BOCI Securities: Maintains the "Buy" rating on Feihua, transforming technical advantages into the first mover advantage of silicon cloth from "0 to 1".

The research report from China Merchants Securities points out that the new generation AIInfra catalyzes the blue ocean market for quartz fiber cloth from "01". Philawa relies on the advantages of the entire industry chain to enter the field of electronic cloth with quartz fiber used in aerospace and semiconductors, and its technological advantages are expected to be transformed into a first-mover advantage. The company's equity incentives are tied to core talent, demonstrating confidence in the company's development. Maintains a "buy" rating. Philawa has sixty years of quartz technology accumulation, and its quartz fiber is the leading supplier in the aerospace field, and its quartz materials and parts are also certified by well-known semiconductor equipment manufacturers both domestically and internationally. The drawing process of quartz fiber requires extremely high precision and environmental control, with large investments in production equipment and high energy consumption. Philawa is one of the few global manufacturers that can mass-produce quartz fiber.