晨会纪要 证券研究报告 2025 年 08 月 29 日 核心结论 分析师 【食品饮料】珠江啤酒（002461.SZ）首次覆盖报告：珠水长流四十载，鹏 徙南冥势正遒 珠江是广东省区域型啤酒龙头，省内市场基础好，消费者认可度高，大单品 97 纯生引领产品升级，抢占竞品份额。公司今年聘任新董事长和总经理， 后续看点较多。我们预计公司2025-2027年EPS分别为0.44元/0.50元/0.56 元，首次覆盖，给予"增持"评级。 【固定收益】2025 年 7 月债券托管数据点评：交易盘普减利率债，科创债 ETF 带动公募增持公司债 8 月权益市场的持续升温下交易盘持债意愿或仍偏弱，但考虑 8 月政府债供 给量仍高且收益率上升带来性价比的提升，保险和银行等配置盘有望继续增 配债券。 【电子】汉朔科技（301275.SZ）2025 年半年报点评：北美市场潜力释放， 零售数字化持续加速 我们预计公司 2025 年-2027 年营业收入为 51.60 亿元、60.91 亿元、73.11 亿元，同比增长 15%、18%、20%，维持"买入"评级。 【电子】国瓷材料（300285.SZ）动态跟踪点评：电子材料与新能源材料快 ...

公司点评 | 国瓷材料 电子材料与新能源材料快速增长，H1 业绩同比改善 证券研究报告 2025 年 08 月 28 日 国瓷材料（300285.SZ）动态跟踪点评 事件：公司发布2025年半年报，公司25H1营业收入21.54亿，同比+10.29%， 实现归母净利润 3.32 亿元，同比+0.38%。其中 25Q2 实现营收 11.79 亿元， 同 / 环 比 +4.67%/+20.97% ； 实 现 归 母 净 利 润 1.96 亿 元 ， 同 / 环 比 -0.57%/+44.33%；扣非归母净利润 1.94 亿元，同/环比+3.60%/+52.99%。 电子材料、新能源材料板块推动业绩增长。25H1 公司整体毛利率/净利率为 38.30%/17.39%，同比-1.59/-1.63pct；其中 25Q2 毛利率为 39.56%，同/ 环比-1.12/+2.78pct，净利率为 19.13%，同/环比-0.85/+3.85pct。分业务看， 公司 2025 上半年电子材料/催化材料/生物医疗材料/建筑陶瓷材料/新能源材 料 板 块 实 现 营 业 收 入 3.44/4.56/4.38/4.84/2.17 ...

六大业务板块协同发展，重点布局生物医疗材料与国际化战略。1）公司先后战略投资韩国Spident、并 购德国Dekema 公司，不断完善临床材料、数字化设备领域布局；2）生物医疗材料方面，公司自主研 发的美学分层高透氧化锆粉体在多家客户验证通过并开始逐步批量供应；在海外完成了销售网络的搭 建，进一步促进公司口腔业务发展。3）陶瓷材料方面，公司子公司国瓷赛创是低轨卫星用陶瓷管壳的 主要供应商之一。4）电子材料方面，公司生产的纳米级复合氧化锆具有卓越的综合性能，研发的氧化 锆分散液广泛用于背光模组、AR 显示等领域，已开始小批量销售。5）新能源材料方面，公司同时关 注固态电池的氧化物、硫化物技术路线，已完成多种氧化物固态电解质产品的研发和布局，其中包括由 氧化锆合成的锆酸基固态电解质。 投资建议：公司六大板块业务协同发展，我们预计公司25-27 年归母净利为7.74/8.86/10.58 亿元，对应 PE 为27.30/23.85/19.97x，公司新项目带来成长性，维持"买入"评级。 事件：公司发布2025年半年报，公司25H1营业收入21.54亿，同比+10.29%，实现归母净利润3.32 亿 元，同比+0.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the downstream demand continues to recover, leading to an increase in the company's net profit attributable to the parent company in the first half of 2025 [2][7] - The company achieved operating revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to the parent company of 332 million yuan, a year-on-year increase of 0.38% [5][7] - The report emphasizes the growth in revenue from electronic materials and new energy materials, with electronic materials revenue reaching 344 million yuan, up 23.65% year-on-year [7] Financial Performance Summary - In the first half of 2025, the company reported a net profit of 332 million yuan, with a cash flow from operating activities of 333 million yuan, reflecting a significant year-on-year increase of 116.11% [5][10] - For Q2 2025, the company achieved operating revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [6][10] - The gross profit margin for Q2 2025 was 39.56%, showing a year-on-year decrease of 1.12 percentage points but an increase of 2.78 percentage points from the previous quarter [6][10] Segment Performance - The electronic materials segment generated revenue of 344 million yuan, with a gross margin of 32.97%, down 2.61 percentage points year-on-year [7] - The catalyst materials segment reported revenue of 456 million yuan, with a gross margin of 41.80%, down 1.76 percentage points year-on-year [7] - The new energy materials segment saw revenue growth of 26.36%, reaching 217 million yuan, with a gross margin of 21.19% [7] Future Outlook - The company is expected to achieve revenues of 4.724 billion yuan, 5.576 billion yuan, and 6.674 billion yuan for the years 2025, 2026, and 2027, respectively [12] - The net profit attributable to the parent company is projected to be 754 million yuan, 902 million yuan, and 1.085 billion yuan for the same years [12] - The report indicates that the company is continuously engaged in technology and product research and development, aiming to build a comprehensive new materials industry platform [11]

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]