证券日报网讯国瓷材料（300285）8月19日发布公告，在公司回答调研者提问时表示，为充分把握固态 电池技术发展趋势，公司目前同步布局了氧化物与硫化物两大固态电解质技术路线。同时，公司拟与王 琰先生共同出资成立合资公司，合资公司将专注于固态电池相关材料的研发、生产和销售，尤其重点布 局固态电池硫化物方向。王琰先生具备深厚的专业背景和丰富的行业经验，预期能够有效推动产品技术 开发及客户验证等工作，目前公司产品已在客户验证中，公司也将会努力抓住固态电池行业发展的机 遇。 ...

证券日报网讯国瓷材料（300285）8月19日发布公告，在公司回答调研者提问时表示，MLCC受稀土管 制影响有限，上半年MLCC整体销量保持增长，上半年公司基于MLCC整体产品布局的考虑，对部分老 产品型号做了一定价格调整，但与此同时扩大了在客户端车规和AI服务器用MLCC的市场份额，公司目 前也在积极进行扩产，以满足客户日益增长的需求。 ...

Core Viewpoint - The company reported a revenue of 2.154 billion yuan in the first half of 2025, reflecting a year-on-year increase of 10.3%, with a net profit attributable to shareholders of 332 million yuan, up 0.4% year-on-year, indicating stable performance despite some margin pressures across various segments [1]. Financial Performance - The company achieved a revenue of 1.179 billion yuan in Q2 2025, which is a 4.7% year-on-year increase and a 21% quarter-on-quarter increase, with a net profit of 196 million yuan, showing a slight decline of 0.6% year-on-year but a significant 44.3% increase quarter-on-quarter [1]. - The overall gross margin decreased by 1.59 percentage points to 38.3%, and the net profit margin fell by 1.64 percentage points to 17.39% due to price adjustments in MLCC powder and oral products [1]. Segment Performance Electronic Materials Segment - The electronic materials segment generated a revenue of 344 million yuan, a year-on-year increase of 23.65%, driven by electronic slurry and electronic-grade zirconia powder [1]. - The gross margin for this segment declined by 2.61 percentage points to 32.97% due to price adjustments in traditional products and increased demand for automotive-grade and AI-grade powders [1]. Catalytic Materials Segment - The catalytic materials segment reported a revenue of 456 million yuan, up 12.3% year-on-year, with the honeycomb ceramic product line contributing approximately 372 million yuan [2]. - The gross margin for this segment decreased by 1.76 percentage points to 41.8% due to the impact of raw material costs, particularly rare earth elements [2]. Biomedical Segment - The biomedical segment achieved a revenue of 438 million yuan, remaining stable year-on-year, but the gross margin fell by 5.73 percentage points to 52.18% due to a decline in domestic prices for powders and ceramic blocks [2]. - The company is focusing on R&D for second and third-generation powders and expanding into other materials and segments through self-research and acquisitions [2]. New Energy Materials Segment - The new energy materials segment reported a revenue of 217 million yuan, a year-on-year increase of 26.4%, with a slight gross margin increase of 0.13 percentage points to 21.2% [3]. - The company is entering mainstream customer supply chains with alumina and barium products and has established a joint venture to develop solid-state battery electrolyte products [3]. Precision Ceramics Segment - The precision ceramics segment saw growth in ceramic balls and substrates, with significant supply to global bearing manufacturers and major clients like BYD and Xiaomi [3]. - The segment is expected to see further margin improvements as powder production capacity is completed [3]. Building Ceramics Segment - The building ceramics segment achieved a revenue of 484 million yuan, a year-on-year increase of 2.6%, with a gross margin increase of 1.22 percentage points to 37.42% [3]. - New products such as textile inks and digital glazes are expected to contribute to revenue growth [3]. Profit Forecast and Valuation - The company maintains a steady growth outlook, projecting net profits attributable to shareholders of approximately 712 million, 836 million, and 987 million yuan for 2025-2027, corresponding to P/E ratios of about 29, 25, and 21 times [4].

Investment Rating - The report maintains an "Outperform" rating for Guocera Materials (300285) [1] Core Views - The company's main business is steadily improving, and its multi-business layout highlights its advantages as a platform-type new materials enterprise [1] - The financial performance for the first half of 2025 shows a revenue of 2.154 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to the parent company of 332 million yuan, a year-on-year increase of 0.4% [5] - The report forecasts a steady growth in revenue and net profit for the coming years, with expected net profits of approximately 712 million, 836 million, and 987 million yuan for 2025, 2026, and 2027 respectively [5][6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 4.047 billion yuan, with a year-on-year growth rate of 4.9% [4] - The expected revenue for 2025 is 4.547 billion yuan, reflecting a year-on-year growth of 12.4% [4] - The gross profit margin is expected to improve gradually, with projections of 39.9%, 40.4%, and 40.6% for 2025, 2026, and 2027 respectively [4] - The return on equity (ROE) is forecasted to increase from 9.7% in 2025 to 10.8% in 2027 [4] Business Segment Performance - The electronic materials segment achieved a revenue of 344 million yuan in the first half of 2025, a year-on-year increase of 23.65% [5] - The catalyst materials segment reported a revenue of 456 million yuan, a year-on-year increase of 12.3% [5] - The biomedical segment's revenue remained stable at 438 million yuan, while the new energy materials segment saw a revenue increase of 26.4% to 217 million yuan [5] - The precision ceramics segment is experiencing growth, with significant supply to major clients like BYD and Xiaomi [5]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 2.154 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [1]. - The company is accelerating its layout in new material products, including the establishment of a joint venture focused on solid-state battery materials [1]. - The company announced a mid-term cash dividend plan, distributing 0.50 yuan per share to all shareholders [1]. Financial Performance - In the second quarter, the company achieved revenue of 1.179 billion yuan, a year-on-year increase of 4.7% and a quarter-on-quarter increase of 21% [1]. - The electronic materials segment saw revenue of 344 million yuan, a year-on-year increase of 23.65%, with a gross margin of 32.97% [5]. - The catalyst materials segment generated revenue of 456 million yuan, a year-on-year increase of 12.34%, with a gross margin of 41.80% [5]. - The biomedical materials segment reported revenue of 438 million yuan, a slight year-on-year decrease of 0.11%, with a gross margin of 52.18% [5]. Future Projections - The company expects net profits attributable to shareholders to reach 704 million yuan, 847 million yuan, and 1.010 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - Earnings per share (EPS) are projected to be 0.71 yuan, 0.85 yuan, and 1.01 yuan for the same years [6]. - The current stock price corresponds to price-to-earnings (PE) ratios of 31, 25, and 21 for the years 2025, 2026, and 2027, respectively [5][6].

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

公司最新资产负债率为20.61%，较去年同期资产负债率减少1.16个百分点。 2025年8月19日，国瓷材料(300285.SZ)发布2025年中报。 公司营业总收入为21.54亿元，较去年同报告期营业总收入增加2.01亿元，实现5年连续上涨，同比较去年同期上涨10.29%。归母净利润为3.32亿元，较去年 同报告期归母净利润增加126.82万元，实现2年连续上涨，同比较去年同期上涨0.38%。经营活动现金净流入为3.33亿元，较去年同报告期经营活动现金净流 入增加1.79亿元，实现2年连续上涨，同比较去年同期上涨116.11%。 公司摊薄每股收益为0.33元。 公司最新总资产周转率为0.23次，较去年同期总资产周转率增加0.01次，同比较去年同期上涨6.05%。最新存货周转率为1.51次，较去年同期存货周转率增加 0.09次，实现3年连续上涨，同比较去年同期上涨6.49%。 公司股东户数为4.82万户，前十大股东持股数量为4.27亿股，占总股本比例为42.81%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 张曦 | 15.3 | | 2 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [1][5] Core Views - The company reported a revenue of 2.15 billion RMB for H1 2025, representing a year-on-year increase of 10%, with a net profit of 330 million RMB, up 0.4% year-on-year [1] - The company has successfully introduced new products across multiple segments, leading to better-than-expected performance [1] - The target price is set at 22.94 RMB, reflecting a 31x PE ratio for 2025 [5] Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 1.18 billion RMB, which is a 5% increase year-on-year and a 21% increase quarter-on-quarter [1] - The net profit for Q2 was 200 million RMB, down 1% year-on-year but up 44% quarter-on-quarter [1] - The company expects continued growth in new materials, indicating further revenue potential [1] Segment Performance - Electronic materials segment revenue increased by 24% year-on-year to 340 million RMB, with a gross margin of 33% [2] - Catalytic materials segment revenue grew by 12% year-on-year to 460 million RMB, with a gross margin of 42% [2] - The biomedical materials segment saw a slight decline in revenue, down 0.1% year-on-year to 440 million RMB, with a gross margin of 52% [2] Strategic Initiatives - The company is actively investing in solid-state battery materials, with plans to establish a joint venture for research and production [4] - A mid-term dividend plan has been announced, with a cash dividend of 0.50 RMB per 10 shares, reflecting confidence in future performance [4] Financial Forecast - The company forecasts net profits of 740 million RMB, 900 million RMB, and 1.06 billion RMB for 2025, 2026, and 2027 respectively, representing growth rates of 23%, 21%, and 18% [5][10] - The expected EPS for 2025 is 0.74 RMB, with a projected ROE of 10.15% [10]

Core Viewpoint - Guocera Materials (300285) has disclosed that its subsidiary, Guocera Saichuang, possesses technological reserves for ceramic substrates used in optical modules, which are primarily utilized for heat dissipation [1] Group 1: Company Developments - Guocera Saichuang has achieved mass production and small-scale sales of semiconductor cooling plates (TEC) [1] - The company plans to increase research and investment following the completion of its second-phase factory construction to further explore the corresponding market [1]

Core Viewpoint - Guojin Securities issued a report on August 19, giving a "buy" rating to Guoci Materials (300285.SZ) based on several growth factors [2] Group 1: Growth Drivers - The company is experiencing a structural upgrade in its product offerings, particularly in electronic materials and biomedical sectors [2] - Catalytic materials and precision ceramics businesses are showing continuous growth in volume [2] - The company has made extensive layouts for new products, which are expected to provide sustained growth momentum [2]