国瓷材料（300285）：Q4盈利受陶瓷墨水销售及费用影响略有下滑，关注未来

Investment Rating - The investment rating for the company is "Outperform" (增持) [8] Core Views - The company reported a revenue of 4.047 billion yuan for 2024, representing a year-on-year growth of 4.9%, and a net profit attributable to the parent company of 605 million yuan, with a year-on-year increase of 6.3% [8] - The performance in Q4 2024 showed a slight decline in net profit due to the impact of ceramic ink sales and increased expenses, but overall performance was in line with expectations [8] - The company is focusing on the development of new materials that are self-controlled and autonomous, which is expected to drive future growth [8] Financial Data and Profit Forecast - Total revenue forecast for 2023 to 2027 is as follows: - 2023: 3.859 billion yuan - 2024: 4.047 billion yuan - 2025E: 4.547 billion yuan - 2026E: 5.187 billion yuan - 2027E: 5.853 billion yuan - Year-on-year growth rates for total revenue are projected at 21.9% for 2023, 4.9% for 2024, 12.4% for 2025, 14.1% for 2026, and 12.8% for 2027 [2][9] - Net profit attributable to the parent company is forecasted as follows: - 2023: 569 million yuan - 2024: 605 million yuan - 2025E: 712 million yuan - 2026E: 836 million yuan - 2027E: 987 million yuan - Year-on-year growth rates for net profit are projected at 14.5% for 2023, 6.3% for 2024, 17.7% for 2025, 17.5% for 2026, and 18.0% for 2027 [2][9] Segment Performance - Electronic Materials Segment: Revenue expected to be approximately 624 million yuan in 2024, benefiting from recovering downstream demand and growth in automotive electronics and AI servers [8] - Catalytic Materials Segment: Revenue projected at 787 million yuan in 2024, with a focus on expanding customer base in the main engine manufacturers [8] - Biomedical Segment: Revenue forecasted at 910 million yuan in 2024, with increased expenses due to overseas investments [8] - New Energy Materials Segment: Revenue expected to reach approximately 404 million yuan in 2024, driven by growing demand for new energy batteries [8] - Precision Ceramics Segment: Revenue projected at 351 million yuan in 2024, benefiting from the rapid development of the global new energy industry [8] - Construction Ceramics Segment: Revenue expected to decline to 914 million yuan in 2024 due to the downturn in the domestic real estate market [8] Valuation and Earnings Forecast - The earnings forecast for 2025-2026 has been adjusted downwards due to anticipated demand impacts on the ceramic ink segment and ongoing expenses in overseas dental business [8] - The projected net profits for the next three years are approximately 712 million yuan for 2025, 836 million yuan for 2026, and 987 million yuan for 2027, corresponding to PE ratios of about 24, 21, and 17 times [8]