国瓷材料（300285.SZ）：费用拖累盈利，新品推进如期

Sinocera released its 3Q26 results after market close on 26 October. For 9M26, revenue was broadly in line with our expectations, while earnings missed our forecast, mainly due to: (1) gross margin pressure from rising raw material costs in certain businesses; (2) higher administrative expenses related to share-based compensation and the acquisition of Australia's SDI, which lifted the administrative expense ratio; and (3) increased FX losses, which raised the financial expense ratio. On new businesses, several developments are progressing as planned according to the company's 26 October IR activity record: part of the capacity expansion for AI server- and automotive-grade MLCC dielectric powders has been completed, with bulk shipments expected in 4Q26;