Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady performance with a diversified layout contributing to growth in 2024 and Q1 2025, driven by recovery in consumer electronics, automotive, and dental medical sectors [5][6] - The company achieved a revenue of 4 billion CNY in 2024, a year-on-year increase of 5%, and a net profit of 600 million CNY, up 6% year-on-year [5] - In Q1 2025, the company reported a revenue of 975 million CNY, an 18% increase year-on-year, and a net profit of 136 million CNY, a 2% increase year-on-year [5] Summary by Sections Financial Performance - In 2024, the company’s revenue was 40 billion CNY, with a net profit of 6 billion CNY, while Q4 alone contributed 10.8 billion CNY in revenue [5] - The Q1 2025 results showed a revenue of 9.75 billion CNY and a net profit of 1.36 billion CNY [5] Business Segments - The electronic materials segment benefited from recovering downstream demand, with MLCC medium powder sales gradually increasing [6] - The catalytic materials segment successfully overcame technical barriers, meeting stringent vehicle emission standards, and saw rapid growth in sales due to increased demand from overseas clients [6] - The biomedical segment received EU medical device compliance certification for several products, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Growth Opportunities - The company is strategically positioned in the new energy sector, launching several lithium battery additives and becoming a major supplier in the industry [7] - The LED substrate segment has strengthened its competitive edge through technological synergies, while the communication RF micro-system chip packaging business is expected to become a significant growth point [7] - The subsidiary has made strides in digital printing materials, aiming to become a leader in the Chinese market [7] Profitability and Valuation - The report adjusts the profit forecasts for 2025-2026 downwards by 20%, with expected net profits of 754 million CNY and 914 million CNY respectively, while introducing a forecast for 2027 at 1.13 billion CNY [8][9] - The company’s EPS is projected to be 0.76 CNY for 2025, 0.92 CNY for 2026, and 1.13 CNY for 2027 [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady performance with a diversified layout contributing to growth in 2024 and Q1 2025, driven by recovery in sectors such as consumer electronics, automotive, and dental healthcare [5][6] - The company achieved a revenue of 4 billion CNY in 2024, a year-on-year increase of 5%, and a net profit of 600 million CNY, up 6% year-on-year [5] - In Q1 2025, the company reported a revenue of 975 million CNY, an 18% increase year-on-year, and a net profit of 136 million CNY, a 2% increase year-on-year [5] Summary by Sections Performance Overview - In Q4 2024, the company recorded a revenue of 1.08 billion CNY, a 1% increase year-on-year and a 7% increase quarter-on-quarter, with a net profit of 123 million CNY, down 4% year-on-year and 19% quarter-on-quarter [5] - The electronic materials segment benefited from recovering downstream demand, particularly in automotive electronics and AI servers, leading to a gradual increase in MLCC dielectric powder sales [6] Strategic Developments - The company has made significant advancements in catalyst materials, successfully overcoming technical barriers to meet stringent vehicle emission standards, which has led to increased demand from overseas clients [6] - In the biomedical sector, the company’s zirconia ceramic blocks and glass ceramic blocks have received compliance certification under EU medical device regulations, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Financial Projections - The report adjusts the profit forecasts for 2025-2026, projecting net profits of 754 million CNY and 914 million CNY respectively, with an estimated EPS of 0.76 CNY and 0.92 CNY [8][9] - The company’s revenue is expected to grow to 4.77 billion CNY in 2025, reflecting an 18% growth rate, with a net profit growth rate of 24.72% [9][10] Valuation Metrics - The report provides a valuation with a P/E ratio of 22 for 2025, decreasing to 15 by 2027, indicating a favorable long-term outlook [12][13] - The company’s gross margin is projected to stabilize around 40% in the coming years, despite slight declines in specific segments [12]

积极布局新能源和精密陶瓷板块，拓宽未来成长空间。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。公司固态电解质、制氢领域新产品均协同行业客户有序推进产品验证和应用推广。精密陶瓷板 块是公司以材料为核心，向下游延展产业链的平台，包括氧化锆、氧化铝、氮化硅、氮化铝等材料体 系，具体产品包括陶瓷轴承球、陶瓷套筒、陶瓷插芯、陶瓷基板陶瓷管壳等。公司具备"材料-工艺-器 件"三维创新体系，可以实现对高附加值赛道的精准卡位，致力于成为领先的精密陶瓷全产业链平台型 公司。国瓷赛创投资扩建陶瓷金属化项目，达产后将进入薄膜传感器、功率电源模块、IGBT 等应用领 域。 维持"强烈推荐"投资评级。预计2025-2027 年公司归母净利润分别为7.04亿、8.47 亿、10.10 亿元，EPS 分别为0.71、0.85、1.01 元，当前股价对应PE分别为24、20、16 倍，维持"强烈推荐"投资评级。 风险提示：下游需求不及预期、原材料价格上涨、新项目投产不及预期。 事件：公司发布2025年一季报，报告期内实现收入9.75亿元，同比增 ...

电子材料业务仍处于稳步运行中，催化材料客户推进持续。一季度虽然有春节影响，但是公司仍然延续 了平稳的运行状态，电子材料维持平稳运行，进一步开发新品满足高端市场需求；而在催化领域，公司 进一步推进产品的客户合作，在蜂窝陶瓷领域，海外巨头康宁和NGK 占据了主要市场，公司凭借国内 稳定供应和性价比优势同时推荐商用车和乘用车的客户开发，逐步进入放量阶段，成为公司先期拉动提 升的主要业务之一。 生物材料板块海外构建成型，精密陶瓷业务持续布局，成为后续动力。公司生物材料板块一方面持续进 行产品扩展，另一方面推进现有产品的体系升级，经过公司前期的资源投入和人员调整基本成型，公司 的海外销售渠道也逐步获得提升，海外销售占比提升。生物材料的渠道和体系依赖程度相对较高，公司 已经形成了海外团队建设，并持续进行海外标的考察，以不断拓展海外市场，构建自身的产品品牌。精 密陶瓷是公司的朝阳产业，陶瓷球伴随新能源800V 快充应用逐步放量，在陶瓷基板公司进行了全产业 链布局，伴随未来粉体布局的逐步完善，将进一步提升产品盈利水平，成为中期业务增长的关键支撑 力。 业绩简评 地产链对公司的建筑陶瓷产生一定的影响，新能源行业依然竞争激烈。截 ...

风险提示：在建项目进度低于预期，产品和原料价格波动。 本报告导读： 我们看好平台型企业多元产品矩阵接力，国产替代与海外拓展双轮驱动。 投资要点： 维持"增持"评 级。考虑到外部环境影响陶瓷墨水需求，以及费用端偏刚性，我们下调25-26 年EPS 至 0.77/0.93 元（原为0.88/1.04 元）,新增27 年EPS 为1.11 元。参考可比公司估值及考虑公司成长性，给予 25 年25 倍PE 估值，对应目标价为19.25 元。 公司业绩稳健增长。2024 年，公司实现营收40.47 亿元，同比+4.86%；扣非后归母净利5.81 亿元，同比 +7.05%；其中，24Q4 营收10.80 亿元，同比+0.78%，环比+6.67%。扣非后净利1.27 亿元，同 比-8.69%，环比-12.73%。25Q1 营收9.75 亿元，同比+17.94%，环比-9.76%。扣非后净利1.27 亿元，同 比+4.88%，环比-0.17%。 平台型企业多元产品矩阵接力。2024 年，电子材料、催化材料、生物医疗、新能源材料、精密陶瓷、 数码打印及其他材料营收分别同比+4.22%、+10.01%、+6.53%、+48.34 ...

事件描述 公司维持研发高投入，持续开发新产品新领域。2025Q1 年公司毛利率、净利率为36.8%、15.3%，同比 下降2.0 pct、2.4 pct，研发费用率7.3%，同比下降0.2 pct。覆铜板用填充材料项目实现球形氧化硅的技 术突破，产品具有高纯度、低成本优势，可广泛用于高频高速覆铜板填充，多家客户小试验证合格；氧 化锆、氧化钛分散液广泛用于背光模组、AR显示等领域，已实现产品技术突破，开始小批量销售。 公司以陶瓷材料为基，产业集群优势明显，通过技术研发的核心优势构筑坚实壁垒，搭建精益管理体 系，确保产品质量。预计25-27 年归属净利润为6.9/8.5/10.5 亿元，维持"买入"评级。 风险提示 1、各领域需求不及预期； 2、下游客户验证不及预期。 公司发布2025 一季报，实现收入9.7 亿元（同比+17.9%，环比-9.8%），实现归属净利润1.4亿元（同比 +1.8%，环比+10.8%），实现归属扣非净利润1.3 亿元（同比+4.9%，环比-0.2%）。 事件评论 公司通过内生增长与横向并购，不断涉足陶瓷材料的新领域。公司主要从事各类高端陶瓷材料及制品的 研发、生产和销售，已形成包括电子 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 970 million yuan for Q1 2025, representing a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8%. The net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter. The net profit excluding non-recurring items was 130 million yuan, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter decrease of 0.2% [2][6]. Summary by Sections Company Overview - The company is engaged in the research, production, and sales of various high-end ceramic materials and products, forming six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials. Its products are applied in fields such as electronic information and communication, automotive and industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [10]. Business Performance - The company has expanded into new areas of ceramic materials through organic growth and horizontal mergers. The electronic materials segment is benefiting from policies that stimulate consumer electronics, with a recovery in downstream demand and rapid growth in emerging applications such as automotive electronics and AI servers. The catalytic materials segment has deepened cooperation with clients, entering the supply chain of leading overseas customers and covering domestic independent brands in the passenger vehicle sector [10]. Financial Metrics - For Q1 2025, the company's gross margin and net margin were 36.8% and 15.3%, respectively, showing a year-on-year decline of 2.0 percentage points and 2.4 percentage points. The R&D expense ratio was 7.3%, down 0.2 percentage points year-on-year. The company is expected to achieve net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for the years 2025, 2026, and 2027, respectively [10][16].

Investment Rating - The report maintains an "Overweight" rating for Guocera Materials with a target price of 18.50 RMB [6][4]. Core Views - Guocera Materials reported Q1 2025 revenue of 970 million RMB, an increase of 18% year-on-year but a decrease of 10% quarter-on-quarter. The net profit attributable to the parent company was 140 million RMB, up 2% year-on-year and up 11% quarter-on-quarter, slightly below the forecasted 150 million RMB due to price pressures on some products. The company is expected to have growth potential in new materials, justifying the "Overweight" rating [1][4]. Summary by Sections Financial Performance - In Q1 2025, Guocera Materials achieved revenue of 970 million RMB, with a year-on-year growth of 18% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was 140 million RMB, reflecting a year-on-year increase of 2% and a quarter-on-quarter increase of 11%. The non-recurring net profit was 130 million RMB, up 5% year-on-year and down 0.2% quarter-on-quarter [1][3]. Market Expansion - The company is successfully expanding its market in electronic materials, particularly in MLCC electronic pastes and nano-composite zirconia. The global MLCC market is expected to grow by 7% year-on-year to 112 billion RMB in 2025. Guocera is cultivating multiple products in the MLCC field, which is anticipated to enhance its global market share [2][3]. Product Development - Demand for ceramic bearing balls is increasing due to the growth of the electric vehicle sector. The company is also actively promoting its ceramic ink and glaze products in overseas markets. The solid-state electrolyte and zirconia microbeads are being progressively applied in the lithium battery sector, with expectations for continued market share growth [3][4]. Profit Forecast and Valuation - The profit forecast for Guocera Materials is maintained at 740 million RMB for 2025, 900 million RMB for 2026, and 1.06 billion RMB for 2027, with year-on-year growth rates of 23%, 21%, and 18% respectively. The EPS is projected to be 0.74 RMB for 2025, 0.90 RMB for 2026, and 1.06 RMB for 2027. The target price is set at 18.50 RMB based on a 25x PE ratio for 2025 [4][10].

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 18.50 [6][7]. Core Views - The company reported Q1 2025 revenue of RMB 970 million, an increase of 18% year-on-year, and a net profit of RMB 140 million, up 2% year-on-year, although slightly below expectations due to price pressures on some products [1]. - The company is successfully expanding its market in electronic materials, particularly in MLCC-related products, with a projected global market growth of 7% to RMB 112 billion in 2025 [2]. - The demand for ceramic bearings is increasing due to the growth in the electric vehicle sector, and the company is actively promoting its overseas business in ceramic inks and glazes [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of RMB 970 million, with a year-on-year growth of 18% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was RMB 140 million, reflecting a year-on-year increase of 2% and a quarter-on-quarter increase of 11% [1]. - The company’s gross margin decreased by 2.1 percentage points year-on-year to 36.8% in Q1 2025, with various expense ratios showing slight changes [3]. Market Expansion - The company is making significant progress in the electronic materials sector, particularly with MLCC electronic pastes and nano-composite zirconia, which are expected to capture a larger market share [2]. - In the catalytic materials segment, the company is advancing its applications in heavy-duty and passenger vehicles, successfully entering the supply chain of major clients [2]. Profit Forecast and Valuation - The profit forecast for the company is maintained at RMB 740 million, RMB 900 million, and RMB 1.06 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23%, 21%, and 18% [4]. - The estimated EPS for the years 2025, 2026, and 2027 is RMB 0.74, RMB 0.90, and RMB 1.06 respectively, with a target price based on a 25x PE ratio for 2025 [4].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 975 million CNY, a year-on-year increase of 17.94% [1] - Net profit attributable to shareholders reached 136 million CNY, up 1.80% from the previous year [1] - Net profit after deducting non-recurring gains and losses was 127 million CNY, an increase of 4.88% year-on-year [1] - Net cash flow from operating activities was 91.57 million CNY, a significant rise of 171.16% compared to the same period last year [1] Group 2: Business Segment Performance - Electronic materials segment: Focus on expanding applications in automotive and AI fields, with electronic pastes maintaining high growth [1] - Catalytic materials segment: Continued push for domestic substitution, increasing market share in natural gas and non-road sectors [1] - Biomedical materials segment: Enhanced development and promotion of high-end dental powder to meet market demand [1] - New energy materials segment: Profitability under pressure due to rising raw material costs for diaphragm coating materials [1] - Precision ceramics segment: Rapid growth in ceramic balls for new energy vehicles, with positive market expansion [1] - Ceramic ink segment: Revenue pressure alleviated by gradual release of new products [2] Group 3: Investor Q&A Highlights - The company is actively developing MLCC dielectric powders and electronic pastes to meet the high-temperature and ultra-high-capacity demands of AI servers, with some products achieving mass sales [2] - Ongoing R&D investments in zirconia products to meet urgent market needs, with new products gradually being applied by clients [2] - Rapid growth in the ceramic ball business for new energy vehicles, driven by the promotion of 800V high-voltage fast charging technology [2] - Despite a rapid increase in production and sales levels for alumina and barium stone products, profitability is under pressure due to significant raw material cost increases [2]