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石英股份:业绩环比改善,半导体石英认证提速-20250522
Shanxi Securities· 2025-05-22 10:23
Investment Rating - The report assigns an investment rating of "Buy-A" for the company [6] Core Views - The company is expected to experience a significant recovery in net profit from 2025 to 2027, with projected figures of 5.7 billion, 9.1 billion, and 16.6 billion respectively, corresponding to a dynamic P/E ratio of 30 times in 2025 [6] - The company has a solid industry position, with high-purity quartz sand domestic substitution becoming imperative due to rising trade protectionism and the need for localization in semiconductor applications [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 1.21 billion, a year-on-year decline of 83.2%, and a net profit of 334 million, down 93.4% year-on-year [3][10] - For Q1 2025, the company achieved a revenue of 250 million, a decrease of 35.5% year-on-year, but a significant quarter-on-quarter increase of 155.3%, with a net profit of 50 million [3] - The revenue from quartz rods in 2024 was 970 million, down 21.2% year-on-year, with a gross margin of 43.9% [4] - The revenue from quartz sand in 2024 was 210 million, down 96.4% year-on-year, with a gross margin of 54.4% [4] Market Data Summary - As of May 22, 2025, the closing price of the stock was 31.50 yuan, with a market capitalization of 17.063 billion [2] - The stock reached a yearly high of 46.50 yuan and a low of 21.58 yuan [2] - The company has a total share capital of 542 million, all of which are circulating A-shares [2] Future Projections - The company is expected to see a recovery in revenue, with projections of 1.56 billion in 2025, 2.21 billion in 2026, and 3.36 billion in 2027, reflecting a year-on-year growth of 29.1%, 41.6%, and 52.0% respectively [10] - The gross margin is expected to improve from 55.4% in 2025 to 65.4% in 2027 [10]
石英股份(603688):业绩环比改善,半导体石英认证提速
Shanxi Securities· 2025-05-22 09:31
Investment Rating - The report assigns an investment rating of "Buy-A" for the company [6] Core Views - The company is expected to experience a significant recovery in net profit from 2025 to 2027, with projected figures of 5.7 billion, 9.1 billion, and 16.6 billion respectively, indicating a dynamic P/E ratio of 30 times for 2025 [6] - The company has a solid industry position, with high-purity quartz sand domestic substitution becoming imperative due to rising trade protectionism and the need for localization in semiconductor applications [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 1.21 billion, a year-on-year decline of 83.2%, and a net profit of 334 million, down 93.4% year-on-year [3][10] - For Q1 2025, the company achieved a revenue of 250 million, a decrease of 35.5% year-on-year, but a significant quarter-on-quarter increase of 155.3% [3] - The gross margin for quartz rods was 43.9% in 2024, down 11.7 percentage points year-on-year, while quartz sand's gross margin was 54.4%, down 39.8 percentage points year-on-year [4][10] Market Data Summary - As of May 22, 2025, the closing price of the company's stock was 31.50 yuan, with a market capitalization of 17.063 billion [2] - The company has a total share capital of 542 million shares, with a basic and diluted earnings per share of 0.10 yuan [2] Future Projections - Revenue is expected to rebound to 1.56 billion in 2025, with a year-on-year growth of 29.1%, and further increase to 2.21 billion in 2026 and 3.36 billion in 2027 [10] - The net profit is projected to grow significantly, with a year-on-year increase of 72.1% in 2025, 59.3% in 2026, and 81.7% in 2027 [10]
石英股份: 江苏太平洋石英股份有限公司2024年年度股东大会会议资料
Zheng Quan Zhi Xing· 2025-05-09 08:45
Core Viewpoint - Jiangsu Pacific Quartz Co., Ltd. reported significant declines in financial performance for 2024, with total revenue dropping by 83.15% to CNY 121,028.05 million and net profit attributable to shareholders decreasing by 93.38% to CNY 33,357.14 million, indicating challenges in the quartz industry, particularly in the photovoltaic sector [18][19][32]. Financial Performance - The company achieved a total revenue of CNY 121,028.05 million in 2024, a decrease of 83.15% compared to CNY 718,423.11 million in 2023 [19][32]. - Net profit attributable to shareholders was CNY 33,357.14 million, down 93.38% from CNY 503,913.29 million in the previous year [18][19][32]. - The basic earnings per share fell to CNY 0.62 from CNY 9.30, reflecting a decline of 93.33% [20][32]. Business Segments - Revenue from the photovoltaic segment plummeted by 93.97%, contributing CNY 38,134.73 million in 2024 compared to CNY 632,142.18 million in 2023 [19][32]. - The light source segment saw a slight decrease of 5.71%, generating CNY 30,584.39 million in 2024 [19][32]. Corporate Governance - The board of directors emphasized the importance of adhering to legal regulations and maintaining corporate governance standards, ensuring that all major decisions are compliant with laws and beneficial to shareholders [28][30]. - The company plans to enhance its internal control systems and governance structures to support sustainable development [27][28]. Future Outlook - The company aims to optimize its product structure and increase market share in the semiconductor and photovoltaic sectors, focusing on sustainable growth and innovation [26][27]. - There is a commitment to increasing research and development investments to achieve technological breakthroughs and enhance competitive advantages in the quartz industry [27][28].