国瓷材料：地产链略有影响，多板块持续修复成长

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 2.966 billion RMB for the first three quarters, representing a year-on-year growth of 6.42%, and a net profit attributable to shareholders of 482 million RMB, up 9.38% year-on-year [2]. - In Q3 alone, the revenue was 1.013 billion RMB, with a year-on-year increase of 8.11%, and a net profit of 152 million RMB, reflecting a significant growth of 24.51% year-on-year [2]. - The report highlights the impact of the real estate sector on the company's performance, particularly in the ceramic ink business, which is affected by a 24.4% year-on-year decline in real estate completion area [2]. - The electronic materials business is gradually recovering, with the main product, MLCC, seeing a gradual increase in supply, although it has not yet returned to peak levels [2]. - The bio-materials segment has established overseas sales channels, enhancing brand recognition and customer loyalty [2]. - The catalytic materials segment is undergoing structural upgrades, with the company expanding its applications in precision ceramics [2]. Financial Forecast - The 2024 profit forecast has been revised down by 6%, with projected net profits for 2024-2026 at 669 million, 827 million, and 993 million RMB, respectively [3]. - The corresponding EPS for these years is expected to be 0.67, 0.83, and 1.00 RMB, with PE ratios of 29, 23, and 19 times [3][6].