事件点评：质量回报双提升；石英龙头在践行

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 33.75 CNY based on a current price of 29.99 CNY [4]. Core Views - The company has launched a "Quality Return Dual Improvement" action plan aimed at high-quality development across the entire industry chain, enhancing R&D, and ensuring sustainable shareholder value through cash dividends and share buybacks [3]. - The company has demonstrated strong growth, with revenue increasing from 864 million CNY in 2020 to 1,719 million CNY in 2022, reflecting a compound annual growth rate (CAGR) of 41.10% [3]. - R&D investment has also seen significant growth, with a CAGR of 45.09% from 2020 to 2022, and a 43.82% year-on-year increase in the first three quarters of 2023 [3]. - The company has a strong commitment to shareholder returns, with a dividend payout ratio of 65% over the past three years and a total cash dividend of 500 million CNY since its listing [3]. - The company is positioned as a leader in high-end quartz products, with applications in high-tech fields such as semiconductors and aerospace, indicating a promising outlook for high-quality development [3]. Financial Summary - Revenue is projected to grow from 1,957 million CNY in 2023 to 3,234 million CNY in 2025, with growth rates of 13.82%, 26.86%, and 30.25% respectively [7]. - Net profit is expected to increase from 550 million CNY in 2023 to 927 million CNY in 2025, with growth rates of 12.60%, 27.39%, and 32.19% respectively [7]. - The company's PE ratio is projected to decrease from 28 in 2023 to 17 in 2025, indicating an attractive valuation as earnings grow [7]. - The company has maintained a strong balance sheet with a debt-to-equity ratio of 19.56% in 2022, expected to decrease to 18.45% by 2025 [9].