证券研究报告| 公司动态点评 2025 年 09 月 01 日 国瓷材料（300285.SZ） 1H25 公司电子和新能源材料持续放量，技术创新驱动长期发展-国 瓷材料 2025 半年报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,859 | 4,047 | 4,756 | 5,529 | 6,619 | | 增长率 yoy（%） | 21.9 | 4.9 | 17.5 | 16.3 | 19.7 | | 归母净利润（百万元） | 569 | 605 | 752 | 897 | 1,082 | | 增长率 yoy（%） | 14.5 | 6.3 | 24.3 | 19.3 | 20.6 | | ROE（%） | 9.1 | 9.3 | 10.3 | 11.1 | 12.0 | | EPS 最新摊薄（元） | 0.57 | 0.61 | 0.75 | 0.90 | 1.09 | | P/E（倍） | 40.1 | 37.8 | 30.4 | 25. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]