Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady performance with a diversified layout contributing to growth in 2024 and Q1 2025, driven by recovery in consumer electronics, automotive, and dental medical sectors [5][6] - The company achieved a revenue of 4 billion CNY in 2024, a year-on-year increase of 5%, and a net profit of 600 million CNY, up 6% year-on-year [5] - In Q1 2025, the company reported a revenue of 975 million CNY, an 18% increase year-on-year, and a net profit of 136 million CNY, a 2% increase year-on-year [5] Summary by Sections Financial Performance - In 2024, the company’s revenue was 40 billion CNY, with a net profit of 6 billion CNY, while Q4 alone contributed 10.8 billion CNY in revenue [5] - The Q1 2025 results showed a revenue of 9.75 billion CNY and a net profit of 1.36 billion CNY [5] Business Segments - The electronic materials segment benefited from recovering downstream demand, with MLCC medium powder sales gradually increasing [6] - The catalytic materials segment successfully overcame technical barriers, meeting stringent vehicle emission standards, and saw rapid growth in sales due to increased demand from overseas clients [6] - The biomedical segment received EU medical device compliance certification for several products, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Growth Opportunities - The company is strategically positioned in the new energy sector, launching several lithium battery additives and becoming a major supplier in the industry [7] - The LED substrate segment has strengthened its competitive edge through technological synergies, while the communication RF micro-system chip packaging business is expected to become a significant growth point [7] - The subsidiary has made strides in digital printing materials, aiming to become a leader in the Chinese market [7] Profitability and Valuation - The report adjusts the profit forecasts for 2025-2026 downwards by 20%, with expected net profits of 754 million CNY and 914 million CNY respectively, while introducing a forecast for 2027 at 1.13 billion CNY [8][9] - The company’s EPS is projected to be 0.76 CNY for 2025, 0.92 CNY for 2026, and 1.13 CNY for 2027 [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown steady performance with a diversified layout contributing to growth in 2024 and Q1 2025, driven by recovery in sectors such as consumer electronics, automotive, and dental healthcare [5][6] - The company achieved a revenue of 4 billion CNY in 2024, a year-on-year increase of 5%, and a net profit of 600 million CNY, up 6% year-on-year [5] - In Q1 2025, the company reported a revenue of 975 million CNY, an 18% increase year-on-year, and a net profit of 136 million CNY, a 2% increase year-on-year [5] Summary by Sections Performance Overview - In Q4 2024, the company recorded a revenue of 1.08 billion CNY, a 1% increase year-on-year and a 7% increase quarter-on-quarter, with a net profit of 123 million CNY, down 4% year-on-year and 19% quarter-on-quarter [5] - The electronic materials segment benefited from recovering downstream demand, particularly in automotive electronics and AI servers, leading to a gradual increase in MLCC dielectric powder sales [6] Strategic Developments - The company has made significant advancements in catalyst materials, successfully overcoming technical barriers to meet stringent vehicle emission standards, which has led to increased demand from overseas clients [6] - In the biomedical sector, the company’s zirconia ceramic blocks and glass ceramic blocks have received compliance certification under EU medical device regulations, enhancing market recognition and paving the way for accelerated promotion in Europe [6] Financial Projections - The report adjusts the profit forecasts for 2025-2026, projecting net profits of 754 million CNY and 914 million CNY respectively, with an estimated EPS of 0.76 CNY and 0.92 CNY [8][9] - The company’s revenue is expected to grow to 4.77 billion CNY in 2025, reflecting an 18% growth rate, with a net profit growth rate of 24.72% [9][10] Valuation Metrics - The report provides a valuation with a P/E ratio of 22 for 2025, decreasing to 15 by 2027, indicating a favorable long-term outlook [12][13] - The company’s gross margin is projected to stabilize around 40% in the coming years, despite slight declines in specific segments [12]

风险提示：在建项目进度低于预期，产品和原料价格波动。 本报告导读： 我们看好平台型企业多元产品矩阵接力，国产替代与海外拓展双轮驱动。 投资要点： 维持"增持"评 级。考虑到外部环境影响陶瓷墨水需求，以及费用端偏刚性，我们下调25-26 年EPS 至 0.77/0.93 元（原为0.88/1.04 元）,新增27 年EPS 为1.11 元。参考可比公司估值及考虑公司成长性，给予 25 年25 倍PE 估值，对应目标价为19.25 元。 公司业绩稳健增长。2024 年，公司实现营收40.47 亿元，同比+4.86%；扣非后归母净利5.81 亿元，同比 +7.05%；其中，24Q4 营收10.80 亿元，同比+0.78%，环比+6.67%。扣非后净利1.27 亿元，同 比-8.69%，环比-12.73%。25Q1 营收9.75 亿元，同比+17.94%，环比-9.76%。扣非后净利1.27 亿元，同 比+4.88%，环比-0.17%。 平台型企业多元产品矩阵接力。2024 年，电子材料、催化材料、生物医疗、新能源材料、精密陶瓷、 数码打印及其他材料营收分别同比+4.22%、+10.01%、+6.53%、+48.34 ...