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七大业务拆分：生物医疗/电子材料/精密陶瓷三驾马车驱动增长

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所属报告：

国瓷材料-300285-A股公司研究报告：稀土重构陶瓷格局国产替代正当时-260715（25页）.pdf

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国瓷材料2025-2028E七大业务拆分数据完整披露，生物医疗材料、电子材料、精密陶瓷为三大核心增长引擎。生物医疗材料2026年增速75%为爆发拐点，精密陶瓷2028年增速69%加速放量，电子材料稳步增长。整体毛利率从37.6%提升至46.6%，生物医疗毛利率从51.2%提升至68.3%为主要驱动力。数据来源：ifind，国投证券证券研究所

国瓷材料2025-2028E业务拆分与盈利预测（百万元）
业务板块	年份	营业收入	YOY	营业成本	毛利率	收入占比
整体	2025	4,582.6	13.24%	2,860.8	37.57%	100%
	2026E	5,908.1	28.92%	3,499.6	40.77%	100%
	2027E	7,242.0	22.58%	4,107.5	43.28%	100%
	2028E	9,255.9	27.81%	4,938.6	46.64%	100%
生物医疗材料	2025	929.8	2.11%	453.6	51.21%	20.29%
	2026E	1,627.1	75.00%	693.9	57.36%	27.54%
	2027E	1,968.3	20.98%	736.8	62.57%	27.18%
	2028E	2,381.7	21.00%	756.0	68.26%	25.73%
电子材料	2025	693.5	11.17%	454.3	34.49%	15.13%
	2026E	954.9	37.70%	625.5	34.49%	16.16%
	2027E	1,113.4	16.60%	711.9	36.06%	15.37%
	2028E	1,298.2	16.60%	766.3	40.97%	14.03%
尾气催化	2025	953.7	21.23%	560.6	41.22%	20.81%
	2026E	1,167.4	22.40%	686.2	41.22%	19.76%
	2027E	1,668.8	42.95%	949.6	43.09%	23.04%
	2028E	2,386.5	43.01%	1,264.6	47.01%	25.78%
新能源材料	2025	505.6	25.17%	366.0	27.61%	11.03%
	2026E	557.4	10.25%	396.2	28.92%	9.43%
	2027E	643.8	15.50%	452.3	29.75%	8.89%
	2028E	834.4	29.60%	581.5	30.30%	9.01%
精密陶瓷	2025	416.9	18.76%	310.5	25.53%	9.10%
	2026E	446.5	7.10%	332.5	25.53%	7.56%
	2027E	616.2	38.00%	438.4	28.86%	8.51%
	2028E	1,041.4	69.00%	694.6	33.30%	11.25%
数码打印	2025	997.8	9.59%	698.5	30.00%	21.77%
	2026E	1,068.7	7.10%	748.1	30.00%	18.09%
	2027E	1,144.5	7.10%	801.2	30.00%	15.80%
	2028E	1,225.8	7.10%	858.0	30.00%	13.24%
其他业务	2025	85.3	41.69%	17.3	79.71%	1.86%
	2026E	86.2	1.00%	17.2	80.00%	1.46%
	2027E	87.0	1.00%	17.4	80.00%	1.20%
	2028E	87.9	1.00%	17.6	80.00%	0.95%

数据来源：ifind，国投证券证券研究所

从国瓷材料2025-2028年七大业务拆分来看，可以提炼出三个关键特征：
生物医疗材料：2026年爆发式增长75%，毛利率从51%升至68%。生物医疗收入从2025年的9.30亿跃升至2026年的16.27亿（+75%），毛利率从51.21%升至57.36%，2028年进一步升至68.26%。东曹暂停供应氧化锆粉体后，齿科氧化锆产品价格传导是收入与毛利率同步跃升的核心驱动。海外并购（韩国Spident、德国DEKEMA）渠道协同效应逐步显现，推动收入占比从20%升至27.5%。
精密陶瓷：2028年增速69%进入加速放量期。精密陶瓷收入从2025年的4.17亿增长至2028年的10.41亿，其中2028年增速69%为所有业务中最高。毛利率从25.53%提升至33.30%，受益于氮化铝陶瓷基板在AI服务器、光模块等散热场景中的渗透率提升与国产替代加速。公司通过“AIN粉体—陶瓷基片—DPC金属化”全产业链布局，正深度受益于氧化钇供给收紧催化的国产替代机遇。
电子材料：毛利率提升至40.97%，高端化趋势持续。电子材料收入从6.93亿增长至12.98亿，毛利率从34.49%提升至40.97%（+6.48个百分点）。高端MLCC钛酸钡介质粉受益于AI服务器MLCC需求扩容与稀土供给收紧双重驱动，产品结构持续向高端化升级。整体毛利率从37.57%提升至46.64%，生物医疗（+17个百分点）与精密陶瓷（+8个百分点）为最大贡献项。