国瓷材料：24年业绩稳中有进，多板块布局星辰大海-20250427

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In 2024, the company achieved an operating income of 4.047 billion yuan, a year-on-year increase of 4.86%, and a net profit attributable to shareholders of 605 million yuan, up 6.27% year-on-year [4] - The growth in revenue is attributed to the electronic materials sector ramping up production, significant cost reductions in the new energy sector, and steady growth in the catalyst, biomedical, and ceramics sectors [5] - The company expects net profits for 2025-2027 to be 800 million, 914 million, and 1.161 billion yuan respectively, with year-on-year growth rates of 32.2%, 14.3%, and 26.9% [8] Financial Performance Summary - In Q4 2024, the company reported an operating income of 1.08 billion yuan, a year-on-year increase of 0.78% and a quarter-on-quarter increase of 6.67% [4] - The net profit for Q4 2024 was 123 million yuan, down 4.44% year-on-year and 19.25% quarter-on-quarter [4] - The company’s revenue and net profit projections for 2025-2027 indicate a positive growth trajectory, with operating income expected to reach 6.505 billion yuan by 2027 [9] Business Segment Performance - The electronic materials segment is experiencing a recovery, with MLCC powder entering a growth phase and new products achieving significant market penetration [5] - The catalyst materials segment is advancing with new technologies to meet stringent emission standards, while the biomedical materials segment is enhancing its manufacturing capabilities [5] - The new energy materials segment saw a remarkable 110.74% year-on-year increase in product sales due to cost reductions [5] Growth Drivers - Subsidiaries like Kanglitai and Saichuang are introducing innovative products and enhancing manufacturing processes, contributing to new growth avenues for the company [6] - The company is establishing itself as a leading global producer of ceramic inks through strategic projects and partnerships [7]