奥福科技 20250917 摘要 奥福科技通过业务拓展和成本控制，利润大幅减亏，维持微亏状态，受 益于订单增加和降本增效措施。 国七排放标准即将实施，奥福科技已参与预研，提供五块、六块和七块 载体设计方案，这些方案要求载体具有更大的比表面积和高孔隙率，从 而导致单块价格提升。 奥福科技突破国内 95%以上有设计能力的发动机厂和整车厂，全面参与 各家项目组，未来国七落地后，将实现对多个客户的全面供应，市场占 有率有望提升。 奥福科技在中国重卡领域的市场占有率超过 22%，目标是未来达到 30%，通过与客户达成共识，在异构时使用奥福的载体，确保市场占有 率不会因法规切换而滑坡。 奥福科技通过原材料国产替代、厂区合并、财务费用控制、人员精简和 工艺优化等措施，显著降低生产成本，单季度业绩已实现转正。 奥福科技专注于 SOFC 配件，开发了每平方英寸 15,000 个孔的蜂窝陶 瓷载体，并与武汉福赛尔合资成立奥福氢能，共同开展 SOFC 业务。 奥福科技未来 3 至 5 年的发展战略包括提高载体产品盈利能力、推进氢 能项目、发散陶瓷材料应用场景，并专注于陶瓷材料领域。 Q&A 请介绍一下奥福科技的业务概况及 2025 ...

Core Viewpoint - The article discusses the strategic partnership between Shandong Guoci Functional Materials Co., Ltd. and Mr. Wang Yan to establish a joint venture focused on solid-state battery materials, indicating a significant expansion into the energy sector [2]. Company Overview - Shandong Guoci was founded in 2005 and listed on the Shenzhen Stock Exchange in 2012, recognized as a national champion in manufacturing and a leader in advanced ceramic materials in China [2]. - The company is the first in China and the second globally to produce MLCC ceramic powder using hydrothermal methods and is the third-largest supplier of honeycomb ceramic carriers worldwide [2]. Product Range - The company's product portfolio includes electronic materials (e.g., MLCC dielectric powder), catalytic materials (e.g., honeycomb ceramics), biomedical materials (e.g., zirconia ceramics), new energy materials (e.g., barium stone, high-purity alumina), and precision ceramics (e.g., ceramic bearing balls) [3]. - Key clients in the lithium battery sector include BYD, CATL, Enjie, and Xingyuan Materials [3]. Financial Performance - For the first half of 2025, the company reported a revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 331.7 million yuan, up 0.38% from the previous year [4]. - The net cash flow from operating activities reached 333.1 million yuan, reflecting a significant year-on-year growth of 116.11% [4]. Segment Analysis - The electronic materials segment generated revenue of approximately 344.4 million yuan, with a gross margin of 32.97%, showing a year-on-year increase in revenue of 23.65% but a decrease in gross margin by 2.61% [5]. - The catalytic materials segment reported revenue of about 456 million yuan, with a gross margin of 41.80%, reflecting a revenue increase of 12.34% and a gross margin decrease of 1.76% [5]. - The biomedical materials segment achieved revenue of approximately 438 million yuan, with a gross margin of 52.18%, showing a slight decline in revenue growth of 0.11% and a decrease in gross margin by 5.73% [5]. - The new energy materials segment generated revenue of around 216.8 million yuan, with a gross margin of 21.19%, indicating a revenue increase of 26.36% and a marginal increase in gross margin by 0.13% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady performance in Q2 2025, with revenue growth driven by the electronic materials and new energy sectors, alongside stable growth in the catalytic materials segment [5][6] - In the first half of 2025, the company achieved revenue of 2.154 billion yuan, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 332 million yuan, a year-on-year increase of 0.38% [4][5] - The company is expanding its product offerings across multiple sectors, including automotive electronics, AI computing servers, and solid-state battery materials, which are expected to contribute to future growth [6][7] Financial Performance Summary - For Q2 2025, the company reported revenue of 1.179 billion yuan, a year-on-year increase of 4.67% and a quarter-on-quarter increase of 20.97% [4] - The net profit for Q2 2025 was 196 million yuan, a year-on-year decrease of 0.57% but a quarter-on-quarter increase of 44.33% [4] - The company expects net profits for 2025-2027 to be 798 million, 913 million, and 1.16 billion yuan respectively, with year-on-year growth rates of 32.0%, 14.5%, and 26.9% [8] Business Segment Insights - The electronic materials segment is experiencing high growth due to increasing demand for automotive electronics and AI applications, with successful product validation from key clients [5] - The catalytic materials segment has gained traction by supplying ceramic substrates and other products to major international automotive manufacturers [5] - The biomedical materials segment is advancing with the development of dental restoration products, which have begun to see market acceptance [5] - The new energy materials segment is focusing on ultra-thin coatings and has developed various new product models in response to customer needs [5][6]

山东奥福环保科技股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日 召开第四届董事会第五次会议，审议通过了《关于公司变更证券简称的议案》， 同意将证券简称由"奥福环保"变更为"奥福科技"，公司全称和证券代码保持 不变。 证券代码：688021 证券简称：奥福环保 公告编号：2025-019 山东奥福环保科技股份有限公司 公司证券简称变更实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 二、公司证券简称变更的原因 ? 变更后的股票证券简称：奥福科技，变更后扩位证券简称：奥福科技；股票 证券代码"688021"保持不变。 ? 证券简称变更日期：2025 年 5 月 19 日 一、公司董事会审议变更证券简称的情况 公司主营业务和新布局的业务均符合国家科技创新和产业政策方向，属于国 家重点发展的战略性新兴产业。公司认为"奥福科技"这一证券简称，不仅能够 精准反映公司当下的业务实际与技术创新特质，更与公司长远战略规划相契合， 充分展现公司坚持科技创新驱动发展的坚定决心，还将更加准确、全面地反 ...

Group 1 - The company reported Q1 2025 revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit attributable to shareholders of 136 million yuan, up 1.80% year-on-year and 10.75% quarter-on-quarter [1] - The company's gross margin for the quarter was 36.8%, down 2.0 percentage points year-on-year and 3.0 percentage points quarter-on-quarter, influenced by product mix changes [1] - The company is a global leader in MLCC dielectric powder production, covering all types of basic and formula powders, and has established long-term stable partnerships with customers [1] Group 2 - The company is a leading domestic gas purification solution provider, offering a full range of products for exhaust gas catalysis, including honeycomb ceramic carriers and cerium-zirconium solid solutions [2] - The company aims to become a global comprehensive supplier of dental restoration solutions, focusing on dental hard tissue replacement biomaterials and enhancing its core product influence [2] Group 3 - The company is actively expanding into the new energy and precision ceramics sectors, launching several core materials for lithium battery cathode additives and extending the application of zirconia microspheres [3] - The precision ceramics segment includes a range of materials such as zirconia and alumina, with products like ceramic bearings and substrates, aiming to become a leading platform in the precision ceramics industry [3] - The company plans to expand its ceramic metallization project, targeting applications in thin-film sensors and power supply modules [3]

Group 1 - The core viewpoint emphasizes the optimistic outlook for platform enterprises driven by a diverse product matrix, with domestic substitution and overseas expansion as dual engines of growth [1][4] Group 2 - The investment rating is maintained at "Buy," with a downward adjustment of EPS for 2025 and 2026 to 0.77 and 0.93 yuan respectively, and a new EPS for 2027 set at 1.11 yuan. The target price is set at 19.25 yuan based on a 25x PE valuation for 2025 [2] - In 2024, the company is projected to achieve a revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit of 581 million yuan, a year-on-year increase of 7.05% [2] - The revenue for Q4 2024 is expected to be 1.08 billion yuan, with a year-on-year increase of 0.78% and a quarter-on-quarter increase of 6.67% [2] Group 3 - The diverse product matrix for platform enterprises includes significant revenue growth in electronic materials, catalytic materials, biomedical, new energy materials, and precision ceramics, with respective year-on-year growth rates of 4.22%, 10.01%, 6.53%, 48.34%, and 41.68% [3] - The company is focusing on domestic substitution and overseas expansion, particularly in the ceramic carrier market, where it aims to ensure supply chain security and cost reduction for domestic manufacturers [3] - The biomedical sector is expected to benefit from a red-chip structure that will facilitate overseas business expansion, with a focus on seven major sales regions including the Middle East, North Africa, Southeast Asia, and Europe [4]

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].