国防军工 | 证券研究报告 — 调整盈利预测 2025 年 8 月 28 日 300395.SZ 买入 原评级：买入 市场价格:人民币 92.32 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 155.2 21.3 109.3 219.8 相对深圳成指 133.3 11.2 86.7 168.1 发行股数 (百万) 522.27 流通股 (百万) 513.04 总市值 (人民币 百万) 48,215.75 3 个月日均交易额 (人民币 百万) 1,296.25 主要股东 邓家贵 7.53% 资料来源：公司公告， Wind ，中银证券 以 2025 年 8 月 27 日收市价为标准 (1%) 50% 102% 153% 205% 256% Aug-24 Sep-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 菲利华 深圳成指 相关研究报告 中银国际证券股份有限公司 具备证券投资咨询业务资格 国防军工：航空装备Ⅱ 证券分析师：苏凌瑶 lingyao.su@bocichina. ...

Summary of Conference Call Records Company and Industry Overview - **Company**: 中材科技 (China National Materials Group Corporation) - **Industry**: Specialty Electronic Fabrics and Glass Fiber Industry Key Points and Arguments Financial Performance - 中材科技 reported a revenue of 13.3 billion yuan for the first half of 2025, representing a year-on-year growth of 26.5% [5] - The net profit attributable to shareholders was 1 billion yuan, up 115% year-on-year, driven by strong performance in fiberglass and blade businesses, as well as rapid growth in specialty electronic fabrics and electronic yarns [5][6] Market Demand and Trends - The demand for CTE (Coefficient of Thermal Expansion) products has significantly increased since Q2, with expectations for demand to double in Q4 and potentially continue to double in 2026 [13][14] - The low dielectric electronic yarn (DJ) market is experiencing strong demand and rising prices, particularly for first-generation fabric products [28] - The wind power industry remains robust, with high demand for high-strength and high-modulus glass yarns, driven by applications in electric vehicles and unmanned aerial vehicles [2][35] Production Capacity and Expansion Plans - 中材科技 plans to expand its production capacity from 300 weaving machines to 400-500 by the end of the year and to 800 by mid-2026, aiming to meet the growing market demand [16] - The company has completed small sample tests for 2.8 mm CTE products, with plans for larger-scale testing in the coming months [14] Export and Market Challenges - The export volume of fiberglass has significantly declined, with a 15% drop in July compared to previous months, although the exit of overseas production capacity may benefit domestic companies [23] - The company anticipates that European tax policies may impact exports in the second half of the year, but the overall effect is expected to be minimal [6] Future Outlook - 中材科技 expects to maintain revenue and profit growth, with projected fiberglass sales of approximately 1.3 million tons for the year [6] - The company is optimistic about the market demand driven by domestic computing power improvements and is actively adjusting supply to meet this growth trend [18] Emerging Technologies and Product Development - The industry is seeing a shift towards new products and technologies, particularly in the fields of AI and renewable energy, which are expected to drive future growth [24][36] - New materials such as quartz fiber and basalt fiber are gaining attention, with potential applications in high-end manufacturing and construction [24] Industry Dynamics - The glass fiber industry is experiencing a trend towards larger production scales and increased automation, which is expected to reduce production costs and improve competitiveness [25] - The market is also witnessing a focus on energy efficiency and environmental compliance, particularly in light of stricter carbon emission regulations [26] Additional Important Insights - The specialty electronic fabric industry is seeing strong performance, particularly with the push from domestic computing power, which is expected to further drive demand in the coming months [3] - The company has achieved significant milestones in the CTE and QBU product lines, being the only domestic company capable of mass delivery in the CTE sector [20] - The overall market sentiment is positive, with expectations for continued growth in emerging sectors such as electronics, wind power, and new energy vehicles [36]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **high-purity quartz and quartz electronic cloth industry**, highlighting the impact of AI processor demand on the market, which is expected to reach a scale of **30-50 billion yuan** by **2027** with a unit price of approximately **200 yuan/m²** [1][2]. Core Insights and Arguments - The **value chain** of quartz electronic cloth includes high-purity quartz sand (profit margin **30%-40%**), quartz rods (profit margin **25%-30%**), and quartz fibers. There is a notable gap in fiber technology between domestic companies and foreign firms like Shin-Etsu and Tokuyama [1][4]. - **Military-grade quartz fibers** have significantly higher profits, reaching up to **1 million yuan/ton**, compared to consumer-grade fibers with a gross margin of **20%-30%** and a price range of **200,000 to 300,000 yuan/ton** [5][6]. - The **high-purity quartz market** is dominated by **Pacific Company**, which holds **70%-80%** of the high-end market share, benefiting from stable growth in the semiconductor and photovoltaic sectors [1][15]. - A new high-purity quartz mineral, **Cheng quartz**, has been discovered in China, potentially reducing reliance on sources from India, Africa, and Brazil, although the **SFOs Pine mine** in the U.S. still maintains quality consistency advantages [1][23]. Market Dynamics - The **semiconductor-grade high-purity quartz market** is expected to grow steadily at **10%-15%**, with domestic companies actively working on synthetic quartz production to replace imports, although operational data shows room for improvement [1][26]. - The **current price** of quartz electronic cloth is around **200 yuan/m²**, with future prices dependent on supply and demand dynamics [3]. Competitive Landscape - The **competition** in the high-purity quartz industry is characterized by a few large manufacturers, with **Pacific Company** being a significant player due to its complete vertical integration from raw materials to finished products [15][19]. - Other notable companies include **Fuhua**, **Zhongcai**, and **Yaoshi**, each with unique strengths and market positions, but overall, **Pacific Company** has a comprehensive advantage [10][22]. Technological and Production Insights - Domestic quartz fiber production technology lags behind international standards, particularly in achieving finer diameters required for advanced applications [4][8]. - The **production capacity** of **Pacific Company** is approximately **10,000 to 12,000 tons**, with the ability to meet new market demands [16][17]. Future Outlook - The **future growth** of the high-purity quartz industry is expected to be driven primarily by the semiconductor sector, which already contributes over half of **Pacific Company's** overall profits [33]. - The **synthetic quartz** market is anticipated to grow, with domestic companies making progress in replacing imported materials, indicating a positive outlook for the industry [34][36]. Additional Considerations - The **global market structure** shows that domestic suppliers account for about **20%** of high-purity quartz products, while foreign suppliers dominate with **80%** [29]. - The **price trends** for photovoltaic-grade high-purity quartz have seen significant fluctuations, with prices rising from **20,000 yuan/ton** to over **200,000 yuan/ton** during recent market expansions [30]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the high-purity quartz and quartz electronic cloth industry, its market dynamics, competitive landscape, and future outlook.

格隆汇8月21日丨光威复材(300699.SZ)于投资者互动平台表示，公司目前没有石英纤维相关业务。 ...

Summary of the Conference Call for 菲利华 Industry and Company Overview - 菲利华 holds a dominant position in the aerospace sector, with over 90% market share in quartz fiber applications for hypersonic and long-range vehicles, capable of withstanding temperatures up to 1,200 degrees Celsius and softening at over 1,700 degrees Celsius [2][5] - In the semiconductor industry, 菲利华 provides high-purity quartz materials, achieving a purity level of 99.999%, crucial for wafer production, with a global market share of 15%, ranking fourth [2][6] - The company operates in four main sectors: aerospace, semiconductor, optical information, and electronic fabrics, further divided into eight directions [3][15] Key Points and Arguments - **Aerospace Advantages**: 菲利华's quartz fiber is characterized by high-temperature resistance, wave transparency, and thermal insulation, maintaining a market share of over 90% in aerospace applications [2][5] - **Semiconductor Applications**: The company plays a vital role in the semiconductor supply chain by providing essential materials like photolithography cleaning tanks, ensuring no contamination of silicon wafers [6][8] - **Optical Masking Business**: The optical mask business is segmented into panel and IC parts, with significant breakthroughs expected in 2024 and 2026, respectively, leading to projected revenues of approximately 3 billion and 4 billion yuan [9][11] - **Electronic Fabric Development**: The electronic fabric market is anticipated to reach 15 to 20 billion yuan by 2028, with 菲利华's second-generation electronic fabric outperforming Japanese products in DF performance [10][13] - **Transparent Ceramics**: The company is developing aluminum nitride transparent ceramics to replace tempered glass, particularly for armored vehicles, offering double the bulletproof performance at half the weight [14][16] Additional Important Insights - **Market Trends**: The electronic fabric market is driven by the need for high-grade copper-clad laminates, with significant growth potential due to the increasing demand for quartz fiber in various applications [10][13] - **Strategic Collaborations**: 菲利华 collaborates with academic institutions to advance its technology in transparent ceramics, enhancing its competitive edge [14][16] - **Future Growth Prospects**: The company is expected to continue expanding its business scope, transitioning from a material supplier to a structural component supplier, thereby increasing its value proposition [7][11][16]

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights that AI is driving upgrades in upstream materials for PCB, with quartz fabric reshaping the competitive landscape and leading companies emerging [1]. Summary by Sections Section 1: Copper Clad Laminate (CCL) - The performance requirements for CCL are increasing due to enhanced computational efficiency [3]. - CCL is an essential material in PCB manufacturing, made from reinforced materials like glass fiber cloth and resin, coated with copper foil [8]. - High-frequency and high-speed CCL are designed for high-frequency signal transmission, requiring low dielectric constant and loss [11]. - The demand for CCL is expected to rise as AI development and data transmission speeds increase, with Df values projected to drop below 0.006 [16]. - The PCB industry is projected to grow approximately 5% year-on-year in 2024, with the global server PCB market expected to reach $16 billion by 2026, reflecting a CAGR of 12.8% from 2022 to 2026 [19]. Section 2: Electronic Fabric - The quality requirements for electronic-grade glass fiber fabric are high, with Low-Dk electronic yarn being a core material for high-frequency PCBs [34]. - Different grades of electronic fabric have varying performance indicators, with Q fabric currently being the best choice [38]. - The demand for electronic fabric is increasing due to the high-performance requirements of AI servers and 5G base stations [48]. Section 3: Quartz Fiber - Quartz fiber, with a silica content of over 99.90%, exhibits excellent thermal resistance and electrical insulation properties, making it suitable for aerospace, military, and semiconductor applications [58]. - The production of high-purity quartz fiber involves complex processes, and companies like Feilihua have established significant capabilities in this area [66][72]. - The competitive landscape for quartz fiber is evolving, with high-purity quartz fibers expected to dominate the third-generation electronic fabric market [59].

东吴证券研报指出，菲利华股权激励绑定核心人才与公司长期利益，进一步健全长效激励机制。公司层 面考核以2024年净利润3.14亿元为基数，要求2025-2027年净利润增速不低于25%、56%、95%；个人层 面绩效需达B级以上方可100%解锁，否则按50%或0%比例回购注销，确保激励与业绩紧密挂钩。此 外，激励对象覆盖技术骨干与销售团队，凸显公司对研发创新和市场拓展的双重重视，有助于在半导体 材料国产化浪潮中巩固竞争优势。同时考虑到公司是国内领先的石英玻璃材料和制品企业，是全球少数 几家具有石英纤维批量生产能力的制造商，竞争格局良好，维持"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 60.71 and a sector rating of outperforming the market [1]. Core Insights - The company, Hubei Feilihua Quartz Glass Co., Ltd., is positioned to benefit from the growing demand for quartz fiber electronic cloth, which is expected to become a core material in the computing era [3]. - The semiconductor and optical materials sectors are anticipated to benefit from domestic substitution trends, while the aerospace, photovoltaic, and optical communication businesses are expected to maintain a stable foundation [3]. - The report highlights the company's comprehensive industrial chain capabilities, which include quartz sand, quartz fiber, and quartz fiber electronic cloth production [3]. Summary by Sections Financial Performance - The company is projected to achieve EPS of RMB 1.16, 1.65, and 2.45 for the years 2025, 2026, and 2027 respectively, with a total market capitalization of approximately RMB 31.7 billion as of July 16, 2025 [5]. - Revenue forecasts indicate a growth trajectory with expected revenues of RMB 2,318 million in 2025, RMB 3,366 million in 2026, and RMB 5,052 million in 2027, reflecting growth rates of 33.1%, 45.2%, and 50.1% respectively [7]. Industry Positioning - The company is recognized as a leading supplier of quartz glass fiber in the aerospace sector, benefiting from the growth of China's aerospace industry [8]. - The report emphasizes the importance of low dielectric electronic cloth as a core material for printed circuit boards (PCBs), with quartz fiber expected to stand out due to its superior properties [8][30]. Market Trends - The global semiconductor quartz products market is projected to grow significantly, with the market size expected to increase from USD 3.226 billion in 2024 to USD 7.321 billion by 2031 [8]. - The demand for low dielectric electronic cloth is driven by advancements in 5G communication, automotive electronics, and aerospace applications, which require high-speed signal transmission and low energy loss [8][42]. Competitive Advantages - The company has established a full industrial chain from high-purity quartz sand to downstream applications, enhancing its competitive edge in the market [22]. - Feilihua has been actively expanding its production capacity to capture the emerging market opportunities in quartz fiber electronic cloth [8][27].

Summary of the Conference Call for Feiliwa Company Overview - Feiliwa is strategically expanding its business into high-value areas, including aerospace, semiconductors, optics, and emerging sectors like electronic fabrics and transparent ceramics, aiming for diversified growth [2][15]. Key Industry Insights Aerospace Sector - Feiliwa has over 40 years of technical accumulation, leading the supply of quartz fiber and expanding into secondary structural components, benefiting from the strong demand for high-temperature, wave-transmitting, and thermal insulation materials for hypersonic vehicles [2][5]. - The company’s quartz fiber is crucial for hypersonic vehicles, which require materials that can withstand temperatures exceeding 1,200 degrees Celsius, have excellent wave transmission properties, and provide thermal insulation [4]. Semiconductor Sector - Feiliwa has become the fifth global company certified by overseas original equipment manufacturers, holding approximately 15% of the global market share in the semiconductor quartz sector [2][8]. - The semiconductor quartz industry chain includes four segments: raw sand, materials, products, and equipment certification, with Feiliwa holding a competitive edge in materials and products [7][8]. Optical Sector - The company is focusing on precision processing of panel and IC photomasks to break the monopoly of foreign manufacturers and achieve domestic self-sufficiency [2][9]. Emerging Directions - Feiliwa is developing ultra-thin electronic fabrics and transparent ceramics, with the electronic fabric expected to meet the high-frequency and high-speed transmission requirements of the market [2][10][11]. - The transparent ceramic product, developed in collaboration with Wuhan University of Technology, aims to replace tempered glass in armored vehicles, offering superior bulletproof performance while being lighter and thinner [13]. Financial Performance and Projections - Feiliwa expects a pure operating profit of approximately 550 million yuan in 2025, with a projected growth rate exceeding 35% in the following years [3][14]. - The electronic department is anticipated to double its current performance within the next two to three years, indicating strong growth potential [3][14]. Competitive Advantages - Feiliwa's competitive advantages lie in its long-standing experience in aerospace quartz fiber development, a robust patent portfolio, and the ability to produce high-quality electronic fabrics at lower prices compared to overseas competitors [11][12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 20 million meters of electronic fabric by 2027-2028 [11][12]. Conclusion - Feiliwa's strategic focus on high-value sectors, combined with its technological expertise and market positioning, suggests a strong growth trajectory in the coming years, with significant contributions expected from its core business areas and emerging sectors [2][14][15].

Summary of Conference Call Records Industry Overview - The commercial aviation engine market in China has significant potential, with a projected total demand of 2.6 trillion RMB over the next 20 years, averaging 130 billion RMB annually [1][3] - The global commercial aviation engine market is experiencing a supply-demand mismatch, with GE, Pratt & Whitney, and Rolls-Royce, along with their joint ventures, holding a 97% market share [1][5][10] - The aviation engine industry chain includes upstream raw materials (titanium alloys, high-temperature alloys), midstream component manufacturing, stealth coatings, control systems, and final assembly [1][6] Key Points - The urgent need for self-sufficiency in commercial aviation engines is driven by reliance on imported engines for domestic aircraft like the C919, which poses a supply risk [2][10] - The short nacelle system in commercial aviation engines accounts for 25% of the total value of the aircraft propulsion system, with thrust reversers making up half of that value [1][11] - The domestic market for new aircraft is estimated at 130 billion RMB annually, with the short nacelle system market exceeding 30 billion RMB [1][11] Market Dynamics - The global demand for commercial aviation engines is estimated at approximately 13 trillion RMB over the next 20 years, averaging 650 billion RMB annually [3] - CFM International, a joint venture between GE and Safran, has a significant technological advantage in the narrow-body aircraft segment, with the LEAP engine accumulating a large order backlog despite delivery delays [9][10] Development Progress - Chinese aviation engine manufacturers are accelerating self-research and development, with products like the Changjiang 1,000 and Changjiang 2000 currently in development [1][10] - The Changjiang 1,000 is designed for narrow-body aircraft, while the Changjiang 2000 is intended for wide-body aircraft with a takeoff thrust exceeding 35,000 kg [1][10] Additional Insights - The commercial aerospace capabilities are emerging, significantly impacting national defense systems, allowing defense departments to purchase space launch capabilities and commercial satellite constellations [3][26] - The rise of commercial space capabilities is expected to enhance national space capabilities, with companies like SpaceX leading advancements in low Earth orbit satellite deployment [26][27]