盈利预测与投资评级：预计公司25-27 年营收分别为13.83、18.25、22.83亿，分别同比+14.3%、 +31.93%、+25.09%，归母净利润分别为3.84、5.31、6.91 亿，分别同比+15.07%、+38.35%、+30.12%， 对应PE 分别为48.33、34.93、26.85，考虑到公司高纯石英砂半导体认证进展领先，自主可控一体化供 应能力稀缺，首次覆盖，给予"强烈推荐"评级。 风险提示：光伏供需恶化；半导体认证进度不及预期；晶圆厂资本开支进度不及预期等。 半导体领域认证领先，供应链自主可控诉求或加速公司半导体石英材料放量。半导体制造过程中的清 洗、光刻、刻蚀等多个环节需要用到石英玻璃坩埚、高精度石英玻璃基片等多种类型的石英制品。半导 体石英制品为半导体制造过程中的关键耗材，市场空间广阔，供应链具有较高的进入壁垒：1）对原材 料石英砂纯度有极高要求，需达到4N 级（99.99%）至6N 级（99.9999%）之间的范围；2）2020 年国内 4N5 级及以上高端高纯石英砂消费量为6 万吨，其中半导体（不含光伏）占比43.3%，测算半导体制造 消耗高纯石英砂2.6 万吨，假设半导体用 ...

熔融石英又称石英玻璃，是以天然石英，包括硅石、水晶等为原料，经高温熔融而制得 的一种过冷液体。 1、熔融石英的分类 熔融石英一般包括透明石英玻璃和不透明石英玻璃两种。透明石英玻璃中SiO2含量大 于99.95%，是以高纯石英粉或四氯化硅等为原料经高温熔制而成；不透明石英玻璃中SiO2 含量大于99.80%，是以普通石英粉和石英砂为原料高温熔制而成。 近几十年，熔融石英的应用领域越来越宽，促进熔融石英行业迅猛发展，许多新品种被 不断开发。如德国HERAEUS公司开发的粉料光学级熔融石英玻璃、不透明熔融石英玻璃、 低羟基熔融石英玻璃和合成光学级熔融石英玻璃。美国GEQUARTZ公司开发的掺铈管、掺 铁管以及具有超高纯宽紫外线透过能力的熔融石英玻璃等。电光源用熔融石英玻璃管在国内 已大规模生产，一些产品已经达到国外先进水平，因其价格优势极具竞争力。 2、熔融石英的生产现状 江苏省东海县的石英原料储量大，纯度高，是中国的硅材料产业基地。目前，东海县熔 融 石 英 原 料 生 产 企 业 普 遍 采 用 的 生 产 工 艺 为 ： 将 精 选 的 优 质 硅 石 原 料 （ SiO2 含 量 ＞ 99%），如脉石英等破 ...

Core Viewpoint - The company reported a revenue of 1.742 billion yuan in 2024, a decrease of 16.68%, and a net profit of 314 million yuan, down 41.56%. For Q1 2025, revenue was 406 million yuan, a slight decline of 0.97%, with a net profit of 105 million yuan, an increase of 35.72% [1] Group 1 - The aerospace industry's temporary demand slowdown has impacted the company's 2024 performance, while Q1 2025 revenue remained stable with improved profitability [1] - The company's gross margin for 2024 was 42.17%, down 7.31%, and the net margin was 18.73%, down 8.75%. In Q1 2025, gross margin improved to 49.96%, up 10.32 percentage points, and net margin increased to 23.63%, up 4.45 percentage points [1] - The company expects profitability to continue to recover with improved military demand and capacity expansion [1] Group 2 - As of the end of Q1 2025, the company's inventory balance was 739 million yuan, a decrease of 0.61% from the end of 2024, while the construction in progress balance was 385 million yuan, an increase of 44.90% from the end of 2024 and 186.81% from the end of 2023, indicating further capacity expansion [2] - The company is a leading manufacturer of quartz materials and fibers, with a multi-faceted approach extending upstream and downstream in the industry. It is expected to benefit from the recovery in aerospace and the rapid development of the domestic semiconductor market [2] - The company is leveraging its synthetic quartz material advantages to expand into precision processing for TFT-LCD and semiconductor photomasks, with projects in Hefei and Jinan expected to contribute to growth [2] Group 3 - Based on the 2024 annual report adjustments and Q1 2025 gross margin updates, the company's EPS for 2025 and 2026 has been revised to 1.23 yuan and 1.65 yuan, respectively, with a new EPS forecast for 2027 at 2.03 yuan. The target price is set at 52.89 yuan, maintaining a buy rating [3]

Core Insights - The company reported a revenue of 1.742 billion yuan for 2024, a year-over-year decline of 16.68%, and a net profit attributable to shareholders of 314 million yuan, down 41.56% year-over-year [1] - The aerospace sector's demand has negatively impacted performance, while the semiconductor segment showed steady revenue growth [2] Financial Performance - For 2024, the company achieved revenue of 1.05 billion yuan from quartz glass materials and 656 million yuan from quartz glass products, representing declines of 21.43% and 3.56% respectively [2] - The semiconductor segment's revenue grew by 11% year-over-year, supported by market expansion and product development [2] - The company's gross margin and net margin decreased by 7.31 and 7.68 percentage points to 42.17% and 18.04% respectively [2] R&D and Capacity Expansion - R&D expenses increased by 11.98% to 250 million yuan, leading to a rise in the R&D expense ratio by 3.67 percentage points to 14.35% [3] - The company is advancing its high-purity synthetic quartz sand project and has successfully developed new automated production processes for honeycomb structure fabrics [3] - A project to expand the production capacity of synthetic quartz glass materials to 160 tons per year has commenced [3] Market Position and Capital Operations - The company is a leading supplier of quartz glass fibers in the domestic aerospace sector, focusing on aerospace and semiconductor fields [3] - The company announced plans to raise up to 300 million yuan through a private placement in April 2024, aiming to enhance its industrial layout and strengthen product and service advantages [3] Profit Forecast and Valuation - The net profit forecast for 2025 has been revised down by 13.4% to 580 million yuan, with an initial forecast for 2026 set at 737 million yuan [4] - The current stock price corresponds to a P/E ratio of 42.4x for 2025 and 33.4x for 2026 [4] - The target price remains at 47.86 yuan, reflecting a potential upside of 2% [4]

证券研究报告·公司点评报告·半导体 凯德石英（835179） 2025 年 04 月 28 日 证券分析师 朱洁羽 2024 年年报点评：营收保持高增长，大力推 进技术创新 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 259.69 | 306.30 | 345.12 | 398.27 | 450.15 | | 同比（%） | 43.06 | 17.95 | 12.67 | 15.40 | 13.03 | | 归母净利润（百万元） | 37.96 | 32.91 | 43.31 | 55.43 | 69.86 | | 同比（%） | (29.61) | (13.31) | 31.61 | 28.00 | 26.03 | | EPS-最新摊薄（元/股） | 0.51 | 0.44 | 0.58 | 0.74 | 0.93 | | P/E（现价&最新摊薄） | 68.86 | 79.43 | 60.35 | 47. ...

Core Viewpoint - The significant decline in Quartz Co., Ltd.'s performance in 2024 is primarily attributed to fluctuations in the photovoltaic industry, leading to a drastic reduction in revenue and profits [4][6]. Financial Performance - The total revenue for 2024 was 1.21 billion, a decrease of 83.15% compared to 7.18 billion in 2023 [4][5]. - Gross profit for 2024 was 556 million, and net profit attributable to shareholders was 334 million, reflecting year-on-year declines of 93.38% and 94.55% respectively [4][5]. - The rolling quarter-on-quarter growth rates for total revenue, net profit, and non-recurring net profit were -46.95%, -70.87%, and -75.53% respectively, indicating a significant performance downturn [4]. Industry Impact - The decline in performance is largely due to reduced demand for quartz materials used in photovoltaic applications, as the industry undergoes capacity reduction and inventory clearance [4][6]. - Despite challenges in the photovoltaic sector, the semiconductor materials segment is emerging as a new growth point for the company [5][6]. Strategic Focus - The company is committed to prioritizing the development of semiconductor materials, increasing research and development investments in this area [5][6]. - The high-purity quartz sand produced by the company has successfully entered the semiconductor field and has passed key customer certifications, enhancing its market access [5]. Financial Health and Shareholder Returns - Despite the significant drop in performance, the company plans to distribute a cash dividend of 1.9 per 10 shares (including tax), totaling 102 million, which represents 30.69% of the net profit attributable to shareholders [5]. - The company's financial ratios indicate a relatively stable financial condition, with a debt-to-asset ratio of 10.69%, a current ratio of 6.949, and a quick ratio of 5.351 [5].