证券代码：300285 证券简称：国瓷材料 公告编号：2024-085 山东国瓷功能材料股份有限公司 关于继续回购公司股份的进展公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2024年2月5日召开第五 届董事会第十三次会议和第五届监事会第十三次会议，审议并通过了《关于继续回 购公司股份方案的议案》，公司使用自有资金以集中竞价交易的方式回购部分公司 股份，用于股权激励计划或员工持股计划。本次回购的资金总额不低于人民币10,000 万元（含）且不超过人民币20,000万元（含），回购价格不超过人民币25元/股（含）。 回购股份的实施期限自董事会审议通过本次回购股份方案之日起不超过12个月。本 次回购股份事项在董事会审批权限内，无须提交股东大会审议。具体内容详见公司 于2024年2月6日在巨潮资讯网披露的相关公告。 一、股份回购进展情况 山东国瓷功能材料股份有限公司 董事会 2024年12月02日 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司应当在每个月的前三个交易日 ...

证券代码：300285 证券简称：国瓷材料 公告编号：2024-084 山东国瓷功能材料股份有限公司 关于公司第一大股东、实际控制人股权质押延期购回的公告 | | | | 本次质押前质 | 本次质押后质 | 占其所 | | 已质押股份中限售和冻 结情况 | | 未质押股份中限售和 冻结情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 称 | 持股数量 （股） | 持股比例 | 押股份数量 | 押股份数量 | 持股份 | 占公司总 股本比例 | | | 限售和冻 | | | | | | （股） | （股） | 比例 | | 限售和冻结 | 占已质押 | 结数量 | 占未质押 | | | | | | | | | 数量（股） | 股份比例 | | 股份比例 | | | | | | | | | | | （股） | | | 张曦 | 152,988,941 15.34% | | 46,860,000 | 46,860,000 | 30.63% | 4.70% | 46,510,000 | 99.25% | 1 ...

山东国瓷功能材料股份有限公司 关于公司持股 5%以上股东协议转让过户完成的公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：300285 证券简称：国瓷材料 公告编号：2024-083 山东国瓷功能材料股份有限公司（以下简称"公司"或"国瓷材料"）于 2024 年 11 月 27 日获悉公司持股 5%以上股东、实际控制人张曦先生与王红女士 的协议转让事项已在中国证券登记结算有限责任公司办理完成过户登记手续，并 取得中国证券登记结算有限责任公司出具的《证券过户登记确认书》（以下简称 "确认书"），现将具体情况公告如下： 一、本次协议转让基本情况 公司于 2024 年 9 月 27 日接到公司持股 5%以上股东、实际控制人张曦先生 的通知：张曦先生于 2024 年 9 月 27 日与自然人王红女士签署了《股份转让协议》， 张曦先生拟通过协议转让方式将其持有的部分无限售流通股 49,860,000 股（占公 司总股本 5.0008%、占剔除公司回购专用账户股份后总股本比例 5.0298%）转让 给王红女士。 每股转让价格按股权转让协议签署日前一交易日国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8][11] Core Views - The company has shown positive growth in revenue and net profit for the first three quarters of 2024, with revenue reaching 2.966 billion yuan, a year-on-year increase of 6.42%, and net profit attributable to shareholders reaching 482 million yuan, up 9.38% year-on-year [4][8] - The company is actively pursuing new product breakthroughs and has initiated a steady share buyback program, reflecting confidence in future growth [7][8] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 1.013 billion yuan, a year-on-year increase of 8.11%, but a quarter-on-quarter decrease of 10.11%. The net profit attributable to shareholders was 152 million yuan, up 24.51% year-on-year but down 22.97% quarter-on-quarter [5] - For the first three quarters of 2024, the company reported a gross profit margin of 39.65%, an increase of 2.75 percentage points year-on-year, and a net profit margin of 18.21%, up 0.79 percentage points year-on-year [4] Market and Product Development - The company is experiencing seasonal impacts on its ceramic ink and honeycomb ceramics segments, which have affected revenue growth. However, demand in the electronic materials segment has rebounded significantly [5][6] - New products, such as high-end silicon nitride ceramic bearing balls and LED substrates, have successfully entered the market, with some products already in mass production [7][8] Future Projections - Revenue projections for 2024 to 2026 are estimated at 4.127 billion yuan, 4.915 billion yuan, and 5.883 billion yuan, respectively, with corresponding net profits of 687 million yuan, 853 million yuan, and 1.065 billion yuan [8][9][11] - The company is expected to maintain a price-to-earnings ratio (P/E) of 30, 25, and 20 for the years 2024, 2025, and 2026, respectively, indicating a favorable growth outlook [8][9]

Investment Rating - The report maintains a "Buy" rating for Guoci Materials (300285 SZ) [1] Core Views - Guoci Materials achieved steady profit growth in 3Q24 with multiple business segments showing strong performance [1] - The company's 2024 Q3 revenue reached 1 013 billion yuan up 8 11% YoY but down 10 11% QoQ Net profit attributable to shareholders was 152 million yuan up 24 51% YoY but down 22 97% QoQ [1] - The company's performance in the first three quarters of 2024 was in line with expectations driven by recovery in electronic materials demand growth in new energy materials sales and capacity release in precision ceramic materials [2] - The company's strategic layout and product advantages in the new energy sector are expected to further boost its performance as the new energy vehicle market continues to grow [6] - The ceramic metallization project is expected to become a major growth driver for the company integrating the industrial chain from ceramic powder to metallization and promoting domestic import substitution [7] Financial Performance - In the first three quarters of 2024 the company's operating income was 2 966 billion yuan up 6 42% YoY Net profit attributable to shareholders was 482 million yuan up 9 38% YoY [1] - The company's gross profit margin for the first three quarters of 2024 was 39 65% up 2 75 percentage points YoY Net profit margin was 18 21% up 0 79 percentage points YoY [2] - Operating cash flow for the first three quarters of 2024 was 357 million yuan up 13 54% YoY [3] - The company's revenue is expected to grow from 4 189 billion yuan in 2024E to 5 945 billion yuan in 2026E with net profit attributable to shareholders increasing from 686 million yuan to 1 129 billion yuan over the same period [1][8] Business Segments - In the electronic materials segment the company has achieved comprehensive coverage of key raw materials for MLCC dielectric powder and is expected to gradually form domestic substitution with its slurry business becoming an important growth driver [4] - In the new energy materials segment the company's coated separator materials saw both volume and price increases in the first three quarters of 2024 contributing to performance growth [6] - In the precision ceramics segment the company's ceramic balls have been adopted by leading new energy vehicle manufacturers with demand increasing significantly in 3Q24 [6] - In the biomaterials segment the company has completed the overseas red chip structure for its dental business and obtained EU medical device regulatory compliance certificates accelerating its expansion into the European market [4][6] Strategic Developments - The company's ceramic metallization project with a total investment of 150 million yuan started construction in June 2024 aiming to establish a high end ceramic metallization product line [7] - The project is expected to expand the company's application fields into thin film sensors microwave radar devices and other high end precision ceramic products [7]

证券代码：300285 证券简称：国瓷材料 公告编号：2024-081 一、股份回购进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关 规定，上市公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下： 山东国瓷功能材料股份有限公司 关于继续回购公司股份的进展公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 山东国瓷功能材料股份有限公司（以下简称"公司"）于2024年2月5日召开第五 届董事会第十三次会议和第五届监事会第十三次会议，审议并通过了《关于继续回 购公司股份方案的议案》，公司使用自有资金以集中竞价交易的方式回购部分公司 股份，用于股权激励计划或员工持股计划。本次回购的资金总额不低于人民币10,000 万元（含）且不超过人民币20,000万元（含），回购价格不超过人民币25元/股（含）。 回购股份的实施期限自董事会审议通过本次回购股份方案之日起不超过12个月。本 次回购股份事项在董事会审批权限内，无须提交股东大会审议。具体内容详见公司 于2024年2月6日在巨潮资讯网披露的相关公告 ...

股 票 研 究 证 券 研 究 报 告 ——国瓷材料 2024 年三季报点评 | --- | |---------------------------------| | | | | | | | [table_Authors] 沈唯 ( 分析师 ) | | 0755-23976795 | | shenwei024936@gtjas.com | | 登记编号 S0880523080006 | | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------|-----------------------------|--------|-------|-------|-------|-------| | | | | | | | | | | | | 周志鹏 ( | 分析师 | ) | | | | | | | 021-38676666 | | | | | | | | zhonghao027638@gtjas.com | zhouzhipeng027980@gtjas.com | | | | | | | | | S0 ...

国瓷材料（ [Table_StockNameRptType] 300285） 公司点评 Q3 业绩受季节影响环比下降，多板块业务持续增长 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|-------|----------------------------------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 电子 2024 年 10 月 29 日 国瓷材料 (300285) 公 司 研 究/ 公 司 点 评 ——蜂窝陶瓷淡季增速放缓，陶瓷墨水需求影响略有下 滑，叠加汇兑损失使得 Q3 盈利环比下滑 证 券 研 究 报 告 | --- | --- | --- | |--------|------------------------------------|-------------------------------| | | 市场数据： | 2024 年 10 月 28 日 | | | 收盘价（元） | 19.32 | | | 一年内最高/最低（元） | 26.46/14.07 | | 市净率 | | 3.0 | | | 息率（分红/股价） | 0.52 | | 流通 | A 股市值（百万元） | 15,532 | | | 上证指数/深证成指 | 3,322.20/10,685.89 | | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 2.966 billion RMB for the first three quarters, representing a year-on-year growth of 6.42%, and a net profit attributable to shareholders of 482 million RMB, up 9.38% year-on-year [2]. - In Q3 alone, the revenue was 1.013 billion RMB, with a year-on-year increase of 8.11%, and a net profit of 152 million RMB, reflecting a significant growth of 24.51% year-on-year [2]. - The report highlights the impact of the real estate sector on the company's performance, particularly in the ceramic ink business, which is affected by a 24.4% year-on-year decline in real estate completion area [2]. - The electronic materials business is gradually recovering, with the main product, MLCC, seeing a gradual increase in supply, although it has not yet returned to peak levels [2]. - The bio-materials segment has established overseas sales channels, enhancing brand recognition and customer loyalty [2]. - The catalytic materials segment is undergoing structural upgrades, with the company expanding its applications in precision ceramics [2]. Financial Forecast - The 2024 profit forecast has been revised down by 6%, with projected net profits for 2024-2026 at 669 million, 827 million, and 993 million RMB, respectively [3]. - The corresponding EPS for these years is expected to be 0.67, 0.83, and 1.00 RMB, with PE ratios of 29, 23, and 19 times [3][6].