事件：公司发布2025 年三季报，报告期内实现营业收入32.84 亿元，同比增长10.71%，归母净利润4.89 亿元，同比增长1.5%，扣非净利润4.78 亿元，同比增长5.28%；其中三季度单季实现营业收入11.29 亿 元，同比增长11.52%，环比下降4.23%，归母净利润1.58 亿元，同比增长3.92%，环比下降19.50%。 电子材料业务多点开花，高端MLCC 产品加速推进。2025 年前三季度，公司综合毛利率37.83%，同比 下降1.82 pct，其中三季度单季毛利率36.9%，同比下降2.2 pct，环比下降2.6 pct。公司下游消费电子等 相关行业需求持续回暖，公司 MLCC 介质粉体销量稳步提升。受益于汽车电子、AI 算力服务器等新兴 应用场景的不断涌现，公司车规以及AI 服务器算力用MLCC 加速推进，产能扩产正在加紧实施，预计 2025 年底一期扩建完成。公司 MLCC 用电子浆料业务进展顺利，部分浆料产品已经实现批量供应，销 售规模迅速增长，同时公司也陆续配合客户成功开发了多种规格型号的高容浆料、车规级专用浆料、射 频专用浆料等，新产品销售占比不断增加。 催化材料国产替代持续推 ...

Core Viewpoint - The company reported a revenue of 970 million yuan for Q1 2025, reflecting a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8% [1] - The net profit attributable to shareholders was 140 million yuan, showing a year-on-year increase of 1.8% and a quarter-on-quarter increase of 10.8% [1] - The company continues to expand into new fields of ceramic materials through organic growth and horizontal mergers [2] Financial Performance - Revenue for Q1 2025 was 970 million yuan, with a year-on-year growth of 17.9% and a quarter-on-quarter decline of 9.8% [1] - Net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter [1] - The gross margin and net margin for Q1 2025 were 36.8% and 15.3%, respectively, down 2.0 percentage points and 2.4 percentage points year-on-year [4] Business Segments - The company operates in six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials [2] - Electronic materials are expected to see a recovery in demand due to consumer electronics subsidies and growth in automotive electronics and AI servers [3] - Catalytic materials have expanded into overseas markets and are now part of the supply chain for major clients [3] - Biomedical segment is diversifying its product offerings with new launches, supported by strong R&D investment [3] - New energy materials are gaining traction with major lithium battery manufacturers, enhancing production quality and sales levels [3] - Precision ceramics are experiencing growth due to the adoption of ceramic bearings in new energy vehicles [3] R&D and Future Outlook - The company maintains high R&D investment, with a R&D expense ratio of 7.3%, down 0.2 percentage points year-on-year [4] - New product breakthroughs include spherical silica for high-frequency copper-clad laminates and zirconia/titania dispersions for backlight modules [4] - The company projects net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for 2025, 2026, and 2027, respectively [4]