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国瓷材料(300285):多领域拓展,新材料前景可观
Changjiang Securities· 2025-08-20 10:12
Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 2.15 billion RMB for the first half of 2025, representing a year-on-year increase of 10.3%. The net profit attributable to shareholders was 330 million RMB, with a year-on-year change of 0.4% [2][7]. - The company is actively expanding into new fields of ceramic materials, with six major business segments including electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and others. The products are applied in various sectors such as electronic information, automotive, industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [7][12]. - The company maintains high R&D investment, continuously developing new products and fields. The gross margin and net margin for Q2 2025 were 39.6% and 19.1%, respectively, with a R&D expense ratio of 6.1% [7][12]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.18 billion RMB, with a year-on-year increase of 4.7% and a quarter-on-quarter increase of 21.0%. The net profit for the same period was 200 million RMB, showing a year-on-year decrease of 0.6% but a quarter-on-quarter increase of 44.3% [2][7]. - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares to all shareholders [2][7]. Business Expansion - The electronic materials segment saw a revenue of 340 million RMB in H1 2025, up 23.65% year-on-year, driven by demand recovery in consumer electronics and growth in automotive electronics and AI servers [12]. - The catalytic materials segment generated 460 million RMB in revenue, a year-on-year increase of 12.34%, as the company deepens cooperation with major commercial vehicle clients [12]. - The biomedical segment reported a slight decline in revenue to 440 million RMB, down 0.11% year-on-year, while the new energy segment achieved a revenue of 220 million RMB, up 26.36% year-on-year [12]. Future Outlook - The company expects net profits to reach 670 million RMB, 820 million RMB, and 1.01 billion RMB for the years 2025, 2026, and 2027, respectively [12].