| 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 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]