（文章来源：每日经济新闻） 每经AI快讯，12月22日，力星股份在互动平台表示，公司目前重点开发的氮化硅陶瓷球产品处于小批 量生产和样品认证阶段。 ...

个股龙虎榜 龙虎榜机构热股 今天机构龙虎榜上榜35只个股，净买入17只，净卖出18只。当日机构买入最多的个股前三位是：航天发 展（2.36亿）、晓程科技（1.97亿）、力星股份（1.47亿）。 力星股份 龙虎榜显示，今日4家机构净买入1.47亿。 11月6日公告，公司与浙江荣泰签署战略合作协议，共同推进产业机器人用丝杆部件滚动体应用，切入 人形机器人赛道。 2、据2025年半年度报告，公司轴承钢球销售收入连续多年国内第一，是国内唯一进 入国际八大轴承制造商采。 另外，公司重点开发的氮化硅陶瓷球产品处于小批量阶段，主要产品应用领域包括：工业母机、精磨机 床的高转速主轴轴承、新能源汽车电驱系统、机器人等。 龙虎榜知名游资 一、金融 瑞达期货 *风险提示：股市有风险，入市需谨慎 赢时胜 个股龙虎榜 二、航天 超捷股份 个股龙虎榜 顺灏股份 个股龙虎榜 *免责声明：文章内容仅供参考，不构成投资建议 ...

Group 1 - The company is currently focusing on the development of silicon nitride ceramic ball products, which are in the small batch production stage [1] - The main application areas for these products include industrial mother machines, high-speed spindle bearings for precision grinding machine tools, electric drive systems for new energy vehicles, and robotics [1]

Core Viewpoint - The company is currently focused on the development of silicon nitride ceramic balls, which are in the small batch production and sample certification stage [1] Product Applications - The main application areas for the company's products include industrial mother machines, high-speed spindle bearings for precision grinding machine tools, and electric drive systems for new energy vehicles [1]

Financial Performance - The company achieved a revenue of 2,154.32 million CNY in the first half of 2025, a year-on-year increase of 10.29% [2] - Net profit attributable to shareholders was 331.71 million CNY, up 0.38% year-on-year [2] - Net profit after deducting non-recurring gains and losses reached 320.77 million CNY, a growth of 4.10% [2] - Net cash flow from operating activities was 333.15 million CNY, showing a significant increase of 116.11% [2] Business Segment Performance - **Electronic Materials**: Growth driven by demand in consumer electronics and automotive sectors, with ongoing capacity expansion [2] - **Catalytic Materials**: Maintained leading position in domestic market, with increasing market share in passenger vehicles [2] - **Biomedical Materials**: Focused on global and diversified branding, enhancing channel efficiency [3] - **New Energy Materials**: Increased market sales with advanced coating technologies and solid-state electrolyte development [3] - **Precision Ceramics**: Accelerated integration of materials, processes, and devices, with significant growth in high-end products [3] - **Digital Printing and Other Materials**: Stable revenue with expansion into overseas markets and new product development [3] New Product Development - Completion of several new products including spherical silica and titanium, aimed at high-end applications [3] - Development of high-refractive inorganic particle dispersion liquid for OLED and AR applications, with successful validation from domestic clients [3] Strategic Initiatives - The company is establishing a joint venture focused on solid-state battery materials, particularly in sulfide technology [5][6] - Continued growth in honeycomb ceramics, with expanded presence in both domestic and international automotive supply chains [7] - Plans to enhance R&D and production capabilities for ceramic substrates used in optical modules [8] Market Outlook - The company anticipates further market share growth in the catalytic materials sector, particularly with the introduction of new products compliant with upcoming regulations [7] - The MLCC segment is expected to maintain growth despite minor impacts from rare earth element regulations [9] - The ceramic ink business is projected to stabilize and expand, particularly in high-end functional products and overseas markets [10]

Core Viewpoint - China National Building Material (CNBM) is expected to see revenue growth from 2025 to 2027, with projected revenues of 191.22 billion, 199.33 billion, and 207.00 billion yuan, representing year-on-year growth rates of +5.5%, +4.2%, and +3.8% respectively. Net profit attributable to shareholders is forecasted to be 4.12 billion, 4.89 billion, and 5.48 billion yuan, with year-on-year growth rates of +72.4%, +18.7%, and +12.1% respectively, leading to corresponding PE ratios of 6.7, 5.7, and 5.1. The report initiates coverage with a "Buy" rating [1][2]. Group 1: Company Overview - CNBM is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and it is the largest non-metallic materials platform in China, with a strategic shift towards new materials and related capital investments [2]. - In 2024, CNBM reported revenues of 181.3 billion yuan (down 13.8% year-on-year) and a net profit of 2.39 billion yuan (down 38.2% year-on-year) [2]. Group 2: New Materials Segment - The new materials segment generated 48.5 billion yuan in revenue in 2024 (up 1.9% year-on-year) and contributed significantly to the company's profit, with a net profit of 2.61 billion yuan (down 23.8% year-on-year) [3]. - The segment is structured into three tiers: 1) Mature industries contributing over 85% of revenue, including gypsum board and fiberglass, with gypsum board holding a market share of over 60% [3]. 2) Emerging industries like lithium battery separators and carbon fiber, which are rapidly growing despite recent revenue declines [3][4]. 3) Cutting-edge technologies such as silicon nitride ceramic balls, which enhance product performance in high-tech applications [4]. Group 3: Financial Performance and Strategy - The basic building materials segment, while under pressure from low demand and overcapacity, is expected to recover, with revenues of 91.1 billion yuan in 2024 (down 23% year-on-year) and a net loss of 0.825 billion yuan [6]. - The company is implementing cost reduction strategies and expanding internationally, with overseas cement sales increasing by 15% year-on-year in 2024 [6]. Group 4: Engineering Services - The engineering services segment achieved revenues of 45.5 billion yuan in 2024 (up 0.8% year-on-year) and a net profit of 1.407 billion yuan (down 3.1% year-on-year), maintaining a strong market position [7]. - The company secured new orders worth 63.4 billion yuan in 2024, with a significant portion coming from international markets, which helps mitigate domestic demand pressures [7]. Group 5: Capital Expenditure and Shareholder Returns - CNBM's capital expenditure decreased to 23.5 billion yuan in 2024 (down 23.1% year-on-year), with a focus on new materials and international expansion [8]. - The company maintains a high dividend policy, with a cash dividend rate of over 50% in 2024, corresponding to a dividend yield of 4.81% [8].