Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6] Core Insights - The company has experienced significant growth in operating performance, with a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [6][7] - The magnetic inductive components have seen rapid growth, with the chip inductors becoming a second growth curve driven by AI computing demand, achieving a revenue of 386 million yuan, a staggering increase of 275.8% year-on-year [6][7] - The company is expanding its production capacity and developing new products in the soft magnetic core business, with a gross margin of 40.41% in 2024, up 1.16 percentage points year-on-year [6][7] Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan, with a year-on-year growth of 44%, and a net profit of 376 million yuan, reflecting a 47% increase [7][14] - The revenue from the magnetic powder core segment reached 1.234 billion yuan, a 20.2% increase year-on-year, while the sales volume was approximately 39,300 tons, up 27.85% [6][7] - The company’s operating cash flow significantly improved, reaching 1.18 billion yuan, indicating enhanced bargaining and collection capabilities with clients [6] Product Development and Market Position - The company has completed a comprehensive product line for magnetic inductive components, covering energy conversion from generation to load, and has gained recognition from major semiconductor manufacturers [6][7] - New product developments include integrated inductors using copper-iron co-firing technology, which can save PCB area by 20-70% and improve power module efficiency by 0.2-2% [6] - The company is also expanding its production capacity with a new modern powder production base, aiming for an annual capacity of 6,000 tons by 2025 [6][7] Future Projections - The company is expected to achieve net profits of 480 million yuan, 573 million yuan, and 679 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24.4, 20.4, and 17.2 [6][7] - The report anticipates continued growth momentum in the soft magnetic core segment driven by demand from AI servers, photovoltaic installations, and the electric vehicle market [6][7]

Group 1: Financial Performance Overview - In 2024, the company achieved a revenue of CNY 1.663 billion, a year-on-year increase of 43.54%, and a net profit of CNY 376 million, up 46.90% [1][2] - In Q1 2025, the company reported a revenue of CNY 383 million, a growth of 14.40%, and a net profit of CNY 73.76 million, an increase of 3.13% [2] Group 2: Strategic Focus and Goals - The management team emphasizes a long-term development strategy focused on R&D, operational efficiency, and sustainable growth [1][2] - 2025 is identified as a year of both opportunities and challenges, with a commitment to risk management and strategic planning to achieve long-term goals [2] Group 3: R&D and Product Development - The company plans to increase R&D investment, aiming to enhance the performance of metal soft magnetic powders to world-leading levels [3] - A focus on understanding downstream applications and optimizing new products based on market demand is highlighted [3] Group 4: Marketing and Sales Strategy - The marketing strategy for 2025 will concentrate on strengthening connections with end-users and enhancing customer satisfaction [4] - There will be an increased promotion of new product lines, particularly high-value products, to improve profitability [4] Group 5: Capacity Expansion and Production Projects - A fundraising of CNY 300 million has been allocated for the construction of a new high-end integrated inductor project, enhancing production capabilities [5] - The company is accelerating the construction of a production base in Thailand to meet growing overseas demand for AI and new energy products [6] Group 6: Market Distribution and Trends - In 2024, the sales distribution was approximately 74% for metal soft magnetic cores, 2-3% for powders, and 23-24% for inductive components [7] - In Q1 2025, the revenue share from the photovoltaic sector continued to decline, while other sectors showed an upward trend, reflecting a balanced revenue distribution [8] Group 7: R&D Investment and Financial Impact - R&D expenses are projected to exceed 7% of revenue in 2025, with significant increases in investment noted in 2024 and Q1 2025 [9] - The increase in R&D spending is expected to impact short-term profits but is viewed as essential for long-term growth [9] Group 8: Production Capacity and Market Strategy - The company plans to establish a modern powder production base with an annual capacity of 6,000 tons, with the first phase completed in 2024 [9] - The production capacity for inductive components is also set to increase, with new equipment expected to double the output of the integrated inductor project [9] Group 9: International Market Position - Currently, overseas sales account for only 2% of total revenue, indicating limited exposure to trade tensions [10] - The company is proactively preparing for potential impacts from trade relations, particularly through the development of the Thailand production base [10]

铂科新材（300811.SZ）2024 年年报及 2025 年一季报点评 芯片电感快速放量，金属软磁粉芯龙头地位稳固 2025 年 04 月 24 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营收 16.63 亿元，同比+43.54%，归母净利润 3.76 亿元，同比+46.90%， 扣非归母 净利润为 3.67 亿元，同比+53.32%。2024Q4，公司实现营收 4.36 亿元，同比 +43.28%，环比+1.25%，归母净利润 0.89 亿元，同比+33.38%，环比-11.87%， 扣非归母净利润 0.86 亿元，同比+46.90%，环比-14.51%。2025Q1，公司实现 营收 3.83 亿元，同比+14.40%，环比-12.11%，归母净利润 0.74 亿元，同比 +3.13%，环比-17.34%，扣非归母净利润 0.72 亿元，同比+6.20%，环比- 16.38%。 ➢ 价：得益于高毛利芯片电感业务快速放量，公司毛利率同比改善。2024 年 公司综合毛利率为 40.70%，同比+1.09pct；2024Q4，公司综合毛利率为 40.87%，同比+1. ...

铂科新材（300811.SZ）2024 年年报及 2025 年一季报点评 芯片电感快速放量，金属软磁粉芯龙头地位稳固 2025 年 04 月 24 日 ➢ 事件：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营收 16.63 亿元，同比+43.54%，归母净利润 3.76 亿元，同比+46.90%， 扣非归母 净利润为 3.67 亿元，同比+53.32%。2024Q4，公司实现营收 4.36 亿元，同比 +43.28%，环比+1.25%，归母净利润 0.89 亿元，同比+33.38%，环比-11.87%， 扣非归母净利润 0.86 亿元，同比+46.90%，环比-14.51%。2025Q1，公司实现 营收 3.83 亿元，同比+14.40%，环比-12.11%，归母净利润 0.74 亿元，同比 +3.13%，环比-17.34%，扣非归母净利润 0.72 亿元，同比+6.20%，环比- 16.38%。 ➢ 金属软磁粉芯快速增长，芯片电感超预期放量。1）金属软磁粉芯：24 年实 现营收 12.34 亿元，同比+46.90%，销售 3.93 万吨，同比+27.85%；受益于 AI 产业快速 ...

Summary of the Conference Call Records Company Overview - The company discussed is 博克新材 (Boke New Materials), which operates in the electronic components industry, focusing on inductors, powder metallurgy, and related technologies. Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of nearly 80 million yuan, with over 60% coming from discrete inductors and a decrease in photovoltaic revenue to 41% [1][36] - For the full year 2024, the company achieved revenue of 1.66 billion yuan, a year-on-year increase of 43.5%, and a net profit of 375 million yuan, up 46.9% [2] - The revenue distribution in 2024 showed that inductors accounted for approximately 23-24%, while photovoltaic storage contributed 45% [2] Research and Development (R&D) - R&D investment for 2024 increased significantly by over 60% to 110 million yuan, primarily focused on chip inductors [1][4] - In Q1 2025, R&D expenses rose to 31 million yuan, impacting net profit but still showing a year-on-year increase [1][3] - The company plans to complete the installation and debugging of new factory equipment by the end of 2025, with significant capacity expansion expected in 2026 [1][5] Market Trends and Growth Projections - The UPS sector is expected to benefit from a growth of over 35% due to the AI data center market, while the electric vehicle and charging pile sectors are projected to grow nearly 30% [1][6] - Overall, the company aims for a growth target of 20% in 2025, with photovoltaic storage expected to grow by 15% [1][16] Product Development and Sales - The company is actively expanding its customer base, including partnerships with Texas Instruments (TI) and Delta, focusing on the SX chip area [1][10] - The sales of powder products are anticipated to increase by 80% in 2025 due to a new production line launched in Q3 2024 [1][12] Operational Challenges and Strategies - The company faced a slight decline in cash flow in Q4 2024 due to increased expenses but saw improvement in Q1 2025 after the maturity of certain bills [7] - The company is cautious about external uncertainties affecting overseas business but is proceeding with plans for a new production base in Thailand to enhance international operations [25][26] Product Line and Pricing - The sales structure in Q1 2025 showed a stable distribution, with discrete inductors maintaining a significant share while photovoltaic sales decreased [11][36] - The average price of discrete components has remained stable, with small devices priced around 2 yuan and larger ones around 3 yuan [27] Future Outlook - The company emphasizes a long-term growth strategy through continuous R&D investment and market expansion, aiming to create value for shareholders [42] - The anticipated growth in the metal and alloy powder segments is expected to be around 20%, driven by domestic market demand [40] Additional Important Information - The company is developing new products for the DDR field, with ongoing research into low-temperature co-fired ceramics (LTCC) [21] - The impact of AI applications is driving increased R&D investments to meet evolving performance requirements [31] - The company maintains a focus on customized products to avoid homogenization in the market, ensuring higher pricing compared to competitors [22][23]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][17]. Core Views - The company achieved significant growth in 2024, with revenue reaching 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [7][11]. - The metal soft magnetic core business saw a revenue increase of 20.2% to 1.234 billion yuan, while the inductor component business experienced a remarkable growth of 275.76%, reaching 386 million yuan [2][11][13]. - The company is expanding its production capacity, with plans for a new production base in Huizhou for high-end integrated inductors, funded by a 300 million yuan stock issuance [2][14]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 436 million yuan, a year-on-year increase of 43.28%, and a net profit of 89 million yuan, up 33.38% year-on-year [7][11]. - For Q1 2025, revenue was 383 million yuan, a 14.40% increase year-on-year, with a net profit of 74 million yuan, up 3.13% year-on-year [7][11]. Business Segments - The metal soft magnetic powder business generated approximately 39.94 million yuan in revenue, reflecting a 47.31% year-on-year growth, with plans for a new production base to achieve an annual capacity of 6,000 tons by 2025 [2][11][14]. - The company’s product system and revenue structure have been further improved, mitigating the impact of cyclical fluctuations in downstream industries on overall performance [14]. Research and Development - The company invested approximately 117 million yuan in R&D in 2024, a 56.78% increase year-on-year, representing 7.04% of total revenue [3][15]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 57.68 million yuan, which is 15.35% of the net profit for 2024 [3][15]. Financial Projections - Revenue projections for 2025-2027 are estimated at 2.08 billion yuan, 2.61 billion yuan, and 3.15 billion yuan, with year-on-year growth rates of 25.1%, 25.6%, and 20.6% respectively [4][17]. - Net profit projections for the same period are 465 million yuan, 585 million yuan, and 707 million yuan, with growth rates of 23.7%, 25.9%, and 20.8% respectively [4][17].

证券代码：300811 证券简称：铂科新材 公告编号：2025-033 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日 召开第四届董事会第八次会议、第四届监事会第七次会议，分别审议通过了《关 于 2025 年度董事薪酬方案的议案》、《关于 2025 年度监事薪酬方案的议案》和 《关于 2025 年度高级管理人员薪酬方案的议案》。 深圳市铂科新材料股份有限公司 关于公司 2025 年度董事、监事及高级管理人员薪酬方案的公告 为进一步完善公司激励约束机制，有效调动公司董事、监事、高级管理人员 的工作积极性，根据《公司章程》、《董事会专门委员会议事规则》等公司相关制 度，结合公司经营发展等实际情况，参照行业、地区薪酬水平，公司制定了 2025 年度董事薪酬及独立董事津贴、监事薪酬和高级管理人员薪酬的方案如下： 一、本方案适用对象 公司董事（含独立董事）、监事及高级管理人员。 二、本方案适用期限 1、董事薪酬及独立董事津贴方案经公司股东大会审议通过后实施，直至新 的薪酬方案通过后自动失 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-032 深圳市铂科新材料股份有限公司 关于公司及子公司向银行及其他融资机构 为满足公司日益扩大的生产经营需要，根据公司经营目标及总体发展规划， 公司及子公司拟向银行及其他融资机构（包括融资租赁公司）申请综合授信总额 度不超过 9 亿元（含 9 亿元）人民币，此额度内由公司及子公司根据实际资金需 求进行综合授信及贷款申请，授信担保方式包括抵押、质押、保证等。上述综合 授信用于包括但不限于流动资金贷款、项目贷款、固定资产贷款、并购贷款、银 行承兑汇票、保函、保理、开立信用证、押汇、贸易融资、票据贴现、融资租赁 等融资业务。公司及子公司向银行及其他融资机构申请授信的具体情况最终以各 家银行及其他融资机构批准的为准。本次申请综合授信的有效期为自本议案经本 次董事会审议通过之日起至 2025 年度股东大会召开之日止。授信期限内，授信 额度可循环使用。 为提高工作效率，及时办理融资业务，公司董事会授权公司董事长或其授权 代表为公司签署上述综合授信额度内的各项法律文件（包括但不限于授信、借款、 担保、抵押、融资等有关的申请书、合同、协议等文件），由此产生的法律 ...

深圳市铂科新材料股份有限公司 董事会审计委员会对会计师事务所2024年度履职情 况评估及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易 所上市公司自律监管指引第2号——创业板上市公司规范运作》和深圳市铂科 新材料股份有限公司（以下简称"公司"）的《公司章程》《董事会专门委员 会议事规则》等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职 守，认真履职。现将董事会审计委员会对会计师事务所2024年度履职评估及履 行监督职责的情况汇报如下： 一、2024年审计会计师事务所的基本情况 （一）会计师事务所基本情况 1、基本信息 （1）机构名称：中审众环会计师事务所（特殊普通合伙） （2）成立日期：中审众环始创于1987年，是全国首批取得国家批准具有从 事证券、期货相关业务资格及金融业务审计资格的大型会计师事务所之一。根 据财政部、证监会发布的从事证券服务业务会计师事务所备案名单，本所具备 股份有限公司发行股份、债券审计机构的资格。2013年11月，按照国家财政部 等有关要求转制为特殊普通合伙制。 （3 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-035 深圳市铂科新材料股份有限公司 关于使用募集资金置换预先投入募投项目 及已支付发行费用的自筹资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开第四届董事会第八次会议，审议通过了《关于使用募集资金置换预先投入 募投项目及已支付发行费用的自筹资金的议案》。现将有关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市铂科新材料股份有限公司向 特定对象发行股票注册的批复》（证监许可[2025]139 号）同意，公司以简易程 序向特定对象发行人民币普通股（A 股）6,721,935 股，每股面值人民币 1 元， 每股发行价格为人民币 44.63 元，募集资金总额为人民币 299,999,959.05 元， 扣除发行费用（不含增值税）人民币 5,746,910.01 元，实际募集资金净额为人 民币 294,253,049.04 元。 | | | 上述募集资金到位情况已经中审众环会计师 ...