石英股份20250702

Summary of Quartz Co., Ltd. Conference Call Company and Industry Overview - Quartz Co., Ltd. is a leading domestic supplier of quartz materials and the only domestic supplier certified for semiconductor sand, benefiting from accelerated domestic substitution of semiconductor materials and increased supply chain security demands [2][5][12] - The semiconductor quartz materials industry exceeds 10 billion and continues to expand, with significant barriers in manufacturing and certification [2][12] Key Points and Arguments - The company's self-supply capability for semiconductor sand is expected to increase from 0% to 100%, potentially enhancing profitability by 2.9% to 18% [2][11] - The high-purity sand market for photovoltaics has stabilized at around 30,000 yuan per ton, with expectations for future shipments to recover to over 20,000 tons annually [2][15] - If the U.S. implements export controls on high-purity sand, it could accelerate Quartz Co., Ltd.'s replacement in the semiconductor sand sector and raise prices for photovoltaic high-purity sand, providing additional performance elasticity [2][17] - The demand for high-purity sand is approximately 25,000 tons, corresponding to a market space of about 4 to 5 billion yuan, previously dominated by overseas operators [2][6] Industry Dynamics - The semiconductor sand purification process is critical and involves long-term accumulation, requiring matching with different mineral source characteristics and ensuring product stability [3][7] - The industry is characterized by high barriers to entry, with most companies struggling to meet the stringent requirements for certification and manufacturing [12][10] Future Outlook - The semiconductor materials industry is projected to continue expanding, with significant growth potential as domestic substitution accelerates [4][12][18] - Quartz Co., Ltd. has a competitive edge due to its established certification and ability to adapt to customer needs, positioning it favorably against traditional foreign enterprises [13][18] - The company is focusing on three core business areas: semiconductor high-purity sand, semiconductor production materials, and photovoltaic high-layer sand, all of which have promising development prospects [18] Additional Insights - The company’s shipment volume was 34,000 tons in 2023, with a projected volume of only over 5,000 tons in 2024, indicating a bottoming phase [15] - The purification process for semiconductor sand is a significant challenge, with few companies able to supply stable products, highlighting the high barriers in the industry [7][10] - The current supply-demand balance in the high-purity sand market is expected to stabilize, with potential price increases if supply-side controls are implemented [14][17]