根据财报，上半年石英股份实现营业收入7.37亿元，同比下降78.54%，公司表示，主要原因是上半年光伏行业市场波动巨大，受到光伏行业去产能清库存影响，叠加光伏用石英材料市场需求同比大幅减少，导致光伏类产品收入下降，较上年同期减少27.54亿元，同比下降92.24%；光纤半导体类产品收入增长，占主营收入的40.54%。① Jiangsu Pacific Quartz has changed its performance from the recent years of rapid growth, with a double decline in revenue and net income in the interim report, especially with a nearly 90% decline in net income; ② The photovoltaic market has experienced significant fluctuations in the first half of the year, influenced by the industry's efforts to reduce overcapacity and clear inventory, resulting in a significant decrease in demand for quartz materials used in the photovoltaic market compared to the previous year; ③ The price of high-purity quartz sand has experienced a significant decline this year, which has also led to a significant decline in the company's performance.
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According to Chailian News on August 23rd, due to the cyclic fluctuations in the photovoltaic industry, Jiangsu Pacific Quartz (603688.SH) has changed its performance from the recent years of rapid growth. The interim report released today shows a decrease in revenue and net income for the company. Chailian News reporters have noted that the main product of Jiangsu Pacific Quartz, high-purity quartz sand, has experienced a significant decline in prices this year, leading to a significant decline in the company's performance.
According to the financial report, Jiangsu Pacific Quartz achieved operating income of 0.737 billion yuan in the first half of the year, a year-on-year decrease of 78.54%. The company stated that the main reason was the significant fluctuations in the photovoltaic market in the first half of the year, as well as the significant decrease in demand for quartz materials used in the photovoltaic industry, leading to a decrease in revenue from photovoltaic products, reducing 2.754 billion yuan compared to the same period last year, a year-on-year decrease of 92.24%; revenue from fiber optic semiconductor products increased, accounting for 40.54% of total operating income.
In addition to the photovoltaic industry, another major downstream market of Jiangsu Pacific Quartz's main product, high-purity quartz materials, is the semiconductor industry. The company has proposed that although there has been a short-term adjustment due to the macroeconomic environment and market cyclicality in 2023, the semiconductor industry has shown a good recovery trend in the first half of 2024, with the performance forecasts of many listed semiconductor companies indicating the arrival of a turning point in the industry cycle.
Furthermore, in the first half of the year, Jiangsu Pacific Quartz achieved a net profit attributable to shareholders of listed companies of 0.257 billion yuan, a year-on-year decrease of 89.44%; the net cash flow generated from operating activities was 0.75 billion yuan, a year-on-year decrease of 51.63%. The decline in net income and cash flow is due to the decrease in revenue in the first half of the year.
In fact, benefiting from the rapid growth in demand from downstream industries such as photovoltaics and semiconductors, especially with high-purity quartz sand, which was once in short supply and regarded as the next bottleneck in the photovoltaic industry, the market price has long maintained a high level. With the largest scale of high-purity quartz sand production capacity in China, Jiangsu Pacific Quartz has achieved explosive growth in performance in recent years. In 2022 and 2023, the company's net income increased by 2.74 times and 3.79 times year-on-year, respectively.
However, the price of high-purity quartz sand has declined this year.
According to the statistics of the Silicon Industry Branch on August 20th, the average prices of inner, middle, and outer quartz sand were 0.07 million yuan/ton, 0.035 million yuan/ton, and 0.025 million yuan/ton respectively. At the beginning of the year, the average prices reached about 0.4 million yuan/ton, 0.2 million yuan/ton, and 0.09 million yuan/ton respectively.
In the past, Jiangsu Pacific Quartz also responded to investors' questions about the logic of the decrease in quartz sand prices on the interactive platform, stating that the development of the company must adapt to market laws, and price fluctuations in response to market demand are normal phenomena.
In the financial report, Jiangsu Pacific Quartz proposed that it will continue to expand its competitive advantage in the field of high-purity quartz sand in the semiconductor and photovoltaic industries. The company stated that in the first half of the year, it accelerated the certification process for major semiconductor quartz equipment manufacturers and end chip manufacturers, with an increasing number of certified product specifications; it established strategic partnerships with several outstanding domestic photovoltaic companies; and combined with the successful completion of the 0.06 million tons/year high-purity quartz material project, it will further improve the company's market share.
