石英股份20250407

Summary of Quartz Co., Ltd. Conference Call Company Overview - Company: Quartz Co., Ltd. - Industry: Semiconductor materials and construction materials Key Points and Arguments Market Performance - Quartz Co., Ltd. experienced a 5.4% increase in stock price amidst significant market volatility, alongside other companies like Taihe New Materials benefiting from anti-dumping measures by DuPont China [3][4] - The company's performance is driven by two main factors: domestic substitution and internal demand, particularly in the semiconductor-grade high-purity quartz sand sector [3][5] Growth in Semiconductor Materials - Revenue from the semiconductor materials business grew nearly tenfold from 2019 to 2023, with expectations to reach 600 million yuan in 2024, marking a 12-fold increase over six years [3][6] - The company has achieved certification from major equipment manufacturers, becoming the third global supplier of high-grade semiconductor materials, which is strategically significant in light of US-China trade tensions [3][5][6] Supply Chain and Market Position - Quartz Co., Ltd. has developed its own mineral sources, ensuring stable supply of semiconductor-grade quartz sand and reducing reliance on US sources [3][7] - The company aims to capture at least 20% of the materials market share by 2030, despite currently holding a single-digit percentage [3][9] Market Demand and Projections - The demand for semiconductor-grade quartz sand is estimated at 30,000 to 40,000 tons, with projections to reach 50,000 tons by 2040, where Quartz Co., Ltd. could secure a 30% market share, contributing approximately 750 million yuan in profits [3][11] - The photovoltaic-grade sand market is expected to see sales of about 30,000 tons in 2023 and 5,000 tons in 2024, with a more optimistic outlook for 2026 [3][12] Impact of External Factors - The company is not significantly affected by recent restrictions on Indian mineral exports due to long-term agreements and sufficient inventory [3][13] - The average price of imported semiconductor-grade quartz sand ranges from 100,000 to 160,000 yuan per ton, with Quartz Co., Ltd. expected to offer slightly lower prices post-certification, creating competitive pressure on imports [3][17][18] Financial Outlook - The company’s optical components and fiber optics business generates over 100 million yuan annually, supporting a strong fundamental outlook with a market capitalization between 10 billion and 20 billion yuan [3][14] - Overall, the investment perspective on Quartz Co., Ltd. is favorable due to its high cost-performance ratio and strong fundamentals [3][15] Conclusion - Quartz Co., Ltd. is positioned to benefit from domestic substitution trends and growing demand in the semiconductor materials sector, with a robust growth trajectory and strategic advantages in supply chain management and market positioning [3][5][7][11]