国瓷材料：蜂窝陶瓷淡季增速放缓，陶瓷墨水需求影响略有下滑，叠加汇兑损失使得Q3盈利环比下滑

Investment Rating - The investment rating for the company is "Outperform" [4]. Core Views - The company reported a revenue of 2.966 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 6.42%. The net profit attributable to shareholders was 482 million yuan, up 9.4% year-over-year [4]. - In Q3 2024, the company achieved a revenue of 1.013 billion yuan, which is an 8.11% increase year-over-year but a 10.11% decrease quarter-over-quarter. The net profit for Q3 was 152 million yuan, reflecting a 24.5% year-over-year increase but a 23% decrease quarter-over-quarter [4]. - The gross margin for the first three quarters improved by 2.75 percentage points to 39.65%, while the net profit margin increased by 0.79 percentage points to 18.21% [4]. Financial Data Summary - The company’s total revenue for 2023 is projected at 3.859 billion yuan, with a year-over-year growth rate of 21.9%. For 2024, the revenue is expected to be 4.055 billion yuan, reflecting a growth rate of 5.1% [7]. - The net profit for 2023 is estimated at 621 million yuan, with a year-over-year growth of 14.5%. The forecast for 2024 is a net profit of 728 million yuan, indicating a growth of 19.1% [7]. - The earnings per share (EPS) for 2023 is projected at 0.57 yuan, with an expected increase to 0.68 yuan in 2024 [7]. Business Segment Performance - In the electronic materials segment, the company has developed high-performance powders for AI applications, with MLCC powder shipments estimated at over 4,900 tons [5]. - The catalytic materials segment faced challenges due to lower-than-expected heavy truck sales, but the company is expanding its customer base to include passenger vehicles [5]. - The biomedical segment is focusing on expanding overseas clients and preparing for high-end brand sales, with recent investments in companies like Spident and DEKEMA [5]. Profit Forecast and Investment Rating - The profit forecast has been adjusted downward due to the impact of heavy truck demand on honeycomb ceramics and a decline in ceramic ink sales. The expected net profits for 2024-2026 are approximately 678 million, 832 million, and 1.05 billion yuan, respectively [6].