重点业务发展较好，多板块驱动长期成长

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2] Core Views - Guocera Materials has shown good performance in its key business segments, driving long-term growth across multiple sectors [2] - The company reported a revenue of 827 million yuan in Q1 2024, representing a year-on-year increase of 5.23%, and a net profit of 133 million yuan, up 7.99% year-on-year [2] - The company is positioned as a diversified new materials platform, with a focus on high-end ceramic products and a full supply chain from materials to finished products [2][3] Summary by Relevant Sections Business Performance - The electronic materials segment is experiencing a recovery in MLCC dielectric powder, and domestic substitution of electronic pastes is accelerating [2] - The catalytic materials segment continues to grow with products like honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The biomedical segment is optimizing production capacity to enhance product competitiveness [2] - The new energy materials segment is seeing rapid sales growth in alumina and barium stone, with new products being launched [2] - The precision ceramics segment is gradually increasing production of silicon nitride ceramic bearings for 800V high-voltage fast charging [2] Financial Forecasts - The company forecasts net profits of 737 million yuan, 934 million yuan, and 1.12 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.73, 0.93, and 1.12 yuan [6] - The current P/E ratios are projected to be 26, 21, and 17 for the years 2024, 2025, and 2026 respectively [6] Market Position - Guocera Materials has established six major business segments, enhancing its market capacity and competitive strength [2] - The company is expected to continue benefiting from favorable market conditions and increasing sales of its products [2]