国瓷材料：2024年半年报点评：Q2业绩符合预期，新产品逐步放量

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Insights - The company achieved a revenue of 1.953 billion yuan in H1 2024, representing a year-on-year increase of 5.57%, with a net profit attributable to shareholders of 330 million yuan, up 3.60% year-on-year [1]. - The catalyst materials and precision ceramics segments are driving growth, with the catalyst materials segment generating 406 million yuan in revenue for H1 2024, a year-on-year increase of 21.20% [1]. - The electronic materials segment continues to recover, with H1 2024 revenue of 279 million yuan, a slight decline of 2.19% year-on-year, but with an improved gross margin of 35.58% [1]. - The biomedical materials and construction materials segments are expanding globally, with the biomedical materials segment achieving revenue of 438 million yuan in H1 2024, a year-on-year increase of 6.07% [1]. - The company is expected to achieve net profits of 725 million yuan, 911 million yuan, and 1.139 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26x, 21x, and 17x [1]. Financial Performance Summary - H1 2024 revenue: 1.953 billion yuan, +5.57% YoY [1] - H1 2024 net profit: 330 million yuan, +3.60% YoY [1] - Q2 2024 net profit: 197 million yuan, +0.83% YoY, +47.77% QoQ [1] - Catalyst materials revenue: 406 million yuan, +21.20% YoY [1] - Electronic materials revenue: 279 million yuan, -2.19% YoY [1] - Biomedical materials revenue: 438 million yuan, +6.07% YoY [1] - Projected net profits for 2024-2026: 725 million, 911 million, 1.139 billion yuan [1][2].