一、从市场需求出发，目标国产替代 文 | 张冰冰 编辑 | 阿至 36氪获悉，海宁云荒新材料有限公司（以下简称「云荒新材」）近日宣布完成数千万元pre-A轮融资，投资方为毅达资本，资金主要用于补充公司现金流 及客户市场开拓。 「云荒新材」成立于2022年，是一家专注于高端电子浆料研发与生产的新兴科技企业，致力于打破国外巨头在电子功能材料领域的垄断。近两年，「云荒 新材」重点投入产品研发和客户测试工作中，研发产品近60个，覆盖片式电阻、钽电容、射频器件以及厚膜集成电路等方面应用场景。 目前，「云荒新材」已经在主要片式电子元器件应用的全球前列的客户群里，形成批量供应，2024年底开始形成大规模客户群供货。2025年上半年实现千 万级销售，加速商业化进程。 产品体系复杂性：体系化的产品研发对元器件专用高端电子浆料十分重要。以片式电阻为例，需构建包含十余款产品的兼容适配体系，全系列通过客户端 验证方可批量导入。每个片式电子元器件应用领域都需要以单个应用为基础构建不同体系，其复杂程度远超传统光伏领域，这是电子元件行业体系的差异 性与复杂性。 配方设计高壁垒：配方设计需要考虑多种贵金属粉体的粒径选型、表面包覆、贵金属化合 ...

据了解，贵研铂业聚焦贵金属主责主业，通过全产业链协同和创新驱动，实现高质量发展。2016年— 2024年，九年时间，公司营收和净利润实现双增。 在高速扩张之下，贵研铂业资产规模不断扩大。截至2025年3月末，公司总资产达169.42亿元，同比增 长19.48%。 拟投3.84亿提升催化剂产能 6月11日晚间，贵研铂业发布公告，为进一步落实贵金属产业高质量发展的战略部署要求，提升贵金属 工业催化剂产品的产能规模，加强业务布局，强化在贵金属工业催化剂领域的竞争力，公司控股子公司 贵研工催公司拟在云南省昆明市安宁产业园区草铺化工园区投资建设贵金属工业催化剂产业化项目。项 目总投资3.84亿元。 贵研铂业表示，贵金属工业催化剂项目的建设符合国家加快发展化工新材料战略性新兴产业。通过战略 导向，需求牵引，进一步推动产用结合，促进贵金属产业核心业务领域的高质量发展，支撑公司贵金属 工业催化剂业务的转型升级，并持续向高性能化、多功能化及绿色化方向发展，为建设国内一流的贵金 属化工新材料产业基地发挥积极支撑作用。 据贵研铂业介绍，公司坚持贵金属新材料产业发展方向，加快推进延链、补链、强链，贵金属新材料制 造、贵金属资源开发及 ...

理查森表示："我们将继续积极推动自救行动，专注于减少库存，并且如果发现需求下降，我们将 削减开工率，让公司在一定程度上免受关税的直接冲击，因为公司在中国的业务主要集中于中国国内市 场。尽管如此，当前的不确定性和不稳定因素仍会使2025年下半年充满变数。" 5月5日，塞拉尼斯发布一季度业绩报告，第一季度销售额同比下降，不过净亏损额同比也出现下 降。他们还宣布，作为去杠杆化努力的一部分，将完全剥离电子浆料和陶瓷胶带生产商Micromax。 2022年，塞拉尼斯以110亿美元收购杜邦的移动与材料业务，Micromax是其中的一部分。 针对节约开支计划，理查森表示，在优化营运资金管理、降低资本支出以及预计下半年总计约6000 万美元的全面成本削减措施的推动下，塞拉尼斯预计2025年将产生7亿至8亿美元的自由现金流。塞拉尼 斯3月和4月工程材料的订单量有所增加，但乙酰链业务业绩喜忧参半，涂料等关键细分市场的季节性改 善有限。 近日，美国乙酰基产品和工程材料生产商塞拉尼斯首席执行官斯科特·理查森表示，鉴于2025年下 半年的不确定性日益增加，塞拉尼斯计划通过减少库存和严格控制成本来应对市场情况。如果需求不 足，该公司还将 ...

Group 1: Market Performance and Product Advantages - The company's radiation protection materials achieved a doubling growth in 2024, driven by technological leadership, superior product performance, cost advantages, and eco-friendly characteristics [1] - The introduction of lead-free radiation protection materials has opened up the market, supported by core patents and innovative results that establish a technological barrier [2] - The flexible lead-free protection materials match the cost of traditional lead-containing products while eliminating harmful substances, addressing global environmental regulations and the demand for lead-free solutions [2] Group 2: Market Penetration Strategies - The company has leveraged over a decade of technological accumulation to develop high-energy radiation lead-free protection materials, which effectively shield X-rays and γ-rays [2] - Targeting sectors such as medical, security, and food safety, the company has introduced products like medical scatter radiation protection blankets and adapted protective materials for food safety testing [2] - The company has successfully expanded its customer base through participation in exhibitions and academic conferences, collaborating with medical institutions and manufacturers [2] Group 3: Research and Development Breakthroughs - The company focuses on a micro-nano powder technology platform, achieving significant breakthroughs in various projects, including infrared absorption materials and transparent radiation protection materials [3] - The development of metal electronic powders and special ultra-fine metal powders is underway, with products entering customer validation stages [3] - The company plans to continue increasing R&D investment, with a projected R&D expenditure of 88.6 million yuan in 2024, representing a 69% increase and accounting for 9.6% of revenue [4] Group 4: Future Strategic Planning - The company aims to strengthen its core competencies in functional materials through sustained R&D investment, enhancing product performance and value [4] - The long-term investment strategy is designed to accelerate product upgrades and establish differentiated competitive advantages in the market [4] - The company anticipates achieving a revenue of 850.996 million yuan in 2024, reflecting a year-on-year growth of 14.94% [4]

（1）微细球形铝粉行业发展历程 铝粉最初采用捣冲法进行生产，将铝碎屑加工成细小的片状铝粉用于生产铝颜料，此后发明了球磨法生产片状 铝粉，生产效率和安全性大大提高。20 世纪初期，由于武器弹药的大量使用，球形铝粉需求量迅速增长，促进 了铝粉生产工艺的不断改进。雾化铝粉生产工艺的出现，不仅有效满足了市场对微细球形铝粉的需求，同时为 球磨法生产铝颜料提供了优质的原材料。 20 世纪 50 年代，我国从前苏联引进了空气雾化铝粉生产技术，开始了球形铝粉的研究、生产和应用，并在此 基础上相继开发了双流雾化法、离心雾化法、真空雾化法、氮气雾化法等多种生产工艺。自上世纪 90 年代中 科院力学所氮气雾化法微细球形铝粉生产技术实现产业化以来，我国铝粉行业的生产技术得到飞速的发展，经 过 20多年的不断改进完善，目前，我国微细球形铝粉生产以生产工艺相对成熟的氮气雾化法为主，技术水平和 产能产量位居世界前列。 2、行业发展现状及技术水平 （1）行业下游应用市场及供需情况 微细球形铝粉的上游主要为金属铝的采选及冶炼，而我国是全球电解铝第一大生产国，2024 年我国电解铝产量 为 4,400.5 万吨，同比增长 4.6%。 微细球形铝 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established a platform model in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The core business segments are showing robust development, with significant growth potential in electronic materials, catalytic materials, and biomedical materials [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - **Electronic Materials**: Continued recovery in MLCC dielectric powder, with successful market expansion in various specifications and applications [4] - **Catalytic Materials**: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [4] - **Biomedical Materials**: Increased R&D investment in new products, with some already applied in client settings [4] - **New Energy Materials**: Strategic positioning with high-purity alumina and other materials, launching core additives for lithium battery cathodes [4] - **Precision Ceramics**: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates a positive market outlook for the company's key business segments, with expectations for continued sales growth [4][5]

Investment Rating - The report maintains an "Overweight" rating for Guocera Materials with a target price of 18.50 RMB [6][4]. Core Views - Guocera Materials reported Q1 2025 revenue of 970 million RMB, an increase of 18% year-on-year but a decrease of 10% quarter-on-quarter. The net profit attributable to the parent company was 140 million RMB, up 2% year-on-year and up 11% quarter-on-quarter, slightly below the forecasted 150 million RMB due to price pressures on some products. The company is expected to have growth potential in new materials, justifying the "Overweight" rating [1][4]. Summary by Sections Financial Performance - In Q1 2025, Guocera Materials achieved revenue of 970 million RMB, with a year-on-year growth of 18% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was 140 million RMB, reflecting a year-on-year increase of 2% and a quarter-on-quarter increase of 11%. The non-recurring net profit was 130 million RMB, up 5% year-on-year and down 0.2% quarter-on-quarter [1][3]. Market Expansion - The company is successfully expanding its market in electronic materials, particularly in MLCC electronic pastes and nano-composite zirconia. The global MLCC market is expected to grow by 7% year-on-year to 112 billion RMB in 2025. Guocera is cultivating multiple products in the MLCC field, which is anticipated to enhance its global market share [2][3]. Product Development - Demand for ceramic bearing balls is increasing due to the growth of the electric vehicle sector. The company is also actively promoting its ceramic ink and glaze products in overseas markets. The solid-state electrolyte and zirconia microbeads are being progressively applied in the lithium battery sector, with expectations for continued market share growth [3][4]. Profit Forecast and Valuation - The profit forecast for Guocera Materials is maintained at 740 million RMB for 2025, 900 million RMB for 2026, and 1.06 billion RMB for 2027, with year-on-year growth rates of 23%, 21%, and 18% respectively. The EPS is projected to be 0.74 RMB for 2025, 0.90 RMB for 2026, and 1.06 RMB for 2027. The target price is set at 18.50 RMB based on a 25x PE ratio for 2025 [4][10].

Investment Rating - The investment rating for the company is maintained at "Accumulate" with a target price of RMB 18.50 [6][7]. Core Views - The company reported Q1 2025 revenue of RMB 970 million, an increase of 18% year-on-year, and a net profit of RMB 140 million, up 2% year-on-year, although slightly below expectations due to price pressures on some products [1]. - The company is successfully expanding its market in electronic materials, particularly in MLCC-related products, with a projected global market growth of 7% to RMB 112 billion in 2025 [2]. - The demand for ceramic bearings is increasing due to the growth in the electric vehicle sector, and the company is actively promoting its overseas business in ceramic inks and glazes [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of RMB 970 million, with a year-on-year growth of 18% and a quarter-on-quarter decline of 10%. The net profit attributable to the parent company was RMB 140 million, reflecting a year-on-year increase of 2% and a quarter-on-quarter increase of 11% [1]. - The company’s gross margin decreased by 2.1 percentage points year-on-year to 36.8% in Q1 2025, with various expense ratios showing slight changes [3]. Market Expansion - The company is making significant progress in the electronic materials sector, particularly with MLCC electronic pastes and nano-composite zirconia, which are expected to capture a larger market share [2]. - In the catalytic materials segment, the company is advancing its applications in heavy-duty and passenger vehicles, successfully entering the supply chain of major clients [2]. Profit Forecast and Valuation - The profit forecast for the company is maintained at RMB 740 million, RMB 900 million, and RMB 1.06 billion for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 23%, 21%, and 18% [4]. - The estimated EPS for the years 2025, 2026, and 2027 is RMB 0.74, RMB 0.90, and RMB 1.06 respectively, with a target price based on a 25x PE ratio for 2025 [4].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 975 million CNY, a year-on-year increase of 17.94% [1] - Net profit attributable to shareholders reached 136 million CNY, up 1.80% from the previous year [1] - Net profit after deducting non-recurring gains and losses was 127 million CNY, an increase of 4.88% year-on-year [1] - Net cash flow from operating activities was 91.57 million CNY, a significant rise of 171.16% compared to the same period last year [1] Group 2: Business Segment Performance - Electronic materials segment: Focus on expanding applications in automotive and AI fields, with electronic pastes maintaining high growth [1] - Catalytic materials segment: Continued push for domestic substitution, increasing market share in natural gas and non-road sectors [1] - Biomedical materials segment: Enhanced development and promotion of high-end dental powder to meet market demand [1] - New energy materials segment: Profitability under pressure due to rising raw material costs for diaphragm coating materials [1] - Precision ceramics segment: Rapid growth in ceramic balls for new energy vehicles, with positive market expansion [1] - Ceramic ink segment: Revenue pressure alleviated by gradual release of new products [2] Group 3: Investor Q&A Highlights - The company is actively developing MLCC dielectric powders and electronic pastes to meet the high-temperature and ultra-high-capacity demands of AI servers, with some products achieving mass sales [2] - Ongoing R&D investments in zirconia products to meet urgent market needs, with new products gradually being applied by clients [2] - Rapid growth in the ceramic ball business for new energy vehicles, driven by the promotion of 800V high-voltage fast charging technology [2] - Despite a rapid increase in production and sales levels for alumina and barium stone products, profitability is under pressure due to significant raw material cost increases [2]

"十四五"以来我国步入高质量发展阶段，多项政策推动节能环保、生物、新材料和新能源汽车等战略性新兴 产业快速发展，贵金属材料需求逐渐增加，在实现关键材料国产替代进程占据重要地位;此外，在"双碳"背 景下，加快推动绿色低碳发展、持续改善环境质量、提升生态系统质量和稳定性、全面提高资源利用效率将 是"十四五"时期的发展重点，贵金属材料循环利用技术发展的重要性逐渐提高。 转自：前瞻产业研究院 行业主要上市公司：凯立新材(688269.SH)、凯大催化(830974.BJ)、苏州固锝(002079.SZ)、贵研铂业 (600459.SH)、福达合金(603045.SH)、聚和材料(688503.SH)、有研新材(600206.SH)等 本文核心数据：中国贵金属材料行业政策;各省市贵金属材料行业政策;政策解读 1、政策历程图 贵金属材料在汽车、节能环保、精细化工、生物医药等多个战略新兴产业中占据重要地位，国家发布多项政 策，提出提升关键芯片设计水平、专用电子材料供给保障能力，促进高端装备与新材料产业突破发展;同 时，2024年3月国务院发布的《推动大规模设备更新和消费品以旧换新行动方案》特别提出加强贵金属的回 收利用，环 ...