【戈碧迦】特种玻璃国产化先锋，航天UTG开启千亿级增量空间 #航天UTG确立太空光伏最强逻辑，解决低轨卫星"寿命+效率"核心痛点。 低轨卫星面临原子氧腐蚀、高能粒子辐射及剧烈温差，UTG玻璃凭借铈元素抗辐射及镀膜热控技术，成为保护电 池片的唯一最优解。 随着卫星向高功耗进化，单星太阳翼面积从V1.5（22m²）提升至V3（350m²），玻璃使用量呈现量级增长。 公司具备玻璃原片制造能力，携手下游核心供应链，卡位太空UTG行业。 国内抗辐射玻璃仅戈碧迦、成都光敏、秦皇岛星箭有量产能力，公司作为唯一民企，有望抢占商业卫星市场。 #航天UTG确立太空光伏最强逻辑，解决低轨卫星"寿命+效率"核心痛点。 低轨卫星面临原子氧腐蚀、高能粒子辐射及剧烈温差，UTG玻璃凭借铈元素抗辐射及镀膜热控技术，成为保护电 池片的唯一最优解。 随着卫星向高功耗进化，单星太阳翼面积从V1.5（22m²）提升至V3（350m²），玻璃使用量呈现量级增长。 公司具备玻 【戈碧迦】特种玻璃国产化先锋，航天UTG开启千亿级增量空间 #千亿市场空间测算，UTG玻璃原片及抗辐射玻璃市场空间巨大。 按航天级UTG单价10000元/m²预测，对应规模525 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, Gobi Jia (920438.BJ) [5][14]. Core Insights - Gobi Jia is a leading high-tech enterprise engaged in the research, development, manufacturing, and sales of optical glass and specialty functional glass, with a focus on innovation and technology [2][18]. - The company has successfully developed various specialty glass products, including nano-microcrystalline glass, radiation-resistant glass, and high-temperature resistant glass, which are widely used in multiple applications [2][18]. - The company is positioned to benefit from the growing demand for specialty glass in the semiconductor and AI sectors, with expectations of significant revenue growth in the coming years [3][14]. Summary by Relevant Sections Company Overview - Gobi Jia has expanded its optical glass product range from 2 to over 100 varieties, covering mainstream optical glass types and extending into specialty glass products [2][3]. - The company has established a strong foothold in the specialty glass market, competing with international giants like Corning [2][12]. Market Demand and Competition - The optical glass market is experiencing robust demand driven by advancements in consumer electronics, including smartphones and tablets, which are pushing the development of nano-microcrystalline glass technology [2][44]. - The company is positioned in a competitive landscape where most domestic manufacturers focus on mid-to-low-end optical glass production, while Gobi Jia aims for high-end applications [42][44]. Financial Performance and Projections - The company is expected to achieve total revenue of 635 million, 928 million, and 1.339 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 63 million, 120 million, and 191 million yuan [3][14]. - The report indicates a stable growth trajectory for the company, with a compound annual growth rate (CAGR) of 26.2% for total revenue from 2020 to 2024 [24]. Technological Advancements - Gobi Jia is committed to continuous technological investment, focusing on the development of specialty functional glass and optimizing production processes to enhance product quality and reduce costs [11][12]. - The company has plans to invest up to 1 billion yuan in building six production lines for specialty electronic glass fibers, targeting applications in AI servers, 5G communication, and aerospace [2][3].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][11]. Core Views - The company is recognized as a "hidden champion" in high-end glass materials, with its semiconductor substrates and electronic cloth fibers expected to create a second growth curve. The glass materials business is expanding, and the basic performance is likely to recover, driving growth elasticity. The optical glass business has seen revenue growth and improved gross margins since 2024, although the specialty glass segment faces short-term pressure due to the end of major customer orders and delays in onboarding new clients. Increased R&D investment and strategic partnerships are expected to enhance collaboration in the semiconductor field, indicating a potential operational turning point [5][9][13]. Summary by Sections 1. Company Overview - The company has over a decade of experience in the optical glass industry, with core technologies in glass formulation, melting, testing, and production line design. It has expanded its product offerings to include optical glass, specialty functional glass, and semiconductor application glass [19][20]. 2. Market Performance - The global market for nano-microcrystalline glass is projected to grow at a CAGR of 30% from 2024 to 2029, driven by the rapid increase in Android smartphone shipments. The company is positioned to benefit from this trend as one of the few manufacturers capable of mass production [6][34]. 3. Growth Opportunities - The company is strategically expanding into semiconductor glass substrates and electronic cloth fibers, which are critical materials for advanced semiconductor packaging. The domestic market is expected to see significant growth opportunities as local companies accelerate their production capabilities [7][8][13]. 4. Financial Performance - The company is projected to achieve net profits of 44 million, 133 million, and 207 million yuan from 2025 to 2027, with corresponding P/E ratios of 127, 42, and 27 times. The company is considered a leader in high-end glass materials in China, with growth potential in new business areas [9][11][12]. 5. Industry Trends - The optical glass industry is experiencing a shift towards high-end products and domestic substitution, with the company positioned among the top tier of domestic manufacturers. The demand for optical glass is expected to rise due to advancements in consumer electronics, automotive electronics, and security monitoring [37][41].