中瓷电子（003031.SZ）2024 年年报及 2025 年一季报点评 经营业绩稳健，持续深耕高端领域聚焦国产替代 2025 年 04 月 28 日 ➢ 事件：4 月 25 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 26.48 亿元，同比下降 1.0%，实现归母净利润 5.39 亿元，同比增长 10.0%，实现扣非归母净利润 4.65 亿元，同比增长 56.0%。2025 年一季度来 看，单季度实现营收 6.14 亿元，同比增长 12.0%，实现归母净利润 1.23 亿元， 同比增长 48.8%，实现扣非归母净利润 1.14 亿元，同比增长 68.8%。 ➢ 公司经营业绩稳健，各项业务稳步发展：按细分业务拆分公司 2024 年营收， 1）电子陶瓷材料及元件：2024 年实现营收 18.78 亿元，同比增长 1.23%，营 收占比为 59.6%，毛利率为 27.35%，同比下降 0.72pct；2）第三代半导体器件 及模块：2024 年实现营收 12.72 亿元，同比下降 12.05%，营收占比为 40.4%， 毛利率为 36.27%，同比增长 6.38%。综合毛利率来 ...

Core Viewpoint - Zhongci Electronics reported a net profit increase of 10.04% year-on-year for 2024, despite a slight revenue decline of 1.01% compared to the previous year, highlighting the company's resilience in a challenging market environment [1]. Financial Performance - The company achieved a revenue of 2.648 billion yuan in 2024, down 1.01% from the previous year [1]. - The net profit attributable to shareholders reached 539 million yuan, reflecting a growth of 10.04% year-on-year [1]. - A cash dividend of 4.2 yuan per 10 shares (including tax) is proposed [1]. Business Segments - Zhongci Electronics specializes in third-generation semiconductor devices and modules, with a significant focus on GaN communication base station RF chips and devices, which are crucial for 5G communication infrastructure [1]. - The company holds the leading market share in GaN base station power amplifiers in China, with its products recognized for their advanced technology and quality [1]. - In the SiC power semiconductor sector, the company’s subsidiary has competitive advantages in technical parameters and manufacturing costs, targeting applications in electric vehicles, industrial power supplies, and smart grids [1]. Product Offerings - The electronic ceramics product line includes housings for optical communication devices, wireless power devices, infrared detectors, and high-power laser devices, among others, serving various industries such as telecommunications, transportation, and consumer electronics [2]. - The company is recognized as the largest manufacturer of high-end electronic ceramic housings in China, continuously innovating in materials and manufacturing techniques [2]. Future Plans - For 2025, the company plans to enhance fundraising management and actively advance several key projects, including the construction of a precision manufacturing production line for GaN microwave products and a research center for communication power amplifiers and microwave integrated circuits [2].