国瓷材料：一季度业绩稳步增长，重点板块发展空间大-20250429

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established a platform model in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The core business segments are showing robust development, with significant growth potential in electronic materials, catalytic materials, and biomedical materials [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - Electronic Materials: Continued recovery in MLCC dielectric powder, with successful market expansion in various specifications and applications [4] - Catalytic Materials: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [4] - Biomedical Materials: Increased R&D investment in new products, with some already applied in client settings [4] - New Energy Materials: Strategic positioning with high-purity alumina and other materials, launching core additives for lithium battery cathodes [4] - Precision Ceramics: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates a positive market outlook for the company's key business segments, with expectations for continued sales growth [4][5]