公募基金方面，本期较上一期持股增加的公募基金共计1个，即南方中证500ETF，持股增加占比达 0.11%。本期较上一季度持股减少的公募基金共计3个，包括睿远成长价值混合A、光伏ETF、华安新材 料主题股票发起式A，持股减少占比达0.71%。本期较上一季度新披露的公募基金共计9个，主要包括摩 根卓越制造股票A、华安聚恒精选A、摩根核心精选股票A、国联安上证商品ETF、国寿安保稳嘉混合A 等。本期较上一季未再披露的公募基金共计2个，包括平安500ETF联接A、银华中证光伏产业ETF发起 式联接A。 2025年8月23日，石英股份(603688.SH)发布2025年半年度报告。截至2025年8月22日，共有16个机构投 资者披露持有石英股份A股股份，合计持股量达1.45亿股，占石英股份总股本的26.73%。其中，前十大 机构投资者包括富腾发展有限公司、香港中央结算有限公司、中国农业银行股份有限公司-中证500交易 型开放式指数证券投资基金、中国银行股份有限公司-华泰柏瑞中证光伏产业交易型开放式指数证券投 资基金、江苏太平洋石英股份有限公司回购专用证券账户、招商银行股份有限公司-睿远成长价值混合 型证券投资基金、摩根 ...

Core Viewpoint - Jiangsu Pacific Quartz Co., Ltd. reported a significant decline in financial performance for the first half of 2025, primarily due to a decrease in revenue from the photovoltaic sector, attributed to market supply-demand imbalances and price drops in quartz materials [2][3][4]. Company Overview and Financial Indicators - The company generated operating revenue of approximately 514.85 million yuan, a decrease of 30.13% compared to the same period last year [2][3]. - Total profit fell by 60.30% to about 116.61 million yuan, while net profit attributable to shareholders decreased by 58.41% to approximately 106.84 million yuan [2][3]. - The company's net assets increased slightly by 0.08% to approximately 5.77 billion yuan, and total assets rose by 0.50% to about 6.16 billion yuan [2][3]. Industry and Main Business Analysis - The high-purity quartz materials industry is crucial for semiconductor, photovoltaic, optical fiber, and optoelectronic applications, with significant growth potential in strategic emerging industries [3][4]. - The semiconductor market is projected to grow steadily, with a forecasted market size of 700.8 billion USD in 2025, reflecting an 11.2% year-on-year increase [3][4]. - The photovoltaic industry is under pressure due to overcapacity and price competition, but regulatory support and demand recovery are expected to improve market conditions in the future [3][4]. Business Operations and Market Position - The company focuses on high-purity quartz products, including quartz sand, tubes, and crucibles, primarily serving the semiconductor and photovoltaic sectors [3][4]. - The company has established itself as a key supplier in the photovoltaic industry, maintaining a leading market share despite recent demand fluctuations [3][4]. - The company is actively pursuing certifications for its semiconductor quartz products to enhance market penetration and expand its customer base [3][4]. Financial Performance and Cost Management - The company's operating costs decreased by 6.28% to approximately 317.39 million yuan, while sales expenses increased by 8.83% [2][3]. - The company reported a net cash flow from operating activities of approximately -87.98 million yuan, indicating challenges in cash generation due to reduced sales [2][3]. - Investment activities generated a net cash outflow of approximately -115.61 million yuan, reflecting a decrease in investment activities compared to the previous year [2][3]. Future Outlook and Strategic Initiatives - The company plans to continue focusing on research and development in semiconductor and photovoltaic quartz materials to enhance its product offerings and market competitiveness [3][4]. - The company aims to strengthen its international marketing efforts and expand its product certifications to increase its presence in global markets [3][4]. - Ongoing investments in technology and production capabilities are expected to support the company's long-term growth and operational efficiency [3][4].

营业收入较去年同期同比下降30.13%的主要原因：系光伏行业阶段性市场供需失衡，致光伏用石英材 料价格下跌。针对市场变化，同时为降低风险，公司执行谨慎销售策略，导致公司经营业绩出现同比大 幅下滑。 格隆汇8月22日丨石英股份(603688.SH)公布2025年半年度报告，报告期实现营业收入5.15亿元，同比下 降30.13%；归属于上市公司股东的净利润1.07亿元，同比下降58.41%；归属于上市公司股东的扣除非经 常性损益的净利润6128.57万元，同比下降75.84%；基本每股收益0.20元。 ...

Core Viewpoint - The report highlights the potential of Feiliwa (300395) in transforming its technological advantages into a first-mover advantage in the quartz fabric market, supported by a stock incentive plan that reflects the company's confidence in its future growth [1][2]. Group 1: Market Opportunity - Feiliwa is entering the blue ocean market of electronic fabrics by leveraging its full industry chain advantages in quartz fibers, particularly in aerospace and semiconductor applications [2][4]. - The global PCB market in the server/data storage sector is projected to grow from $10.9 billion to $18.9 billion from 2024 to 2029, with a CAGR of 12%, indicating a significant demand for quartz fabric due to its excellent dielectric properties [3]. Group 2: Technological Edge - Feiliwa has a 60-year history in quartz technology, making it one of the few manufacturers capable of mass-producing quartz fibers, which are critical for high-precision applications [4]. - The company has developed a second-generation ultra-low loss quartz electronic fabric, directly competing with international giants like Shin-Etsu Chemical [4]. Group 3: Stock Incentive Plan - The stock incentive plan aims to motivate 255 core technical and sales personnel by granting 1.6881 million shares at a price significantly below the market price, with performance targets tied to net profit growth [5]. - The plan is designed to enhance employee engagement and operational efficiency, reflecting the company's commitment to its core talent [5]. Group 4: Financial Projections - Feiliwa's projected EPS for 2025, 2026, and 2027 are 1.16, 1.65, and 2.45 yuan, respectively, with a total market capitalization of approximately 39.7 billion yuan as of July 25, 2025 [6]. - The corresponding PE ratios for these years are expected to be 65.4, 46.0, and 31.1 times, indicating a strong growth outlook [6].

Core Viewpoint - The company, Quartz Co., is a leading enterprise in the high-purity quartz material industry, with a fully integrated production capability from raw quartz sand to finished products, positioning itself to capitalize on domestic substitution trends in the high-purity quartz sand market [1][2]. Group 1: Product and Market Position - The main products of the company include high-purity quartz sand, high-purity quartz tubes (rods, blocks, and cylinders), and high-purity quartz crucibles, with revenue contributions in 2024 being 17.61%, 80.28%, and 0.21% respectively [1]. - In 2021, the national production of high-purity quartz sand (4N5 grade or higher) was 80,000 tons, with the company producing 24,232 tons, accounting for 30.29% of the market share [1]. - The revenue distribution in 2024 across different application sectors shows that photovoltaic, lighting, and fiber semiconductors contribute 31.51%, 25.27%, and 41.32% respectively, with a significant increase in the photovoltaic sector due to rising prices [1]. Group 2: Technological and Competitive Advantages - The company has developed proprietary high-purity quartz sand purification technology, making it one of the few global players capable of large-scale production, alongside companies like Unimin and TQC [2]. - The high-purity quartz sand industry faces significant barriers, including the scarcity of stable high-purity mineral sources and stringent purity requirements for processing technology [2]. - Recent discoveries of high-purity quartz mineral deposits in regions like Xinjiang, Henan, and Anhui indicate a potential for domestic mineral source substitution, reducing reliance on foreign supplies [2]. Group 3: Semiconductor Market Potential - The semiconductor manufacturing process requires various quartz products, with the market for semiconductor quartz materials being substantial and characterized by high entry barriers due to purity requirements [3]. - In 2020, the domestic consumption of high-end high-purity quartz sand (4N5 grade and above) was 60,000 tons, with the semiconductor sector accounting for 43.3% of this demand [3]. - The estimated market size for high-purity quartz sand used in semiconductors in mainland China is approximately 3.499 billion yuan, with the overall market for semiconductor quartz devices estimated at 7.511 billion yuan [3]. Group 4: Certification and Supply Chain Control - The company is the only domestic entity to have passed the stringent certification processes required by major semiconductor equipment manufacturers, which is crucial for entering the wafer fabrication supply chain [4]. - The current geopolitical climate and trade restrictions have heightened the urgency for domestic semiconductor manufacturers to seek local suppliers, which may accelerate the adoption of the company's products [4]. Group 5: Financial Projections - Revenue forecasts for the company from 2025 to 2027 are projected at 1.383 billion, 1.825 billion, and 2.283 billion yuan, reflecting year-on-year growth rates of 14.3%, 31.93%, and 25.09% respectively [5]. - The net profit attributable to the parent company is expected to be 384 million, 531 million, and 691 million yuan for the same period, with corresponding growth rates of 15.07%, 38.35%, and 30.12% [5].

Core Viewpoint - The article discusses the development, production challenges, and applications of fused quartz, highlighting its growing importance in various high-tech industries and the need for improved production techniques to enhance quality and reduce costs [1][2][3]. Group 1: Classification of Fused Quartz - Fused quartz is classified into two main types: transparent quartz glass with SiO2 content greater than 99.95% and opaque quartz glass with SiO2 content greater than 99.80% [1]. - The industry has seen the development of new varieties, such as optical-grade fused quartz glass and high-purity fused quartz products, by companies like HERAEUS and GEQUARTZ [1]. Group 2: Production Status of Fused Quartz - Jiangsu Province's Donghai County is a key production base for high-purity quartz materials, with local companies using a production process that involves melting selected high-quality quartz raw materials [1]. - Major challenges in production include high melting temperatures, viscosity, and the need for high purity, with impurities needing to be less than 0.0001% [2]. - The current production methods often lead to high energy consumption, accounting for over 50% of production costs, which impacts profitability [2]. Group 3: Applications and Market Overview - Fused quartz is widely used in various fields, including electronics, military, aerospace, optical communications, and chemical engineering due to its excellent physical and chemical properties [3]. - In the electrical light source industry, fused quartz products are used in various lighting applications, including energy-saving lamps and sterilization lamps [4]. - The fiber optics industry relies heavily on high-purity fused quartz materials for the production of optical fibers, with strict requirements for size and purity [5]. - In aerospace, fused quartz is utilized for its low thermal expansion coefficient and excellent radiation resistance, making it suitable for applications in telescopes and spacecraft [5]. - The semiconductor industry has seen rapid growth in the use of fused quartz for various processes, including doping and diffusion of silicon wafers [5]. - Fused quartz is also essential in radar technology, chemical production, metallurgy, and precision instruments due to its stability and high-temperature resistance [5].

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 306.30 million yuan in 2024, representing a year-on-year growth of 17.95%. However, the net profit attributable to the parent company decreased by 13.31% to 32.91 million yuan due to increased depreciation from new high-end quartz product projects and higher overall expenses from stock incentive plans [1][9] - The semiconductor industry is experiencing favorable conditions, supported by policies that promote the development of advanced semiconductor materials. The demand for quartz materials is expected to accelerate, driven by the growth in 5G fiber optics and the photovoltaic industry [9] - The company's subsidiary, Kaide Xinjie, is progressing well in its semiconductor precision component production base, which is expected to enhance capacity. The project has received ISO:9001 certification and has attracted several high-end quartz product clients [9] - The company is actively promoting technological innovation, having obtained 9 invention patents in 2024 and receiving several industry awards for its contributions to quartz materials [9] Financial Summary - The total revenue forecast for 2024 is 306 million yuan, with a projected growth rate of 17.95%. The net profit attributable to the parent company is expected to be 32.91 million yuan, with a decline of 13.31% [1][11] - The gross profit margin for 2024 is 41.67%, an increase of 2.77 percentage points year-on-year [9] - The company’s earnings per share (EPS) for 2024 is projected at 0.44 yuan, with a price-to-earnings (P/E) ratio of 79.43 [1][11]

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].