| | 商之一，也是国内航空航天领域用石英玻璃纤维的主导供应商。 | | --- | --- | | | 在航空航天领域，公司除生产石英玻璃棉、石英玻璃纤维纱、 | | | 石英玻璃纤维布、石英玻璃纤维套管等石英玻璃纤维材料系列产 | | | 品外，还具备了 和 机织、编织、缝合、针刺预制件的 2.5D 3D | | | 生产能力，并成功研发了防隔热功能复合材料结构件、特种绝缘 | | | 功能复合材料制品等复合材料产品。 | | | 7、公司半导体业务情况及未来展望。 | | | 答：石英玻璃材料及制品广泛应用于半导体芯片制程中，是 | | | 半导体蚀刻、扩散、氧化等工序所需的承载器件与腔体耗材。公 | | | 司是国内率先通过集成电路芯片准入资格认证的石英材料商，公 | | | 司现已具备气熔石英玻璃、合成石英玻璃与电熔石英玻璃全品类 | | | 及石英玻璃材料与制品的全产业链服务能力。公司近年来不断开 | | | 拓市场，石英玻璃材料市场占有率逐年提升。 | | | 在研发方面，公司始终紧跟市场需求导向，稳步推进技术研 | | | 发和工艺改进，为石英玻璃材料及制品的国产化替代作出了贡 | | | 献 ...

（文章来源：证券日报） 证券日报网12月5日讯菲利华在12月5日回答调研者提问时表示，目前，公司石英电子布项目处于客户端 小批量测试及终端客户的认证阶段，公司密切跟踪市场状况，合理规划、建设和投放产能，满足市场需 求。 ...

证券日报网12月5日讯菲利华（300395）在12月5日回答调研者提问时表示，公司自2017年研发石英电子 布以来，开拓了一批优质的全球覆铜板厂商客户，并与下游国际知名企业建立了稳定合作关系。 ...

Group 1: Financial Performance - In the first half of 2025, revenue from quartz glass materials reached 6.43 billion CNY, a year-on-year increase of 21.35%, driven by the recovery in the global semiconductor industry and demand in the aerospace sector [2] - Revenue from quartz glass products was 2.62 billion CNY, a year-on-year decline of 30.93%, primarily due to the impact of the photovoltaic sector and intensified competition in the industry [2] Group 2: Industry Outlook - The company sees strong growth opportunities in high-performance quartz glass materials and products, particularly in semiconductor, aerospace, optical, and electronic circuit industries, which are essential for major national projects [2][3] - The semiconductor market is expected to remain robust, with the company positioned to benefit from the ongoing demand for quartz glass materials in semiconductor processes [10] Group 3: Strategic Responses - To address the downturn in the photovoltaic and optical communication sectors, the company is focusing on technological advancements and process improvements to enhance production efficiency and profitability [4] - The company is actively managing costs and budgets to sustain profitability in challenging market conditions [4] Group 4: Production Capacity and R&D - The company has completed the first phase of high-purity quartz sand production with a capacity of 10,000 tons, applicable in photovoltaic and optical communication fields [10] - The high-purity synthetic quartz sand project is currently in the pilot testing phase, contributing to the company's complete supply chain [10] Group 5: Legal Matters - The company has won a first-instance judgment for 202.42 million CNY in a trade secret infringement case, which is currently under appeal [12] Group 6: Talent Management - The company emphasizes talent retention and innovation through equity incentive plans, having implemented four phases covering nearly a thousand participants to share the benefits of corporate growth [12]

Group 1 - The core viewpoint of the article highlights that quartz electronic cloth is an optimal material for high-frequency and high-speed copper-clad laminates (CCL) due to its excellent dielectric loss and ultra-low expansion coefficient [1] - The company possesses a vertically integrated research and production capability across the entire industry chain, including quartz sand, quartz rods, quartz fibers, and quartz electronic cloth [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The overall performance of the company has significantly improved due to the recovery in defense demand, with a projected balanced defense revenue across the four quarters of 2025. The aerospace sector shows strong profitability, contributing to the company's performance improvement. The semiconductor business is experiencing steady growth, while the photovoltaic segment continues to decline due to intensified competition and supply-demand mismatches [2][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 1.382 billion yuan, representing a year-on-year increase of 5.17%. The net profit attributable to the parent company was 334 million yuan, up 42.23% year-on-year. In Q3 2025, the revenue was 474 million yuan, reflecting an 18.82% year-on-year increase but a 5.56% decrease quarter-on-quarter. The net profit for Q3 was 112 million yuan, a 79.51% increase year-on-year but a 3.97% decrease quarter-on-quarter [6][12]. Business Segment Insights - In the aerospace sector, the company is one of the few manufacturers globally with mass production capabilities for quartz glass fiber and is a leading supplier in the domestic aerospace market. The company is continuously developing a series of quartz glass fiber products to enhance performance and extend the industrial chain [12]. - In the semiconductor sector, the company is actively pursuing domestic substitution and has made progress in the production of high-purity synthetic quartz sand, with stable production capabilities for large-scale low-hydroxyl synthetic quartz materials [12]. - The company has a fully integrated production capability in the quartz electronic cloth sector, covering all stages from quartz sand to electronic cloth, which is a core competitive advantage in the market [12]. Future Profitability Projections - The company is expected to achieve net profits attributable to the parent company of 460 million yuan, 1.39 billion yuan, and 2.29 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 45%, 205%, and 64%. The corresponding price-to-earnings ratios are projected to be 95, 31, and 19 times [12].

Core Viewpoint - The company reported significant growth in net profit and improved gross margin in Q3 2025, indicating strong operational performance and potential for future growth [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.382 billion yuan, a year-on-year increase of 5.17% - The net profit attributable to shareholders reached 334 million yuan, up 42.23% year-on-year - The net profit after deducting non-recurring items was 305 million yuan, reflecting a 60.61% year-on-year increase [1][2] - In Q3 2025 alone, the company reported revenue of 474 million yuan, a year-on-year increase of 18.82% but a quarter-on-quarter decrease of 5.56% - The net profit attributable to shareholders for Q3 was 112 million yuan, up 79.51% year-on-year and down 3.97% quarter-on-quarter [2] Profitability Metrics - The weighted average return on equity (ROE) was 7.79%, an increase of 1.90 percentage points year-on-year - The sales gross margin was 48.96%, up 6.60 percentage points year-on-year - The net profit margin was 22.47%, an increase of 3.92 percentage points year-on-year - The net cash flow from operating activities was 209 million yuan, a year-on-year increase of 52.80% [2] Expense Ratios - In Q3 2025, the selling expense ratio was 1.52%, down 0.21 percentage points year-on-year but up 0.14 percentage points quarter-on-quarter - The management expense ratio was 9.49%, up 0.33 percentage points year-on-year and 1.97 percentage points quarter-on-quarter - The R&D expense ratio was 16.00%, down 0.70 percentage points year-on-year but up 3.90 percentage points quarter-on-quarter - The financial expense ratio was 0.42%, down 0.05 percentage points year-on-year and up 0.34 percentage points quarter-on-quarter [3] Growth Initiatives - The company plans to raise funds to build a quartz electronic yarn production line, which is expected to create a new growth driver - The quartz electronic cloth, made from quartz electronic yarn, is a preferred material for high-frequency and high-speed copper-clad laminates (CCL) due to its low dielectric constant and excellent thermal properties - The total investment for the new production line is 624 million yuan, with 300 million yuan to be raised through a stock issuance - The project aims to achieve an annual production capacity of 1,000 tons of quartz electronic yarn, with a post-tax internal rate of return of 20.72% and a payback period of 5.93 years [3] Future Outlook - The demand in the aerospace sector is gradually recovering, and the composite materials project is entering mass production - The high demand for quartz electronic cloth positions the company for a period of rapid growth - Revenue projections for 2025-2027 are 1.936 billion, 3.130 billion, and 4.444 billion yuan, with net profits of 451 million, 829 million, and 1.264 billion yuan respectively, corresponding to P/E ratios of 94, 51, and 34 times [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a net profit growth of 80% year-on-year for Q3 2025, with a total revenue of 1.38 billion yuan for the first three quarters, reflecting a 5.17% increase year-on-year [1][2]. - The company is a leading supplier of quartz glass fiber in the aerospace sector and has made significant advancements in ultra-thin quartz electronic cloth products [4]. - The company plans to raise up to 300 million yuan through a private placement to expand its production capacity for quartz electronic yarn, which is a key raw material for quartz electronic cloth [3][4]. Financial Performance - For Q3 2025, the company achieved a revenue of 474 million yuan, up 18.82% year-on-year, and a net profit of 112 million yuan, representing a 79.51% increase year-on-year [1][2]. - The gross margin for the first three quarters of 2025 improved by 6.60 percentage points to 48.96%, while the net margin increased by 3.92 percentage points to 22.47% [1][2]. - The operating cash flow for the first three quarters of 2025 was 209 million yuan, an increase from 137 million yuan in the same period last year [2]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 439 million yuan, 634 million yuan, and 864 million yuan, respectively, with corresponding PE ratios of 93x, 64x, and 47x [4][5]. - The company is positioned to meet emerging demands in AI servers and 5G communications through its expanded production capabilities [4].

Core Viewpoint - The company plans to raise up to 300 million yuan through a simplified procedure for a specific audience to fund the construction of a new quartz electronic yarn production line, which will add an annual production capacity of 1,000 tons of quartz electronic yarn [1] Industry Demand and Supply - Quartz electronic yarn is a raw material for quartz electronic cloth, which is preferred for high-frequency and high-speed copper-clad laminates (CCL) due to its low dielectric constant, low dielectric loss, excellent high-temperature resistance, and low thermal expansion coefficient [2] - The demand for AI servers is strong, driving a high boom cycle in the PCB industry, with the global AI server market expected to grow from 125.1 billion USD in 2024 to 158.7 billion USD in 2025, and potentially reach 222.7 billion USD by 2028 [2] - The rapid increase in AI computing power is leading to larger AI clusters, which in turn increases the demand for high-frequency PCBs driven by the construction of 5G/6G communication bases and the growing need for automotive PCBs due to the popularity of electric vehicles [3] - The production process of quartz electronic yarn is complex, and there are very few companies globally capable of mass production, leading to a significant short-term supply-demand gap in the high-performance quartz electronic yarn market [3] Company Position and Strategy - The company is one of the earliest domestic enterprises engaged in the research and production of quartz glass fiber and has significant influence in both domestic and international markets [3] - Since 2017, the company has been developing quartz electronic cloth and has successfully created various high-end ultra-thin fabrics and fibers, making it one of the few domestic suppliers of high-performance electronic-grade glass fiber products [3] - The implementation of the fundraising project will enhance the company's quartz electronic yarn production capacity, ensuring a stable supply of high-performance raw materials for downstream quartz electronic cloth production, thereby meeting the emerging demands from AI servers and 5G communications [4] - The project has a total investment of 624 million yuan, with 300 million yuan raised through stock issuance, and is expected to yield a post-tax internal rate of return of 20.72% with a payback period of 5.93 years [5]

Core Viewpoint - The company plans to raise up to 300 million yuan through a simplified procedure for issuing shares, with all proceeds allocated to the construction of the first phase of its quartz electronic yarn intelligent manufacturing project [1] Group 1: Company Overview - The company has been developing quartz electronic cloth since 2017, creating various high-end ultra-thin fabrics and successfully producing high-performance electronic-grade glass fiber products, making it one of the few domestic manufacturers capable of providing such products [1] - The company possesses vertical integration capabilities across the entire quartz electronic cloth industry chain, from quartz sand to quartz electronic yarn and quartz electronic cloth [1] Group 2: Market Demand and Growth - The global electronic circuit industry is rapidly developing, and the company's current production capacity is insufficient to meet market demand [1] - Quartz electronic cloth, made from quartz electronic yarn, is preferred for high-frequency and high-speed copper-clad laminates (CCL) due to its low dielectric constant, low dielectric loss, excellent high-temperature resistance, and low thermal expansion coefficient [1] - The demand for low dielectric constant electronic cloth is increasing, particularly in high-end applications such as AI servers, data center switches, and 5G/6G base station RF modules [2] Group 3: Industry Trends - The AI server market is projected to grow from $125.1 billion in 2024 to $158.7 billion in 2025, reaching $222.7 billion by 2028, driving demand for quartz electronic cloth [2] - The Ethernet switch market is expected to see significant growth, with a 32.3% year-on-year increase in Q1 2025, and data center Ethernet switch revenue growing by 54.7% [3] - The deployment of 6G technology is anticipated to increase terminal connections by over 30 times by 2040, further expanding the market for quartz electronic cloth [3] Group 4: Project Significance - The fundraising project aims to enhance the company's production capacity for quartz electronic yarn, leveraging its integrated advantages in quartz fiber manufacturing [3] - The project will ensure a stable supply of high-performance raw materials for the production of quartz electronic cloth, meeting the emerging demands of AI servers and 5G communications [3] - The project is significant for promoting the localization of high-end electronic cloth materials and stabilizing the supply chain for downstream industries such as 5G/6G and consumer electronics [3]