证券代码：300811 证券简称：铂科新材 公告编号：2024-026 深圳市铂科新材料股份有限公司 关于 2021 年限制性股票激励计划作废部分已授予尚未归属的第 二类限制性股票的公告 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。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2024 年 5 月 15 日 召开第三届董事会第二十六次会议和第三届监事会第二十四次会议，审议通过了 《关于 2021 年限制性股票激励计划作废部分已授予尚未归属的第二类限制性股 票的议案》，现将有关具体情况公告如下： 一、公司 2021 年限制性股票激励计划已履行的决策程序和信息披露情况 1、2021 年 2 月 9 日，公司第二届董事会第十六次会议审议通过了《关 于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》、《关于公司 <2021 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请股东大 会授权董事会办理股权激励相关事宜的议案》，公司独立董事就本次股权激励计 划是否有利于公司的持续发展及是否存在损害公司及全体股东利益的情形发表 了独立意见。 2 ...

证券代码：300811 证券简称：铂科新材 公告编号：2024-025 深圳市铂科新材料股份有限公司 2023 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 一、会议召开和出席情况 1、 召开时间：2024 年 5 月 10 日（星期五）14:00 2、 召开地点：深圳市南山区沙河西路 3157 号南山智谷产业园 B 座 13F 会 议室 3、 召开方式：现场及网络 4、 召集人：董事会 5、 主持人：董事长杜江华先生 6、 本次会议的召集、召开符合《中华人民共和国公司法》、《上市公司 股东大会规则》、《深圳证券交易所创业板股票上市规则》等有关法律、行政法 规、部门规章、规范性文件和《深圳市铂科新材料股份有限公司章程》的有关规 定。 二、会议出席情况 （一）股东出席的总体情况 参加本次股东大会现场会议和网络投票表决的股东及股东代理人共 35 人， 代表有表决权的公司股份数合计为 119,060,154 股，占公司有表决权股份总数 198,857,048 股的 59.8722%。其中：通过现场投票的股东共 10 人，代表有表决 ...

北京市天元律师事务所 关于深圳市铂科新材料股份有限公司 2023 年年度股东大会的法律意见 京天股字（2024）第 174 号 致：深圳市铂科新材料股份有限公司 1 分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发表的结论性意 见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本所及经办律师同意将本法律意见作为本次股东大会公告的法定文件，随同其他 公告文件一并提交深圳证券交易所（以下简称深交所）予以审核公告，并依法对出具 的法律意见承担责任。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司提供 的文件和有关事实进行了核查和验证，现出具法律意见如下： 一、 本次股东大会的召集、召开程序 公司第三届董事会于 2024 年 4 月 18 日召开第二十四次会议作出决议召集本 次股东大会并于 2024 年 4 月 20 日通过指定信息披露媒体发出了《召开股东大会通 知》。《召开股东大会通知》中载明了召开本次股东大会的时间、地点、审议事项、 投票方式和出席会议对象等内容。 本次股东大会采用现场表决和网络投票相结合的方式召开。本次股东大会现场 会议于 2024 年 ...

Investment Rating - The investment rating for the company is "Hold" with a target price not specified for the next 6 months [1][14]. Core Insights - The company's revenue for 2023 reached 1.16 billion yuan, representing a year-on-year increase of 8.7%, while the net profit attributable to the parent company was 240 million yuan, up 29.6% year-on-year. For Q1 2024, revenue was 340 million yuan, a 15.3% increase year-on-year, with a net profit of 70 million yuan, up 5.1% year-on-year [1][9]. - The slowdown in photovoltaic demand affected revenue growth in 2023, but the chip inductor business exceeded expectations, supporting high growth in performance. The soft magnetic powder core revenue for 2023 was 1.03 billion yuan, a slight increase of 0.4% year-on-year, primarily due to lower-than-expected overseas distributed photovoltaic installations [1][6]. - The gross profit margin for the company improved, with a comprehensive gross margin of 39.6% in 2023, up 2.0 percentage points year-on-year. The net profit margin was 22.1%, an increase of 3.9 percentage points year-on-year [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 1.16 billion yuan and a net profit of 240 million yuan. The revenue growth rate for 2024 is projected at 28.25%, with net profit expected to grow by 22.11% [2][9]. - The company forecasts EPS for 2024, 2025, and 2026 to be 1.57 yuan, 2.15 yuan, and 2.99 yuan respectively, with corresponding dynamic PE ratios of 36, 26, and 19 [1][9]. Business Segments - The magnetic inductor components segment saw a revenue of 100 million yuan in 2023, a significant increase of 406.5% year-on-year, driven by large-scale production for AI chip applications [1][6]. - The alloy soft magnetic powder segment is expected to see a sales growth rate of 19.99% in 2024, with a stable gross margin of 53.78% [5][6]. Market Outlook - The company is optimistic about the long-term demand for AI-related products, which is expected to drive the growth of the chip inductor business. The report indicates a strong demand outlook for AI chips, which will likely enhance profitability [1][5].

Investment Rating - The report gives a "Buy" rating for the company, citing its strong position in the soft magnetic materials sector and the potential growth from its chip inductor business [42][70][73] Core Views - The company is a leader in the soft magnetic powder core sector, benefiting from the high growth of the new energy industry, particularly in photovoltaic and electric vehicle applications [33][38][42] - The chip inductor business, a new growth driver, is expected to see rapid expansion due to the increasing demand for AI computing power, with a projected 5-year CAGR of 41.6% [12][14][43] - The company has a dual-base production layout (Huidong and Heyuan), with capacity expected to reach over 50,000 tons by 2025, supporting its long-term growth [33][136] Product and Capacity - The company has a comprehensive product matrix, including alloy soft magnetic powder, powder cores, and inductor components, with a focus on high-power density and miniaturization [85][87] - The chip inductor business is expected to expand its monthly capacity to 10-15 million units by 2024, driven by AI server demand [34][147] - The company has established a joint venture with core employees to optimize resource allocation and enhance competitiveness in the chip inductor sector [3][34] Market Space and Growth - The global market for alloy soft magnetic powder cores is projected to grow from 4.59 billion yuan in 2022 to 10.01 billion yuan in 2025, with a 3-year CAGR of 29.7% [42][105] - The chip inductor market is expected to grow from 710 million yuan in 2022 to 4.06 billion yuan in 2027, driven by AI server demand, with a 5-year CAGR of 66.9% [14][43] - The company's alloy soft magnetic powder core business is expected to maintain a high gross margin of around 38% from 2024 to 2026 [37][150] Financial Performance - The company's revenue grew from 320 million yuan in 2018 to 1.16 billion yuan in 2023, with a 5-year CAGR of 29.0% [62] - Net profit attributable to shareholders increased from 70 million yuan in 2018 to 260 million yuan in 2023, with a 5-year CAGR of 30.0% [62] - The company's R&D expenses have consistently accounted for 5-7% of its revenue, supporting its technological leadership [89][90] Competitive Advantages - The company has a vertically integrated supply chain, from alloy soft magnetic powder to powder cores and inductor components, which enhances cost efficiency and profitability [33][135] - It has established strong relationships with key customers, including ABB, BYD, Huawei, and ZTE, ensuring stable demand and market penetration [110][111] - The company's chip inductor products have been validated by several international chip manufacturers, with mass production and delivery starting in the second half of 2023 [34][145]

证券代码：300811 证券简称：铂科新材 公告编号：2024-024 深圳市铂科新材料股份有限公司 关于召开2023年年度股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2024 年 4 月 20 日 在在中国证监会指定的创业板信息披露媒体上发布了《关于召开 2023 年年度股 东大会的通知》（公告编号：2024-010）。本次股东大会采取现场投票和网络投 票相结合的方式召开，现将会议有关事项提示如下： 一、 召开会议的基本情况 1、股东大会届次：2023 年年度股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次会议的召集程序符合有关法律法规、行 政法规、部门规章、规范性文件和公司章程的规定。 4、会议召开的日期和时间： （1）现场会议时间：2024 年 5 月 10 日下午 14:00 （2）网络投票时间：2024 年 5 月 10 日，其中，通过深圳证券交易所（以下 简称"深交所"）交易系统进行网络投票的具体时间为 2024 年 5 月 10 日 0 ...

Investment Rating - The investment rating for the company is "Buy" [5]. Core Insights - The company reported a revenue of 1.16 billion yuan in 2023, an increase of 8.7% year-on-year, and a net profit attributable to the parent company of 256 million yuan, up 32.5% year-on-year [5]. - In Q1 2024, the company achieved a revenue of 335 million yuan, representing a quarter-on-quarter increase of 10.2% and a year-on-year increase of 15.3%, with a net profit of 72 million yuan, up 7.5% quarter-on-quarter and 9% year-on-year [5]. - The rapid growth in chip inductors and the steady recovery of magnetic powder cores are highlighted as key performance drivers [5]. Financial Performance Summary - Total revenue (in million yuan): - 2022: 1,066 - 2023: 1,159 - 2024E: 1,719 - 2025E: 2,235 - 2026E: 2,734 - Year-on-year growth rates: - 2022: 46.8% - 2023: 8.7% - 2024E: 48.4% - 2025E: 30.0% - 2026E: 22.3% [6]. - Net profit attributable to the parent company (in million yuan): - 2022: 193 - 2023: 256 - 2024E: 357 - 2025E: 479 - 2026E: 595 - Year-on-year growth rates: - 2022: 60.5% - 2023: 32.5% - 2024E: 39.8% - 2025E: 34.1% - 2026E: 24.1% [6]. - Gross margin: - 2022: 37.6% - 2023: 39.6% - 2024E: 40.2% - 2025E: 40.6% - 2026E: 40.8% [6]. - Return on equity (ROE): - 2022: 11.9% - 2023: 13.5% - 2024E: 13.9% - 2025E: 15.0% - 2026E: 15.5% [6]. - Earnings per share (EPS): - 2022: 1.76 - 2023: 1.29 - 2024E: 1.80 - 2025E: 2.41 - 2026E: 2.99 [6]. - Price-to-earnings ratio (P/E): - 2022: 49.20 - 2023: 41.10 - 2024E: 31.42 - 2025E: 23.43 - 2026E: 18.87 [6]. - Price-to-book ratio (P/B): - 2022: 6.89 - 2023: 5.91 - 2024E: 4.38 - 2025E: 3.51 - 2026E: 2.92 [6].

分析师声明 [Table_StockNameRptType] 铂科新材（300811） 公司研究/公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|----------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 57.70 CNY, indicating an expected return of over 10% relative to the CSI 300 index in the next six months [13][23]. Core Insights - The company reported a revenue of 1.16 billion CNY in 2023, representing a year-on-year increase of 8.7%, and a net profit attributable to shareholders of 256 million CNY, up 32.5% year-on-year [13]. - In Q1 2024, the company achieved a revenue of 335 million CNY, a quarter-on-quarter increase of 10.1%, and a net profit of 71.52 million CNY, up 6.9% from the previous quarter [13]. - The company is experiencing growth in its metal soft magnetic powder business, with revenue from this segment reaching 1.03 billion CNY, a significant increase of 406% year-on-year [13]. - The company is also expanding its product offerings, with new series of iron-silicon and iron-nickel magnetic powder cores gaining market share [13]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.066 billion CNY in 2023 to 1.527 billion CNY in 2024, reflecting a growth rate of 31.83% [16]. - The net profit is expected to increase from 193 million CNY in 2023 to 343 million CNY in 2024, with a growth rate of 34.28% [16]. - The earnings per share (EPS) is forecasted to be 1.73 CNY in 2024, compared to 1.76 CNY in 2023 [16]. Business Segment Performance - The metal soft magnetic powder segment generated revenue of 1.03 billion CNY, with a production volume of 32,326 tons, reflecting a year-on-year increase of 5.35% [13]. - The company’s high-spherical ultra-fine iron-silicon-chromium powder has begun mass production, contributing to import substitution [13]. - The chip inductor segment has seen significant growth, with revenue reaching 1.03 billion CNY, driven by demand from AI chip manufacturers [13]. Market Outlook - The company anticipates continued growth in the photovoltaic inverter market, with increasing demand for replacement in existing installations [13]. - The introduction of new products and enhancements in existing product lines are expected to further drive revenue growth [13].

股 票 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|----------------------|---------------------------|-------|---------------|---------------| | | | 财务预测（单位：百万元） | | [Table_Page] | 铂科新材 | | [Table_OtherInfo] [Table_Industry] 模型更新时间： | 2024.04.26 | [Table_Forcast] | | | | | 股票研究 | | 损益表 | | 2022A | 2023A | | | | 营业总收入 | | 1,066 | 1,159 | | 原材料 | | 营业成本 | | 665 | 700 | | | | 税金及附加 | | 7 | 10 | | 金属，采矿，制品 | | 销售费用 | | 24 | 21 | | ...