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 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,012,813,634.81, an increase of 8.11% compared to the same period last year[2] - Net profit attributable to shareholders was ¥151,797,097.62, reflecting a growth of 24.51% year-over-year[2] - The net profit after deducting non-recurring gains and losses was ¥145,543,919.08, up by 21.10% from the previous year[2] - Total operating revenue for Q3 2024 reached CNY 2,966,224,206.50, an increase of 6.4% compared to CNY 2,787,191,999.36 in the same period last year[13] - Operating profit for the period was CNY 613,744,020.83, up from CNY 543,056,470.75, reflecting a growth of 12.9%[14] - Net profit attributable to shareholders of the parent company was CNY 482,234,096.93, compared to CNY 440,863,203.20 in the previous year, marking an increase of 9.4%[15] - The company reported a total comprehensive income of CNY 530,503,925.11, compared to CNY 485,347,872.65 in the previous year, an increase of 9.3%[15] - The total operating costs for the period were CNY 2,398,011,921.85, up from CNY 2,253,523,750.66, reflecting an increase of 6.4%[13] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥9,219,558,802.72, representing a 5.01% increase from the end of the previous year[2] - The total liabilities of the company are not explicitly stated, but short-term borrowings increased to CNY 309.89 million from CNY 282.91 million, an increase of about 9.5%[10] - Total liabilities increased to CNY 2,142,050,216.50 from CNY 1,993,326,770.74, representing a growth of 7.5%[12] - The company's total equity reached CNY 7,077,508,586.22, up from CNY 6,786,310,112.54, reflecting an increase of 4.3%[12] Cash Flow - The cash flow from operating activities for the year-to-date was ¥357,107,272.30, showing a 13.54% increase year-over-year[2] - Operating cash inflow for the period reached CNY 2,348,012,935.00, an increase from CNY 2,304,095,211.72 in the previous period[17] - Net cash flow from operating activities was CNY 357,107,272.30, compared to CNY 314,511,797.19 in the same period last year, reflecting a growth of approximately 13.5%[17] - Cash outflow from investing activities totaled CNY 397,724,564.57, a decrease from CNY 610,935,748.48 in the previous period[18] - Net cash flow from financing activities was negative at CNY -160,755,492.21, contrasting with a positive CNY 316,202,632.02 in the prior year[18] - The company reported a net decrease in cash and cash equivalents of CNY -95,011,306.16, compared to an increase of CNY 56,914,556.27 in the previous period[18] - Cash and cash equivalents at the end of the period stood at CNY 480,049,347.03, down from CNY 561,856,296.58 at the end of the previous period[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 32,619[6] - The top shareholder, Zhang Xi, holds 20.34% of the shares, totaling 202,848,941 shares[6] Operational Metrics - The weighted average return on equity was 2.32%, an increase of 0.41% compared to the previous year[2] - Research and development expenses amounted to CNY 208,467,971.32, up from CNY 174,325,690.66, indicating a rise of 19.6% year-over-year[14] - The company reported a significant increase in accounts receivable financing by 76.60% due to an increase in bank notes received from customers[5] - Management expenses increased by 23.44% due to the consolidation of Dekema into the financial statements[5] - The company reported a significant increase in contract assets to CNY 4.88 million from CNY 2.74 million, reflecting a growth of approximately 78.3%[10] - The company's long-term equity investments increased to CNY 148.60 million from CNY 143.92 million, showing a growth of approximately 3.7%[10] - The company's long-term borrowings increased to CNY 360,540,850.40 from CNY 277,636,027.29, indicating a rise of 30%[12] Inventory and Current Assets - Current assets totaled CNY 3.84 billion, up from CNY 3.67 billion at the beginning of the period, indicating a growth of approximately 4.2%[10] - Inventory increased to CNY 917.05 million from CNY 789.47 million, reflecting a growth of about 16.2%[10] - Accounts receivable rose to CNY 1.75 billion, compared to CNY 1.66 billion at the beginning of the period, marking an increase of approximately 5.5%[10] - Cash and cash equivalents decreased to CNY 550.42 million from CNY 718.82 million, a decline of about 23.4%[9] Product Development and Market Strategy - The company has not disclosed any new product developments or market expansion strategies in the current report[9]

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 ...

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：2024-079 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].

证券代码：300285 证券简称：国瓷材料 公告编号：2024-075 截至本公告日，公司总股本 997,048,299 股，张曦先生股票累计质押情况如 下： 山东国瓷功能材料股份有限公司 关于公司第一大股东股权解除质押的公告 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"）于近日 收到公司第一大股东张曦先生的通知，获悉张曦先生将其持有的部分国瓷材料 股份办理了股份解除质押的相关业务。具体情况如下： 股东名称 是否为公司第 一大股东或实 际控制人 解除质押股数 （股） 占其所持股份 比例 占公司总股本 比例 质押开始日期 解除质押日期 质权人 张曦 是 7,580,000 3.737% 0.760% 2023.02.27 2024.10.15 招商证券股份有限公 司 张曦 是 50,000 0.025% 0.005% 2024.01.8 2024.10.15 招商证券股份有限公 司 张曦 是 120,000 0.059% 0.012% 2024.01.10 2024.10.15 招商证券股份有限公 司 张 ...

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。 证券代码：300285 证券简称：国瓷材料 公告编号：2024-074 特此公告！ 山东国瓷功能材料股份有限公司 董事会 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。 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 ...