国瓷材料(300285)季报点评：业绩符合预期 新品进展顺利

Core Insights - The company reported a revenue of 3.284 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.71% [1] - The net profit attributable to shareholders was 489 million yuan, up 1.50% year-on-year, while the net profit excluding non-recurring items was 478 million yuan, reflecting a year-on-year increase of 5.28% [1] Financial Performance - In Q3 2025, the company achieved a single-quarter revenue of 1.129 billion yuan, which is a year-on-year increase of 11.52% but a quarter-on-quarter decrease of 4.23% [1] - The net profit for Q3 was 158 million yuan, up 3.92% year-on-year but down 19.50% quarter-on-quarter [1] - The gross margin slightly declined by 1.82 percentage points to 37.83%, and the net margin decreased by 1.41 percentage points to 16.80% due to strategic adjustments in product structure [3] Business Segments - The electronic materials segment showed stable performance, with traditional MLCC business maintaining stability and rapid growth in slurry business, leading to an increase in market share [2] - The catalytic materials segment benefited from the recovery in commercial vehicle demand, further enhancing market share [2] - The biomedical segment is actively advancing high-end zirconia powder and high-end ceramic blocks, with product performance highly recognized by customers [2] - The new energy materials segment saw continuous growth in demand for high-purity ultra-fine alumina, leading to increased sales and revenue [2] - The precision ceramics segment experienced fluctuations due to inventory digestion by new energy vehicle customers, while demand for LED ceramic substrates continued to grow [2] New Product Development - The company is making progress in new products, with the first phase of new capacity for automotive-grade and AI server MLCC powder expected to be completed by the end of this year [4] - Successful sample verification of sulfide electrolytes is moving towards mass production, with a 30-ton annual capacity line expected to be completed by year-end and a 100-ton line by mid-2026 [4] - The company has invested 20 million yuan in a humanoid robot investment fund, indicating a strategic move into high-end industrial machinery applications [4] Profit Forecast - The company is positioned as an advanced platform-type new materials enterprise with steady growth in its main business and multiple emerging opportunities [4] - Adjusted net profit forecasts for 2025-2027 are 670 million, 860 million, and 1.07 billion yuan, respectively, with corresponding price-to-earnings ratios of 33.3, 25.9, and 20.9 times [4]