菲利华“质量回报双提升”行动方案事件点评：落实“质量回报双提升”，凸显长期增长强信心

Investment Rating - The investment rating for the company is "Buy" with a target price of 41.45, maintaining the previous rating of "Buy" [3][8]. Core Views - The company has launched a "Quality Return Dual Improvement" action plan, emphasizing long-term growth confidence while enhancing R&D investment and focusing on investor returns [3][8]. - The company aims to strengthen R&D investment and promote high-quality development across the entire industry chain, showcasing confidence in future growth and performance [3][8]. Summary by Sections Company Overview - The company has developed into a significant player in the quartz materials and fibers manufacturing sector, with a unique mass production capability in China, particularly in the aerospace and defense industries [3][8]. Financial Performance - Revenue increased from 864 million to 1.719 billion from 2020 to 2022, with a compound annual growth rate (CAGR) of 41.05%. Net profit attributable to shareholders rose from 238 million to 489 million, with a CAGR of 43.34% [3][8]. - The company has consistently implemented cash dividends for nine consecutive years, with a total cash dividend of 300 million since its listing in September 2014 [3][8]. Earnings Forecast - The earnings per share (EPS) forecast for 2023-2025 is projected at 1.13, 1.48, and 1.94 yuan, respectively, maintaining the target price of 41.45 [3][8]. - The company’s R&D investment has shown a compound growth rate of 45.09%, with a total R&D expenditure of 1.53 billion in the first three quarters of 2023, reflecting a year-on-year increase of 43.82% [3][8]. Market Position - The company is recognized as a leader in the quartz industry, with a strong focus on innovation and product development, including advancements in semiconductor applications and optical systems [3][8]. - The management has announced plans for share repurchase and management buy-in, signaling confidence in the company's long-term investment value and commitment to protecting investor interests [3][8].