国瓷材料：24年Q2业绩环比提升，多板块业务持续增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company is expected to achieve a revenue of 1.87 to 1.97 billion yuan in the first half of 2024, representing a year-on-year growth of 1.06% to 6.63% [1] - The net profit attributable to the parent company is projected to be between 330 to 350 million yuan, with a year-on-year increase of 3.46% to 9.73% [1] - The demand for precision ceramics and catalytic materials is gradually being released, contributing to performance growth [1] - The company is a core supplier in the low-orbit satellite field, with its ceramic shell products achieving mass sales [1] - The catalytic materials segment is experiencing growth due to stricter exhaust emission standards and accelerated domestic substitution [1] - The company is expected to see rapid growth in the silicon carbide honeycomb ceramic market starting from the second half of 2024 [1] Financial Summary - The projected net profits for 2024-2026 are 778 million, 943 million, and 1.129 billion yuan, with year-on-year growth rates of 36.7%, 21.3%, and 19.6% respectively [2] - The corresponding price-to-earnings (PE) ratios are expected to be 21, 17, and 15 times [2] - Revenue is forecasted to grow from 3.859 billion yuan in 2023 to 6.515 billion yuan in 2026, with a compound annual growth rate of 22.6% [5] - The gross profit margin is expected to improve from 38.7% in 2023 to 39.8% in 2026 [5] - The return on equity (ROE) is projected to increase from 9.0% in 2023 to 12.3% in 2026 [5] Cash Flow and Financial Ratios - Operating cash flow is expected to rise from 645 million yuan in 2024 to 1.152 billion yuan in 2026 [4] - The company anticipates a net profit of 1.218 billion yuan by 2026, with earnings per share (EPS) projected to reach 1.13 yuan [4] - The debt-to-equity ratio is expected to remain stable, with a slight increase from 22.7% in 2023 to 23.6% in 2026 [5]