Market Overview - The metal new materials sector experienced a decline of 2.18% on November 14, with Shenzhen Xinxing leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Alloy Investment (Code: 000633) with a closing price of 8.23, up 10.03% and a trading volume of 722,400 shares [1] - Ni'an New Materials (Code: 688786) closed at 29.51, up 5.36% with a trading volume of 40,100 shares [1] - Major decliners included: - Shenzhen Xinxing (Code: 603978) closed at 36.12, down 6.45% with a trading volume of 391,100 shares [2] - Antai Technology (Code: 000969) closed at 19.18, down 6.35% with a trading volume of 1,027,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 722 million yuan from institutional investors, while retail investors contributed a net inflow of 783 million yuan [2][3] - Specific stock capital flows indicated: - Sry New Materials (Code: 688102) had a net inflow of 60.63 million yuan from institutional investors [3] - Jiangnan New Materials (Code: 603124) experienced a net outflow of 826,600 yuan from speculative funds [3]

Market Overview - The metal new materials sector experienced a decline of 2.16% on November 12, with Longda Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Notable performers in the metal new materials sector included: - Zhongke Sanhuan (Code: 000970) with a closing price of 13.79, up 1.70% and a trading volume of 313,300 shares [1] - Youyan Powder Materials (Code: 688456) closed at 47.01, up 0.99% with a trading volume of 10,800 shares [1] - Longda Co., Ltd. (Code: 688231) closed at 24.29, down 6.51% with a trading volume of 126,000 shares [2] Capital Flow Analysis - The metal new materials sector saw a net outflow of 1.012 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.104 billion yuan [2] - The capital flow for individual stocks showed varied trends, with Zhongke Sanhuan experiencing a net inflow of 26.0176 million yuan from institutional investors [3]

证券代码：300811 证券简称：铂科新材 公告编号：2025-076 深圳市铂科新材料股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者 为进一步加强与投资者的互动交流，深圳市铂科新材料股份有限公司（以 下简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳 上市公司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市 公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP, 参与本次互动交流，活动时间为 2025 年 11 月 20 日（周四）14:30-17:00。届 时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎 广大投资者踊跃参与！ 特此公告。 深圳市铂科新材料股份有限公司董事会 2025 年 11 月 12 日 网上集体接待日活动的公告 | 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 | | ...

Group 1 - The company has developed its own amorphous nanocrystalline powder, which has achieved industry-leading characteristics in high-frequency low-loss applications [2] - The product is currently in mass production and is experiencing rapid growth, enhancing the company's product portfolio in the high-end soft magnetic materials sector [2] - This development lays a solid foundation for the company's expansion into high-frequency application areas [2]

Core Insights - The steel industry is expected to gradually recover as demand stabilizes and supply-side adjustments begin to take effect, with potential acceleration if supply policies are implemented [3][4]. Group 1: Steel Market Overview - Steel prices have decreased, with total inventory also declining. Last week, the average price of rebar in Shanghai fell by 10 CNY/ton to 3200 CNY/ton, a decrease of 0.31% [8][12]. - Apparent consumption of five major steel products was 8.6693 million tons, down 5.4% week-on-week and 1.22% year-on-year [21][26]. - The production of steel decreased to 8.5674 million tons, a week-on-week decline of 18.55 thousand tons [31]. Group 2: Supply and Demand Dynamics - The operating rate of blast furnaces among 247 steel mills increased to 83.13%, up 1.38 percentage points week-on-week, while electric furnace operating rates decreased [27][29]. - The profitability of steel companies has declined, with an average profit margin of 39.83%, down 5.19 percentage points week-on-week [27][30]. - The report anticipates that the demand for steel will stabilize, particularly as the negative impact from the real estate sector diminishes, while infrastructure and manufacturing demand is expected to grow steadily [3][4]. Group 3: Raw Material Prices - Iron ore prices have decreased, with spot prices dropping by 26 CNY/ton to 774 CNY/ton, a decline of 3.25% [46]. - The inventory of iron ore at ports increased to 14898.83 million tons, up 2.45% week-on-week [49]. - The total shipment volume of iron ore from Brazil and Australia has decreased, indicating a tightening supply [50][53]. Group 4: Investment Recommendations - The report maintains an "overweight" rating for the steel sector, highlighting that companies with product structure and cost advantages will benefit from the industry's transition towards higher quality development [4]. - Key recommendations include Baosteel, Hualing Steel, and Shougang, which are noted for their technological and structural advantages [4].

Group 1 - The core viewpoint of the article highlights significant target price increases for certain companies, with Weigao Orthopedics, Gree Electric Appliances, and Sany Heavy Industry leading the rankings with target price increases of 46.70%, 40.99%, and 37.03% respectively [1] - On November 5, a total of 98 listed companies received recommendations from brokerages, with Heng Rui Medicine, Placo New Materials, and Kweichow Moutai each receiving two recommendations [1] - Shanghai Yanpu's rating was downgraded by Huachuang Securities from "strong buy" to "recommend" on November 5 [1]

Core Insights - The company, Placo New Materials, has evolved from a challenging start in 2009 to become a leading player in the global metal soft magnetic powder core market, ranking among the top five manufacturers [1][2][3] - The company focuses on two main tracks: electrification and intelligence, aiming to expand applications in AI, autonomous driving, robotics, and energy storage [1][2] - Placo New Materials has seen significant revenue growth, with projections indicating a rise from 141 million yuan in 2015 to 1.663 billion yuan in 2024, and net profit increasing from 23 million yuan to 376 million yuan in the same period [2][3] Business Segments - The metal soft magnetic powder core business has become the core pillar of the company, with projected sales revenue of 1.234 billion yuan in 2024, reflecting a year-on-year growth of 20.2% [3][4] - The chip inductor business, which focuses on AI servers and GPU applications, has emerged as a significant growth driver, with sales expected to reach 386 million yuan in 2024, a staggering increase of 275.76% [4][5] - The metal soft magnetic powder segment, as a key upstream raw material, is projected to generate sales of 39.94 million yuan in 2024, marking a 47.31% increase [4][5] Market Opportunities - The company is well-positioned to benefit from the historical growth opportunities in sectors such as photovoltaics, new energy vehicles, and data centers, driven by policies promoting "dual carbon" and "new infrastructure" [2][3] - The market for chip inductors is expected to reach a scale of hundreds of billions, with significant potential for growth as the industry shifts from ferrite materials to metal soft magnetic materials [4][5] Management Philosophy - The company employs a unique management system that integrates scientific methods with traditional Chinese culture, focusing on building systematic capabilities to adapt to market uncertainties [5][6] - The management philosophy emphasizes a non-interventionist approach, allowing research teams to focus on market-driven development while ensuring alignment with organizational goals [5][6]

证券代码：300811 证券简称：铂科新材 公告编号：2025-075 深圳市铂科新材料股份有限公司 关于使用部分闲置募集资金和自有资金进行现金管理的进展公告 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 2 月 25 日召开第四届董事会第七次会议及第四届监事会第六次会议，审议通过了《关于 使用部分闲置募集资金和自有资金进行现金管理的议案》，同意公司在不影响募 投项目建设和正常生产经营的情况下，使用额度不超过人民币 30,000 万元的闲 置募集资金和不超过人民币 20,000 万元的自有资金进行现金管理。具体内容详 见公司于 2025 年 2 月 25 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关 于使用部分闲置募集资金及自有资金进行现金管理的公告》。近期，公司购买了 新的理财产品，具体情况如下： 委托方 受托方 产品名称 金额 （万元） 产品起 息日 产品 到期 日 预期年 化收益 率 产品 类型 资金 来源 深 圳 市 铂 科 新 材 料 股 份 有 限 公司 中 国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.301 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 6.03% [4] - The net profit attributable to the parent company for the same period was approximately 294 million yuan, with a year-on-year increase of about 2.48% [4] - The comprehensive gross margin for the first three quarters was approximately 40.5%, showing a slight decline of about 0.1 percentage points year-on-year [4] - In Q3 2025, the company achieved a revenue of approximately 440 million yuan, a year-on-year increase of about 2.18%, but a quarter-on-quarter decline of about 7.76% [4] - The net profit for Q3 2025 was approximately 102 million yuan, reflecting a year-on-year growth of about 1.01% and a quarter-on-quarter decline of about 13.56% [4] Summary by Sections Financial Performance - The company’s revenue for 2025 is projected to be 1.853 billion yuan, with a year-on-year growth of 11.4% [10] - The net profit attributable to the parent company is expected to be 420 million yuan, with a year-on-year growth of 11.9% [10] - The gross margin is forecasted to be 40.2% in 2025 [10] Research and Development - The company has increased its R&D investment, with R&D expenses for the first three quarters of 2025 amounting to approximately 94 million yuan, a year-on-year increase of about 34.26% [5] - In Q3 2025, R&D expenses were approximately 32 million yuan, reflecting a year-on-year growth of about 18.52% [5] Business Segments - The metal soft magnetic powder core business has shown steady revenue growth across various sectors, including communications, servers, and new energy [6] - The chip inductor business experienced a temporary decline in revenue due to client solution changes but has resumed growth in Q2 2025 [6] Investment Recommendations - The company is expected to achieve revenues of 1.85 billion yuan in 2025, 2.54 billion yuan in 2026, and 3.13 billion yuan in 2027 [7] - The projected net profits for the same years are 420 million yuan, 615 million yuan, and 763 million yuan respectively [7] - The corresponding EPS is expected to be 1.45 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7]

Summary of Key Points Core Viewpoint - The financing balance of the ChiNext market has decreased, with a total of 527.88 billion yuan, reflecting a reduction of 16.13 billion yuan from the previous trading day, while 17 stocks saw an increase in financing balance of over 10% [1][2]. Financing Balance Overview - The latest financing balance for ChiNext stocks is 526.03 billion yuan, down by 16.26 billion yuan compared to the previous day [1]. - The margin trading balance for ChiNext stocks is 527.88 billion yuan, with a decrease of 16.13 billion yuan from the previous trading day [1]. Stocks with Increased Financing Balance - A total of 462 stocks experienced an increase in financing balance, with 17 stocks showing an increase of over 10% [1]. - The stock with the highest increase in financing balance is Zhongfu Circuit (300814), which saw a financing balance of 673.41 million yuan, an increase of 46.83%, and its stock price rose by 9.95% [3]. - Other notable stocks with significant increases include Baicheng Pharmaceutical (301096) and Boying Special Welding (301468), with increases of 27.52% and 24.85%, respectively [1][3]. Stocks with Decreased Financing Balance - A total of 484 stocks saw a decrease in financing balance, with 51 stocks experiencing a decline of over 5% [3]. - The stock with the largest decrease is Jundingda (301538), with a financing balance of 159.16 million yuan, down by 21.42% [4]. - Other stocks with significant declines include Xice Testing (301306) and Huaxing Chuangye (300025), with decreases of 19.55% and 19.11%, respectively [4]. Market Performance - Among the stocks with increased financing balance, the average increase in stock price was 1.85%, with 13 stocks rising [2]. - The stocks with the highest price increases include Zhongfu Circuit, Kexiang Co. (300903), and Dongya Machinery (301028), with increases of 9.95%, 9.05%, and 6.49%, respectively [2]. - Conversely, Baicheng Pharmaceutical, Haili Wind Power (301155), and Boying Special Welding experienced the largest declines, with decreases of 10.78%, 7.51%, and 6.52%, respectively [2]. Capital Flow - On November 4, 13 stocks with increased financing balance saw net inflows of main funds, with Kexiang Co., Zhongke Information (300678), and Boke New Materials (300811) leading with net inflows of 116 million yuan, 108 million yuan, and 79.31 million yuan, respectively [2]. - Conversely, four stocks experienced net outflows, with Baicheng Pharmaceutical, Xingyuan Zhuomei (301398), and Zhiyuan New Energy (300985) seeing the largest outflows of 326 million yuan, 3.51 million yuan, and 2.77 million yuan, respectively [2].