Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with chip inductors continuously benefiting from the AI industry's prosperity [6] - The company achieved a revenue of 1.663 billion RMB in 2024, representing a year-on-year growth of 43.54%, and a net profit of 376 million RMB, with a year-on-year increase of 46.90% [8] - The company is expected to maintain strong growth in the coming years, with projected net profits of 468 million RMB in 2025 and 579 million RMB in 2026, reflecting growth rates of 24.69% and 23.49% respectively [8] Financial Performance Summary - In 2024, the company reported a revenue of 1.663 billion RMB, with a gross margin of 40.7% and a net margin of 22.5% [8][10] - The first quarter of 2025 saw a revenue of 383 million RMB, a year-on-year increase of 14.4% [8] - The company is expected to achieve revenues of 2.041 billion RMB in 2025, with a year-on-year growth rate of 22.75% [7] Profitability and Valuation - The projected earnings per share (EPS) for 2025 is 1.62 RMB, with a price-to-earnings (P/E) ratio of 24.90 [7][10] - The return on equity (ROE) is expected to be 17.12% in 2025, indicating strong profitability [10] - The company is positioned in a high-growth sector, with chip inductors expected to drive significant revenue contributions [8] Growth Potential - The company is expanding its production capacity and has initiated a project for a high-end metal soft magnetic materials and components production base in Thailand [8] - The chip inductor segment is anticipated to become a new growth driver, with revenue contributions projected to increase significantly in the coming years [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.66 billion yuan for 2024, representing a year-on-year growth of about 43.5%. The net profit attributable to shareholders was approximately 380 million yuan, with a year-on-year increase of about 46.9%. The gross margin was approximately 40.7%, up by about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 380 million yuan, a year-on-year growth of about 14.4%, but a quarter-on-quarter decline of about 12.1%. The net profit attributable to shareholders was approximately 70 million yuan, with a year-on-year increase of about 3.1% and a quarter-on-quarter decline of about 17.3%. The gross margin was 37.7%, down by about 0.2 percentage points year-on-year and down by about 3.2 percentage points quarter-on-quarter [5] - The company plans to increase R&D investment, with an R&D expense ratio of 7.0% in 2024 and expectations for continued increases in 2025. The current R&D expenses are primarily focused on chip inductors, with the fifth-generation iron-silicon products already on the market [6] - The company's three major AI-driven business segments are expected to see significant revenue growth, with capacity likely to continue being released. The metal soft magnetic powder core segment is projected to achieve revenue of 1.23 billion yuan in 2024, a year-on-year increase of 20.2% [6] - The inductor components segment is expected to achieve revenue of 390 million yuan in 2024, a year-on-year increase of 275.8%. The company has entered the supplier lists of several well-known semiconductor manufacturers, laying the groundwork for future mass production [6] - The company anticipates net profits of 492 million yuan, 614 million yuan, and 722 million yuan for 2025, 2026, and 2027, respectively, with a slight downward adjustment for 2025 compared to previous expectations [7] Financial Summary - For 2024, the company expects operating revenue of 1.66 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to shareholders is projected to be 376 million yuan, with a year-on-year increase of 46.9% [11] - The gross margin is expected to remain stable at around 40.7% for 2025, with a projected net profit of 492 million yuan, reflecting a year-on-year growth of 31.0% [11] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 23.71, 19.00, and 16.16, respectively [11]

Group 1: Core Views - The recent upgrades in stock ratings by brokerages are primarily concentrated in sectors with significant performance growth, rising industry sentiment, or turnaround situations, particularly in AI and robotics [2][5] - The number of stocks downgraded by brokerages has reached a year-to-date high, with notable downgrades in the coal and tourism sectors [5][6] Group 2: Upgraded Stocks - Multiple stocks in the AI and robotics sectors have received rating upgrades, including: - Platinum New Materials, with a projected net profit of 376 million yuan for 2024, a year-on-year increase of 46.9% [2] - Huichang Communications, expected to achieve a net profit of 29 million yuan in 2024, turning profitable with a 12.28% year-on-year revenue growth in Q1 [2] - Beijing Junzheng, with Q1 revenue of 1.06 billion yuan, a 5.3% year-on-year increase, and anticipated market recovery [3] - Keli Sensor, reporting a net profit of 76 million yuan in Q1, a nearly 76% year-on-year increase [3] - Nanshan Zhishang, recognized for its leading position in domestic wool spinning and new materials applications [3][4] Group 3: Downgraded Stocks - Several coal stocks have been downgraded, including: - Shanxi Coking Coal and Pingmei Shenma, downgraded to "overweight" due to weak coking coal prices [5] - Shanmei International, also downgraded to "overweight" despite low mining costs and potential production increases [5] - The tourism sector has seen downgrades, such as: - Jinjiang Hotels, with a Q1 net profit of 36 million yuan, down 81% year-on-year [5] - Miao Exhibition, downgraded due to declining revenue amid intensified competition [6] Group 4: Market Outlook - Brokerages are optimistic about AI and high-dividend sectors for May, with expectations of a continued oscillating market [7] - Recommendations include focusing on three main directions: financial dividends, self-sufficiency in industries like military, and domestic consumption [7] - The market is expected to follow a gentle recovery path, with attention on cyclical sectors and growth styles, particularly in AI and robotics [7]

Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend yield of 0.47% [1] Financial Performance - In Q1 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 14.40% and a quarter-on-quarter increase of 12.11% [1] - The net profit for Q1 2025 was 73.76 million yuan, reflecting a year-on-year increase of 3.13% but a quarter-on-quarter decrease of 17.34% [1] - The company's gross margin and net margin for 2024 were 40.70% and 22.48%, respectively, both showing year-on-year improvements [2] - For Q1 2025, the gross margin and net margin were 37.68% and 19.16%, respectively, indicating a quarter-on-quarter decline primarily due to changes in product structure [2] Business Growth - The company experienced high-quality growth in its three main business segments: magnetic powder cores, chip inductors, and soft magnetic powder, driven by strong demand in AI, photovoltaics, and new energy vehicles [2] - Revenue from metal soft magnetic powder cores reached 1.234 billion yuan, a year-on-year increase of 20.2%, solidifying the company's market leadership [2] - Chip inductors generated sales of 386 million yuan, a significant year-on-year increase of 275.76%, indicating strong growth potential [2] - Revenue from metal soft magnetic powder was 399.4 million yuan, up 47.31% year-on-year, driven by demand from emerging applications [2] Project Development - The company announced plans to invest up to 100 million yuan to establish a high-end metal soft magnetic materials and magnetic components production base in Thailand [3] - A new project for high-end integrated inductors is planned with an investment of 454 million yuan, aimed at addressing capacity bottlenecks [3] - The company is also expanding its production capacity with a new modern powder production base expected to reach an annual capacity of 6,000 tons by 2025 [3] Investment Outlook - The company's core business in magnetic powder cores is positioned to benefit from the new energy sector and is extending its reach into the upstream chip inductor segment [4] - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.54 billion yuan, and 3.05 billion yuan, with expected year-on-year growth rates of 25.1%, 21.9%, and 20.5% respectively [4] - Net profit forecasts for the same period are 451 million yuan, 558 million yuan, and 684 million yuan, with growth rates of 20.1%, 23.7%, and 22.6% respectively [4]

证券代码：300811 证券简称：铂科新材 公告编号：2025-042 深圳市铂科新材料股份有限公司 关于公司 2021 年限制性股票激励计划预留授予部分 第三个归属期归属结果暨股份上市的公告 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。 特别提示： 1、本次归属人数：5 人。 2、本次归属股票数量：61,690 股，占目前公司总股本的 0.02%。 3、本次归属股票上市流通时间：2025 年 5 月 7 日 4、本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 5、本次股票类型：第二类限制性股票 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 1 月 16 日召开第四届董事会第六次会议和第四届监事会第五次会议，审议通过了《关 于公司 2021 年限制性股票激励计划预留授予部分第三个归属期归属条件成就的 议案》。近日，公司完成了 2021 年限制性股票激励计划预留授予部分第三个归 属期归属股票的登记。现将有关具体情况公告如下： 一、2021 年限制性股票激励计划实施情况概要 2021 年 2 月 26 日，公司召开 2021 ...

Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 52.2 CNY per share, reflecting a potential upside of over 20% from the current price of 40.22 CNY [7][11]. Core Insights - The company achieved impressive financial results in 2024, with revenue of 1.663 billion CNY, a year-on-year increase of 43.5%, and a net profit of 376 million CNY, up 46.9% year-on-year [1][5]. - The growth in revenue is driven by the strong performance of chip inductors, which saw a remarkable year-on-year increase of 275.8% in 2024 [2][4]. - The company is well-positioned to benefit from the increasing demand in high-performance computing and renewable energy sectors, establishing long-term partnerships with major brands like BYD, Gree, and Huawei [4][11]. Financial Performance - In 2024, the company reported a gross margin of 40.4%, an increase of 1.2 percentage points year-on-year, with a net margin of 22.5%, up 0.4 percentage points year-on-year [3]. - The first quarter of 2025 showed a revenue of 383 million CNY, a year-on-year increase of 14.4%, although it experienced a quarter-on-quarter decline of 12.1% due to seasonal factors [1][3]. - The company’s EBITDA for 2024 is projected at 633.31 million CNY, with a net profit forecast of 375.72 million CNY for the same year [6][14]. Growth Drivers - The company is expanding its production capacity for chip inductors, with a target of 20 million pieces per year, which is expected to alleviate capacity constraints and contribute significantly to revenue growth [4][11]. - The ongoing development of new product lines, including the fifth generation of iron-silicon magnetic powder cores, is anticipated to enhance the company's competitive edge in the market [4][11]. - The establishment of a production base in Thailand is expected to further support the company's growth in international markets [4][11]. Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2025 is 23.11, which is below the industry average of 34x, indicating potential undervaluation [11][12]. - The report suggests a target P/E of 30x for 2025, leading to a market capitalization estimate of 150.6 billion CNY [11][12].

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company demonstrated strong growth in 2024, achieving revenue of 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% [3]. - The chip inductor business has shown explosive growth, with a CAGR of 279% from 2020 to 2024, contributing 23.21% to total revenue in 2024 [4]. - The alloy soft magnetic powder core business remains a pillar with a revenue increase of 20.2% to 1.234 billion yuan in 2024 [5]. - The metal soft magnetic powder business is emerging as a third growth driver, with a significant revenue increase of 47.31% to 39.94 million yuan in 2024 [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan and a net profit of 376 million yuan, with basic earnings per share of 1.34 yuan [3]. - The first quarter of 2025 saw a revenue of 383 million yuan, a year-on-year increase of 14.40%, and a net profit of 74 million yuan, up 3.13% [3]. Business Segments - The chip inductor business is now a significant growth driver, with a revenue increase of 275.76% in 2024, and plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [4]. - The alloy soft magnetic powder core business reported a revenue of 1.234 billion yuan in 2024, with production and sales both increasing significantly [5]. - The metal soft magnetic powder business is expected to expand with a new factory planned to achieve an annual capacity of 6,000 tons [10]. R&D and Competitive Advantage - The company increased R&D expenses by 56% to 117 million yuan, representing 7.04% of revenue, focusing on enhancing core competitiveness through technology innovation [11]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and government support [12]. Financial Projections - Revenue projections for 2025-2027 are 2.237 billion yuan, 2.575 billion yuan, and 3.057 billion yuan, respectively, with corresponding net profits of 512 million yuan, 628 million yuan, and 754 million yuan [12][13]. - The expected EPS for 2025-2027 is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [12].

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Views - The company demonstrated strong growth in 2024, achieving revenue of 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% [3]. - The chip inductor business has shown explosive growth, with a CAGR of 279% from 2020 to 2024, contributing 23.21% to total revenue in 2024 [4]. - The alloy soft magnetic powder core business remains a pillar, with revenue growth of 20.2% to 1.234 billion yuan in 2024 [5]. - The metal soft magnetic powder business is emerging as a third growth driver, with a significant revenue increase of 47.31% to 39.94 million yuan in 2024 [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan and a net profit of 376 million yuan, with basic earnings per share of 1.34 yuan [3]. - The first quarter of 2025 saw steady growth, with revenue of 383 million yuan, a 14.40% increase year-on-year, and a net profit of 74 million yuan, up 3.13% [3]. Business Segments - The chip inductor business is now a significant growth driver, with a revenue increase of 275.76% in 2024, and plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [4]. - The alloy soft magnetic powder core business reported a revenue of 1.234 billion yuan in 2024, with production and sales both increasing significantly [5]. - The metal soft magnetic powder business is expected to expand with the establishment of a new factory, aiming for an annual capacity of 6,000 tons [11]. R&D and Competitive Advantage - The company increased its R&D expenditure by 56% to 117 million yuan in 2024, representing 7.04% of revenue, focusing on enhancing its core competitiveness through technological innovation [12]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and strong brand influence [13]. Financial Projections - Revenue projections for 2025-2027 are 2.237 billion yuan, 2.575 billion yuan, and 3.057 billion yuan, respectively, with corresponding net profits of 511 million yuan, 628 million yuan, and 754 million yuan [14]. - The expected EPS for the same period is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [14].

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 - The core viewpoint of the article highlights that Mingyuan Investment has recently conducted research on a listed company, focusing on its advancements in chip inductors and magnetic powder core products [1] - The company, Placo New Materials, has launched multiple series of chip inductor products, gaining validation from several well-known chip manufacturers and is accelerating mass delivery [1] - The magnetic powder core products are primarily utilized in various sectors including photovoltaic power generation, new energy vehicles, charging piles, data centers, energy storage, communication power supplies, variable frequency air conditioning, power quality rectification, and rail transportation [1] Group 2 - Mingyuan Investment, established in 2014 with a registered capital of 10 million yuan, is based in Shanghai and focuses on quantitative investment [1] - The firm has a strong background in data mining, statistical analysis, and software development, creating a comprehensive trading system and asset management platform [1] - Mingyuan Investment's business encompasses market analysis, strategy development, asset allocation, risk management, and system development, making it one of the leading quantitative investment institutions in China [1]