Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8][11] Core Views - The company has shown positive growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.966 billion yuan, a year-on-year increase of 6.42%, and net profit attributable to shareholders reaching 482 million yuan, up 9.38% year-on-year [4][8] - The company is actively pursuing new product breakthroughs and has initiated a steady share buyback program, reflecting confidence in future growth [7][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.013 billion yuan, a year-on-year increase of 8.11%, but a quarter-on-quarter decrease of 10.11%. The net profit attributable to shareholders was 152 million yuan, up 24.51% year-on-year but down 22.97% quarter-on-quarter [5] - For the first three quarters of 2024, the company reported a gross profit margin of 39.65%, an increase of 2.75 percentage points year-on-year, and a net profit margin of 18.21%, up 0.79 percentage points year-on-year [4] Market and Product Development - The company is experiencing seasonal impacts on its ceramic ink and honeycomb ceramics segments, which have affected revenue growth. However, demand in the electronic materials segment has rebounded significantly [5][6] - New products, such as high-end silicon nitride ceramic bearing balls and LED substrates, have successfully entered the market, with some products already in mass production [7][8] Future Projections - Revenue projections for 2024 to 2026 are estimated at 4.127 billion yuan, 4.915 billion yuan, and 5.883 billion yuan, respectively, with corresponding net profits of 687 million yuan, 853 million yuan, and 1.065 billion yuan [8][9][11] - The company is expected to maintain a price-to-earnings ratio (P/E) of 30, 25, and 20 for the years 2024, 2025, and 2026, respectively, indicating a favorable growth outlook [8][9]

Investment Rating - The report maintains a "Buy" rating for Guoci Materials (300285 SZ) [1] Core Views - Guoci Materials achieved steady profit growth in 3Q24 with multiple business segments showing strong performance [1] - The company's 2024 Q3 revenue reached 1 013 billion yuan up 8 11% YoY but down 10 11% QoQ Net profit attributable to shareholders was 152 million yuan up 24 51% YoY but down 22 97% QoQ [1] - The company's performance in the first three quarters of 2024 was in line with expectations driven by recovery in electronic materials demand growth in new energy materials sales and capacity release in precision ceramic materials [2] - The company's strategic layout and product advantages in the new energy sector are expected to further boost its performance as the new energy vehicle market continues to grow [6] - The ceramic metallization project is expected to become a major growth driver for the company integrating the industrial chain from ceramic powder to metallization and promoting domestic import substitution [7] Financial Performance - In the first three quarters of 2024 the company's operating income was 2 966 billion yuan up 6 42% YoY Net profit attributable to shareholders was 482 million yuan up 9 38% YoY [1] - The company's gross profit margin for the first three quarters of 2024 was 39 65% up 2 75 percentage points YoY Net profit margin was 18 21% up 0 79 percentage points YoY [2] - Operating cash flow for the first three quarters of 2024 was 357 million yuan up 13 54% YoY [3] - The company's revenue is expected to grow from 4 189 billion yuan in 2024E to 5 945 billion yuan in 2026E with net profit attributable to shareholders increasing from 686 million yuan to 1 129 billion yuan over the same period [1][8] Business Segments - In the electronic materials segment the company has achieved comprehensive coverage of key raw materials for MLCC dielectric powder and is expected to gradually form domestic substitution with its slurry business becoming an important growth driver [4] - In the new energy materials segment the company's coated separator materials saw both volume and price increases in the first three quarters of 2024 contributing to performance growth [6] - In the precision ceramics segment the company's ceramic balls have been adopted by leading new energy vehicle manufacturers with demand increasing significantly in 3Q24 [6] - In the biomaterials segment the company has completed the overseas red chip structure for its dental business and obtained EU medical device regulatory compliance certificates accelerating its expansion into the European market [4][6] Strategic Developments - The company's ceramic metallization project with a total investment of 150 million yuan started construction in June 2024 aiming to establish a high end ceramic metallization product line [7] - The project is expected to expand the company's application fields into thin film sensors microwave radar devices and other high end precision ceramic products [7]

证券代码：300285 证券简称：国瓷材料 公告编号：2024-081 一、股份回购进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下： 山东国瓷功能材料股份有限公司 关于继续回购公司股份的进展公告 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"）于2024年2月5日召开第五 届董事会第十三次会议和第五届监事会第十三次会议，审议并通过了《关于继续回 购公司股份方案的议案》，公司使用自有资金以集中竞价交易的方式回购部分公司 股份，用于股权激励计划或员工持股计划。本次回购的资金总额不低于人民币10,000 万元（含）且不超过人民币20,000万元（含），回购价格不超过人民币25元/股（含）。 回购股份的实施期限自董事会审议通过本次回购股份方案之日起不超过12个月。本 次回购股份事项在董事会审批权限内，无须提交股东大会审议。具体内容详见公司 于2024年2月6日在巨潮资讯网披露的相关公告 ...

股 票 研 究 证 券 研 究 报 告 ——国瓷材料 2024 年三季报点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | | 0755-23976795 | | shenwei024936@gtjas.com | | 登记编号 S0880523080006 | | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|-----------------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | 周志鹏 ( | 分析师 | ) | | | | | | | 021-38676666 | | | | | | | | zhonghao027638@gtjas.com | zhouzhipeng027980@gtjas.com | | | | | | | | | S0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was affected by seasonal factors, with a quarter-on-quarter decline, but multiple business segments continued to grow [1] - The company reported Q3 2024 revenue of 1.013 billion yuan, a year-on-year increase of 8.11% but a quarter-on-quarter decrease of 10.11% [1] - The net profit attributable to the parent company for Q3 2024 was 152 million yuan, a year-on-year increase of 24.51% but a quarter-on-quarter decrease of 22.97% [1] - The company benefits from the demand in the domestic and overseas passenger vehicle markets, with sustained growth across multiple segments, although the construction ceramics segment was impacted by the real estate market [1] Summary by Sections Financial Performance - Q3 2024 revenue was 1.013 billion yuan, with a year-on-year growth of 8.11% and a quarter-on-quarter decline of 10.11% [1] - The net profit attributable to the parent company was 146 million yuan, reflecting a year-on-year increase of 21.1% but a quarter-on-quarter decrease of 22.27% [1] - The average price of praseodymium oxide in Q3 2024 was 397,200 yuan per ton, with a year-on-year increase of 19.75% and a quarter-on-quarter increase of 1.94% [1] Business Segments - In the electronic materials segment, MLCC powder is entering a recovery growth phase, and new research on ink materials is ramping up, which is expected to become a significant growth driver [1] - The catalytic materials segment experienced a slight decline due to high-temperature breaks at car manufacturers, but products like honeycomb ceramics and cerium-zirconium solid solutions are maintaining rapid growth [1] - The biomedical segment is upgrading its dental-grade nano-composite zirconia powder business and accelerating overseas brand development [1] - The new energy segment saw stable prices for diaphragm coating materials, with sales growth driving revenue increases [1] - The ceramics ink and construction ceramics segments faced revenue growth challenges due to seasonal factors and a decline in real estate completion areas [1] Future Outlook - The company expects net profits attributable to the parent company to reach 778 million yuan, 943 million yuan, and 1.129 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 36.7%, 21.3%, and 19.6% [3] - The projected P/E ratios for the company are 25, 20, and 17 for the years 2024, 2025, and 2026 respectively [3]

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 ...