积极布局新能源和精密陶瓷板块，拓宽未来成长空间。公司以高纯氧化铝、勃姆石为战略支点卡位新能 源赛道，陆续推出多款锂电池正极添加剂的核心辅材，成功将滴定法氧化锆微珠的应用延伸至正负极研 磨领域。公司固态电解质、制氢领域新产品均协同行业客户有序推进产品验证和应用推广。精密陶瓷板 块是公司以材料为核心，向下游延展产业链的平台，包括氧化锆、氧化铝、氮化硅、氮化铝等材料体 系，具体产品包括陶瓷轴承球、陶瓷套筒、陶瓷插芯、陶瓷基板陶瓷管壳等。公司具备"材料-工艺-器 件"三维创新体系，可以实现对高附加值赛道的精准卡位，致力于成为领先的精密陶瓷全产业链平台型 公司。国瓷赛创投资扩建陶瓷金属化项目，达产后将进入薄膜传感器、功率电源模块、IGBT 等应用领 域。 维持"强烈推荐"投资评级。预计2025-2027 年公司归母净利润分别为7.04亿、8.47 亿、10.10 亿元，EPS 分别为0.71、0.85、1.01 元，当前股价对应PE分别为24、20、16 倍，维持"强烈推荐"投资评级。 风险提示：下游需求不及预期、原材料价格上涨、新项目投产不及预期。 事件：公司发布2025年一季报，报告期内实现收入9.75亿元，同比增 ...

风险提示：在建项目进度低于预期，产品和原料价格波动。 本报告导读： 我们看好平台型企业多元产品矩阵接力，国产替代与海外拓展双轮驱动。 投资要点： 维持"增持"评 级。考虑到外部环境影响陶瓷墨水需求，以及费用端偏刚性，我们下调25-26 年EPS 至 0.77/0.93 元（原为0.88/1.04 元）,新增27 年EPS 为1.11 元。参考可比公司估值及考虑公司成长性，给予 25 年25 倍PE 估值，对应目标价为19.25 元。 公司业绩稳健增长。2024 年，公司实现营收40.47 亿元，同比+4.86%；扣非后归母净利5.81 亿元，同比 +7.05%；其中，24Q4 营收10.80 亿元，同比+0.78%，环比+6.67%。扣非后净利1.27 亿元，同 比-8.69%，环比-12.73%。25Q1 营收9.75 亿元，同比+17.94%，环比-9.76%。扣非后净利1.27 亿元，同 比+4.88%，环比-0.17%。 平台型企业多元产品矩阵接力。2024 年，电子材料、催化材料、生物医疗、新能源材料、精密陶瓷、 数码打印及其他材料营收分别同比+4.22%、+10.01%、+6.53%、+48.34 ...

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].