国瓷材料：公司半年报点评：2024H1公司营业收入及归母净利润均实现正增长

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][5] Core Views - The company achieved positive growth in both operating revenue and net profit attributable to the parent company in the first half of 2024, with operating revenue reaching 1.95 billion yuan, a year-on-year increase of 5.57%, and net profit of 330 million yuan, a year-on-year increase of 3.60% [4][5] - The company has six business segments that are progressing well, including biomedical materials, catalytic materials, electronic materials, and architectural ceramics, with notable growth in the catalytic materials segment [5][6] - The company is expected to see continued growth in net profit, with forecasts of 730 million yuan, 850 million yuan, and 997 million yuan for 2024, 2025, and 2026 respectively, with an estimated EPS of 0.73 yuan, 0.85 yuan, and 1.00 yuan for the same years [6][9] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 1.13 billion yuan in Q2, a year-on-year increase of 5.82% and a quarter-on-quarter increase of 36.3%, with net profit of 200 million yuan, a year-on-year increase of 0.83% and a quarter-on-quarter increase of 47.77% [4][5] - The company’s revenue from the biomedical materials segment was 440 million yuan, a year-on-year increase of 6.07%, while the catalytic materials segment generated 410 million yuan, a year-on-year increase of 21.2% [5] Business Segments - The electronic materials segment is rapidly industrializing products such as end electrode copper paste and thin-layer high-capacity nickel paste, aiming for domestic substitution [5] - The catalytic materials segment is capitalizing on structural opportunities in the natural gas heavy truck market and has successfully entered the supply chain of overseas commercial vehicle head customers [5] - The company is enhancing its integrated advantages in the precision ceramics segment, focusing on core materials to build a comprehensive ceramic substrate industry platform [5][6] Profit Forecast and Valuation - The company’s projected net profits for 2024-2026 are 730 million yuan, 850 million yuan, and 997 million yuan, with a reasonable valuation range of 18.25 to 21.90 yuan based on a PE ratio of 25-30 times for 2024 [5][9]