国瓷材料（300285）：业务稳健增长，新产品积极推进

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][10]. Core Views - Guocera Materials has shown steady growth in its core business, with a year-on-year revenue increase of 10.29% to 2.154 billion yuan in the first half of 2025, and a net profit of 332 million yuan, up 0.38% year-on-year [3]. - The company is actively advancing new product development, including high-purity silica and solid-state battery materials, which are expected to enhance its market position [5][10]. Summary by Sections Financial Performance - In the first half of 2025, Guocera Materials achieved a revenue of 2.154 billion yuan, with electronic materials revenue growing by 23.65% to 344 million yuan, and new energy materials revenue increasing by 26.36% to 217 million yuan [3]. - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares [3]. Business Segments - Electronic Materials: The segment is benefiting from the recovery in consumer electronics and new demands from automotive and AI sectors, with production capacity being expanded [4]. - Catalytic Materials: The company maintains a leading position in domestic tail gas catalytic materials and is entering international supply chains [4]. - Biomedical Materials: Focused on a global and diversified strategy, the company is enhancing its product offerings in dental restoration systems [4]. - New Energy Materials: The company is advancing in solid-state battery materials and has plans to establish a joint venture for further development [5]. - Precision Ceramics: The integration of materials, processes, and devices is accelerating, with significant demand from the new energy sector [4]. - Digital Printing and Other Materials: The company is addressing domestic demand fluctuations with a diversified product line and expanding its global presence [4]. Profit Forecast - The profit forecast for Guocera Materials is optimistic, with net profits projected to reach 744 million yuan in 2025, 824 million yuan in 2026, and 925 million yuan in 2027, corresponding to an EPS of 0.75, 0.83, and 0.93 yuan respectively [10][11].