国瓷材料：公司动态研究：新产品积极突破有望放量，股份回购稳步推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8][11] Core Views - The company has shown positive growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.966 billion yuan, a year-on-year increase of 6.42%, and net profit attributable to shareholders reaching 482 million yuan, up 9.38% year-on-year [4][8] - The company is actively pursuing new product breakthroughs and has initiated a steady share buyback program, reflecting confidence in future growth [7][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.013 billion yuan, a year-on-year increase of 8.11%, but a quarter-on-quarter decrease of 10.11%. The net profit attributable to shareholders was 152 million yuan, up 24.51% year-on-year but down 22.97% quarter-on-quarter [5] - For the first three quarters of 2024, the company reported a gross profit margin of 39.65%, an increase of 2.75 percentage points year-on-year, and a net profit margin of 18.21%, up 0.79 percentage points year-on-year [4] Market and Product Development - The company is experiencing seasonal impacts on its ceramic ink and honeycomb ceramics segments, which have affected revenue growth. However, demand in the electronic materials segment has rebounded significantly [5][6] - New products, such as high-end silicon nitride ceramic bearing balls and LED substrates, have successfully entered the market, with some products already in mass production [7][8] Future Projections - Revenue projections for 2024 to 2026 are estimated at 4.127 billion yuan, 4.915 billion yuan, and 5.883 billion yuan, respectively, with corresponding net profits of 687 million yuan, 853 million yuan, and 1.065 billion yuan [8][9][11] - The company is expected to maintain a price-to-earnings ratio (P/E) of 30, 25, and 20 for the years 2024, 2025, and 2026, respectively, indicating a favorable growth outlook [8][9]