事件：8 月26 日，公司发布2025 年半年报，1H25 实现营收9.1 亿元，YOY-0.8%；归母净利润2.2 亿 元，YOY +28.7%；扣非净利润2.0 亿元，YOY +51.1%。 投资建议：公司是国内航空航天石英玻璃纤维主导供应商，拥有石英玻璃纤维材料、立体编织材料、复 材结构件完整产业链。公司推出国内首创10.5 代TFT-LCD 光掩膜基板，填补精加工领域空白。目前公 司研发的超薄石英电子布产品正处于客户端小批量测试及终端客户的认证阶段。新兴领域的布局将为公 司持续发展提供动能。我们预计，公司2025~2027 年归母净利润分别是4.39 亿元、6.36 亿元、8.65 亿 元，当前股价对应2025~2027 年PE 分别是111x/77x/57x。 我们考虑到公司的行业龙头地位及在全产业链的布局，维持"推荐"评级。 风险提示：下游需求不及预期、产能建设不及预期等。 中益科技快速成长；石英电子布营收1312 万元。1H25，分产品看，1）石英玻璃制品：营收2.6 亿元， YOY -30.9%，占总营收29%；毛利率同比下滑3.17ppt 至26.0%。2）石英玻璃材料：营收6.4 亿元， ...

菲利华（300395.SZ）2025 年半年报点评 1H25 净利润增长 29%；稳步推进石英电子布测试 2025 年 08 月 27 日 ➢ 事件：8 月 26 日，公司发布 2025 年半年报，1H25 实现营收 9.1 亿元，YOY -0.8%；归母净利润 2.2 亿元，YOY +28.7%；扣非净利润 2.0 亿元，YOY +51.1%。 业绩表现符合预期。上半年，公司半导体板块稳步增长；航空航天领域订单恢复； 同时在超薄石英电子布产品方面取得较大进展。我们综合点评如下： ➢ 2Q25 归母净利润同比增长 23%；1H25 盈利能力提升明显。1）单季度： 公司 2Q25 实现营收 5.0 亿元，YOY -0.6%；归母净利润 1.2 亿元，YOY +23.0%； 扣非净利润 1.1 亿元，YOY +26.8%。2）利润率：公司 1H25 毛利率同比提升 6.4ppt 至 49.2%；净利率同比提升 3.1ppt 至 23.0%。1H25，公司石英玻璃材 料营收同比增长 21%，且毛利率同比提升 6ppt，为公司综合毛利率同比提升的 主要原因。 ➢ 中益科技快速成长；石英电子布营收 1312 万元。1H ...

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 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 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]