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 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-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]

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].