid fierce competition [6] - The functional silane sector is entering a new phase of high-quality development, with China becoming the largest producer and consumer globally [6] - The company plans to expand its product range and enhance technical services to strengthen its competitive position in the market [6]