股 票 研 究 [Table_industryInfo] 基础化工/原材料 [ Table_Main[国ITnaf 瓷bol]e 材_Ti料tle]( 300285) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 业绩符合预期，关注催化材料、精密陶瓷放量进展 目标价格： 24.37 上次预测： 22.61 公 ——国瓷材料2024 年一季报点评 当前价格： 18.96 司 钟浩(分析师) 周志鹏(分析师) 2024.04.29 更 021-38038445 021-38676666 [交Ta易bl数e_M据a rket] 新 zhonghao027638@gtjas.co zhouzhipeng027980@gtjas.com 报 证书编号 mS0 880522120008 S0880523060004 5 总2 市周 值内 （股 百价 万区 元间 ）（ 元） 16.43 1- 93 ,1 0. 300 2 告 本报告导读： 总股本/流通A股（百万股） 1,004/811 流通 B股/H股（百万股） 0/0 公司24Q1业绩符合预期，2024年催化材料持续发力、精密陶瓷放量元年，我们看好 ...

国[Ta瓷ble材_Sto料ckN（am3eR0p0tT2yp8e5] ） 公司研究/公司点评 23 年业绩符合预期，多产品开花驱动长期增长 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-27 [⚫T ab事le件_S描um述m ary] 2024年4月18日晚，国瓷材料发布2023年年报，公司2023年 [收Ta盘bl价e_（Ba元se）D ata] 18.96 实现营收38.59亿元，同比增长21.86%；实现归母净利润5.69亿 近12个月最高/最低（元） 31.69/15.90 元，同比增长14.50%；实现扣非净利润5.42亿元，同比增长 总股本（百万股） 1,004 流通股本（百万股） 811 15.34%。2024年4月25日晚，国瓷材料发布2023年一季度报 流通股比例（%） 80.76 告，2024年Q1实现营收8.27亿元，同比/环比变化+5.23%/- 总市值（亿元） 190 22.89%；实现归母净利润1.33亿元，同比/环比增长 流通市值（亿元） 154 7.99%/3.97%；实现扣非净利润1.21亿元，同比/环比变化 +20.04%/- ...

业绩简评 2024 年 4月 25日公司披露一季报，一季度实现营收8.27 亿元， 同比增长5.23%；实现归母净利润1.33 亿元，同比增长7.99%。 经营分析 精密陶瓷业务获得快速发展，新品研发速度提升：公司收购赛创 后，借助赛创的优势和渠道以及自身在材料领域的积淀，快速推 进公司在精密陶瓷基本领域的产品研发和扩展，通过对高强度氧 化铝基板、超高导热氮化铝基板等研发和图片，已经在原有的LED 领域进一步向激光雷达、低轨卫星等领域进行突破，在陶瓷基板 领域的结构性升级更近了一步；而在陶瓷球方面，公司加强了产 业链的构建，并加速推进800V 高压快充领域的客户认可，目前公 司已经完成了陶瓷球一期建设，并在今年进行粉体产能建设，借 助后续的粉体优势和前期布局的客户基础市场快速放量和市场兑 现，从发展情况来看，虽然目前精密陶瓷业务的基数相对较小， 人民币(元) 成交金额(百万元) 但成长速度较快，有望在中长期维度为公司提供有效增量； 34.00 600 传统电子材料继续修复，尾气催化材料延续国产替代趋势。前期 31.00 500 由于库存及下游需求的影响，公司的电子材料业务相对承压，伴 28.00 400 25 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-043 山东国瓷功能材料股份有限公司 《公司 2024 年第一季度报告》详见中国证监会指定的创业板信息披露网站，季 度报告披露提示性公告将同时刊登于《中国证券报》《证券时报》和《上海证券 报》。 表决结果：9 票赞成，0 票反对，0 票弃权，获得通过。 特此公告！ 山东国瓷功能材料股份有限公司 董 事 会 本公司及董事会全体成员保证公告内容真实、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 4 月 22 日以邮件形式发出了《山东国瓷功能材料股份有限公司关于召开第五届董 事会第十五次会议的通知》。本次会议于 2024 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，公司监事和高级 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。 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 ...

第五届监事会第十五次会议决议公告 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 4 月 22 日以邮件形式发出了《山东国瓷功能材料股份有限公司关于召开第五届监事会 第十五次会议的通知》。本次会议于 2024 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 2024 年第一季度报告的议案》 证券代码：300285 证券简称：国瓷材料 公告编号：2024-044 山东国瓷功能材料股份有限公司 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。 特此公告！ 山东国瓷功能材料股份有限公司 监事会 2024 年 4 月 26 日 经审核，监事会认为《公司202 ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥826,664,278.32, representing a 5.23% increase compared to ¥785,594,173.64 in the same period last year[3]. - Net profit attributable to shareholders for Q1 2024 was ¥133,363,046.02, up 7.99% from ¥123,491,288.49 in the previous year[3]. - The net profit after deducting non-recurring gains and losses increased by 20.04%, reaching ¥120,896,716.20 compared to ¥100,711,723.09 in Q1 2023[3]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.13, an increase of 8.33% from ¥0.12 in Q1 2023[3]. - The company reported a significant increase in cash received from operating activities, totaling ¥57,892,462.91, which is a 271.18% increase from ¥15,596,672.71 in the previous year[6]. - In Q1 2024, the company reported a net profit of ¥146,464,390.24, an increase of 10.9% compared to ¥131,930,894.46 in Q1 2023[19]. - The operating profit for Q1 2024 was ¥163,546,272.41, up from ¥146,181,897.18 in the same period last year, reflecting a growth of 11.9%[19]. - The company achieved total operating revenue of ¥685,986,894.05 in Q1 2024, compared to ¥625,486,162.22 in Q1 2023, representing a growth of 9.7%[22]. - The company reported a total comprehensive income of ¥143,276,333.41 for Q1 2024, compared to ¥136,034,708.21 in Q1 2023, reflecting an increase of 5.3%[20]. Cash Flow and Financial Position - The net cash flow from operating activities improved significantly to ¥33,767,955.23, a 211.09% increase from a negative cash flow of -¥30,396,307.15 in the same period last year[3]. - The cash flow from operating activities was positive at ¥33,767,955.23, a significant improvement from a negative cash flow of -¥30,396,307.15 in the previous year[22]. - The cash and cash equivalents decreased to RMB 631,836,637.77 from RMB 718,817,804.32, a decline of approximately 12.1%[14]. - Cash and cash equivalents at the end of Q1 2024 totaled 509,876,496.63, down from 576,385,562.81 at the beginning of the quarter[23]. - The net decrease in cash and cash equivalents for Q1 2024 was -66,509,066.18, compared to -121,167,223.88 in the same quarter last year[23]. - The impact of exchange rate changes on cash and cash equivalents was 438,864.50 in Q1 2024, contrasting with -2,371,180.08 in Q1 2023[23]. Assets and Liabilities - Total assets at the end of Q1 2024 were ¥8,929,140,383.80, reflecting a 1.70% increase from ¥8,779,636,883.28 at the end of the previous year[3]. - The total liabilities increased slightly to RMB 1,999,553,937.86 from RMB 1,993,326,770.74, showing a marginal rise of 0.1%[17]. - The company's equity attributable to shareholders rose to RMB 6,443,318,561.17 from RMB 6,313,158,110.27, reflecting an increase of approximately 2.1%[17]. Shareholder Information - Major shareholder Zhang Xi holds 20.21% of shares, with a total of 202,848,941 shares pledged at 105,918,300 shares[8]. - Hong Kong Central Clearing Limited holds 11.01% of shares, totaling 110,525,946 shares[9]. - The total number of shares held by major shareholders with unrestricted conditions includes 110,525,946 shares from Hong Kong Central Clearing Limited[9]. - The total number of restricted shares held by Zhang Xi decreased to 152,136,706 shares after 7,500,000 shares were released from restriction[11]. - The total number of shares held by Dongying Aoyuan Industrial Co., Ltd. is 41,047,601, representing 4.09% of the total share capital[10]. - The total number of shares held by the top ten unrestricted shareholders is 193,098,452 shares after the release of restrictions[11]. - The company has not disclosed any related party relationships or concerted action agreements among the top ten shareholders[9]. Corporate Actions and Plans - The company plans to adjust the third employee stock ownership plan, changing the source of shares to be acquired from the secondary market[12]. - The company intends to change the purpose of repurchased shares from employee stock ownership plans to cancellation and reduction of registered capital[12]. - The company plans to repurchase shares with a total amount not less than RMB 100 million and not exceeding RMB 200 million, with a repurchase price not exceeding RMB 25 per share[13]. - The company established 5 new subsidiaries during the reporting period, including InnoXvest Corporation and InnoXvest Dental Limited[13]. - The company is restructuring its subsidiary Shenzhen Aierchuang Technology Co., Ltd. to establish a suitable equity structure for overseas financing[13]. Expenses - The total operating costs for Q1 2024 were RMB 680,159,235.28, up from RMB 651,585,721.94 in the previous year, reflecting a year-on-year increase of 4.3%[18]. - Research and development expenses increased to ¥61,808,870.22, compared to ¥56,779,080.59 in Q1 2023, marking a rise of 8.9%[19]. - Sales expenses rose to ¥44,524,284.37 in Q1 2024, compared to ¥38,627,424.70 in Q1 2023, an increase of 15.3%[19]. - The financial expenses decreased by 46.59% to ¥5,798,317.54 compared to ¥10,856,881.72 in the same period last year, due to increased foreign exchange gains[6]. - The company’s financial expenses decreased to ¥5,798,317.54 from ¥10,856,881.72 in the previous year, a reduction of 46.6%[19]. Investment and Cash Flow Activities - The net cash flow from investing activities for Q1 2024 was -95,526,369.92, compared to -344,740,435.61 in the same period last year[23]. - The net cash flow from financing activities was -5,189,515.99, a significant decrease from 256,340,698.96 in Q1 2023[23]. - The company received 50,000,000.00 in cash from borrowings during Q1 2024, compared to 268,328,295.99 in the previous year[23]. - The cash outflow for debt repayment was 47,559,327.66, an increase from 10,500,000.00 in Q1 2023[23]. Accounting and Audit - The company has not yet adopted the new accounting standards for the first quarter of 2024[23]. - The Q1 2024 report has not been audited[24].

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 国瓷材料（300285）公司年报点评 2024年04月25日 [Table_InvestInfo] 公司归母净利润稳步增长，持续完善产业 投资评级 优于大市 维持 布局 股票数据 0[4Ta月b2le4_日S收to盘ck价（In元fo）] 18.79 [Table_Summary] 52周股价波动（元） 15.90-31.69 投资要点： 总股本/流通A股（百万股） 1004/811 总市值/流通市值（百万元） 18862/15233 相关研究  2023年营业收入及归母净利润均同比增长。2023年公司实现营业收入38.59 [《Ta 20b 2le 3Q_R 2扣ep非o净rtI利nf润o]环 比实现快速增长，六 亿元，同比增长 21.86%，实现归母净利润 5.69 亿元，同比增长 14.50%。 其中电子材料板块实现营业收入 5.98亿元，占营业收入的 15.51%，毛利率 大业务稳步推进》2023.09.20 为37.58%；催化材料板块实现营业收入7.15亿元，占营业收入的18.53%， 毛利率为 42.90%；生物 ...

2024 年 04 月 23 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 营收净利同比增长，[Ta 多ble 板_T 块itle] 营收景气度恢复 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——国瓷材料（ ） 年年报点评 300285 2023 证券分析师： 贾冰 S0350524030003 jiab@ghzq.com.cn 最近一年走势 事件 : 2024年4月19日，国瓷材料发布2023年年度报告：2023年实现营业 收入38.59亿元，同比增长21.86%；实现归母净利润5.69亿元，同比 增长14.50%；实现扣非归母净利润5.42亿元，同比增长15.34%；销售 毛利率 38.65%，同比上升 3.76pct，销售净利率 16.09%，同比下降 0.55pct；经营活动现金流净额为6.45亿元，同比增加4.41亿元，主要 是因为本期的回款增加。 2023Q4 单季度，公司实现营业收入10.72 亿元，同比+48.10%，环比 +14.43%；实现归母净利润为 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [1][2]. Core Views - Guocera Materials has shown good business growth, driven by multiple segments as a platform-type enterprise, indicating long-term growth potential [1][2]. - The company reported a revenue of 3.859 billion yuan in 2023, a year-on-year increase of 21.86%, and a net profit of 569 million yuan, up 14.50% year-on-year [1][2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) [1]. Summary by Relevant Sections Business Performance - The electronic materials segment saw a revenue increase of 16.08% to 598 million yuan due to a recovery in MLCC dielectric powder demand [1]. - The catalytic materials segment experienced significant growth, with a revenue increase of 74.25% to 715 million yuan, driven by domestic substitution of products like honeycomb ceramic carriers [1]. - The biomedical materials segment also grew by 13.35% to 855 million yuan, supported by international expansion efforts [1]. - Other segments, including new energy materials and precision ceramics, also reported revenue growth [1]. Profitability Metrics - The overall gross margin improved by 3.76 percentage points to 38.65% in 2023, while the net profit margin slightly decreased by 0.55 percentage points to 16.09% due to increased period expenses [1]. Future Growth Directions - Guocera Materials is evolving into a diversified new materials platform, focusing on high-end ceramic products and expanding into new technologies [1]. - The new energy materials segment is developing core materials for lithium batteries, while the precision ceramics segment is enhancing product competitiveness [1]. Financial Forecast - The company is projected to achieve net profits of 737 million yuan, 934 million yuan, and 1.12 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.73, 0.93, and 1.12 yuan [2][7]. - The current stock price corresponds to P/E ratios of 26, 20, and 17 for the years 2024, 2025, and 2026 [2].

Investment Rating - The report maintains an "Outperform" rating for the company [6][8]. Core Views - The company reported a revenue of approximately 3.859 billion yuan in 2023, representing a year-over-year increase of 21.86%, with a net profit of 569 million yuan, up 14.5% year-over-year. The fourth quarter of 2023 saw a revenue of 1.072 billion yuan, marking a 27.58% year-over-year increase [6][8]. - The report highlights significant growth potential in the catalytic materials and precision ceramics segments for 2024, with expectations of at least 50% growth in honeycomb ceramics sales [6][7]. - The company is actively expanding its overseas market presence, particularly in the biomedical sector, which is expected to contribute to stable growth [7]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of approximately 3.859 billion yuan, with a net profit of 569 million yuan. The gross margin improved by 3.76 percentage points to 38.65% [6][8]. - The company’s earnings per share for 2023 was 0.57 yuan, with a projected increase to 0.73 yuan in 2024 [8][9]. Business Segments 1. **Electronic Materials**: Revenue reached approximately 598 million yuan in 2023, with a year-over-year growth of 16.08%. The company expects continued growth in MLCC powder sales due to domestic demand [7]. 2. **Catalytic Materials**: This segment saw a revenue increase of 74.25% to about 715 million yuan in 2023, driven by strong performance in honeycomb ceramics [7]. 3. **Biomedical Sector**: Revenue was approximately 855 million yuan, with a growth of 13.35%. The company is focusing on expanding its export capabilities [7]. 4. **Precision Ceramics**: The segment is expected to generate over 500 million yuan in revenue in 2024, benefiting from new applications in various industries [7]. 5. **Building Ceramics**: Revenue for 2023 was about 1.083 billion yuan, with a year-over-year increase of 6.83% [7]. Earnings Forecast - The company forecasts net profits of approximately 734 million yuan in 2024, 932 million yuan in 2025, and 1.181 billion yuan in 2026, reflecting a growth trajectory across its business segments [8][9].