国瓷材料(300285)：业绩稳中有增 多板块持续发力

Financial Performance - In 2024, the company achieved revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit attributable to shareholders of 605 million yuan, up 6.27% year-on-year [1] - For Q1 2025, the company reported revenue of 975 million yuan, a year-on-year increase of 17.94%, while the net profit attributable to shareholders was 136 million yuan, up 1.80% year-on-year [1] Electronic Materials - The electronic materials segment generated revenue of 624 million yuan in 2024, a year-on-year increase of 4.22%, with a sales volume of 9,539 tons, up 19.25% [2] - The company is focusing on new applications in automotive electronics and AI servers, with successful development and mass production of various high-capacity and specialized electronic pastes [2] Catalytic Materials - The catalytic materials segment achieved revenue of 787 million yuan in 2024, a year-on-year increase of 10.01%, with a sales volume of 16.24 million liters, up 4.77% [3] - The company has made advancements in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [3] Biomedical Materials - The biomedical materials segment reported revenue of 911 million yuan in 2024, a year-on-year increase of 6.53%, with a sales volume of 3,040 tons, up 12.68% [4] - The company is enhancing its product offerings and has received compliance certification for several products under EU medical device regulations [4] New Energy Materials - Revenue from new energy materials surged from 272 million yuan in 2023 to 404 million yuan in 2024, marking a 48.34% year-on-year increase [5] - The company is strategically positioned in the new energy sector, focusing on lithium battery additives [5] Precision Ceramics - The precision ceramics segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 41.68%, with a sales volume of 739.62 million pieces, up 18.51% [7] - The company is expanding its applications in the new energy vehicle sector, particularly with ceramic bearings [7] Architectural Ceramics - The architectural ceramics segment reported revenue of 914 million yuan in 2024, a year-on-year decrease of 15.65%, due to reduced demand in the domestic real estate market [8] - The company is exploring overseas market opportunities and developing new products to strengthen its position [8] Investment Outlook - The company is positioned as a platform enterprise in new materials, with a diversified product portfolio across six major business segments [9] - Revenue projections for 2025-2027 are adjusted to 4.965 billion, 5.985 billion, and 7.104 billion yuan, with corresponding net profits of 754 million, 901 million, and 1.060 billion yuan [9]