如何看待高纯石英行业

Summary of High Purity Quartz Industry Conference Call Industry Overview - The high purity quartz sand industry in China has matured in preparation technology, but the lack of stable and high-quality mineral sources remains a bottleneck. Recent discoveries of 4N grade and above mineral sources in multiple regions, such as Henan Dongqinling, which has reached the Youniming 4N8 standard suitable for photovoltaic applications, are promising. Other regions like Xinjiang Altai and Hunan Renli have also reported similar findings [1][4][21]. Key Developments and Trends - A significant recent development in the high purity quartz sand industry is the discovery of high-quality mineral veins in China that can meet C8 grade standards or higher. This could potentially reduce reliance on overseas mineral sources in the long term, although the transition will not be rapid. For leading companies, this could lower raw material costs and provide short-term profit benefits [2][27]. - The synthetic quartz sand market is progressing, with stable operation for 500 hours and continuous cost reduction in photovoltaic crucible applications. Although this technology has not yet reached mass production, its future potential is substantial, applicable not only in photovoltaic scenarios but also in the semiconductor field [2]. Market Supply and Demand - The high-end high purity quartz sand market heavily relies on imports, especially for C8 grade and above products, primarily supplied by American company SiO2 and Norwegian TQC. China is the largest importer globally, with an expected import of approximately 40,000 tons of high purity quartz above 3N in 2024, amounting to a trade value of $820 million, with a unit price of about $20,000 per ton [1][9]. Technological Insights - The purification technology for high purity quartz includes acid treatment and thermal treatment, with domestic companies having relatively mature refining techniques. However, the quality of stable mineral sources is crucial for ensuring product quality [3][17]. - Synthetic quartz sand has the highest purity, as natural quartz sand has a purification limit. It can replace applications in semiconductor single crystal furnace crucibles and high-end optical glass. Recent studies indicate that domestic synthetic sand has reached international standards, with pilot products showing good verification results [5][25]. Investment Recommendations - If the domestic semiconductor and photovoltaic crucible quartz sand market transitions to local sources, downstream customers will need to re-validate these new mineral sources, which may level the playing field for related companies. Leading companies with purification technology and customer resources, such as Quartz Co., Feilihua, Kede Stone, and Zhongqi New Materials, are recommended for attention. Additionally, due to the higher technical barriers and costs associated with synthetic quartz sand, companies like Kaisheng Technology should also be monitored [6][27]. Challenges and Risks - The development of high purity quartz mines faces risks such as mining difficulties and environmental issues, which may affect the pace of development. If new mineral sources are successfully verified domestically, industry competition may intensify [3][28][29]. - The supply bottleneck in domestic high purity quartz sand is primarily due to the lack of high-grade minerals. Leading companies like Quartz Co. have relied on imports to address raw material shortages, with over 93% of their raw materials sourced from countries like India and Brazil [19]. Conclusion - The recent discoveries of high-quality mineral sources in China could significantly impact the high purity quartz sand industry, potentially reducing reliance on imports and altering the competitive landscape. However, the transition will require careful validation by downstream customers and may face various challenges in mining and environmental regulations.