Shandong Sinocera Functional Material (SZ:300285) Guotai Junan Securities·2024-04-29 05:02Investment Rating - The report maintains a "Buy" rating for the company [2][3] - The target price is adjusted to 24.37 yuan from the previous 22.61 yuan [2][3] Core Views - The company's performance meets expectations, with a focus on the growth of catalytic materials and precision ceramics [2][3] - The report highlights the company's multi-dimensional growth strategy as a platform enterprise [2][3] Financial Summary - For Q1 2024, the company achieved a revenue of 8.27 billion yuan, representing a year-on-year increase of 7.99% and a quarter-on-quarter increase of 3.97% [2][3] - The net profit attributable to shareholders for Q1 2024 was 1.33 billion yuan, showing a year-on-year increase of 20.04% [2][3] - The report projects a revenue growth rate of over 70% for the catalytic materials segment in 2023, with expectations for continued high growth in 2024 [2][3] Earnings Forecast - The earnings per share (EPS) forecast for 2024 is set at 0.75 yuan, with a projected increase to 0.91 yuan in 2025 [2][3] - The report anticipates a net profit growth rate of 32.9% for 2024 [2][3] Market Position - The company is positioned to benefit from the increasing demand for catalytic materials and precision ceramics, with significant growth expected in the biomedical sector [2][3] - The report notes that the company is enhancing its international competitiveness through capacity optimization and product expansion [2][3]