国瓷材料：24年半年度业绩预告点评：催化材料及精密陶瓷持续放量，Q2业绩环比高增

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company is expected to achieve a revenue of 1.87 to 1.973 billion yuan in H1 2024, representing a year-on-year growth of 1.1% to 6.6%. The forecasted net profit attributable to shareholders is between 330 million to 350 million yuan, indicating a year-on-year increase of 3.5% to 9.7% [2]. - In Q2 2024, the company anticipates a net profit of 197 million to 217 million yuan, which is a year-on-year growth of 1.0% to 11.3% and a quarter-on-quarter increase of 48% to 63% [2]. - The growth in performance is attributed to the increasing demand for catalytic materials and precision ceramics in emerging sectors, with the company expanding its product offerings in various automotive and industrial applications [2]. Summary by Sections Revenue and Profit Forecast - The company’s revenue is projected to grow from 3.859 billion yuan in 2023 to 4.613 billion yuan in 2024, with a growth rate of 19.53% [3]. - Net profit is expected to rise from 569 million yuan in 2023 to 781 million yuan in 2024, reflecting a growth rate of 37.28% [3]. - The earnings per share (EPS) is forecasted to increase from 0.57 yuan in 2023 to 0.78 yuan in 2024 [3]. Business Segments - The company has diversified into six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2]. - The electronic materials segment is seeing accelerated validation of its products by leading industry clients, with some products already in small-scale supply [2]. - The catalytic materials segment is expected to benefit from new product developments that meet stringent emission standards, potentially becoming a new growth driver [2]. Market Position and Competitive Landscape - The company is actively participating in the formulation of new emission standards and has collaborated with clients to develop efficient and environmentally friendly products, aiming for domestic substitution in the catalytic materials market [2]. - The precision ceramics segment has achieved international performance standards with its silicon nitride ceramic bearing balls, validated by major bearing manufacturers [2].