国瓷材料（300285）：全年业绩保持稳健增长，拓展新产品奠定成长性

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][6]. Core Views - The company achieved steady growth in its annual performance, with a revenue of 4.047 billion yuan in 2024, representing a year-on-year increase of 4.86%, and a net profit attributable to shareholders of 605 million yuan, up 6.27% year-on-year [1][2]. - The company is expanding its new product lines, which is expected to lay a foundation for future growth [1][6]. - The electronic materials segment showed robust growth, with revenue of 624 million yuan, a 4.22% increase year-on-year, and a sales volume of 9,539 tons, up 19.25% year-on-year [6]. - The catalyst materials business experienced a slowdown in growth, while the dental business shows promising prospects [6]. - The company is focusing on expanding its presence in the new energy and precision ceramics sectors, which is anticipated to further open up growth opportunities [6]. Financial Data and Valuation - The company’s total revenue is projected to grow from 4.047 billion yuan in 2024 to 6.962 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20% [2][12]. - The net profit attributable to shareholders is expected to increase from 605 million yuan in 2024 to 1.059 billion yuan in 2027, reflecting a CAGR of around 19% [7][12]. - The earnings per share (EPS) is forecasted to rise from 0.61 yuan in 2024 to 1.06 yuan in 2027 [7][12]. - The current price-to-earnings (PE) ratio is projected to decrease from 28.5 in 2024 to 16.3 in 2027, indicating an attractive valuation [7][12]. Key Financial Ratios - The company’s gross margin is expected to improve slightly from 39.7% in 2024 to 40.2% in 2027 [13]. - The return on equity (ROE) is projected to increase from 9.3% in 2024 to 12.4% in 2027 [13]. - The debt-to-asset ratio is expected to decrease from 21.0% in 2024 to 19.8% in 2027, indicating improved financial stability [13].