CITIC reported that quartz stock (603688.SH) has been gradually supplied to leading semiconductor manufacturers at home and abroad after passing the Tokyo Electronic High temperature Certification in 2019. The company's semiconductor business revenue still grew by 90% in the first half of 2023 despite low industry demand, indicating that the company's semiconductor products are gradually entering the downstream stage of large-scale procurement. The bank believes that the company's semiconductor business is expected to maintain more than 50% compound growth in the next two years, and the photovoltaic high purity sand price in 2024 is expected to remain high. It believes that the company's value is expected to be revalued and the company's "buy" rating is maintained.