国瓷材料：Q3业绩受季节影响环比下降，多板块业务持续增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was affected by seasonal factors, with a quarter-on-quarter decline, but multiple business segments continued to grow [1] - The company reported Q3 2024 revenue of 1.013 billion yuan, a year-on-year increase of 8.11% but a quarter-on-quarter decrease of 10.11% [1] - The net profit attributable to the parent company for Q3 2024 was 152 million yuan, a year-on-year increase of 24.51% but a quarter-on-quarter decrease of 22.97% [1] - The company benefits from the demand in the domestic and overseas passenger vehicle markets, with sustained growth across multiple segments, although the construction ceramics segment was impacted by the real estate market [1] Summary by Sections Financial Performance - Q3 2024 revenue was 1.013 billion yuan, with a year-on-year growth of 8.11% and a quarter-on-quarter decline of 10.11% [1] - The net profit attributable to the parent company was 146 million yuan, reflecting a year-on-year increase of 21.1% but a quarter-on-quarter decrease of 22.27% [1] - The average price of praseodymium oxide in Q3 2024 was 397,200 yuan per ton, with a year-on-year increase of 19.75% and a quarter-on-quarter increase of 1.94% [1] Business Segments - In the electronic materials segment, MLCC powder is entering a recovery growth phase, and new research on ink materials is ramping up, which is expected to become a significant growth driver [1] - The catalytic materials segment experienced a slight decline due to high-temperature breaks at car manufacturers, but products like honeycomb ceramics and cerium-zirconium solid solutions are maintaining rapid growth [1] - The biomedical segment is upgrading its dental-grade nano-composite zirconia powder business and accelerating overseas brand development [1] - The new energy segment saw stable prices for diaphragm coating materials, with sales growth driving revenue increases [1] - The ceramics ink and construction ceramics segments faced revenue growth challenges due to seasonal factors and a decline in real estate completion areas [1] Future Outlook - The company expects net profits attributable to the parent company to reach 778 million yuan, 943 million yuan, and 1.129 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 36.7%, 21.3%, and 19.6% [3] - The projected P/E ratios for the company are 25, 20, and 17 for the years 2024, 2025, and 2026 respectively [3]