半导体认证持续推进，国产替代有望提速 石英股份(603688) ——石英股份更新报告 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 巫恺洋(研究助理) | [Table_Target] 目标价格： | 47.00 | | --- | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号S0880513070005 | S0880521010001 | S0880123070145 | | | | | | | | [Table_Industry] 建材/原材料 | | --- | --- | | [Table_Invest] 评级： | 增持 | | [Table_Target] 目标价格： | 47.00 | 本报告导读： 半导体业务已成为公司核心增长点，年内半导体砂认证突破，外部环境不确定性下， 自主可控重要性凸显，国产替代有望提速。 投资要点： 风险提示：原料成本大幅上涨，需求不及预期。 | [Table_Finance] 财务摘要（百万元） | 2023A | ...

Core Insights - The company reported a revenue of 1.742 billion yuan for 2024, a year-on-year decrease of 16.68%, and a net profit attributable to shareholders of 314 million yuan, down 41.56% year-on-year [1] - The semiconductor business showed steady growth, while fluctuations in demand in aerospace, photovoltaic, and optical communication sectors led to an overall decline in revenue and performance [2] - The gross margin for quartz glass materials decreased due to changes in revenue structure and rising costs in the semiconductor sector, while the company’s net profit margin also declined [3] Financial Performance - For Q4 2024, the company achieved a revenue of 428 million yuan, a year-on-year decrease of 28.14%, but a quarter-on-quarter increase of 7.43%, with a net profit of 80 million yuan, down 37.5% year-on-year but up 27.52% quarter-on-quarter [1] - The quartz glass materials business saw a revenue decline of 21.43% to 1.050 billion yuan, primarily due to significant drops in the aerospace sector [2] - The company’s inventory balance increased to 743 million yuan, with raw materials accounting for 66% of the inventory, indicating a stable production capacity [3] Business Segments - The semiconductor materials and products business achieved an 11% revenue growth in 2024, driven by new high-end products and ongoing efforts for domestic substitution [2] - The aerospace sector experienced a significant downturn, impacting the overall quartz glass materials revenue [2] - The gross margin for quartz glass products decreased due to rising direct labor and manufacturing costs, although improvements in fire processing capabilities are expected to drive future growth [3] Future Outlook - The company projects net profits attributable to shareholders of 607 million yuan, 822 million yuan, and 1.147 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 93%, 35%, and 40% [3]