国瓷材料（300285）：上半年业绩符合预期，加快新材料产品布局

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 2.154 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [1]. - The company is accelerating its layout in new material products, including the establishment of a joint venture focused on solid-state battery materials [1]. - The company announced a mid-term cash dividend plan, distributing 0.50 yuan per share to all shareholders [1]. Financial Performance - In the second quarter, the company achieved revenue of 1.179 billion yuan, a year-on-year increase of 4.7% and a quarter-on-quarter increase of 21% [1]. - The electronic materials segment saw revenue of 344 million yuan, a year-on-year increase of 23.65%, with a gross margin of 32.97% [5]. - The catalyst materials segment generated revenue of 456 million yuan, a year-on-year increase of 12.34%, with a gross margin of 41.80% [5]. - The biomedical materials segment reported revenue of 438 million yuan, a slight year-on-year decrease of 0.11%, with a gross margin of 52.18% [5]. Future Projections - The company expects net profits attributable to shareholders to reach 704 million yuan, 847 million yuan, and 1.010 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - Earnings per share (EPS) are projected to be 0.71 yuan, 0.85 yuan, and 1.01 yuan for the same years [6]. - The current stock price corresponds to price-to-earnings (PE) ratios of 31, 25, and 21 for the years 2025, 2026, and 2027, respectively [5][6].