国瓷材料(300285)：电子材料下游需求回暖 多板块业务布局增强长期成长性

Core Viewpoint - Company reported steady growth in 2024 with revenue of 4.047 billion yuan, a year-on-year increase of 4.86%, and net profit of 605 million yuan, up 6.27% year-on-year, driven by recovery in downstream demand and growth in emerging applications like automotive electronics and AI servers [1][2][4]. Financial Performance - 2024 revenue reached 4.047 billion yuan, with a net profit of 605 million yuan and a non-recurring net profit of 581 million yuan, reflecting year-on-year increases of 4.86%, 6.27%, and 7.05% respectively [1]. - In Q4 2024, revenue was 1.08 billion yuan, showing a year-on-year increase of 0.78% but a decline in net profit by 4.44% year-on-year [1]. - The overall gross profit margin for 2024 was 39.67%, up 1.02 percentage points from the previous year [1]. Cash Flow and Financial Metrics - Operating cash flow for 2024 was 754 million yuan, a year-on-year increase of 16.85% [2]. - The net cash flow from investment activities was -320 million yuan, improving by 64.36% due to reduced equity investment expenditures [2]. - The net cash flow from financing activities was -431 million yuan, a decrease of 234.15% primarily due to bank loan repayments and stock buybacks [2]. Business Segments and Growth Drivers - The company’s ceramic ball business experienced rapid growth due to increased adoption of ceramic bearings in new energy vehicles [2]. - In the electronic materials segment, the company achieved comprehensive coverage of MLCC base and formula powders, benefiting from stable customer relationships and rising demand [3]. - The biomedical materials segment saw upgrades in production lines and technology, enhancing product efficiency and quality [3]. Market Trends and Strategic Initiatives - The Chinese new energy vehicle market saw sales reach 12.866 million units in 2024, a year-on-year increase of 35.5%, driving demand for the company's new energy materials [4]. - The company is optimizing processes and enhancing product quality in the new energy materials segment, leading to rapid growth in production and sales [4]. - The ceramic metallization project is underway, expected to expand into high-value applications such as thin-film sensors and power modules [5]. Future Outlook - Revenue projections for 2024-2026 are 4.830 billion yuan, 5.718 billion yuan, and 6.736 billion yuan, with net profits of 757 million yuan, 918 million yuan, and 1.099 billion yuan respectively [6]. - The company is expected to benefit from the synergistic development of electronic and biomedical materials, along with the successful advancement of the ceramic metallization project [6].