山东国瓷功能材料股份有限公司 证券代码：300285 证券简称：国瓷材料 公告编号：2025-024 第五届监事会第二十二次会议决议公告 本公司及监事会全体人员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 2025 年 4 月 22 日以邮件形式发出了《关于召开第五届监事会第二十二次会议的通知》。本次会 议于 2025 年 4 月 25 日在公司会议室以现场会议和通讯会议的方式召开。会议应出席 监事 3 名，实际出席监事 3 名。本次会议的召集、召开符合《公司法》及《公司章程》 的有关规定，会议合法有效。本次会议由公司监事会主席温长云先生主持。 本次监事会对以下议案内容进行了表决，表决情况如下： 一、审议通过了《关于公司 2025 年第一季度报告的议案》 经审核，监事会认为《公司2025年第一季度报告》的内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见中国证监会指定创业板信息披露网站披露的相关公告。 表决结果：同意 3 票，反对 0 票，弃权 0 票，获得通过 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2025-023 山东国瓷功能材料股份有限公司 第五届董事会第二十二次会议决议公告 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 2025 年 4 月 22 日以邮件形式发出了《关于召开第五届董事会第二十二次会议的通知》。 本次会议于 2025 年 4 月 25 日在公司会议室以现场会议和通讯会议的方式召开。会议 应出席董事 9 名，实际出席董事 9 名，公司部分高级管理人员列席了会议。本次会议 的召集、召开符合《中华人民共和国公司法》及《公司章程》的有关规定，会议合法 有效。本次会议由公司董事长张曦先生主持。 表决结果：9 票赞成，0 票反对，0 票弃权，获得通过。 本次董事会对以下议案内容进行了表决，表决情况如下： 一、审议通过了《关于公司 2025 年第一季度报告的议案》 公司董事认真审阅了《公司 2025 年第一季度报告》，认为《公司 2025 年第一季 度报告》能够真实、准确、完整地反映公司第一季度的实际情况，本议案已经公司董 事会审计委员会审议通过，公司的董事、监事、高级管理人员均对报告出具了书面确 认意见。 《公司 202 ...

山东国瓷功能材料股份有限公司 2025 年第一季度报告 证券代码：300285 证券简称：国瓷材料 公告编号：2025-022 山东国瓷功能材料股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经过审计 适用 □不适用 | | 单位：元 | | | --- | --- | --- | | 项目 | 本报告期金额 | 说明 | | 非流动性资产处置损益（包括已计提资产减值准备的冲销部分） | -1,227,153.46 | | | 计入当期损益的政府补助（与公司正常经营业务密切相关、符合国家政策规定、 按照确定的标准享有、对公司损益产生持续影响的政府补助除外） | 10,661,232.32 | | | 委托他人投资或管理资产的损益 ...

国瓷材料（300285）公告，2025年第一季度营业收入9.75亿元，同比增长17.94%。净利润1.36亿元，同 比增长1.80%。 ...

事件：2025 年4 月21 日，国瓷材料发布2024 年报，公司2024 年营业收入为40.47 亿元，同比上涨 4.86%；归母净利润6.05 亿元，同比上涨6.27%；扣非净利润5.81 亿元，同比上涨7.05%。对应4Q24 公 司实现营业收入10.80亿元，同比上涨0.78%，环比上涨6.67%；归母净利润1.23 亿元，同比下降4.44%， 环比下跌19.25%。 点评：2024 年公司业绩稳中有升，多板块业务布局打开成长空间。2024 年公司总体销售毛利率为 39.67%，较上年同期上涨1.02pcts。2024 年财务费用同比下降7.71%；销售费用同比上升22.67%；管理 费用同比上升22.16%；研发费用同比上升12.16%。2024 年销售净利率为16.51%，较上年同期增长 0.42pcts。我们认为，公司2024 年业绩稳中有升，主要得益于电子材料下游需求的逐步回暖，以及汽车 电子、AI 服务器等新兴应用领域的加速发展。 同时，新能源材料产销规模持续扩大，叠加下游整车厂在新能源车型中大幅提升陶瓷轴承球的搭载比 例，推动公司陶瓷球业务实现快速放量增长。此外，精密陶瓷材料产能的持续释放 ...

国瓷材料发布2024 年年报：公司全年实现营业收入40.47 亿元，YoY+4.86%，归母净利润6.05 亿元， YoY+6.27%。 主要业务板块销量增长，带动公司盈利提升。从收入端看，2024 年公司各产品销量增长，电子材料、 蜂窝陶瓷载体、生物医疗材料、新能源材料、精密陶瓷、建筑陶瓷板块的产品销量分别同比增长 19.25%、4.77%、12.68%、110.74%、18.51%、5.00%。公司电子材料板块营收同比增长4.22%，催化材 料板块营收同比增长10.01%，生物医疗材料板块营收同比增长6.53%。从利润端看：公司2024 年综合毛 利率同比提升1.02 个百分点至39.67%，带动公司净利润实现增长。 公司成功突破超薄壁、低热膨胀载体技术壁垒，可以满足国六、欧六的商用车、乘用车全场景应用需 求，并配合客户完成国七、欧七标准产品储备。③生物医疗板块：公司加强快速烧结、分层渐变、荧光 等新品的研发投入，其中部分新品已在客户端逐步应用。④新能源材料板块：公司以高纯氧化铝、勃姆 石为战略支点卡位新能源赛道，陆续推出多款锂电池正极添加剂的核心辅材，成功将滴定法氧化锆微珠 的应用延伸至正负极研磨领域。 ...

Investment Rating - The investment rating for the company is "Outperform" (增持) [8] Core Views - The company reported a revenue of 4.047 billion yuan for 2024, representing a year-on-year growth of 4.9%, and a net profit attributable to the parent company of 605 million yuan, with a year-on-year increase of 6.3% [8] - The performance in Q4 2024 showed a slight decline in net profit due to the impact of ceramic ink sales and increased expenses, but overall performance was in line with expectations [8] - The company is focusing on the development of new materials that are self-controlled and autonomous, which is expected to drive future growth [8] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 3.859 billion yuan - 2024: 4.047 billion yuan - 2025E: 4.547 billion yuan - 2026E: 5.187 billion yuan - 2027E: 5.853 billion yuan - Year-on-year growth rates for total revenue are projected at 21.9% for 2023, 4.9% for 2024, 12.4% for 2025, 14.1% for 2026, and 12.8% for 2027 [2][9] - Net profit attributable to the parent company is forecasted as follows: - 2023: 569 million yuan - 2024: 605 million yuan - 2025E: 712 million yuan - 2026E: 836 million yuan - 2027E: 987 million yuan - Year-on-year growth rates for net profit are projected at 14.5% for 2023, 6.3% for 2024, 17.7% for 2025, 17.5% for 2026, and 18.0% for 2027 [2][9] Segment Performance - Electronic Materials Segment: Revenue expected to be approximately 624 million yuan in 2024, benefiting from recovering downstream demand and growth in automotive electronics and AI servers [8] - Catalytic Materials Segment: Revenue projected at 787 million yuan in 2024, with a focus on expanding customer base in the main engine manufacturers [8] - Biomedical Segment: Revenue forecasted at 910 million yuan in 2024, with increased expenses due to overseas investments [8] - New Energy Materials Segment: Revenue expected to reach approximately 404 million yuan in 2024, driven by growing demand for new energy batteries [8] - Precision Ceramics Segment: Revenue projected at 351 million yuan in 2024, benefiting from the rapid development of the global new energy industry [8] - Construction Ceramics Segment: Revenue expected to decline to 914 million yuan in 2024 due to the downturn in the domestic real estate market [8] Valuation and Earnings Forecast - The earnings forecast for 2025-2026 has been adjusted downwards due to anticipated demand impacts on the ceramic ink segment and ongoing expenses in overseas dental business [8] - The projected net profits for the next three years are approximately 712 million yuan for 2025, 836 million yuan for 2026, and 987 million yuan for 2027, corresponding to PE ratios of about 24, 21, and 17 times [8]

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 19.24 [7][8]. Core Views - The company reported a revenue of RMB 4.05 billion for 2024, representing a year-on-year increase of 5%, and a net profit attributable to shareholders of RMB 600 million, up 6% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of RMB 1.08 billion, which is a 1% increase year-on-year and a 7% increase quarter-on-quarter, although the net profit for this quarter was lower than expected due to product price declines and asset impairment [1][4]. - The company is expected to benefit from the growth in new materials, with a projected net profit of RMB 741 million in 2025, reflecting a year-on-year growth of 22.6% [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 4.05 billion and a net profit of RMB 600 million, with a proposed cash dividend of RMB 0.15 per share [1]. - The fourth quarter of 2024 had a revenue of RMB 1.08 billion and a net profit of RMB 120 million, which was below the forecast of RMB 200 million [1]. Segment Performance - The electronic materials segment saw a year-on-year sales increase of 19% to 9,539 tons, with revenue up 4% to RMB 620 million [2]. - The catalytic materials segment achieved a sales volume increase of 5% to 16.24 million liters, with revenue rising 10% to RMB 790 million [2]. - The new energy materials segment experienced a significant sales increase of 111% to 29,030 tons, with revenue up 48% to RMB 400 million [3]. Profitability Forecast and Valuation - The forecast for net profit in 2025 has been adjusted to RMB 741 million, down from a previous estimate of RMB 870 million, reflecting a 15% reduction [4]. - The company is expected to maintain a net profit growth of 23% in 2025, 21% in 2026, and 18% in 2027, with an EPS of RMB 0.74, RMB 0.90, and RMB 1.06 respectively [4].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company achieved steady growth in its annual performance, with a revenue of 4.047 billion yuan in 2024, representing a year-on-year increase of 4.86%, and a net profit attributable to shareholders of 605 million yuan, up 6.27% year-on-year [1][2]. - The company is expanding its new product lines, which is expected to lay a foundation for future growth [1][6]. - The electronic materials segment showed robust growth, with revenue of 624 million yuan, a 4.22% increase year-on-year, and a sales volume of 9,539 tons, up 19.25% year-on-year [6]. - The catalyst materials business experienced a slowdown in growth, while the dental business shows promising prospects [6]. - The company is focusing on expanding its presence in the new energy and precision ceramics sectors, which is anticipated to further open up growth opportunities [6]. Financial Data and Valuation - The company’s total revenue is projected to grow from 4.047 billion yuan in 2024 to 6.962 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20% [2][12]. - The net profit attributable to shareholders is expected to increase from 605 million yuan in 2024 to 1.059 billion yuan in 2027, reflecting a CAGR of around 19% [7][12]. - The earnings per share (EPS) is forecasted to rise from 0.61 yuan in 2024 to 1.06 yuan in 2027 [7][12]. - The current price-to-earnings (PE) ratio is projected to decrease from 28.5 in 2024 to 16.3 in 2027, indicating an attractive valuation [7][12]. Key Financial Ratios - The company’s gross margin is expected to improve slightly from 39.7% in 2024 to 40.2% in 2027 [13]. - The return on equity (ROE) is projected to increase from 9.3% in 2024 to 12.4% in 2027 [13]. - The debt-to-asset ratio is expected to decrease from 21.0% in 2024 to 19.8% in 2027, indicating improved financial stability [13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a total revenue of 4.05 billion yuan for 2024, representing a year-on-year increase of 4.9%. The net profit attributable to shareholders was 600 million yuan, up 6.3% year-on-year, while the net profit after deducting non-recurring items was 580 million yuan, reflecting a 7.1% increase year-on-year [6][10]. - In Q4 2024, the company achieved revenue of 1.08 billion yuan, a year-on-year increase of 0.8% and a quarter-on-quarter increase of 6.7%. However, the net profit attributable to shareholders decreased by 4.4% year-on-year and 19.2% quarter-on-quarter, amounting to 120 million yuan [6][10]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 4.05 billion yuan, with a gross profit margin of 39.7% and a net profit margin of 16.5%, both showing year-on-year increases [10]. - The company maintained a research and development expense ratio of 7.3%, which is an increase of 0.5 percentage points year-on-year [10]. Business Segments - The electronic materials segment generated revenue of 620 million yuan, up 4.2% year-on-year, with sales volume increasing by 19.3% to 9,539 tons [10]. - The catalytic materials segment achieved revenue of 790 million yuan, a 10.0% increase year-on-year, with sales volume of 16.24 million liters, up 4.8% [10]. - The biomedical segment reported revenue of 910 million yuan, reflecting a 6.5% year-on-year increase, with sales volume of 3,040 tons, up 12.7% [10]. - The new energy segment saw significant growth, with revenue reaching 400 million yuan, a 48.3% increase year-on-year, and sales volume of 29,000 tons, up 110.7% [10]. - The precision ceramics segment generated revenue of 350 million yuan, a 41.7% increase year-on-year, with sales volume of 740 million pieces, up 18.5% [10]. - The other materials segment faced challenges, with revenue declining by 17.1% year-on-year to 970 million yuan due to decreased demand in the domestic real estate market [10]. Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 690 million yuan, 860 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027, respectively [10].