国瓷材料：3Q24公司盈利稳健增长，多板块持续放量

Investment Rating - The report maintains a "Buy" rating for Guoci Materials (300285 SZ) [1] Core Views - Guoci Materials achieved steady profit growth in 3Q24 with multiple business segments showing strong performance [1] - The company's 2024 Q3 revenue reached 1 013 billion yuan up 8 11% YoY but down 10 11% QoQ Net profit attributable to shareholders was 152 million yuan up 24 51% YoY but down 22 97% QoQ [1] - The company's performance in the first three quarters of 2024 was in line with expectations driven by recovery in electronic materials demand growth in new energy materials sales and capacity release in precision ceramic materials [2] - The company's strategic layout and product advantages in the new energy sector are expected to further boost its performance as the new energy vehicle market continues to grow [6] - The ceramic metallization project is expected to become a major growth driver for the company integrating the industrial chain from ceramic powder to metallization and promoting domestic import substitution [7] Financial Performance - In the first three quarters of 2024 the company's operating income was 2 966 billion yuan up 6 42% YoY Net profit attributable to shareholders was 482 million yuan up 9 38% YoY [1] - The company's gross profit margin for the first three quarters of 2024 was 39 65% up 2 75 percentage points YoY Net profit margin was 18 21% up 0 79 percentage points YoY [2] - Operating cash flow for the first three quarters of 2024 was 357 million yuan up 13 54% YoY [3] - The company's revenue is expected to grow from 4 189 billion yuan in 2024E to 5 945 billion yuan in 2026E with net profit attributable to shareholders increasing from 686 million yuan to 1 129 billion yuan over the same period [1][8] Business Segments - In the electronic materials segment the company has achieved comprehensive coverage of key raw materials for MLCC dielectric powder and is expected to gradually form domestic substitution with its slurry business becoming an important growth driver [4] - In the new energy materials segment the company's coated separator materials saw both volume and price increases in the first three quarters of 2024 contributing to performance growth [6] - In the precision ceramics segment the company's ceramic balls have been adopted by leading new energy vehicle manufacturers with demand increasing significantly in 3Q24 [6] - In the biomaterials segment the company has completed the overseas red chip structure for its dental business and obtained EU medical device regulatory compliance certificates accelerating its expansion into the European market [4][6] Strategic Developments - The company's ceramic metallization project with a total investment of 150 million yuan started construction in June 2024 aiming to establish a high end ceramic metallization product line [7] - The project is expected to expand the company's application fields into thin film sensors microwave radar devices and other high end precision ceramic products [7]