【DT新材料】 获悉，6月16日， LG化学 宣布 与 Noritake （日本）达成合作， 共同开 发 适用于汽车内连接电力半导体 (SiC) 芯片和 基板的 银浆 (Silver Paste) ， 有望解决电力半导体在高温工况下的粘接难题。 LG化学 是韩国领先的化学企业，在全球化工领域颇具影响力。其业务广泛，涵盖石油化工、 基础材料与塑料、信息电子材料、能源解决方案、生命科 学 等板块。 Noritake 是一家拥有 120余年 技术积淀的日本 精密陶瓷制造 企业，为半导体和汽车产业提供研磨砂轮、电子元件材料、烧结炉（热处理设 备）等产品。 目前， 电力半导体（如IGBT、SiC模块）在高温（300℃以上）运行时， 传统焊接技术易失效，导致性能下降 。 因此， 市场亟需一种 耐高温、高稳定 性 的粘合材料，以确保器件在严苛环境下的可靠性。 本次合作融合了双方的核心技术： LG化学的粒子设计技术和NORITAKE的粒子分散技术 ，使得 新开发的银胶不仅具备 优异的耐热性和散热性能 ，还 解决了传统银胶的两大痛点（ 冷冻保存及保存期限较短 ） ： 可长期常温保存，显著提高了运输和保管效率；延长产品在客户项目 ...

Core Insights - The company reported a revenue of 975 million yuan for Q1 2025, representing a year-on-year growth of 17.94%, and a net profit attributable to shareholders of 136 million yuan, with a growth of 1.8% [1] Business Analysis - The electronic materials business is operating steadily, with ongoing customer collaboration in catalytic materials. Despite the impact of the Spring Festival, the company maintained stable operations, continuing to develop new products to meet high-end market demands [2] - In the catalytic sector, the company is advancing customer collaborations, particularly in the honeycomb ceramic field, where major overseas players like Corning and NGK dominate the market. The company leverages its stable domestic supply and cost-performance advantages to develop commercial and passenger vehicle clients, gradually entering a volume growth phase [2] - The biocompatible materials segment is taking shape overseas, with the precision ceramics business continuing to expand, becoming a future growth driver. The company is expanding its product range and upgrading existing products, with overseas sales channels improving and increasing overseas sales proportion [2] - The precision ceramics sector is seen as a sunrise industry, with ceramic balls gradually gaining traction alongside the 800V fast charging applications in new energy. The company has established a full industry chain layout for ceramic substrates, which will enhance product profitability and serve as a key support for mid-term business growth [2] Market Impact - The real estate sector has negatively impacted the company's building ceramics, with a 14.3% year-on-year decline in completed real estate area in China as of March. The company is expanding overseas markets and textile dyeing businesses but faces certain constraints [3] - The new energy sector remains highly competitive, with the company's alumina and other materials experiencing pressure from industry dynamics, leading to a Q1 overall gross margin of approximately 36.77%, down about three percentage points quarter-on-quarter [3] Profit Forecast - The company has lowered its 2025 revenue forecast by 15%, projecting revenues of 4.631 billion, 5.557 billion, and 6.391 billion yuan for 2025-2027, with net profits of 699 million, 870 million, and 1.03 billion yuan respectively. The corresponding EPS is expected to be 0.70, 0.87, and 1.03 yuan, with current price-to-earnings ratios of 24, 19, and 16 times [4]