国瓷材料(300285)：电子材料与新能源材料快速增长 H1业绩同比改善

Core Viewpoint - The company reported a revenue increase of 10.29% year-on-year for the first half of 2025, driven by growth in electronic materials and new energy materials sectors [1][2]. Financial Performance - The company achieved a total revenue of 2.154 billion yuan in H1 2025, with a net profit attributable to shareholders of 332 million yuan, reflecting a year-on-year increase of 0.38% [1]. - In Q2 2025, the company generated revenue of 1.179 billion yuan, showing a quarter-on-quarter increase of 20.97% [1]. - The overall gross margin and net margin for H1 2025 were 38.30% and 17.39%, respectively, with slight declines compared to the previous year [2]. Business Segments - The company’s revenue from various segments in H1 2025 included: electronic materials (344 million yuan, +23.65%), catalytic materials (456 million yuan, +12.34%), biomedical materials (438 million yuan, -0.11%), building ceramics (484 million yuan, +2.59%), and new energy materials (217 million yuan, +26.36%) [2]. - The gross margins for these segments were as follows: electronic materials (32.97%), catalytic materials (41.80%), biomedical materials (52.18%), building ceramics (37.42%), and new energy materials (21.19%) [2]. Strategic Developments - The company is focusing on the collaborative development of six major business segments, with a strategic emphasis on biomedical materials and international expansion [3]. - Recent strategic investments include acquiring Spident in South Korea and Dekema in Germany, enhancing the company’s presence in clinical materials and digital equipment [3]. - The company has developed a high-transparency zirconia powder for aesthetic applications, which has passed validation with multiple clients and is beginning to be supplied in batches [3]. - In the ceramics sector, the company’s subsidiary is a key supplier of ceramic shells for low-orbit satellites [3]. - The company is also advancing in the new energy materials sector, particularly in solid-state battery technologies, with various solid electrolyte products developed [3]. Investment Outlook - The company is expected to see net profits attributable to shareholders of 774 million yuan, 886 million yuan, and 1.058 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 27.30, 23.85, and 19.97 [3].