Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue and net profit showing positive growth. The growth is attributed to the recovery in demand for MLCC dielectric powder products and the increasing market demand for catalytic materials and precision ceramics [2][3]. - The company is expected to achieve revenue of 46.23 billion, 55.97 billion, and 61.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.55 billion, 9.37 billion, and 11.62 billion yuan [8]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit of 330 million yuan, up 3.60% year-on-year. The net cash flow from operating activities increased significantly by 61.25% year-on-year to 154 million yuan [1][2]. - The overall gross margin for the first half of 2024 was 39.89%, an increase of 2.39 percentage points compared to the same period last year [2]. - The company's revenue and net profit are projected to grow at compound annual growth rates (CAGR) of 19.8% and 32.6% respectively from 2023 to 2024 [10]. Business Segment Performance - The electronic materials segment reported revenue of 279 million yuan in the first half of 2024, a decrease of 2.19% year-on-year, while the gross margin improved to 35.58% [3]. - The catalytic materials segment achieved revenue of 406 million yuan, a year-on-year increase of 21.20%, with a gross margin of 43.56% [7]. - The precision ceramics segment is expected to benefit from the rapid development of the global new energy industry, with multiple products gradually releasing performance [7]. Future Outlook - The company is focusing on enhancing product applications in automotive and AI-related fields, which is expected to drive continued recovery in performance [7]. - The report highlights the ongoing trend of domestic substitution in various product lines, particularly in MLCC dielectric powder and electronic materials [3][8].

Investment Rating - The report maintains an "Overweight" investment rating for the company [4][7]. Core Views - The company has shown a recovery in its main business, with new products being successfully launched, resulting in both year-on-year and quarter-on-quarter growth in performance [7]. - The company is positioned as a platform enterprise in the domestic new materials sector, implementing a dual strategy of "internal growth + external mergers and acquisitions" [7]. - The financial forecasts for earnings per share (EPS) for 2024-2026 have been adjusted to 0.76, 0.95, and 1.13 yuan respectively [7]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit attributable to shareholders of 330 million yuan, up 3.6% year-on-year [7]. - The second quarter of 2024 saw operating revenue of 1.127 billion yuan, a year-on-year increase of 5.82% and a quarter-on-quarter increase of 36.3% [7]. - The company’s main business segments, including catalytic materials and precision ceramics, have shown significant growth, with the catalytic materials segment achieving revenue of 618 million yuan, up 22.13% year-on-year [7]. - The gross profit margin for the catalytic materials segment was 28.66%, reflecting a slight year-on-year increase [7]. - The precision ceramics segment reported revenue of 164 million yuan, a year-on-year increase of 34.34%, with a gross profit margin of 31.27% [7]. - The new energy materials segment achieved revenue of 173 million yuan, up 38.51% year-on-year, with a gross profit margin of 20.85% [7]. Future Outlook - The company is expected to benefit from the implementation of the National VI emission standards, which will drive growth in the honeycomb ceramic business [7]. - The company is actively optimizing its process flows and enhancing product quality in the new energy materials sector, leading to rapid improvements in production and sales levels [7]. - The report indicates that the company’s core business trends are positive, with new projects gradually ramping up production, suggesting a promising future for the company [7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Insights - The company achieved a record high quarterly revenue of 1.127 billion yuan in Q2 2024, with a year-on-year growth of 5.8% and a quarter-on-quarter growth of 36.3%. The net profit attributable to shareholders for the same quarter was 197 million yuan, reflecting a year-on-year increase of 0.8% and a quarter-on-quarter increase of 47.8% [6]. - The report highlights that the company's gross margin improved by 2.39 percentage points year-on-year to 39.89% in the first half of 2024, driven by growth in segments such as ceramic inks and precision ceramics [6]. - The electronic materials segment reported a revenue of approximately 279 million yuan in the first half of 2024, a decline of 2.2% year-on-year, primarily due to lower-than-expected shipments of electronic-grade zirconia powder [6]. - The catalyst materials segment saw a revenue increase of 21.2% year-on-year to 406 million yuan, mainly due to higher sales of honeycomb ceramics and cerium-zirconium solid solutions [6]. - The biomedical segment generated a revenue of 439 million yuan, a year-on-year growth of 6.1%, although the gross margin decreased by 4.2 percentage points to 57.91% due to production adjustments [6]. - The precision ceramics segment is expected to achieve a revenue of 400 million yuan in 2024, with a projected year-on-year growth of over 50% [6]. Summary by Sections Financial Performance - The company reported a total revenue of 1.953 billion yuan in the first half of 2024, a year-on-year increase of 5.6%. The net profit attributable to shareholders was approximately 330 million yuan, reflecting a year-on-year growth of 3.6% [7]. - The gross margin for the first half of 2024 was 39.9%, with a return on equity (ROE) of 5.1% [7]. Revenue Projections - The company forecasts total revenue of 4.478 billion yuan for 2024, with a year-on-year growth rate of 16%. The net profit is projected to reach 734 million yuan, indicating a growth rate of 29% [7]. - The earnings per share (EPS) is expected to be 0.74 yuan in 2024, with a price-to-earnings (PE) ratio of approximately 25 [7]. Segment Analysis - The electronic materials segment is anticipated to benefit from the recovery in consumer electronics demand, with an estimated annual sales volume exceeding 7,000 tons [6]. - The catalyst materials segment is positioned for growth due to increasing demand from domestic and international automotive manufacturers [6]. - The biomedical segment is expected to stabilize as the company expands its product lines and market presence through recent acquisitions [6].

| 股东名称 | 是否为公司第 一大股东或实 | 解除质押股数 | 占其所持股份 | 占公司总股本 | 质押开始日期 | 解除质押日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 际控制人 | （股） | 比例 | 比例 | | | | | 张曦 | 是 | 10,160,000 | 5.009% | 1.019% | 2023.08.17 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 1,170,000 | 0.577% | 0.117% | 2024.01.08 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 1,080,000 | 0.532% | 0.108% | 2024.01.22 | 2024.08.01 | 中信证券股份有限 | | | | | | | | | 公司 | | 张曦 | 是 | 2,290,000 | 1.129% | 0.230% | 2024.02.05 | 2 ...

国瓷材料（300285.SZ）：盈利保持 增长，多板块驱动长期成长 | --- | |-------------------| | 2024 年 8 月 1 日 | | 强烈推荐/维持 | | 公司报告 | 国瓷材料发布 2024 年半年报：公司上半年实现营业收入 19.53 亿元， YoY+5.57%，归母净利润 3.30 亿元，YoY+3.60%。 主要业务板块经营较好，带动公司盈利提升。从收入端看，上半年公司电子材 料板块营收小幅下降 2.19%，催化材料板块营收大幅增长 21.2%，生物医疗材 料板块营收增长 6.07%。从利润端看：公司上半年综合毛利率同比提升 2.39 个百分点至 39.89%，带动公司净利润实现增长。 公司重点业务板块发展较好。①电子材料板块：MLCC 介质粉体复苏延续，电 子浆料国产替代加速推进；②催化材料板块：蜂窝陶瓷载体、铈锆固溶体等产 品保持持续增长，积极推进乘用车领域的产品应用；③生物医疗板块：基本完 成了海外红筹架构搭建，未来将强化产品多元化布局；④新能源材料板块：氧 化铝、勃姆石销量快速提升，成为客户的主要供应商之一；⑤精密陶瓷板块： 陶瓷球新产能逐步爬坡，市场开拓 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-065 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。 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 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company achieved a revenue of 1.953 billion yuan in H1 2024, representing a year-on-year increase of 5.57%, with a net profit attributable to shareholders of 330 million yuan, up 3.60% year-on-year [1]. - The catalyst materials and precision ceramics segments are driving growth, with the catalyst materials segment generating 406 million yuan in revenue for H1 2024, a year-on-year increase of 21.20% [1]. - The electronic materials segment continues to recover, with H1 2024 revenue of 279 million yuan, a slight decline of 2.19% year-on-year, but with an improved gross margin of 35.58% [1]. - The biomedical materials and construction materials segments are expanding globally, with the biomedical materials segment achieving revenue of 438 million yuan in H1 2024, a year-on-year increase of 6.07% [1]. - The company is expected to achieve net profits of 725 million yuan, 911 million yuan, and 1.139 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26x, 21x, and 17x [1]. Financial Performance Summary - H1 2024 revenue: 1.953 billion yuan, +5.57% YoY [1] - H1 2024 net profit: 330 million yuan, +3.60% YoY [1] - Q2 2024 net profit: 197 million yuan, +0.83% YoY, +47.77% QoQ [1] - Catalyst materials revenue: 406 million yuan, +21.20% YoY [1] - Electronic materials revenue: 279 million yuan, -2.19% YoY [1] - Biomedical materials revenue: 438 million yuan, +6.07% YoY [1] - Projected net profits for 2024-2026: 725 million, 911 million, 1.139 billion yuan [1][2].

业绩简评 2024 年 7 月 30 日公司披露半年报，上半年实现营收 19.53 亿元， 同比增长 5.57%；实现归母净利润 3.30 亿元，同比增长 3.6%。其 中，Q2 实现营收 11.27 亿元，同比增长 5.82%；实现归母净利润 1.97 亿元，同比增长 0.83%。 经营分析 电子材料恢复缓慢，生物医疗板块稳步提升。收到整体需求景气 度影响，公司的电子材料板块修复的情况相对缓慢，MLCC 粉体销 售环比增长，但尚未回归前期水平，产能利用尚未回归至理想状 态，盈利依然受到一定的影响；公司长期布局的生物医疗材料领 域发展平稳，国内销售价格虽然受到集采影响，但销量有所修复， 公司重点进行海外市场布局，延续品类拓展、产品升级和梳理品 牌的布局，持续提升海外的销售占比，有希望逐步带动公司的齿 科材料板块业务逐步提升。 持续做结构性升级，催化业务和陶瓷墨水板块有效抵御行业波动 风险。公司自收购王子制陶以后一直专注于布局乘用车和商用车 市场，持续进行国内和国际客户的认证和突破，今年以来商用车 产量累计同比下行，公司借助乘用车和混动市场有效的分散了风 险，同时借助和海外大客户康明斯的合作，实现更大范围的市场 ...

——国瓷材料 2024 半年度报告点评 [table_Authors] 钟浩(分析师) 周志鹏(分析师) 021-38038445 021-38676666 登记编号 S0880522120008 S0880523060004 zhonghao027638@gtjas.com zhouzhipeng027980@gtjas.com 本报告导读： 公司 24Q2 业绩符合预期。2024 年，催化材料有望延续高增长、精密陶瓷放量元年， 我们看好平台型企业多元矩阵接力增长。 投资要点： [Table_Summary] 维持"增持"评级。公司 24Q2 业绩符合预期，维持公司 24-26 年归母 净利分别为 7.56、9.14、11.32 亿元，对应 EPS 分别为 0.76、0.92、 1.14 元/股。结合可比公司给予 2024 年 PE29X，维持目标价 22.24 元。 24Q2 业绩符合预期。公司 24H1 实现营业收入 19.53 亿元，同比 +5.57%；归母净利 3.3 亿元，同比+3.6%；扣非后净利 3.08 亿元， 同比+8.81%。其中，24Q2 营业收入 11.27 亿元，同比+5.82%， ...

迁泰将投告 寓 选材补 (300285 CH) 归去冷利同比塔加，新产品被重顺利 부휴房充个板点评 2024 年７月 30 日 | 中国内地心亭创意 24H1 卖卖卖净利 3.3 亿元，维补 "增补" 评航 公司子 7 月 30 日发布 24 年半年报，24H1 实现容妆 19.5 亿元，同比增长 6%，归非冷利 3.3 亿元（标非后 3.1 亿元），同比增长 4%（标非后同比增 长 9%)，共中 Q2 实现归득净利润 2.0 亿元，同比增长 1%，环比增长 48%。 表们预计 24-26 辛归寺寺利为 7.41/8.96/10.77 亿元，对应 EPS 为 0.74/0.90/1.08 无，给今可比公司 24 年年均 24 倍约 Wind 一致预期 PE, 考虑公司新材料千台化化劳量寄以及新产品成长性, 给予 24 年 27 倍 PE 倍 值，给予日标价 19.98 无，维持"增持"评谈。 催化材并、社會向艺爷长失婚主神续增长，新产品随续关主 係化材料方面，24H1 实现容妆网比+21%至 4.1 亿元，毛利率网比+0.2pct 至 43.6%，并说时完氧体在重卡领域的市场份额进一步得到提升，特给固定 休閒 ...