公司拟募资建设石英电子纱产线，电子布有望打造新增长极石英电子布以石英电子纱为原料，凭借其极 低的介电常数、超低介质损耗、优异的耐高温性和超低热膨胀系数，是应用于高频高速覆铜板（CCL） 的优选材料。公司作为航空航天领域用石英纤维的主导供应商，同时石英电子布研发已达7 年。10 月14 日，公司发布公告拟以简易程序向特定对象发行股票募集资金用于建设新的石英电子纱生产线，由菲利 华全资子公司湖北鼎益新材料有限公司负责实施，依托公司现有的石英纤维生产技术能力，总投资6.24 亿元，募集资金拟投入金额为3 亿元。项目建成后，将形成新增年产石英电子纱1000 吨产品的生产能 力，项目所得税后财务内部收益率为20.72%，含建设期税后投资回收期为5.93 年。 2025 年10 月23 日，菲利华发布2025 年三季度报告：2025 年前三季度实现营业收入13.82 亿元，同比 +5.17%；实现归母净利润3.34亿元，同比+42.23%；实现扣非归母净利润3.05 亿元，同比+60.61%。 投资要点: Q3 归母净利润同比大幅增长，毛利率水平同比显著改善2025 年前三季度，公司实现营业收入13.82 亿 元，同比+ ...

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].

| 中银晨会聚焦-20251021 | | --- | 证券研究报告——晨会聚焦 2025 年 10 月 21 日 ■重点关注 【策略研究】"十五五"规划前瞻*王君 徐沛东。"十五五"时期有望以新 质生产力为核心，推动科技创新、绿色转型、高端制造与数字融合等战略性 产业体系加速成型。 【国防军工】菲利华*苏凌瑶。菲利华拟定增加码石英电子纱产能，该项目 建成后有望提升我国在高阶 PCB 材料领域的竞争力。公司积极研发高端光 学合成石英材料技术，有望打破海外公司垄断。 | 市场指数 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3863.89 | 0.63 | | 深证成指 | 12813.21 | 0.98 | | 沪深 300 | 4538.22 | 0.53 | | 中小 100 | 7870.96 | 0.71 | | 创业板指 | 2993.45 | 1.98 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 通信 | 3.21 | 有色金属 | (1.34) | | ...

Core Viewpoint - The report from Zhongyin Securities indicates that Feiliwa plans to increase the production capacity of quartz electronic fabric, which is expected to enhance China's competitiveness in the high-end PCB materials sector [1] Group 1: Company Developments - Feiliwa is actively developing high-end optical synthetic quartz material technology, aiming to break the monopoly held by overseas companies [1] - The project will utilize advanced production processes and high-quality production equipment, significantly improving China's competitiveness in high-end PCB materials [1] Group 2: Market Trends - With the continuous upgrade of global mainstream switch performance, the corresponding PCB requirements for electronic fabric expansion coefficient and dielectric performance are increasing, leading to a rapid growth in demand for quartz electronic fabric [1] - The high-end optical synthetic quartz glass materials developed by the company have already been used in several key national projects [1] Group 3: Product Innovations - The company has developed chlorine-free synthetic quartz, high uniformity synthetic quartz, and low-hydroxyl and few-hydroxyl synthetic quartz, which have become preferred materials for ultraviolet optical applications [1]

Core Viewpoint - The company plans to increase the production capacity of quartz electronic fabric, which is expected to enhance China's competitiveness in the high-end PCB materials sector [1][2]. Group 1: Investment and Production Plans - The company intends to invest 624 million yuan in the first phase of the quartz electronic fabric intelligent manufacturing project, with 300 million yuan raised through a private placement and the remainder funded through self-raised capital [2]. - The project aims to expand the existing production and R&D capabilities of quartz electronic fabric to meet market demand, as the overall production capacity of quartz electronic fabric is currently limited [2]. Group 2: Market Trends and Demand - The demand for quartz electronic fabric is anticipated to grow rapidly due to the upgrade trend in Ethernet switch chips, exemplified by Broadcom's launch of the Tomahawk 6-Davisson chip, which achieves a bandwidth capacity of 102.4 Tbps [3]. - As the performance of mainstream switches continues to improve, the requirements for PCB materials, including expansion coefficients and dielectric properties, will also increase, driving demand for quartz electronic fabric [3]. Group 3: Technological Advancements - The company is actively developing high-end optical synthetic quartz material technology, positioning itself as one of the few domestic manufacturers engaged in the R&D and production of synthetic quartz glass [4]. - The company's high-end optical synthetic quartz materials have been utilized in several key national projects, indicating its leading position in large-scale synthetic quartz glass manufacturing technology [4]. Group 4: Financial Projections - The company is projected to have EPS of 1.16, 1.98, and 2.54 yuan for the years 2025, 2026, and 2027, respectively [5]. - As of October 16, 2025, the company's total market capitalization is approximately 37.3 billion yuan, with corresponding PE ratios of 61.4, 36.1, and 28.2 for the years 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is actively expanding its production capacity for quartz electronic yarn, targeting high-end PCB material demand, which is expected to enhance competitiveness in the high-end PCB materials sector [3][8] - The company is developing advanced optical synthetic quartz material technology, aiming to break the monopoly of foreign companies in this field [3][8] Financial Summary - The company’s projected revenue for 2025 is estimated at RMB 2,318 million, with a growth rate of 33.1% compared to 2024 [7] - The estimated EPS for 2025 is RMB 1.16, with corresponding PE ratios of 61.4, 36.1, and 28.2 for the years 2025, 2026, and 2027 respectively [5][7] - The total market capitalization of the company is approximately RMB 37.32 billion [2][5] Key Developments - The company plans to invest RMB 624 million in the first phase of its quartz electronic yarn intelligent manufacturing project, with RMB 300 million to be raised through a private placement [8] - The demand for quartz electronic cloth is expected to grow rapidly due to the upgrade trend in Ethernet switch chips, which require high-performance PCB materials [8]

Core Points - The company, Feilihua (300395.SZ), announced a plan to issue shares to specific investors, aiming to raise up to RMB 30 million for the construction of its smart manufacturing project for quartz electronic yarn [1][2] - The issuance will not exceed 20% of the company's net assets as of the end of the previous year, and the net proceeds will be used entirely for the designated project [1] - The share issuance will involve no more than 35 specific investors, including qualified institutional investors and individuals, all subscribing at the same price in cash [1] Summary by Sections Issuance Details - The number of shares to be issued will be determined by dividing the total amount raised by the issue price, not exceeding 30% of the company's total share capital prior to the issuance [2] - Shares issued under this simplified procedure cannot be transferred within six months from the end of the issuance [2] Previous Issuance - In 2023, Feilihua was approved to issue 5,640,157 shares at a price of RMB 53.19 per share, raising a total of approximately RMB 299.99 million [2] - After deducting various fees totaling approximately RMB 4.5 million, the net proceeds amounted to about RMB 295.5 million, which was fully transferred by February 3, 2023 [2]

10月13日晚，菲利华（300395）发布公告称，公司拟以简易程序向特定对象发行股票募资不超过3亿 元，扣除相关发行费用后将全部用于石英电子纱智能制造(一期)建设项目，项目建成后，将新增年产 1000吨石英电子纱的生产能力。 ● 本报记者罗京 菲利华表示，公司是国内较早从事石英玻璃纤维研发生产的企业之一，在国内外市场具有较大影响力。 公司自2017年开始研发石英电子布，不断自主研发多种高端极薄布、超薄布、极细纱、超细纱，并成功 研发出超低介电、超低膨胀系数等高性能电子级玻璃纤维产品，使公司成为国内少数能提供该类产品的 厂商之一。同时，在石英电子布产业链上，公司具备从石英砂、石英棒、石英电子纱到石英电子布全产 业环节垂直一体化的研发和生产能力。 菲利华表示，本次募投项目的实施，将进一步提升公司石英电子纱的产能，发挥公司石英纱、布一体化 的竞争优势，进而为公司下游产品石英电子布生产提供高性能原料保证，提升高端产品产能占比，满足 下游AI服务器、5G通信等新兴需求，同时，较为充足的产能储备有助于缩短交货周期，增强对核心客 户的供应稳定性，形成"规模-成本-技术-客户"的正向循环，进而不断巩固或提升行业地位。 项目总 ...

Group 1: Earnings Forecasts - Chuangjiang New Material expects a net profit of 350 million to 380 million yuan for the first three quarters of 2025, representing a year-on-year increase of 2057.62% to 2242.56% [2] - Chenguang Biological anticipates a net profit of 278 million to 314 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 344.05% to 401.55% [2] - Sanmei Co. forecasts a net profit of 1.524 billion to 1.646 billion yuan for the first three quarters of 2025, indicating a year-on-year increase of 171.73% to 193.46% [3] - Juchip Technology expects a revenue of 721 million yuan for the first three quarters of 2025, a year-on-year increase of 54.50% [3] - Feirongda anticipates a net profit of 275 million to 300 million yuan for the first three quarters of 2025, representing a year-on-year growth of 110.80% to 129.96% [4] Group 2: Share Buybacks - Jiuan Medical plans to repurchase shares with a total amount between 300 million and 600 million yuan, with a maximum repurchase price of 53.5 yuan per share [5] - COSCO Shipping Holdings intends to repurchase between 50 million and 100 million shares, with an estimated repurchase amount of 749 million to 1.498 billion yuan [5] - Zhonggong International plans to repurchase shares with a total amount not exceeding 100 million yuan, with a maximum repurchase price of 12.85 yuan per share [5] - Fujilai intends to repurchase shares with a total amount between 20 million and 40 million yuan, with a maximum repurchase price of 40 yuan per share [6] Group 3: Significant Shareholding Changes - Shanghai Pudong Development Bank received notification that China Mobile increased its shareholding in the bank to 18.18% after converting 563.1 million yuan of convertible bonds into 450 million shares [7] Group 4: Other Earnings Forecasts - Yuegui Co. expects a net profit of 420 million to 470 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 86.87% to 109.11% [9] - Zhongshi Technology anticipates a net profit of 230 million to 270 million yuan for the first three quarters of 2025, indicating a year-on-year growth of 74.16% to 104.45% [9] - Longxin General expects a net profit of 1.52 billion to 1.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.13% to 80.26% [10] - Dongfang Iron Tower forecasts a net profit of 750 million to 900 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 60.83% to 93% [10]

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]