业务增长较好，平台型企业多板块驱动长期成长性

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [1][2]. Core Views - Guocera Materials has shown good business growth, driven by multiple segments as a platform-type enterprise, indicating long-term growth potential [1][2]. - The company reported a revenue of 3.859 billion yuan in 2023, a year-on-year increase of 21.86%, and a net profit of 569 million yuan, up 14.50% year-on-year [1][2]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares (tax included) [1]. Summary by Relevant Sections Business Performance - The electronic materials segment saw a revenue increase of 16.08% to 598 million yuan due to a recovery in MLCC dielectric powder demand [1]. - The catalytic materials segment experienced significant growth, with a revenue increase of 74.25% to 715 million yuan, driven by domestic substitution of products like honeycomb ceramic carriers [1]. - The biomedical materials segment also grew by 13.35% to 855 million yuan, supported by international expansion efforts [1]. - Other segments, including new energy materials and precision ceramics, also reported revenue growth [1]. Profitability Metrics - The overall gross margin improved by 3.76 percentage points to 38.65% in 2023, while the net profit margin slightly decreased by 0.55 percentage points to 16.09% due to increased period expenses [1]. Future Growth Directions - Guocera Materials is evolving into a diversified new materials platform, focusing on high-end ceramic products and expanding into new technologies [1]. - The new energy materials segment is developing core materials for lithium batteries, while the precision ceramics segment is enhancing product competitiveness [1]. Financial Forecast - The company is projected to achieve net profits of 737 million yuan, 934 million yuan, and 1.12 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.73, 0.93, and 1.12 yuan [2][7]. - The current stock price corresponds to P/E ratios of 26, 20, and 17 for the years 2024, 2025, and 2026 [2].