国瓷材料：1H24业绩符合预期，各业务板块多点开花，关注公司成长性

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [14]. Core Views - The company's performance in the first half of 2024 met expectations, with revenue and net profit showing positive growth. The growth is attributed to the recovery in demand for MLCC dielectric powder products and the increasing market demand for catalytic materials and precision ceramics [2][3]. - The company is expected to achieve revenue of 46.23 billion, 55.97 billion, and 61.18 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 7.55 billion, 9.37 billion, and 11.62 billion yuan [8]. Financial Performance Summary - In the first half of 2024, the company reported revenue of 1.953 billion yuan, a year-on-year increase of 5.57%, and a net profit of 330 million yuan, up 3.60% year-on-year. The net cash flow from operating activities increased significantly by 61.25% year-on-year to 154 million yuan [1][2]. - The overall gross margin for the first half of 2024 was 39.89%, an increase of 2.39 percentage points compared to the same period last year [2]. - The company's revenue and net profit are projected to grow at compound annual growth rates (CAGR) of 19.8% and 32.6% respectively from 2023 to 2024 [10]. Business Segment Performance - The electronic materials segment reported revenue of 279 million yuan in the first half of 2024, a decrease of 2.19% year-on-year, while the gross margin improved to 35.58% [3]. - The catalytic materials segment achieved revenue of 406 million yuan, a year-on-year increase of 21.20%, with a gross margin of 43.56% [7]. - The precision ceramics segment is expected to benefit from the rapid development of the global new energy industry, with multiple products gradually releasing performance [7]. Future Outlook - The company is focusing on enhancing product applications in automotive and AI-related fields, which is expected to drive continued recovery in performance [7]. - The report highlights the ongoing trend of domestic substitution in various product lines, particularly in MLCC dielectric powder and electronic materials [3][8].