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%。①Jiangsu Pacific Quartz has changed from the 'soaring' performance in recent years, with a double decline in revenue and net profit in the semi-annual report, especially a nearly 90% drop in net profit. ②The photovoltaic market fluctuated greatly in the first half of the year, affected by the industry's capacity reduction and destocking, leading to a significant decrease in demand for quartz materials for photovoltaics. ③High-purity quartz sand has experienced a significant price decline this year, leading to a noticeable decline in the company's performance.
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On August 23, Caixin Media (reporter Wu Chao) reported that due to the cyclical fluctuations of the photovoltaic industry, Jiangsu Pacific Quartz (603688.SH) has changed from the recent 'soaring' performance, as today's semi-annual report shows a double decline in the company's revenue and net profit. Caixin Media noted that the main product of Jiangsu Pacific Quartz, high-purity quartz sand, has suffered a significant price decline this year, leading to a noticeable decline in the company's performance.
According to the financial report, Jiangsu Pacific Quartz achieved an operating income of 737 million 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 market fluctuations in the photovoltaic industry in the first half of the year, influenced by the industry's capacity reduction and destocking, combined with a substantial decrease in demand for quartz materials for photovoltaics, leading to a 2.754 billion yuan decrease in revenue from photovoltaic products, a year-on-year decrease of 92.24%; revenue from optical fiber semiconductor products increased, accounting for 40.54% of the main revenue.
In addition to the photovoltaic industry, the other major downstream market for Jiangsu Pacific Quartz's main product, high-purity quartz material, is the semiconductor industry. The company stated that although there was a short-term adjustment in 2023 due to the macroeconomic environment and market cycle, the semiconductor industry showed good signs of recovery in the first half of 2024, with the performance forecasts of many listed semiconductor companies indicating the arrival of the industry cycle turning point.
In the first half of the year, Jiangsu Pacific Quartz achieved a net profit attributable to shareholders of the listed company of 0.257 billion yuan, a decrease of 89.44% year-on-year; the net cash flow from operating activities was 0.75 billion yuan, a decrease of 51.63% year-on-year. The decline in net profit and cash flow was due to the decrease in income 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 when high-purity quartz sand was once in short supply and considered the next 'bottleneck' in the photovoltaic industry, market prices remained high for a long time. With the largest domestic production capacity for high-purity quartz sand, Jiangsu Pacific Quartz has achieved an explosive growth in performance in recent years. In 2022 and 2023, the company's net profit 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 20, the average prices of inner layer, middle layer, and outer layer 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.
Previously, Jiangsu Pacific Quartz also responded to investors' questions about the logic of the decline 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 a normal phenomenon.
In the financial report, Jiangsu Pacific Quartz proposed that it will continue to expand the competitive advantage of high-purity quartz sand in the semiconductor and photovoltaic fields. 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, and the certified product specifications continued to increase; it established strategic partnerships with several excellent domestic photovoltaic companies, and 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.
