1, Quartz announced that the company, Chairman and General Manager Chen Shibin, Secretary of the Board of Directors Lu Liangyi and Chief Financial Officer Zhang Liwen had received warning letters from Jiangsu Securities Regulatory Bureau. The
information shows that the quartz shares were issued a warning letter mainly due to the following two aspects:
First, not timely review and disclosure of related party transactions. Wuhan Xinyoutai Photoelectric Technology Co., Ltd. (Hereinafter referred to as Wuhan Xinyoutai) and Donghai County Shangri Eco-Park Co., Ltd. (Hereinafter referred to as Donghai Shangri) are the related legal persons disclosed by quartz shares. In 2022, quartz shares did not perform the review procedures and disclose the related transactions of 11.6258 million yuan with Wuhan Xinyoutai and 0.8 million yuan with Donghai Shangri. There are errors in the relevant disclosure of the
second annual report.
On the one hand, some construction projects under construction failed to be recognized as fixed assets in time, resulting in a false increase of the company's net profit of 253300 yuan in 2022; In addition, the Company did not list the social security expenses of all employees in reasonable accounting subjects, which resulted in the false decrease of sales expenses and manufacturing expenses of 4.279 million yuan and 9.7995 million yuan respectively in the financial data of the annual report of the Company, and the false increase of administrative expenses of 14.0786 million yuan; Third, there were many disclosure errors in the non-financial data of the annual report of the Company.
According to the provisions of Article 52 of the Credit Measures, the Jiangsu Securities Regulatory Bureau decided to take administrative supervision measures to issue warning letters and record them in the integrity files of the securities and futures market.
In response to the warning of Jiangsu Securities Regulatory Commission, Quartz said at the third quarter performance presentation meeting held the next day that it would further enhance compliance awareness, strengthen the study and understanding of regulatory regulations, improve and perfect financial work, comprehensively promote the construction of financial system personnel, and enhance the overall quality of financial personnel.
On October 25, Quartz released the third quarter report of 2023. According to the preliminary accounting of the financial department, the company achieved revenue of 5.9 billion yuan in the first three quarters of 2023, an increase of 378.27% over the same period last year; Net profit of 4 billion 207 million, an increase of 638.32% over the same period.
Among them, the third quarter achieved revenue of 2.466 billion, net profit of 1.775 billion, compared with the previous two quarters, the company's revenue and net profit continued to grow.
Although the photovoltaic industry is currently in the stage of overcapacity, the overall pace of expansion in the industry is still accelerating. In this context, the scarcity of high-purity quartz sand has become increasingly prominent, so far, led by quartz shares, many enterprises have announced plans to expand production. Dailer New Material Co., Ltd. and Anhui Jingkai New Material Co., Ltd. are investing in the construction of high-purity quartz sand projects; overseas, TQC of Norway, Unimin of the United States and other competitors are also seizing the time to put into production.
There are even media reports that Unimin is promoting the signing of five-year long orders with downstream customers, with a long price of 180000/ton for inner sand.
However, although there are many plans to expand production, in the short term, quartz shares will continue to occupy the top edge of the industry.
At present, domestic small and medium-sized quartz sand enterprises mainly supply inner and outer layer sand, and the tight supply of inner layer sand still needs to rely on large enterprises such as quartz shares to make up for the expansion of production. According to the Report on the Development Analysis and Investment Prospect Forecast of China's Quartz Industry in 2023-2028 issued by Puhua Research Institute of China Research Institute, it is predicted that the global demand for high-purity quartz sand in 23-24 years will be 82,000 tons and 99,000 tons, the supply will be about 82,000 tons and 98,000 tons, and the gap between supply and demand will be -0.1 tons and -0.1 tons.
Up to now, the 60,000 tons of high-purity sand in Pingming Town of Quartz Co., Ltd. is under construction, and it is expected that part of the production capacity will be contributed in the first half of next year; the construction of 60,000 tons of new production capacity in Ganyu has been completed, and will be put into operation at the end of this year and the first half of next year. In the future, the company's annual production capacity of high-purity quartz sand may be increased to 230000 tons.
As N-type silicon wafers continue to be put into production and the demand for high-purity quartz sand is maintained, the price of middle and inner layer sand is expected to remain at a high level, and quartz shares holding the vast majority of production capacity may enjoy the industry dividend.
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