国瓷材料（300285）：催化材料有所波动，精密陶瓷保持高增

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a total revenue of 4.05 billion yuan for 2024, representing a year-on-year increase of 4.9%. The net profit attributable to shareholders was 600 million yuan, up 6.3% year-on-year, while the net profit after deducting non-recurring items was 580 million yuan, reflecting a 7.1% increase year-on-year [6][10]. - In Q4 2024, the company achieved revenue of 1.08 billion yuan, a year-on-year increase of 0.8% and a quarter-on-quarter increase of 6.7%. However, the net profit attributable to shareholders decreased by 4.4% year-on-year and 19.2% quarter-on-quarter, amounting to 120 million yuan [6][10]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 4.05 billion yuan, with a gross profit margin of 39.7% and a net profit margin of 16.5%, both showing year-on-year increases [10]. - The company maintained a research and development expense ratio of 7.3%, which is an increase of 0.5 percentage points year-on-year [10]. Business Segments - The electronic materials segment generated revenue of 620 million yuan, up 4.2% year-on-year, with sales volume increasing by 19.3% to 9,539 tons [10]. - The catalytic materials segment achieved revenue of 790 million yuan, a 10.0% increase year-on-year, with sales volume of 16.24 million liters, up 4.8% [10]. - The biomedical segment reported revenue of 910 million yuan, reflecting a 6.5% year-on-year increase, with sales volume of 3,040 tons, up 12.7% [10]. - The new energy segment saw significant growth, with revenue reaching 400 million yuan, a 48.3% increase year-on-year, and sales volume of 29,000 tons, up 110.7% [10]. - The precision ceramics segment generated revenue of 350 million yuan, a 41.7% increase year-on-year, with sales volume of 740 million pieces, up 18.5% [10]. - The other materials segment faced challenges, with revenue declining by 17.1% year-on-year to 970 million yuan due to decreased demand in the domestic real estate market [10]. Future Outlook - The company is expected to maintain its growth trajectory, with projected net profits of 690 million yuan, 860 million yuan, and 1.06 billion yuan for 2025, 2026, and 2027, respectively [10].