证券代码：300811 证券简称：铂科新材 编号：2024-002 深圳市铂科新材料股份有限公司 投资者关系活动记录表 | --- | --- | --- | |---------------------------|--------------------------------|----------------------------------------------------------------| | | | | | | 特定对象调研 | 分析师会议 | | | | □媒体采访 □业绩说明会 | | 投资者关系 | □新闻发布会 | 路演活动 | | 活动类别 | □现场参观 | | | | □其他 | | | 参与单位名称 及人员姓名 | 共 148 | 家机构，参会机构名单详见附表。 | | 时间 2024 | 年 8 月 27 日-8 | 月 30 日 | | 地点 | 电话会议 | | | 上市公司 | 董事会秘书 阮佳林 | | | 接待人员姓名 | IR 康金浩 | | | | 一、 2024 年半年度概述 | | | | | 公司管理团队始终秉承"让电更纯·静"的创业初心，坚持 | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [6][14]. Core Insights - The company's performance in H1 2024 showed significant growth, with revenue reaching 796 million yuan, a year-on-year increase of 36.88%, and net profit of 185 million yuan, up 38.18% year-on-year [1][2]. - The growth is attributed to strong performance in the chip inductor business, particularly driven by the demand in AI servers and other high-performance computing applications [5][6]. - The company has established long-term partnerships with several well-known domestic and international clients, enhancing its market position [6][5]. Financial Summary - Revenue is projected to grow from 1,066 million yuan in 2022 to 2,840 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.9% [1][8]. - Net profit is expected to increase from 193 million yuan in 2022 to 666 million yuan in 2026, with a CAGR of about 24.8% [1][8]. - The company's gross margin for H1 2024 was 40.48%, with a net margin of 23.20%, indicating stable profitability [2][10]. Business Performance - The chip inductor segment is anticipated to benefit from the growing demand for AI servers, with production capacity targets set to increase from 5 million units per month in 2023 to 10-15 million units per month in 2024 [5][6]. - The company has successfully developed new products, including iron-silicon and iron-nickel series magnetic powder cores, which have received positive market feedback [2][4]. - The ongoing expansion of production capacity at various facilities is expected to support future growth and meet increasing market demand [4][5].

Investment Rating - Maintain "Overweight" rating with a target price of 48.68 RMB [3][4] Core Views - The company's 2024 H1 performance exceeded expectations, with revenue reaching 796 million RMB, a YoY increase of 36.88%, and net profit attributable to shareholders of 185 million RMB, a YoY increase of 38.18% [3] - The chip inductor business is growing rapidly, with sales reaching 195 million RMB in H1 2024, a 138.92% increase compared to H2 2023, accounting for 24.5% of total revenue [3] - The company plans to raise 300 million RMB to expand chip inductor production capacity, enhancing its ability to meet growing downstream demand and improve technological innovation [3] - The soft magnetic powder core business grew steadily, with sales of 586 million RMB in H1 2024, a YoY increase of 7.03%, driven by recovery in the photovoltaic sector and growth in communication, server, and new energy vehicle markets [3] Financial Summary - Revenue for 2024E is projected at 1,618 million RMB, with a YoY growth of 39.7%, and net profit attributable to shareholders is expected to reach 397 million RMB, a YoY increase of 55.3% [4] - EPS for 2024E is forecasted at 1.41 RMB, with ROE expected to reach 17.9% [4] - The company's P/E ratio for 2024E is 28.41, and the P/B ratio is 5.09 [4] Market Data - The company's market capitalization is 11,288 million RMB, with a 52-week stock price range of 36.50-63.69 RMB [5] - The stock has shown a 22% absolute increase over the past 12 months, outperforming the index by 42% [8] Industry and Business Outlook - The chip inductor business is expected to maintain rapid growth, supported by increasing demand from AI, 5G, and IoT sectors [3] - The soft magnetic powder core business is anticipated to continue growing in line with downstream demand, particularly in the photovoltaic, communication, and new energy vehicle sectors [3]

铂科新材（ [Table_StockNameRptType] 300811） 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

公 司 研 究 2024 年 8 月 28 日 推荐/维持 铂科新材 公司报告 52 周股价区间（元） 63.69-39.58 总市值（亿元） 111.37 流通市值（亿元） 90.69 总股本/流通A股（万股） 28,087/28,087 流通 B 股/H 股（万股） -/- 52 周日均换手率 3.59 分析师：张天丰 021-25102914 zhang_tf@dxzq.net.cn 执业证书编号： S1480520100001 铂科新材（300811.SZ）：芯片电感 业务已成为公司第二增长曲线 事件：公司发布 2024 年半年度报告。公司 2024H1 实现营业收入 7.96 亿元， 同比增长 36.88%；实现扣非归母净利润 1.797 亿元，同比增长 41.84%；基本 每股收益+6.25%至 0.51 元。其中 24Q2 公司营收及净利分别环比+37.6%及 64.3%至 4.61 亿元及 1.117 亿元，季度净利润率由 20.3%升至 24.2%。金属 软磁粉芯业务稳定增长叠加电感元件业务高速扩张推动公司业绩达到同期历 史新高。 合金软磁粉芯业务将持续优化公司盈利能力。合金软磁粉芯业务是公 ...

| --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

请务必阅读正文之后的免责声明及其项下所有内容 铂科新材（300811.SZ）——半年报点评 优于大市 粉芯业务稳健增长，芯片电感业务保持高速增长 公司发布中报：上半年实现营收 7.96 亿元，同比+36.88%；实现归母净利润 1.85 亿元，同比+38.18%。24Q1/Q2 分别实现营收 3.35/4.61 亿元，Q2 环比 +37.60%，分别实现归母净利润 0.72/1.14 亿元，Q2 环比+58.97%。 公司上半年业绩实现高增长，主要得益于：1）金属软磁粉芯保持稳健增长， 上半年实现销售收入 5.86 亿元，同比+7.03%，其中，光伏应用领域 Q1 增长 虽有所放缓，但 Q2 开始明显回暖，上半年销售收入同比基本持平；2）电感 元件(以芯片电感为主)继续保持高速增长态势，上半年实现销售收入 1.95 亿元，环比 2023 年下半年增长 138.92%，占营业收入的比重达到 24.5%；3） 金属软磁粉末取得了较大的增长，上半年实现销售收入约 1386 万元，同比 +25.26%，此外，公司筹建的年产能达 6000 吨/年的粉体工厂，预计下半年 可释放部分产能，并预估 2025 年建设完成。 公 ...

[Table_Main] 证券研究报告 | 公司点评 铂科新材(300811.SZ) 2024 年 08 月 27 日 | --- | --- | |----------------------------------------------------------|------------------------------| | 铂科新材（ 买入（维持） | 300811.SZ ）：芯片电 | | 所属行业：有色金属 / 金属新材料 当前价格 ( 元 ) ： 38.59 | 感业务收入快速提升，利润超预 | | 证券分析师 | 期增长 | | 翟堃 | | | 资格编号： s0120523050002 | | 邮箱：zhaikun＠tebon.com.cn 康宇豪 资格编号：S0120524050001 邮箱：kangyh＠tebon.com.cn 研究助理 投资要点 事件：公司披露 2024 年中报，业绩高速增长。公司 2024 年上半年营业收入 7.96 亿元，同比+36.88%；归母净利润 1.85 亿元，同比+38.18%；扣非归母净利润 1.80 亿元，同比+41.84%。 公司 2024 年上 ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 26 日 [Table_Title] Q2 业绩创新高，芯片电感发展进入快速道 | --- | --- | --- | --- | |------------------------------|----------------------|--------------------------|-----------| | [Table_DataInfo] 评级： 买入 | | 股票代码： | 300811 | | 上次评级： 买入 | | 52 周最高价 / 最低价： | 67.0/36.2 | | | 目标价格： 总市值(亿 | ) | 108.39 | | 最新收盘价： | 38.59 | 自由流通市值(亿 ) | 88.26 | | | | 自由流通股数(百万 ) | 228.72 | [Table_Summary] 事件概述 8 月 26 日，公司发布 2024 年上半年业绩报告，实现营业收入 7.96 亿元，同比增长 36.88%；归母净利润 1.85 亿元，同比增长 38.18%。毛利率为 40.48%，净利率为 23 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE valuation of 29x, 20x, and 16x for 2024, 2025, and 2026 respectively [1] Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 796 million yuan, a YoY increase of 36.88%, and net profit attributable to the parent company of 185 million yuan, a YoY increase of 38.18% [1] - The company's core business, metal soft magnetic powder cores, achieved revenue of 586 million yuan in H1 2024, a YoY increase of 7.03%, with significant growth in communication, server power supply, and UPS applications [1] - The chip inductor business grew 139% YoY in H1 2024, contributing 24.5% of total revenue, and is expected to continue expanding with new product development and customer acquisition [1] Business Performance Metal Soft Magnetic Powder Cores - Revenue from metal soft magnetic powder cores reached 586 million yuan in H1 2024, with strong growth in communication, server power supply, and UPS applications [1] - The photovoltaic sector showed improvement in Q2 2024 after a slowdown in Q1 due to inventory adjustments by downstream inverter manufacturers [1] - The company is constructing a new powder factory with an annual capacity of 6,000 tons, expected to partially release capacity in H2 2024 and be fully operational by 2025 [1] Chip Inductors - Chip inductor revenue reached 195 million yuan in H1 2024, a YoY increase of 138.92%, driven by customer expansion and AI-related product development [1] - The company has gained recognition from major semiconductor manufacturers such as MPS and Infineon, and is accelerating its presence in AI-related applications including notebooks, tablets, wearables, and automotive [1] Financial Projections - The company is expected to achieve net profit attributable to the parent company of 375 million yuan, 537 million yuan, and 687 million yuan in 2024, 2025, and 2026, respectively, representing YoY growth rates of 46.75%, 42.99%, and 28.07% [1] - Revenue is projected to grow to 1.639 billion yuan, 2.285 billion yuan, and 2.880 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 41.47%, 39.41%, and 26.04% [3] Market Sentiment - The company has received 23 "Buy" ratings and 4 "Overweight" ratings from market analysts over the past six months [5] - Historical target prices have ranged from 74.55 yuan to 74.55 yuan, with the current market price at 38.59 yuan [5][2]