国瓷材料：2024年三季度点评：陶瓷墨水承压，精密陶瓷板块有望快速放量

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 19.32 yuan [4]. Core Views - The company achieved a revenue of 2.966 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.42%, and a net profit attributable to shareholders of 482 million yuan, up 9.38% year-on-year [1][2]. - The report highlights that the electronic materials segment is experiencing a recovery in demand, while the precision ceramics segment is expected to see rapid growth [2]. - The company is projected to achieve net profits of 700 million yuan, 902 million yuan, and 1.129 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 28x, 21x, and 17x [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.013 billion yuan, an increase of 8.11% year-on-year but a decrease of 10.11% quarter-on-quarter [1]. - The comprehensive gross margin for Q3 was 39.18%, an increase of 3.47 percentage points year-on-year, while the net profit margin was 16.62%, up 2.00 percentage points year-on-year [2]. Business Segments - The electronic materials segment saw a significant increase in sales of MLCC dielectric powder, while the catalytic materials segment faced a slight decline due to seasonal impacts [1]. - The biomedical segment completed the debugging of dental powder production lines, enhancing product innovation and brand positioning [1]. - The precision ceramics segment is witnessing positive market expansion, with new product development accelerating [1][2]. Future Outlook - The company is expected to benefit from the steady recovery in MLCC demand and the rapid growth of three key segments: catalytic carriers, ceramic balls, and ceramic substrates [2]. - New product breakthroughs are anticipated to provide sufficient growth momentum for the company in the future [2].