其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 | 收盘价(元) | 85.20 | | --- | --- | | 一年内最高/最低(元) | 105.20/28.62 | | 沪深 300 指数 | 4,522.00 | | 市净率(倍) | 10.37 | | 流通市值(亿元) | 437.11 | | 基础数据(2025-06-30) | | | 每股净资产(元) | 8.21 | | 每股经营现金流(元) | 0.37 | | 每股经营现金流(元) | 0.37 | | --- | --- | | 毛利率(%) | 49.22 | | 净资产收益率_摊薄(%) | 5.17 | | 资产负债率(%) | 21.99 | | 总股本/流通股(万股) | 52,226.77/51,304.38 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 0% 38% 77% 115% 154% 192% 230% 269% 2024.09 2025.01 2025. ...

9月15日，菲利华盘中上涨2.11%，截至13:07，报87.00元/股，成交9.43亿元，换手率2.16%，总市值 454.37亿元。 资料显示，湖北菲利华石英玻璃股份有限公司位于湖北省荆州市东方大道68号，成立日期1999年1月22 日，上市日期2014年9月10日，公司主营业务涉及主要从事光通讯、半导体、太阳能、航空航天及其他 领域用高性能石英玻璃材料及制品、石英纤维及制品的生产与销售业务。主营业务收入构成为：石英玻 璃材料70.80%，石英玻璃制品28.91%，其他0.30%。 菲利华所属申万行业为：国防军工-航空装备Ⅱ-航空装备Ⅲ。所属概念板块包括：航天军工、军民融 合、电子化学品、光学、中盘等。 资金流向方面，主力资金净流出1.00亿元，特大单买入6606.61万元，占比7.00%，卖出1.56亿元，占比 16.52%；大单买入1.85亿元，占比19.63%，卖出1.96亿元，占比20.76%。 菲利华今年以来股价涨132.12%，近5个交易日涨9.46%，近20日跌15.13%，近60日涨93.12%。 今年以来菲利华已经1次登上龙虎榜，最近一次登上龙虎榜为8月13日，当日龙虎榜净买入-3.22 ...

丨证券研究报告丨 公司研究丨点评报告丨菲利华（300395.SZ） [Table_Title] 航天复苏结构件落地，电子布空间星辰大海 报告要点 分析师及联系人 [Table_Author] 王贺嘉 王清 SAC：S0490520110004 SAC：S0490524050001 SFC：BUX462 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 航空航天领域需求回暖牵引公司上半年业绩增速高于营收增速，石英纤维复材结构件布局多年 2025 年首个型号开始批产；半导体行业复苏牵引相关收入稳步增长，光伏行业供需错配相关收 入大幅下滑；石英电子布上半年已实现 1312 万元，后续大规模放量空间广阔；公司产能持续 扩张以迎接后续景气上行，存货余额创历史新高保障后续成长韧性。 菲利华（300395.SZ） cjzqdt11111 [Table_Title2] 航天复苏结构件落地，电子布空间星辰大海 [Table_Summary2] 事件描述 公司发布 2025 半年报，2025H1 实现营业收入 9.08 亿元，同比减少 0.77%，实现 ...

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows a slight decline in revenue but a significant increase in net profit, driven by the recovery in the semiconductor sector and a rebound in aerospace orders [8] - The gross margin improved due to lower raw material costs and optimized product structure, indicating better profitability [8] - The company is strengthening its core competitiveness by obtaining certifications from major international players and launching new products, which may open new market opportunities [8] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 908 million yuan, a year-on-year decrease of 0.77%, while net profit attributable to the parent company was 222 million yuan, an increase of 28.72% [8] - The gross margin for the first half of 2025 was 49.21%, up 5.82 percentage points from the previous year [8] - The company expects net profits for 2025-2027 to be 510 million, 683 million, and 787 million yuan respectively, with corresponding P/E ratios of 96, 72, and 62 [8][9]

Core Viewpoint - The company reported its 1H25 financial results, showing stable growth in the semiconductor sector and recovery in aerospace orders, alongside significant progress in ultra-thin quartz electronic cloth products [1][4]. Financial Performance - 1H25 revenue reached 910 million yuan, a year-over-year decrease of 0.8%; net profit attributable to shareholders was 220 million yuan, up 28.7% year-over-year; and net profit excluding non-recurring items was 200 million yuan, up 51.1% year-over-year [1]. - In 2Q25, the company achieved revenue of 500 million yuan, a year-over-year decrease of 0.6%; net profit attributable to shareholders was 120 million yuan, up 23.0% year-over-year; and net profit excluding non-recurring items was 110 million yuan, up 26.8% year-over-year [1]. - The gross margin for 1H25 improved by 6.4 percentage points to 49.2%, while the net margin increased by 3.1 percentage points to 23.0% [1]. Segment Performance - Revenue from quartz glass products was 260 million yuan, down 30.9% year-over-year, accounting for 29% of total revenue, with a gross margin decline of 3.17 percentage points to 26.0% [2]. - Revenue from quartz glass materials was 640 million yuan, up 21.4% year-over-year, representing 71% of total revenue, with a gross margin increase of 6.02 percentage points to 58.7% [2]. - The subsidiary Zhongyi Technology reported revenue of 90 million yuan, up 31.7% year-over-year, with a net profit of 10 million yuan, also up 31.3% year-over-year [2]. Cost Management - The company's expense ratio decreased by 1.8 percentage points year-over-year to 22.5% in 1H25, with reductions in sales, management, and R&D expense ratios [3]. - Operating cash flow significantly improved, reaching 190 million yuan in 1H25 compared to 10 million yuan in the same period last year [3]. Investment Outlook - The company is a leading domestic supplier of quartz glass fiber for aerospace, with a complete industrial chain in quartz glass fiber materials and innovative products like the 10.5 generation TFT-LCD photomask substrate [4]. - The ongoing development of ultra-thin quartz electronic cloth products is in the client testing and certification phase, which is expected to drive future growth [4]. - Projected net profits for 2025 to 2027 are 439 million yuan, 636 million yuan, and 865 million yuan, with corresponding price-to-earnings ratios of 111x, 77x, and 57x [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a net profit of 220 million yuan in 1H25, representing a year-over-year increase of 28.7%, while revenue was 910 million yuan, down 0.8% year-over-year [1]. - The semiconductor segment showed steady growth, and orders in the aerospace sector have recovered, contributing to the overall performance [1]. - The company is progressing in the development of ultra-thin quartz electronic cloth products, which are currently undergoing client testing and certification [4]. Financial Performance Summary - In 2Q25, the company reported a net profit of 120 million yuan, a 23% increase year-over-year, with a revenue of 500 million yuan, down 0.6% year-over-year [1]. - The gross margin for 1H25 improved by 6.4 percentage points to 49.2%, and the net margin increased by 3.1 percentage points to 23.0% [1]. - Revenue from quartz glass materials grew by 21% year-over-year, significantly contributing to the overall gross margin improvement [1]. Product Segment Performance - Revenue from quartz glass products was 260 million yuan, down 30.9% year-over-year, accounting for 29% of total revenue [2]. - Revenue from quartz glass materials reached 640 million yuan, up 21.4% year-over-year, making up 71% of total revenue [2]. - The subsidiary Zhongyi Technology reported a revenue of 90 million yuan, a 31.7% increase year-over-year [2]. Cost and Cash Flow Analysis - The company's expense ratio decreased by 1.8 percentage points to 22.5% in 1H25, with reductions in sales, management, and R&D expenses [3]. - Operating cash flow significantly improved to 190 million yuan in 1H25, compared to 10 million yuan in the same period last year [3]. Future Earnings Forecast - The company is projected to achieve net profits of 439 million yuan, 636 million yuan, and 865 million yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to a price-to-earnings ratio of 111x for 2025, 77x for 2026, and 57x for 2027 [4].

Group 1: Key Insights on Macro Economy - The "urban renewal" is highlighted as a significant focus for future urban work, with infrastructure and real estate investment expected to be boosted [5][6] - The central urban work conference emphasized transitioning urbanization from rapid growth to stable development, focusing on quality and efficiency [5][6] - The meeting underscored the importance of "innovation" as a key theme, aiming to stimulate high-tech industry investment through urban renewal initiatives [7] Group 2: Insights on Intelligent Driving Industry - Intelligent driving is positioned as a leading application of physical AI, with the potential to drive investment opportunities across the industry chain [8][10] - The report identifies a shift in competitive focus among domestic automakers from merely increasing the number of operational cities to achieving nationwide functionality of intelligent driving features [9][10] - The technological paradigm shift towards data-driven and knowledge-driven approaches is enhancing the generalization performance of intelligent driving systems, paving the way for faster deployment of high-level intelligent driving [9] Group 3: Insights on Defense and Aerospace Industry - The company, 菲利华, is positioning its quartz fiber electronic cloth as a core material for M9 PCBs in the computing era, benefiting from the trend of domestic substitution [12][13] - The semiconductor and optical materials sectors are expected to gain from the increasing demand for high-purity, high-temperature resistant quartz products, with the global semiconductor quartz product market projected to grow from $3.226 billion in 2024 to $7.321 billion by 2031 [13] - 菲利华 is actively expanding its production capacity in the quartz fiber electronic cloth market, aiming to capture early advantages in this emerging sector [12][14]

Core Viewpoint - Quartz glass, primarily composed of silicon dioxide, is an essential material in modern strategic emerging industries such as information technology, optics, photovoltaics, semiconductors, and aerospace due to its superior properties like high transparency, high-temperature resistance, low expansion coefficient, strong chemical stability, high purity, and excellent electrical insulation [1]. Industry Chain of Quartz Glass Products - The quartz glass products can be categorized based on application fields, including semiconductor quartz products, photovoltaic solar quartz products, optical fiber quartz products, electric light source quartz products, optical quartz products, and others [2][3]. Semiconductor Sector - The semiconductor sector is the largest application area for quartz products, where high purity and chemical stability of quartz glass make it an indispensable material in semiconductor integrated circuit manufacturing [3][5]. - In the semiconductor industry, quartz products are used in various processes such as single crystal growth, wafer processing, integrated circuit wafer production, and packaging. Key quartz products include quartz crucibles, quartz plates, quartz rings, and quartz diffusion tubes [5][6]. - The demand for quartz glass is expected to grow significantly due to the increasing domestic semiconductor market and the push for domestic substitution in the semiconductor supply chain [6]. Photovoltaic Sector - In photovoltaic manufacturing, quartz products like quartz crucibles are crucial for the production of monocrystalline and polycrystalline silicon. The performance of quartz crucibles directly affects the quality of crystal pulling [8][10]. - The rapid development of the photovoltaic industry has led to a significant increase in demand for high-quality quartz products, particularly in the N-type high-efficiency monocrystalline segment [10]. Optical Fiber Communication Sector - Quartz glass materials are essential in the production of optical fiber preform rods and other supporting materials. Over 95% of the components in optical fiber preform rods are high-purity quartz products [12]. - The rapid growth of the optical fiber and cable industry in China has established it as the largest in the world, leading to an increasing demand for quartz rods and tubes in the coming years [12]. Optical and Electric Light Source Sector - Optical quartz glass is widely used in various optical applications due to its high-temperature resistance and low expansion rate. It is used in telescopes, laboratory optical equipment, communication devices, and projection displays [14]. - The demand for quartz glass in electric light sources is expected to remain stable as technology advances and production scales increase [14]. Conclusion - The quartz products industry is poised for significant growth as high-tech industries such as semiconductors, optical fiber communication, photovoltaics, electric light sources, and optical instruments continue to develop [16].

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]