国瓷材料：主要业务延续修复，新产品放量顺利，业绩同环比增长

Investment Rating - The report maintains an "Overweight" investment rating for the company [4][7]. Core Views - The company has shown a recovery in its main business, with new products being successfully launched, resulting in both year-on-year and quarter-on-quarter growth in performance [7]. - The company is positioned as a platform enterprise in the domestic new materials sector, implementing a dual strategy of "internal growth + external mergers and acquisitions" [7]. - The financial forecasts for earnings per share (EPS) for 2024-2026 have been adjusted to 0.76, 0.95, and 1.13 yuan respectively [7]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit attributable to shareholders of 330 million yuan, up 3.6% year-on-year [7]. - The second quarter of 2024 saw operating revenue of 1.127 billion yuan, a year-on-year increase of 5.82% and a quarter-on-quarter increase of 36.3% [7]. - The company’s main business segments, including catalytic materials and precision ceramics, have shown significant growth, with the catalytic materials segment achieving revenue of 618 million yuan, up 22.13% year-on-year [7]. - The gross profit margin for the catalytic materials segment was 28.66%, reflecting a slight year-on-year increase [7]. - The precision ceramics segment reported revenue of 164 million yuan, a year-on-year increase of 34.34%, with a gross profit margin of 31.27% [7]. - The new energy materials segment achieved revenue of 173 million yuan, up 38.51% year-on-year, with a gross profit margin of 20.85% [7]. Future Outlook - The company is expected to benefit from the implementation of the National VI emission standards, which will drive growth in the honeycomb ceramic business [7]. - The company is actively optimizing its process flows and enhancing product quality in the new energy materials sector, leading to rapid improvements in production and sales levels [7]. - The report indicates that the company’s core business trends are positive, with new projects gradually ramping up production, suggesting a promising future for the company [7].