壹石通于2022年7月26日获得中国证券监督管理委员会的批复，同意公司向特定对象发行人民币普通股股票（A股）17,610,850股，募集资金 总额为人民币950,985,900元，扣除发行费用后实际募集资金净额为人民币929,804,701.21元。募集资金主要用于"年产15,000吨电子功能粉体材 料建设项目"、"年产20,000吨锂电池涂覆用勃姆石建设项目"、"技术研发中心建设项目"及补充流动资金。 "年产15,000吨电子功能粉体材料建设项目"中的子项目重庆基地"年产9,800吨导热用球形氧化铝项目"进行了工艺优化升级，并涉及相关行政 审批手续的调整。截至目前，该子项目已完成生产线主体建设，但工艺优化升级所需的部分辅助设备仍在推进落地过程中。同时，相关行政 审批手续的办理周期较长，导致项目实施进度有所延缓。基于上述原因，公司决定将该项目达到预定可使用状态的日期调整为2025年9月。 壹石通表示，本次部分募投项目延期仅涉及项目进度的变化，未改变募投项目的投资内容、投资总额、实施主体，不会对募投项目的实施造 成实质性影响。本次延期不存在改变或变相改变募集资金投向和其他损害股东利益的情形，不会对公司的正常经营 ...

工业是山东经济发展的龙头和脊梁。3月28日，山东召开深入实施工业经济"头号工程"工作推进会，要 坚定不移做大做强做优工业，为现代化强省建设提供强力支撑。 今年以来，山东锚定"走在前、挑大梁"，抢抓战略机遇、靶向攻坚突破，持续筑牢夯实工业大盘，"经 济大省挑大梁"的底气更足。今年一季度，山东省生产总值23466亿元，同比增长6%，实现"开门稳""开 门红"。 数实融合"更聪明" 挑大梁既要有担当，也需筋骨强。在传统产业方面，山东工业家底厚、比较优势强，近年来坚持把构建 现代化产业体系作为主攻方向，着力推动传统产业向高端化、智能化、绿色化、集群化迈进。 在潍柴集团高端发动机数字化工厂，每90秒就有一台发动机下线。这是全球首家发动机数字化无人工 厂，加工、零部件物流配送自动化率、关键过程在线检测均达100%，装配自动化率达80%，智能制造 水平和过程保障能力世界领先。日前，该工厂入选工业和信息化部公布的全国首批"卓越级智能工厂"名 单。在探索制造业数字化转型的进程中，潍柴在人工智能和汽车互联网的助力下，产品研发周期缩短了 20%，运营成本降低了35%。 当前，山东全面释放实体经济和数字经济融合效能，大力推动发展方式 ...

丨证券研究报告丨 分析师及联系人 [Table_Author] 公司研究丨点评报告丨壹石通（688733.SH） [Table_Title] 壹石通 2024 年年报点评：盈利短期承压，静待 新材料放量 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年实现营收 5.05 亿元，同比增长 8.6%，归母净利润 0.12 亿元， 同比下降 51.05%，扣非净利润-0.24 亿元，同比亏损扩大；拆分到四季度，营收实现 1.30 亿 元，同比增长 10.82%，环比下降 4.23%，归母净利润-0.03 亿元，同比下降 130.32%，环比下 降 130.85%，扣非归母净利-0.13 亿元，同比下降 613.83%，环比亏损扩大。 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 壹石通（688733.SH） cjzqdt11111 [Table_Title 壹石通 20242 ...

积极布局新能源和精密陶瓷板块，拓宽未来成长空间。公司以高纯氧化铝、勃姆石为战略支点卡位新能 源赛道，陆续推出多款锂电池正极添加剂的核心辅材，成功将滴定法氧化锆微珠的应用延伸至正负极研 磨领域。公司固态电解质、制氢领域新产品均协同行业客户有序推进产品验证和应用推广。精密陶瓷板 块是公司以材料为核心，向下游延展产业链的平台，包括氧化锆、氧化铝、氮化硅、氮化铝等材料体 系，具体产品包括陶瓷轴承球、陶瓷套筒、陶瓷插芯、陶瓷基板陶瓷管壳等。公司具备"材料-工艺-器 件"三维创新体系，可以实现对高附加值赛道的精准卡位，致力于成为领先的精密陶瓷全产业链平台型 公司。国瓷赛创投资扩建陶瓷金属化项目，达产后将进入薄膜传感器、功率电源模块、IGBT 等应用领 域。 维持"强烈推荐"投资评级。预计2025-2027 年公司归母净利润分别为7.04亿、8.47 亿、10.10 亿元，EPS 分别为0.71、0.85、1.01 元，当前股价对应PE分别为24、20、16 倍，维持"强烈推荐"投资评级。 风险提示：下游需求不及预期、原材料价格上涨、新项目投产不及预期。 事件：公司发布2025年一季报，报告期内实现收入9.75亿元，同比增 ...

Core Viewpoint - The company reported a revenue of 970 million yuan for Q1 2025, reflecting a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8% [1] - The net profit attributable to shareholders was 140 million yuan, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 10.8% [1] - The company continues to expand into new fields of ceramic materials through organic growth and horizontal mergers [2] Financial Performance - Revenue for Q1 2025 was 970 million yuan, with a year-on-year growth of 17.9% and a quarter-on-quarter decline of 9.8% [1] - Net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter [1] - The gross margin and net margin for Q1 2025 were 36.8% and 15.3%, respectively, down 2.0 percentage points and 2.4 percentage points year-on-year [4] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2] - Electronic materials are expected to see a recovery in demand due to consumer electronics subsidies and growth in automotive electronics and AI servers [3] - Catalytic materials have expanded into overseas markets and are now part of the supply chain for major clients [3] - Biomedical segment is diversifying its product offerings with new launches, supported by strong R&D investment [3] - New energy materials are gaining traction with major lithium battery manufacturers, enhancing production quality and sales levels [3] - Precision ceramics are experiencing growth due to the adoption of ceramic bearings in new energy vehicles [3] R&D and Future Outlook - The company maintains high R&D investment, with a R&D expense ratio of 7.3%, down 0.2 percentage points year-on-year [4] - New product breakthroughs include spherical silica for high-frequency copper-clad laminates and zirconia/titania dispersions for backlight modules [4] - The company projects net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 970 million yuan for Q1 2025, representing a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8%. The net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter. The net profit excluding non-recurring items was 130 million yuan, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter decrease of 0.2% [2][6]. Summary by Sections Company Overview - The company is engaged in the research, production, and sales of various high-end ceramic materials and products, forming six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials. Its products are applied in fields such as electronic information and communication, automotive and industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [10]. Business Performance - The company has expanded into new areas of ceramic materials through organic growth and horizontal mergers. The electronic materials segment is benefiting from policies that stimulate consumer electronics, with a recovery in downstream demand and rapid growth in emerging applications such as automotive electronics and AI servers. The catalytic materials segment has deepened cooperation with clients, entering the supply chain of leading overseas customers and covering domestic independent brands in the passenger vehicle sector [10]. Financial Metrics - For Q1 2025, the company's gross margin and net margin were 36.8% and 15.3%, respectively, showing a year-on-year decline of 2.0 percentage points and 2.4 percentage points. The R&D expense ratio was 7.3%, down 0.2 percentage points year-on-year. The company is expected to achieve net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for the years 2025, 2026, and 2027, respectively [10][16].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 975 million CNY, a year-on-year increase of 17.94% [1] - Net profit attributable to shareholders reached 136 million CNY, up 1.80% from the previous year [1] - Net profit after deducting non-recurring gains and losses was 127 million CNY, an increase of 4.88% year-on-year [1] - Net cash flow from operating activities was 91.57 million CNY, a significant rise of 171.16% compared to the same period last year [1] Group 2: Business Segment Performance - Electronic materials segment: Focus on expanding applications in automotive and AI fields, with electronic pastes maintaining high growth [1] - Catalytic materials segment: Continued push for domestic substitution, increasing market share in natural gas and non-road sectors [1] - Biomedical materials segment: Enhanced development and promotion of high-end dental powder to meet market demand [1] - New energy materials segment: Profitability under pressure due to rising raw material costs for diaphragm coating materials [1] - Precision ceramics segment: Rapid growth in ceramic balls for new energy vehicles, with positive market expansion [1] - Ceramic ink segment: Revenue pressure alleviated by gradual release of new products [2] Group 3: Investor Q&A Highlights - The company is actively developing MLCC dielectric powders and electronic pastes to meet the high-temperature and ultra-high-capacity demands of AI servers, with some products achieving mass sales [2] - Ongoing R&D investments in zirconia products to meet urgent market needs, with new products gradually being applied by clients [2] - Rapid growth in the ceramic ball business for new energy vehicles, driven by the promotion of 800V high-voltage fast charging technology [2] - Despite a rapid increase in production and sales levels for alumina and barium stone products, profitability is under pressure due to significant raw material cost increases [2]

高工产研 . 以下文章来源于高工产研 ，作者GGII 高工产业研究院（简称GGII）是一家专注国内新兴产业市场研究与咨询的第三方机构，涉及的新兴产业主要包括锂电池、储能、氢能与氢燃料电池、新 能源汽车、智能汽车、LED照明与显示、机器人、新材料等。 摘要 2025年中国锂电池勃姆石用量有望达7.4万吨。 高工产研锂电研究所（GGII）数据显示，2024年全球勃姆石用量7.3万吨，其中中国用量达5.9万吨，同比增长31%。 3）企业扩产进度放缓，行业产能利用率有所上升。 GGII预计2025年中国锂电池勃姆石用量有望达7.4万吨，同比增长25%，主要原因： 1）受锂电池及隔膜出货带动，叠加安全性能要求增强，隔膜涂覆占比提升，中国涂覆隔膜出货量增长有望超30%，带动隔膜涂覆用勃姆石需求上 升； 2）中国锂电池出货量增长，带动锂电池极片用勃姆石需求上升。 从全球市场竞争格局来看，2024年行业CR3达73%，市场集中度较高。其中壹石通市场占比达42%，稳居全球第一位，占比较2023年提升超2个百分 点；极盾、Nabaltec分别位居全球第二、第三位。传统的头部企业Nabaltec占比持续下滑至10%，下滑幅度超3个 ...