Market Overview - The metal new materials sector increased by 0.85% on November 28, with Alloy Investment leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Stocks Performance - Alloy Investment (000633) closed at 8.57, up 10.01% with a trading volume of 459,100 shares and a transaction value of 378 million [1] - Longda Co., Ltd. (688231) closed at 24.94, up 6.13% with a trading volume of 81,600 shares and a transaction value of 203 million [1] - Platinum New Materials (300811) closed at 71.36, up 2.53% with a trading volume of 92,700 shares and a transaction value of 664 million [1] - Other notable performers include Yue'an New Materials (688786) and Shenzhen New Star (603978), with increases of 2.47% and 2.29% respectively [1] Capital Flow Analysis - The metal new materials sector experienced a net outflow of 86.64 million from institutional investors and 117 million from speculative funds, while retail investors saw a net inflow of 204 million [2] - The detailed capital flow for key stocks indicates that Alloy Investment had a net inflow of 110 million from institutional investors, despite a net outflow of 50.30 million from speculative funds [3] - Retail investors contributed a net inflow of 59.46 million to Alloy Investment, indicating strong retail interest [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.4 yuan based on a 40x P/E ratio for 2026 [3][6]. Core Insights - The company is expected to see significant growth in its chip inductor business, driven by advancements in ASIC power supply applications and a strong position in high-frequency applications [2][8]. - The pricing strategy for inductor products is well-structured, allowing the company to maintain healthy margins while expanding market share [8]. - The introduction of Google's TPU and the potential for increased demand in ASIC power management are seen as key growth drivers for the company's products [8]. Financial Performance Summary - Revenue is projected to grow from 1,159 million yuan in 2023 to 2,945 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22% [5]. - Net profit attributable to the parent company is expected to increase from 256 million yuan in 2023 to 753 million yuan in 2027, with a CAGR of around 23% [5]. - Earnings per share (EPS) are forecasted to rise from 0.88 yuan in 2023 to 2.60 yuan in 2027 [5]. Valuation Metrics - The company is currently trading at a P/E ratio of 46.6 for 2025, which is expected to decrease to 29.4 by 2027 [5][9]. - The projected P/B ratio is expected to decline from 7.2 in 2025 to 5.2 in 2027, indicating improving valuation metrics over time [5][9].

Core Viewpoint - The stock of Shenzhen Placo New Materials Co., Ltd. experienced a decline of 5.03%, trading at 72.10 yuan per share, with a total market capitalization of 20.895 billion yuan as of November 27 [1] Company Overview - Shenzhen Placo New Materials Co., Ltd. was established on September 17, 2009, and went public on December 30, 2019. The company specializes in the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components [1] - The main revenue composition includes: 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Placo New Materials. Jiashi Changqing Competitive Advantage Stock A (007133) held 24,600 shares in the third quarter, unchanged from the previous period, accounting for 7.02% of the fund's net value, making it the third-largest holding [2] - The fund has a total scale of 28.4348 million yuan and has achieved a return of 12.71% year-to-date, ranking 3220 out of 4206 in its category [2] Fund Manager Performance - The fund manager of Jiashi Changqing Competitive Advantage Stock A is Deng Liheng, who has been in the position for 4 years and 153 days. The total asset scale of the fund is 86.237 million yuan [3] - During his tenure, the best fund return was -4.11%, while the worst return was -58.05% [3]

Core Viewpoint - The stock of Placo New Materials has shown significant fluctuations, with a year-to-date increase of 44.95% and a recent 10.30% rise over the last five trading days, indicating strong market interest and performance [1][2]. Company Overview - Placo New Materials, established on September 17, 2009, and listed on December 30, 2019, specializes in the research, production, and sales of metal soft magnetic powders, cores, and inductive components [1]. - The company primarily generates revenue from metal soft magnetic powder products, accounting for 96.69% of its total revenue, with other segments contributing marginally [1]. Financial Performance - For the period from January to September 2025, Placo New Materials reported a revenue of 1.301 billion yuan, reflecting a year-on-year growth of 6.03%, and a net profit attributable to shareholders of 294 million yuan, up 2.48% [2]. - The company has distributed a total of 174 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Placo New Materials was 20,200, a decrease of 2.50% from the previous period, with an average of 11,737 circulating shares per shareholder, an increase of 5.97% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 17.465 million shares, and Guotou Ruijin New Energy Mixed A as the ninth-largest, maintaining its holding of 2.1752 million shares [3].

Core Viewpoint - The A-share market showed a positive trend with the Shanghai Composite Index rising by 1.13%, and trading volume increased by 14.77% compared to the previous trading day [1]. Industry Performance Summary - **Communication**: Increased by 3.70%, with a transaction amount of 883.26 billion, up 31.33% from the previous day. Leading stock: Guangku Technology, up 20.00% [1]. - **Non-ferrous Metals**: Rose by 3.01%, with a transaction amount of 617.09 billion, up 10.67%. Leading stock: Placo New Materials, up 13.63% [1]. - **Electronics**: Gained 2.89%, with a transaction amount of 1999.62 billion, up 26.53%. Leading stock: Changguang Huaxin, up 20.00% [1]. - **Media**: Increased by 2.67%, with a transaction amount of 745.22 billion, up 44.19%. Leading stock: Zhidema, up 13.89% [1]. - **Comprehensive**: Rose by 2.43%, with a transaction amount of 30.23 billion, up 4.00%. Leading stock: Dongyangguang, up 5.56% [1]. - **Power Equipment**: Increased by 2.06%, with a transaction amount of 1142.41 billion, up 8.91%. Leading stock: Oulu Tong, up 20.00% [1]. - **Computer**: Gained 2.06%, with a transaction amount of 1093.81 billion, up 26.48%. Leading stock: Tianrun Technology, up 22.32% [1]. - **Social Services**: Increased by 1.96%, with a transaction amount of 117.62 billion, up 33.02%. Leading stock: Kede Education, up 19.99% [1]. - **Building Materials**: Rose by 1.92%, with a transaction amount of 79.59 billion, up 1.07%. Leading stock: Lezhi Group, up 10.07% [1]. - **Machinery Equipment**: Increased by 1.58%, with a transaction amount of 705.10 billion, up 16.99%. Leading stock: Hexin Instruments, up 20.00% [1]. - **Pharmaceuticals and Biology**: Gained 1.52%, with a transaction amount of 586.69 billion, up 19.94%. Leading stock: Jindike, up 19.99% [1]. - **Non-bank Financials**: Increased by 1.44%, with a transaction amount of 202.39 billion, up 8.49%. Leading stock: Sichuan Shuangma, up 6.17% [1]. - **Light Industry Manufacturing**: Rose by 1.40%, with a transaction amount of 136.42 billion, up 7.79%. Leading stock: Shengxing Co., up 10.08% [1]. - **Basic Chemicals**: Increased by 1.34%, with a transaction amount of 559.87 billion, down 9.93%. Leading stock: Keqiang Co., up 11.44% [1]. - **Automotive**: Gained 1.32%, with a transaction amount of 415.35 billion, up 17.88%. Leading stock: N Haian, up 90.52% [1]. - **Retail**: Increased by 1.32%, with a transaction amount of 142.52 billion, up 11.12%. Leading stock: Maoye Commercial, up 10.00% [1]. - **Real Estate**: Rose by 1.22%, with a transaction amount of 171.54 billion, down 3.05%. Leading stock: Yingxin Development, up 10.17% [1]. - **Environmental Protection**: Increased by 1.21%, with a transaction amount of 104.42 billion, down 2.72%. Leading stock: Aibulu, up 15.27% [1]. - **Textiles and Apparel**: Gained 0.99%, with a transaction amount of 100.81 billion, up 17.87%. Leading stock: Xunxing Co., up 10.04% [1]. - **Construction Decoration**: Increased by 0.88%, with a transaction amount of 198.60 billion, up 11.06%. Leading stock: Guosheng Technology, up 10.01% [1]. - **Home Appliances**: Rose by 0.63%, with a transaction amount of 146.32 billion, down 1.17%. Leading stock: Qingshang Co., up 9.75% [1]. - **Steel**: Increased by 0.59%, with a transaction amount of 70.42 billion, up 4.56%. Leading stock: Fangda Carbon, up 6.42% [1]. - **Banking**: Rose by 0.54%, with a transaction amount of 173.67 billion, down 11.11%. Leading stock: Xiamen Bank, up 2.02% [1]. - **Coal**: Increased by 0.53%, with a transaction amount of 51.44 billion, down 17.26%. Leading stock: Dayou Energy, up 2.66% [1]. - **Beauty and Personal Care**: Rose by 0.47%, with a transaction amount of 22.79 billion, down 11.72%. Leading stock: Jiaheng Home Care, up 6.63% [1]. - **Public Utilities**: Increased by 0.44%, with a transaction amount of 155.35 billion, down 15.00%. Leading stock: Dazhong Public Utilities, up 10.06% [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Rose by 0.43%, with a transaction amount of 205.98 billion, down 10.53%. Leading stock: *ST Green Kang, up 5.00% [1][2].

Core Viewpoint - The non-ferrous metal industry index has shown strong performance, with significant increases in key stocks, driven by rising precious metal prices and positive demand forecasts for lithium and other materials [1][2]. Group 1: Market Performance - As of November 25, 2025, the non-ferrous metal industry index (399395) rose by 2.81%, with notable stock increases including Placo New Materials (300811) up 11.34%, Dongyang Sunshine (600673) up 6.14%, and Zhongjin Gold (600489) up 5.52% [1]. - The non-ferrous ETF fund (159880) increased by 2.28%, with the latest price at 1.71 yuan [1]. Group 2: Economic Indicators - Federal Reserve Governor Christopher Waller reiterated support for a potential interest rate cut in December, indicating that inflation is not a major concern at this time [1]. - The chairman of Tianqi Lithium, Jiang Anqi, projected that global lithium demand will reach 2 million tons of lithium carbonate equivalent by 2026, suggesting a balance between supply and demand [1]. Group 3: Industry Insights - Dongguan Securities highlighted that the supply side of industrial metals may remain constrained, emphasizing the growth in demand from the new energy sector [1]. - The supply of minor metals and new materials is under rigid constraints, while emerging demand is expected to surge [1]. - The supply side of energy metals is gradually optimizing, with ongoing attention to the recovery of downstream demand [1].

Core Viewpoint - The stock of Placo New Materials increased by 5.09% on November 24, reaching a price of 69.00 CNY per share, with a trading volume of 278 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 19.996 billion CNY [1] Group 1: Company Overview - Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009, with its listing date on December 30, 2019 [1] - The company's main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductors for efficient and environmentally friendly operation of power electronic devices [1] - The revenue composition of the company includes 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Placo New Materials, one fund from Huaxia Fund holds shares. Huaxia Industry Prosperity Mixed A (003567) reduced its holdings by 2.538 million shares in the third quarter, now holding 2.1538 million shares, which accounts for 0.91% of the circulating shares [2] - The estimated floating profit for Huaxia Industry Prosperity Mixed A today is approximately 7.1937 million CNY [2] - Huaxia Industry Prosperity Mixed A was established on February 4, 2017, with a latest scale of 8.972 billion CNY, achieving a return of 44.93% this year, ranking 713 out of 8209 in its category [2] Group 3: Fund Performance - The fund manager of Huaxia Industry Prosperity Mixed A is Zhong Shuai, who has been in the position for 5 years and 121 days, with a total asset scale of 13.26 billion CNY [3] - During Zhong Shuai's tenure, the best fund return was 160.03%, while the worst return was -8.58% [3] Group 4: Fund Holdings - Huaxia Fund also has a significant holding in Placo New Materials through Huaxia Growth Mid-Cap 200 ETF Initiated Link A (020837), which held 100 shares in the third quarter, unchanged from the previous period, accounting for 0.02% of the fund's net value [4] - The estimated floating profit for Huaxia Growth Mid-Cap 200 ETF today is approximately 334 CNY [4] - This fund was established on March 5, 2024, with a latest scale of 26.9822 million CNY, achieving a return of 18.96% this year, ranking 2248 out of 4208 in its category [4]

Market Overview - The metal new materials sector experienced a decline of 4.48% on November 21, with Shenzhen Xinxing leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock performances included: - Tunan Co., Ltd. (300855) closed at 27.24, up 0.52% with a trading volume of 103,300 shares and a turnover of 282 million yuan [1] - Shenzhen Xinxing (603978) closed at 31.42, down 10.00% with a trading volume of 289,700 shares and a turnover of 93.26 million yuan [2] - Other significant declines included Jiangnan New Materials (603124) down 7.24% and Platinum New Materials (300811) down 7.10% [2] Capital Flow - The metal new materials sector saw a net outflow of 776 million yuan from institutional investors, while retail investors had a net inflow of 825 million yuan [2] - The capital flow for specific stocks showed: - Tunan Co., Ltd. had a net inflow of 21.24 million yuan from institutional investors [3] - Shenzhen Xinxing experienced a net outflow of 68.27 million yuan from retail investors [3]

Core Viewpoint - The stock of Shenzhen Placo New Materials Co., Ltd. experienced a decline of 5.04%, trading at 67.12 CNY per share, with a total market capitalization of 19.451 billion CNY as of November 21 [1] Company Overview - Shenzhen Placo New Materials Co., Ltd. was established on September 17, 2009, and went public on December 30, 2019. The company specializes in the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components [1] - The main revenue composition includes: 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Fund Holdings - Nord Fund has one fund heavily invested in Placo New Materials. The Nord Flexible Allocation Mixed Fund (571002) held 4,600 shares in the third quarter, accounting for 3.61% of the fund's net value, ranking as the tenth largest holding [2] - The fund has reported a floating loss of approximately 16,400 CNY as of the latest data [2] Fund Manager Profile - The fund manager of Nord Flexible Allocation Mixed Fund (571002) is Zhu Hong, who has been in the position for 11 years and 238 days. The total asset size of the fund is 112 million CNY [3] - During Zhu Hong's tenure, the best fund return was 139.56%, while the worst return was -26.47% [3]

证券代码： 300811 证券简称：铂科新材 深圳市铂科新材料股份有限公司投资者关系活动记录表 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 (周四) 下午 11 20 14:30~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长杜江华 | | 员姓名 | 2、董事会秘书阮佳林 | | | 3、财务总监游欣 | | | 4、独立董事伊志宏 | | | 5、独立董事李音 | | | 6、独立董事谢春晓 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、杜总下午好！TDK 与台积电合作开发的封装内 ...