国瓷材料：24年净利增加，产品下游导入顺利-20250423

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 19.24 [7][8]. Core Views - The company reported a revenue of RMB 4.05 billion for 2024, representing a year-on-year increase of 5%, and a net profit attributable to shareholders of RMB 600 million, up 6% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of RMB 1.08 billion, which is a 1% increase year-on-year and a 7% increase quarter-on-quarter, although the net profit for this quarter was lower than expected due to product price declines and asset impairment [1][4]. - The company is expected to benefit from the growth in new materials, with a projected net profit of RMB 741 million in 2025, reflecting a year-on-year growth of 22.6% [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 4.05 billion and a net profit of RMB 600 million, with a proposed cash dividend of RMB 0.15 per share [1]. - The fourth quarter of 2024 had a revenue of RMB 1.08 billion and a net profit of RMB 120 million, which was below the forecast of RMB 200 million [1]. Segment Performance - The electronic materials segment saw a year-on-year sales increase of 19% to 9,539 tons, with revenue up 4% to RMB 620 million [2]. - The catalytic materials segment achieved a sales volume increase of 5% to 16.24 million liters, with revenue rising 10% to RMB 790 million [2]. - The new energy materials segment experienced a significant sales increase of 111% to 29,030 tons, with revenue up 48% to RMB 400 million [3]. Profitability Forecast and Valuation - The forecast for net profit in 2025 has been adjusted to RMB 741 million, down from a previous estimate of RMB 870 million, reflecting a 15% reduction [4]. - The company is expected to maintain a net profit growth of 23% in 2025, 21% in 2026, and 18% in 2027, with an EPS of RMB 0.74, RMB 0.90, and RMB 1.06 respectively [4].