Pacific Quartz released 1H26 revenue of RMB546mn (+6.0% YoY), attributable NP of RMB91.4mn (-14.5% YoY), and recurring NP of RMB49.6mn (-19.1% YoY). In 2Q26, revenue came in at RMB289mn (+10.8% YoY, +12.8% QoQ) and attributable NP arrived at RMB54.6mn (+1.0% YoY, +48.5% QoQ). The company is navigating a pivotal transition from a cyclical PV play toward a high-barrier growth leader in semiconductors and optical fiber. Underpinned by steady expansion in its high-value-added semiconductor and optical fiber businesses, 2Q26 revenue and attributable NP delivered positive YoY and QoQ growth, with net cash flows turning positive—2Q26 operating cash flow and net increase in cash and cash equivalents reached RMB22.1mn and RMB45.9mn, respectively. We remain positive on optical fiber quartz cladding tubes and semiconductor quartz materials capturing AI-driven demand upcycles across optical fiber and semiconductors. Upgrade to BUY (from OVERWEIGHT).
Semi & optics demand ramps; product mix shift underway
In 1H26, quartz tube revenue reached RMB477mn (+12.0% YoY), with its revenue mix expanding by 5.0pp YoY to 87.4%; 1H26 gross profit reached RMB182mn (+13.2% YoY), with gross margin improving by 0.32pp YoY to 38.2%, driven by surging downstream optical fiber and cable demand entering a price-hike cycle, which bolstered demand and pricing for high-purity quartz materials used in optical fiber preforms. Meanwhile, high-purity quartz sand revenue declined 28.2% YoY to RMB49.0mn in 1H26, with the revenue mix contracting by 4.0pp YoY to 9.1%, primarily due to PV capacity rationalization leading to production cuts/suspensions among quartz crucible makers and intensifying upstream sand competition.
Semiconductor: Customer onboarding accelerates
Customer qualifications initiated in prior periods continued to deliver progress in 1H26, securing approvals from leading domestic and global semiconductor manufacturers while expanding certified product specifications. On the product side, the company commenced small-batch shipments of high-purity quartz materials tailored for quartz fabric (Q-fabric), penetrating a key upstream material link, while optimizing process parameters and completing multiple rounds of sampling and reliability tests against global benchmark standards. On the capacity side, the company smoothly commenced construction of a 450-tonne annual capacity synthetic quartz material project via its wholly-owned subsidiary, expanding semiconductor material supply capacity.
Earnings forecast and valuation
As a leading upstream supplier of auxiliary optical communication materials, the company is poised to benefit from volume and price expansion driven by robust demand and domestic substitution of quartz cladding tubes. However, penetrating higher-premium segments will take time; hence, we trim our 2026-2027E optical fiber and semiconductor revenue and gross margin assumptions. We lower our 2026-2028E attributable NP forecasts to RMB290mn/RMB638mn/RMB946mn (vs previous: RMB404mn/RMB758mn/RMB1.11bn, down 28%/16%/14%), representing a 3-year CAGR of 83.5% and rendering EPS of RMB0.53/RMB1.18/RMB1.75. Given the company is at the early stages of breaking into high-end optical communication products, we exclude mature optical fiber and cable leaders Zongtian Technology and Hengtong Optic-Electric from our peer comp group. Based on peers' 2027E average PE multiple of 48x (vs previous 42x), we assign a 48x 2027E target PE, adjusting our target price to RMB56.57 (vs previous RMB58.59, based on 42x 2027E PE). While the stock has been pressured by broader market corrections as an upstream play on telecom and semiconductors, we believe its medium- to long-term fundamentals remain intact. Upgrade to BUY (from OVERWEIGHT).
Risks: supply chain security risks, slower-than-expected downstream demand.

　　石英股份发布半年报，2026年H1实现营收5.46亿元（yoy+6.00%），归母净利9137.53万元（yoy-14.47%），扣非净利4955.53万元（yoy-19.14%）。其中Q2实现营收2.89亿元（yoy+10.84%，qoq+12.81%），归母净利5460.56万元（yoy+0.95%，qoq+48.51%）。公司处于从光伏周期股向半导体、光纤等高壁垒成长股转型的关键时期，得益于半导体和光纤等高附加值业务的稳健拓展，公司26Q2营收和归母净利均实现同环比正增长，且现金流净额转正，26Q2经营活动产生的现金流量净额/现金及现金等价物净增加额分别为2211万元/4592万元。我们看好公司光纤石英套管和半导体石英材料两块业务受益于AI推动的光纤和半导体景气，上调至“买入”评级。
　　半导体、光纤需求放量，产品结构切换进行时
　　公司石英管业务26H1营收4.77亿元，同比增加12%，营收结构占比提升5pct至87.4%；26H1毛利润实现1.82亿元，同比提升13.2%，毛利率提升0.32pct至38.18%，主要系26H1下游光纤光缆需求起量，进入涨价周期，带动公司光纤预制棒用高纯石英材料需求增长与价格上行。同时，公司高纯石英砂业务26H1营收0.49亿元，同比减少28.2%，营收结构占比减少4pct至9.1%，主要系光伏行业产能出清过程中部分石英坩埚企业停产/减产，上游石英砂竞争加剧所致。
　　半导体：客户导入加速，认证突破+产能扩张静待花开
　　公司前期布局的客户认证在26H1持续取得成果，已通过多家国内外主流半导体企业认证，并持续扩充认证产品规格。产品端，公司布局的Q布专用高纯石英材料已实现小批量供货，切入Q布关键上游原材料环节，并持续优化生产工艺参数，对标国际先进标准完成多轮试样与可靠性验证。产能端，公司上半年顺利推进全资子公司年产450吨合成石英材料项目开工建设，扩充半导体材料供应能力。
　　光纤：光纤通信迎景气周期，新成长曲线有望兑现
　　26Q2我国光纤光缆出口金额为13.26亿美元，同比+413%，环比+174%。公司持续切入技术壁垒高、长期被贺利氏等海外公司垄断的光纤套管市场，凭借高纯石英提纯及制品深加工技术积累，在高端炉芯管、套管、衬管等产品取得技术突破。高端新品方面，公司仍处于市场培育阶段，高附加值新品规模化放量可以期待。
　　盈利预测与估值
　　虽然公司作为上游光通信辅材龙头有望受益需求高景气和石英套管国产化带来的量价齐增，但公司向高溢价环节切入仍需时间，因此我们主要下修了2026/27年光纤半导体收入和毛利率。我们下调公司26-28年归母净利润预测至2.90/6.38/9.46亿元（前值4.04/7.58/11.06亿元，分别下调28%/16%/14%），三年复合增速为83.5%，对应EPS为0.53/1.18/1.75元。考虑到公司光纤通信高端产品仍处于切入初期，因此我们在可比公司中剔除了较为成熟的中天科技和亨通光电两家光纤光缆龙头。基于可比公司2027年平均PE估值中枢48倍（前值42倍），我们给予公司27年48倍PE估值，下调至目标价为56.57元（前值为58.59元，对应27年42倍PE估值）。公司作为通信和半导体行业上游映射标的股价受市场回调影响较大，但我们认为中长期前景不变，上调至“买入”评级。
　　风险提示：供应链安全风险，下游需求不及预期风险。

　　AI驱动半导体行业进入新阶段，石英材料需求高速增长
　　2026年全球半导体市场持续复苏，WSTS预计全年市场规模9755亿美元，同比+26%，结合行业及我们测算，2026年全球半导体石英材料市场约49亿美元；此外，光纤行业进入新一轮景气周期，带动高纯石英套管、靶材等关键辅材需求。作为光纤半导体板块的关键上游，高纯石英材料正迎来量价齐升的黄金窗口期。
　　半导体材料/砂认证壁垒高，供应链安全加速自主可控
　　（1）半导体用材料需要设备厂商或晶圆制造厂商的直接认证，随着国内石英材料厂商进入国际半导体企业主流采购名录，突破认证壁垒限制，且国内半导体企业在“自主可控”背景下，加快国内石英产品的采购步伐，国产替代有望加速。
　　（2）美国斯普鲁斯派恩矿山一度供应全球90%以上的半导体级高纯石英砂，我国高度依赖进口。2025年国务院批准高纯石英矿成为第174号新矿种，对推进相关产业资源本土化，确保高新技术产业链、供应链安全具有重要意义。
　　公司国产替代卡位稀缺，技术认证壁垒深厚
　　（1）根据公告，2019年公司成为全球第三家、国内第一家通过TEL扩散环节石英材料认证的供应商，当前半导体材料已通过TEL、LAM、AMAT等海外设备商认证，自制砂已通过多家国际主流半导体设备商和国内头部存储晶圆制造企业认证，实现半导体自制砂0的突破，并加快合成石英布局，加快卡脖子环节的自主可控。
　　（2）面向光纤行业，公司提供高纯延长管、把手棒、炉芯管等全系列配套材料，深度绑定海内外头部客户，光纤套管通过子公司推进新产线建设，预计2026年底建设完成。
　　（3）推出石英纤维布（Q布）专用材料，已布局Q布专用材料生产线；4月新增对外投资芯晶鼎（持股10%），加快Q布产业链布局。
　　（4）公司当前已形成年产10万吨高纯石英砂的产能，半导体石英材料三期项目正在投建中、部分已完成，2026年5月年产450吨合成石英材料项目开工，加快6N级合成石英砂布局。
　　盈利预测、估值和评级
　　我们预计公司2026-2028年营业收入分别为13.6、20.6、28.2亿元，同比+35%、+52%、+37%，归母净利润分别为3.4、7.0、10.5亿元，同比+121%、+107%、+50%，当前股价对应PE为106.2、51.2、34.2倍，首次覆盖给予“买入”评级。
　　风险提示
　　产能扩张不及预期或下游需求波动、半导体及光纤领域认证不及预期、原材料供应与成本波动、行业竞争加剧与技术迭代风险。

Pacific Quartz has reported 1Q26 revenue of RMB256mn(+1.03%YoY and+0.58%QoQ),attributable net profit of RMB36.77mn(-30.29%YoY，+102.26%QoQ),and recurring net profit of RMB25.22mn(-3.34%YoY,+1,294.61%QoQ),with operating cash flow turning positive.The YoY decline in attributable net profit was mainly due to ahigh base of non-recurring gains in 1Q25.While overall earnings remain pressured by PV quartz sand S/D imbalances,the company's fiber optic light source and semiconductor businesses have demonstrated growth resilience.Sales contribution from these businesses continues to rise,reflecting ahigh-end business structural upgrade.We remain positive on the company's fiber optic quartz sleeve and semiconductor quartz materials businesses,which are likely to benefit from AI-driven global demand growth in fiber optics and semiconductors.We think raw materials localization will support the company's long-term development.Maintain OVERWEIGHT.
Likely to benefit from optical fiber volume/price rise in 2026
According to CRU,the spot price of China's G.652.D loose fiber reached RMB94.2 per core kilometer in March 2026,up 165%from January,surpassing the previous cycle peak,while spot prices in the US/Europe/India rose by 48/128/214%from January.Our Communications team noted in its 24 April 2026 report(see our report in Chinese on optical fiber&cable entering ahistoric supercycle)that the current boom is being driven by afundamental S/D rebalancing:on the demand side,AI data center construction and applications like drones are accelerating fiber consumption,while supply remains constrained by the 18-24-month expansion cycle for preform capacity and high utilization rates,leading to awidening S/D gap and atransition from recovery to full-fledged boom.As aglobal leader in high-purity quartz purification and processing,Pacific Quartz supplies the fiber industry with afull range of materials,including high-purity extension tubes,handle rods,and furnace core tubes,positioning it to benefit from downstream demand-driven earnings upside.High-end quartz sleeves serve as the"cornerstone"for specialty fiber products,and we expect the company to leverage its strong product capabilities to deepen partnerships with leading domestic and international fiber/preform manufacturers,accelerating import substitution.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecast of RMB404/758/1,106mn(representing athree-year CAGR of 93.23%),with EPS of RMB0.75/1.40/2.04.Given the tailwinds of cyclical recovery and structural growth in the fiber optic industry,we expect the company(a leading upstream optical communication auxiliary materials supplier)to benefit from both volume and price growth driven by robust demand and import substitution of quartz sleeves.In addition to Feilihua as acomparable company,we have included Tosoh,a Japanese quartz materials manufacturer also certified by TEL.Considering the growth potential of the company's fiber optic and semiconductor businesses,we further expanded our comparable company list to include fiber optic leaders such as Fiberhome Telecom,Yangtze Optical Fibre and Cable,Zhongtian Technology,and Hengtong Optic-electric,as well as semiconductor leaders SMIC,AMEC,and Tokyo Electron among others.Based its peers’average 2027E PE of 42x on VA and iFinD consensus,we assign a42x 2027E PE to the company and raise our target price to RMB58.59(previous:RMB47.84,based on 34x 2027E PE).
Risks:Supply chain security risks,weaker downstream demand than we expect.

　　石英股份发布一季报，2026年Q1实现营收2.56亿元（yoy+1.03%、qoq+0.58%），归母净利3676.97万元（yoy-30.29%、qoq+102.26%），扣非净利2522.46万元（yoy-3.34%，qoq+1294.61%），经营活动净现金流实现转正。公司26Q1归母净利润下滑主要系去年同期非经常性损益较高所致。虽然公司整体业绩仍受光伏石英砂供需拖累，但公司光纤光源和半导体业务已展现成长性和韧性，销售占比持续提升，公司业务结构持续高端化升级。我们看好公司光纤石英套管和半导体石英材料两块业务受益于AI推动的全球光纤和半导体需求高景气，原料国产化有望推动公司厚积薄发，维持“增持”评级。
　　站在“光”里的石英套管龙头，或受益26年以来光纤量价齐升行情
　　根据CRU统计，26年3月中国G.652.D散纤现货含税价94.2元/芯公里，相比1月增幅达165%，散纤现货价格超越上一轮周期高点，美国、欧洲、印度现货价格相比1月增长48/128/214%。华泰通信组2026年4月24日《光纤光缆进入历史大周期》报告指出，本轮光纤光缆景气周期的核心驱动力在于供给需求关系重构：需求侧，AI数据中心建设与无人机等场景带来光纤消耗快速增加，而供给端受制于光棒产能18-24个月的扩产周期及高稼动率约束，供需缺口持续扩大，行业正从复苏走向全面景气。石英股份作为全球少数掌握高纯石英提纯与制品加工技术的龙头企业，面向光纤行业提供高纯延长管、把手棒、炉芯管等全系列配套材料，有望受益下游高景气向上传导构成的业绩弹性。高端石英套管是特种光纤产品的“基石”，我们看好公司凭借强产品力度绑定国内、外头部光纤光棒企，加速引领国产替代。
　　Q布材料突破，有望受益新一代GPU量产带动的量价齐升
　　Q布（石英纤维布）是AI服务器、高速光模块、先进封装芯片等高端产品的关键配套材料，华泰建材组2026年1月6日发布报告《Q布入局者增加不改短期格局》指出Q布有望于2Q26开始量产，2026/2027年Q布需求分别为1685/7188万米，未来规模化放量有待于新一代GPU量产。上游材料纯度和一致性对Q布介电性能和热稳定性有着决定性影响，公司依托自身高纯石英核心优势，研发推出Q布专用石英砂及石英管棒材料，经检测验证各项性能指标已达国际先进水平，预计2026年实现量产落地，我们看好公司充分兑现先发优势，享受下游Q布景气周期带来的量价齐增。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润4.04/7.58/11.06亿元（三年复合增速为93.23%），对应EPS为0.75/1.40/2.04元。考虑到光纤行业周期复苏与成长双重共振，公司作为上游光通信辅材龙头有望受益需求高景气和石英套管国产化带来的量价齐增，我们在可比公司菲利华基础上增加同样通过TEL认证的石英材料日本厂商东曹，考虑到公司光纤和半导体业务有望兑现成长性，我们进一步增加光纤光缆龙头烽火通信、长飞光纤、中天科技和亨通光电，半导体龙头中芯国际、中微公司、东京电子作为可比公司。基于可比公司2027年平均PE估值中枢42倍，我们给予公司27年42倍PE估值，上调目标价为58.59元（前值47.84元，对应34倍27年PE）。
　　风险提示：供应链安全风险，下游需求不及预期风险。

Pacific Quartz has reported 2025 revenue of RMB1.01bn(down by 16.71%YoY)and an attributable net profit of RMB153mn(down by 54.03%YoY;within its guidance range of RMB138-169mn).For 4Q25,revenue reached RMB255mn(up by 19.53%YoY and 7.03%QoQ);the attributable net profit was RMB18mn(down by 12.01%YoY and 35.79%QoQ).We attribute the soft earnings to PV industry supply-demand imbalances,prompting more conservative sales policies that exerted pressure on both prices and shipment volumes.Sales of high-purity quartz sand for solar applications dropped by 46.4%YoY.On aseparate note,fiber optic&semiconductor revenue grew by 3.24%through successful product and customer expansion.Maintain OVERWEIGHT.
Semi quartz tubes&rods:import substitution speeding up
The company adheres to its‘semiconductor materials first’strategy.According to company filings,in wafer fabrication,it has introduced higher-purity products with superior visual clarity,opacity,thermal resistance and quartz perfection,which are well recognized by the market.For electronic manufacturing systems,leveraging its high-purity quartz expertise,the company has developed specialized quartz sand for quartz fiber fabrics and tube/rod materials,achieving internationally advanced specifications;it expects mass production in 2026.Its self-developed quartz sand has obtained certifications from many global semiconductor equipment leaders.Additionally,the company is collaborating with domestic semiconductor enterprises to advance localization certifications,with an expanding product portfolio showing comprehensive process capabilities.We think that this underscores the supply chain resilience of its semiconductor quartz products.We expect robust growth for the quartz tube&rod business going forward,supported by strong domestic substitution demand,and AI-driven demand overseas.
Earnings forecasts and valuation
Considering the onboarding of major semiconductor clients and apotential recovery in downstream PV demand starting from 2H26 and accelerating in 2027,we cut our 2026 attributable net profit estimate by 18.83%to RMB404mn,raise our 2027 estimate by 12.01%to RMB758mn,and introduce our 2028 forecast of RMB1,106mn,with EPS of RMB0.75/1.40/2.04 for 2026/2027/2028.Given potential revenue growth acceleration across all business segments in 2027,we shift to a2027 valuation.Based on comparable company Feilihua Quartz’s 34x 2027E PE on iFind consensus(previous target valuation at 52x 2026E PE),we maintain our target price at RMB47.84.

　　石英股份公布2025年报，实现营收10.08亿元，同比-16.71%；归母净利润1.53亿元，同比-54.03%；业绩符合此前预告区间（1.38~1.69亿元）。单四季度来看，实现营收2.55亿元，同比+19.53%/环比+7.03%；归母净利润0.18亿元，同比-12.01%/环比-35.79%。业绩波动主因系光伏行业供需错配，公司采取更审慎的销售策略以控制经营风险，导致光伏用石英材料价格及出货量承压，报告期内光伏高纯石英砂业务收入同比-46.4%，而得益于产品、客户的持续导入报告期内公司光纤半导体业务收入实现了3.24%的稳健增长。维持增持评级。
　　半导体石英管棒业务：认证突破与国产替代加速
　　公司坚持“半导体材料优先发展”的战略，并持续取得积极进展。报告期内，在半导体晶圆制造环节，公司根据市场需求持续推出更高纯度、更加纯净视觉效果以及具备不透明、完美石英、耐高温等特性的系列新品，产品性能与品质获得客户高度评价。在电子制造系统集成环节，公司依托高纯石英优势推出石英纤维布专用石英砂和石英管棒材料，经验证各项指标达到国际先进水平，公司预计将于2026年实现量产。公司自制砂产品已通过多家国际主流半导体设备商认证，同时深度配合国内头部半导体企业推进半导体石英本地化认证，认证产品规格持续扩充，半导体产品生产工艺齐全、品类丰富，充分彰显了公司半导体石英产品供应链的稳定性与韧性。我们看好公司半导体石英管棒业务在国内下游国产化导入诉求强烈+海外AI推动需求加速增长背景下迎来高速成长期。
　　光伏高纯石英砂业务：行业筑底期，坚持高质量转型
　　随着光伏行业产能出清与需求前景改善，公司光伏高纯石英砂业务有望逐步走出深度调整期。2025年全球光伏需求增速转弱，供给端深度出清，面对光伏行业供需错配，公司采取了更审慎的销售策略以控制经营风险，导致光伏用石英材料外销量同比-32.72%到3,606吨，销售单价同比-20.33%到3.17万元/吨。展望后续，随着N型、BC高效电池全面替代P型，大尺寸、高效率、长寿命产品成为主流，对高纯石英材料的需求总量下降，但对上游高纯石英坩埚、热场配套部件等关键辅材的纯度、性能与稳定性提出了更高要求，推动辅材行业向高质量发展。
　　光纤光源业务：有望受益于全球光纤需求高景气
　　全球光纤通信行业在算力网络、双千兆建设、超低损耗光纤升级驱动下保持高景气，光纤预制棒产能利用率持续提高，带动上游光纤用高纯石英材料需求稳步增长、国产替代加速。公司作为全球少数掌握高纯石英提纯与制品加工技术的龙头企业，面向光纤行业提供高纯延长管、把手棒、炉芯管等全系列配套材料，凭借产品质量稳定、性能优异深度绑定国内、外头部光纤光棒企业，成为核心供应商，我们看好公司未来供货规模和客户粘性持续提升。
　　盈利预测与估值
　　考虑半导体大客户导入以及光伏下游需求修复有望从2026年下半年开始、在2027年加速，我们下调公司2026年归母净利润18.83%到4.04亿元，上调公司2027年归母净利润12.01%到7.58亿元，引入公司2028年归母净利润预测11.06亿元，对应EPS为0.75、1.40、2.04元。考虑公司各业务增长有望在2027年加速，我们切换至2027年估值，基于可比公司菲利华2027年34倍PE（目标估值前值为52倍2026年PE），维持公司目标价47.84元。
　　风险提示：供应链安全风险，下游需求不及预期风险。