Investment Rating - The investment rating for the company is "Outperform" [4]. Core Views - The company reported a revenue of 2.966 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 6.42%. The net profit attributable to shareholders was 482 million yuan, up 9.4% year-over-year [4]. - In Q3 2024, the company achieved a revenue of 1.013 billion yuan, which is an 8.11% increase year-over-year but a 10.11% decrease quarter-over-quarter. The net profit for Q3 was 152 million yuan, reflecting a 24.5% year-over-year increase but a 23% decrease quarter-over-quarter [4]. - The gross margin for the first three quarters improved by 2.75 percentage points to 39.65%, while the net profit margin increased by 0.79 percentage points to 18.21% [4]. Financial Data Summary - The company’s total revenue for 2023 is projected at 3.859 billion yuan, with a year-over-year growth rate of 21.9%. For 2024, the revenue is expected to be 4.055 billion yuan, reflecting a growth rate of 5.1% [7]. - The net profit for 2023 is estimated at 621 million yuan, with a year-over-year growth of 14.5%. The forecast for 2024 is a net profit of 728 million yuan, indicating a growth of 19.1% [7]. - The earnings per share (EPS) for 2023 is projected at 0.57 yuan, with an expected increase to 0.68 yuan in 2024 [7]. Business Segment Performance - In the electronic materials segment, the company has developed high-performance powders for AI applications, with MLCC powder shipments estimated at over 4,900 tons [5]. - The catalytic materials segment faced challenges due to lower-than-expected heavy truck sales, but the company is expanding its customer base to include passenger vehicles [5]. - The biomedical segment is focusing on expanding overseas clients and preparing for high-end brand sales, with recent investments in companies like Spident and DEKEMA [5]. Profit Forecast and Investment Rating - The profit forecast has been adjusted downward due to the impact of heavy truck demand on honeycomb ceramics and a decline in ceramic ink sales. The expected net profits for 2024-2026 are approximately 678 million, 832 million, and 1.05 billion yuan, respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 2.966 billion RMB for the first three quarters, representing a year-on-year growth of 6.42%, and a net profit attributable to shareholders of 482 million RMB, up 9.38% year-on-year [2]. - In Q3 alone, the revenue was 1.013 billion RMB, with a year-on-year increase of 8.11%, and a net profit of 152 million RMB, reflecting a significant growth of 24.51% year-on-year [2]. - The report highlights the impact of the real estate sector on the company's performance, particularly in the ceramic ink business, which is affected by a 24.4% year-on-year decline in real estate completion area [2]. - The electronic materials business is gradually recovering, with the main product, MLCC, seeing a gradual increase in supply, although it has not yet returned to peak levels [2]. - The bio-materials segment has established overseas sales channels, enhancing brand recognition and customer loyalty [2]. - The catalytic materials segment is undergoing structural upgrades, with the company expanding its applications in precision ceramics [2]. Financial Forecast - The 2024 profit forecast has been revised down by 6%, with projected net profits for 2024-2026 at 669 million, 827 million, and 993 million RMB, respectively [3]. - The corresponding EPS for these years is expected to be 0.67, 0.83, and 1.00 RMB, with PE ratios of 29, 23, and 19 times [3][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.32 yuan [4]. Core Views - The company achieved a revenue of 2.966 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.42%, and a net profit attributable to shareholders of 482 million yuan, up 9.38% year-on-year [1][2]. - The report highlights that the electronic materials segment is experiencing a recovery in demand, while the precision ceramics segment is expected to see rapid growth [2]. - The company is projected to achieve net profits of 700 million yuan, 902 million yuan, and 1.129 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28x, 21x, and 17x [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.013 billion yuan, an increase of 8.11% year-on-year but a decrease of 10.11% quarter-on-quarter [1]. - The comprehensive gross margin for Q3 was 39.18%, an increase of 3.47 percentage points year-on-year, while the net profit margin was 16.62%, up 2.00 percentage points year-on-year [2]. Business Segments - The electronic materials segment saw a significant increase in sales of MLCC dielectric powder, while the catalytic materials segment faced a slight decline due to seasonal impacts [1]. - The biomedical segment completed the debugging of dental powder production lines, enhancing product innovation and brand positioning [1]. - The precision ceramics segment is witnessing positive market expansion, with new product development accelerating [1][2]. Future Outlook - The company is expected to benefit from the steady recovery in MLCC demand and the rapid growth of three key segments: catalytic carriers, ceramic balls, and ceramic substrates [2]. - New product breakthroughs are anticipated to provide sufficient growth momentum for the company in the future [2].

证券代码：300285 证券简称：国瓷材料 山东国瓷功能材料股份有限公司 投资者关系活动记录表 编号：DY2024-006 | --- | --- | --- | --- | --- | --- | |-----------------------------|--------------------------------|-----------------------------------------------------------------|------------|----------------------|----------------------------------------| | | | | | | | | | 特定对象调研 | 分析师会议 | | | | | | □媒体采访 | □业绩说明会 | | | | | 投 资 者 关 系活 | □新闻发布会 □路演活动 | | | | | | 动类别 | 现场参观 | | | | | | | | □其他（请文字说明其他活动内容） | | | | | 参 与 单 位 名称 及人员姓名 | 机构及个人投资者（具体见附件） | | | | ...

表决结果：同意 3 票，反对 0 票，弃权 0 票。 （此页无正文，为《山东国瓷功能材料股份有限公司第五届董事会独立董事第一 次专门会议决议》之签字页） 独立董事签字： 李济东 温学礼 刘欣梅 山东国瓷功能材料股份有限公司 第五届董事会独立董事第一次专门会议决议 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 2024 年10月21日以邮件形式发出了《第五届董事会独立董事第一次专门会议通知》。 本次会议于 2024 年 10 月 24 日以通讯会议的方式召开。会议应参与表决独立董 事 3 人，实际参与表决独立董事 3 人。本次会议的召集、召开和表决程序均符合 《中华人民共和国公司法》《上市公司独立董事管理办法》等法律、行政法规、 其他规范性文件、《公司章程》和《独立董事工作制度》的有关规定，所形成的 决议合法有效。本次会议由独立董事李济东先生主持。 本次独立董事专门会议对以下议案内容进行了表决，表决情况如下： 一、关于追加 2024 年度日常关联交易预计额度的审议意见 公司追加 2024 年度日常关联交易预计额度的行为，是基于控股子公司的业 务发展需要，符合公司持续发展规划和长远利益。本次交 ...

山东国瓷功能材料股份有限公司 2024 年第三季度报告 1 证券代码：300285 证券简称：国瓷材料 公告编号：2024-077 山东国瓷功能材料股份有限公司 2024 年第三季度报告 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.第三季度报告是否经过审计 □是 否 山东国瓷功能材料股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|---- ...

关于追加 2024 年度日常关联交易预计额度的公告 证券代码：300285 证券简称：国瓷材料 公告编号：2024-080 山东国瓷功能材料股份有限公司 一、日常关联交易基本情况 (一)关联交易概述 2023 年 7 月 5 日，公司召开第五届董事会第八次会议，审议通过了《关于 放弃优先购买权暨关联交易的议案》，公司控股子公司山东国瓷康立泰新材料科 技有限公司（以下简称"国瓷康立泰"）的少数股东佛山市康立泰无机化工有限 公司将其持有的 40%股权转让给科达制造股份有限公司（以下简称"科达制造"）， 本次交易事项完成后，公司对国瓷康立泰的持股比例不变，国瓷康立泰仍为公司 控股子公司。公司及控股子公司与科达制造及其相关方之间由于日常生产经营和 产品销售而产生的交易事项构成关联交易 本公司及董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 2024 年 10 月 27 日召开第五届董事会第十八次会议、第五届监事会第十八次会议，审议 通过了《关于追加 2024 年度日常关联交易预计额度的议案》。本次事项在公司 董 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-078 公司董事认真审阅了《公司2024年第三季度报告》，认为《公司2024年第三季度 报告》所载资料的内容符合法律、行政法规、中国证监会和深圳证券交易所的相关规 定，报告内容真实、准确、完整地反映了公司的实际情况，本议案已经公司董事会审 计委员会审议通过，公司的董事、监事和高级管理人员均对报告出具了书面确认意 见。《公司2024年第三季度报告》详见中国证监会指定的创业板信息披露网站巨潮资 讯网（http://www.cninfo.com.cn）。 表决结果：9票赞成，0票反对，0票弃权，获得通过。 二、审议通过了《关于追加2024年度日常关联交易预计额度的议案》 公司追加山东国瓷康立泰新材料科技有限公司与科达制造股份有限公司及其相关 方之间的日常关联交易预计额度，是基于公司的实际情况作出的决定，满足了下属子 公司的正常生产经营所需，未违反公开、公平、公正的原则，符合中国证监会、深圳 证券交易所和公司关于关联交易管理的有关法律法规及公司章程的规定，不存在损害 山东国瓷功能材料股份有限公司 第五届董事会第十八次会议决议公告 本公司及董事会全体成员保 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-079 山东国瓷功能材料股份有限公司 第五届监事会第十八次会议决议公告 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 2024 年 10 月 24 日以邮件形式发出了《第五届监事会第十八次会议的通知》。本次会议于 2024 年 10 月 27 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 2024 年第三季度报告的议案》 经审核，监事会认为：董事会编制和审核《公司2024年第三季度报告》的程序 符合法律、行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、 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 ...

Investment Rating - The investment rating for the company is "Outperform" with a target price of RMB 21.90, based on a 2024 PE of 30x [2][10]. Core Insights - In H1 2024, the company achieved a revenue of RMB 1.95 billion, representing a year-on-year growth of 5.57%, and a net profit attributable to shareholders of RMB 330 million, up 3.60% YoY [8][10]. - The company has six business sectors that are progressing well, including electronic materials, catalytic materials, biomedical materials, and precision ceramics, with notable growth in the catalytic materials sector [9][10]. - The company is focusing on domestic alternatives in the electronic materials sector and has successfully entered the supply chain of leading overseas commercial vehicle customers in the catalytic materials sector [9][10]. Financial Performance Summary - The company reported a revenue of RMB 3.859 billion in 2023, with projections of RMB 4.281 billion in 2024, RMB 4.889 billion in 2025, and RMB 5.666 billion in 2026, reflecting a year-on-year growth of 21.9% in 2023 and 10.9% in 2024 [3][6]. - The net profit for 2023 is projected at RMB 569 million, with forecasts of RMB 730 million in 2024, RMB 850 million in 2025, and RMB 997 million in 2026, indicating a net profit growth rate of 14.5% in 2023 and 28.3% in 2024 [3][6]. - The company’s gross margin is expected to improve from 38.7% in 2023 to 39.8% by 2026 [6][10]. Business Segment Analysis - The catalytic materials sector is projected to generate sales revenue of RMB 715.08 million in 2024, with a gross margin of 43% [4]. - The biomedical materials sector is expected to achieve sales revenue of RMB 854.68 million in 2024, with a gross margin of 59% [4]. - The electronic materials sector is forecasted to have sales revenue of RMB 598.49 million in 2024, with a gross margin of 36% [4].