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 2024 年度以简易程序向特定对象发行股票方案 论证分析报告 （修订稿） 二〇二四年十一月 深圳市铂科新材料股份有限公司（以下简称"铂科新材"、"公司"或"本公司"） 是在深圳证券交易所创业板上市的公司，为满足公司业务发展的资金需求，增加公司 资本实力，提升盈利能力，公司考虑自身实际情况，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和 《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、 法规和规范性文件的规定，公司拟实施 2024 年度以简易程序向特定对象发行股票（以 下简称"本次发行"）。 根据本次发行竞价结果，本次发行拟募集资金总额为 30,000.00 万元，扣除发行费 用后的募集资金净额全部用于以下投资项目： 单位：万元 | 项目名称 | 投资总额 | 拟使用募集资金金额 | | --- | --- | --- | | 新型高端一体成型电感建设项目 | 45,403.91 | 30,000.00 | 在本次发行募集资金到位前，公司可根据募集 ...

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 2024 年度以简易程序向特定对象 发行股票预案 （修订稿） 二〇二四年十一月 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 2、本预案按照《中华人民共和国证券法》、《上市公司证券发行注册管理 办法》等相关规定编制。 3、本次以简易程序向特定对象发行股票完成后，公司经营与收益的变化由 公司自行负责；因本次以简易程序向特定对象发行股票引致的投资风险，由投资 者自行负责。 4、本预案是公司董事会对本次以简易程序向特定对象发行股票的说明，任 何与之相反的声明均属不实陈述。 5、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 6、本预案所述事项并不代表审批机关对于本次以简易程序向特定对象发行 股票相关事项的实质性判断、确认、批准或注册同意，本预案所述本次以简易程 序向特定对象发行股票相关事项的生效和完成尚需深圳证券交易所审核通过并 获得中国证监会同意注册的决定。 本次发行的所有发行对象均以人民币现金方式并以同一价格认购公司本次 发行的股票。 3、 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company has experienced rapid growth in revenue and net profit, driven by increased sales and the expansion of chip inductor revenue, with a year-on-year revenue growth of 43.63% and a net profit growth of 51.69% in the first three quarters of 2024 [1][2]. - The company is well-positioned to benefit from the growing demand for metal soft magnetic materials in various sectors, including AI, new energy vehicles, and data centers, with significant partnerships established with leading companies [3][7]. - The company has a robust order book for chip inductors, particularly in the AI server market, which is expected to continue its growth trajectory [4][6]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.65 billion yuan, with a year-on-year growth rate of 42.5%, and a net profit of 390 million yuan, reflecting a growth rate of 52.6% [1][11]. - The gross margin for the first three quarters of 2024 was 40.63%, an increase of 1.05 percentage points year-on-year, while the net profit margin was 23.23%, up by 1.11 percentage points [2]. - The company’s earnings per share (EPS) is expected to grow from 0.91 yuan in 2023 to 1.39 yuan in 2024, with a projected price-to-earnings (P/E) ratio decreasing from 52.0 to 34.0 over the same period [1][11]. Market Position and Growth Potential - The company has successfully introduced its metal soft magnetic powder core products to high-quality domestic and international clients, with a market share gradually increasing to approximately 10% of total revenue in 2023 [3]. - The company is expanding its production capacity, with plans to increase output at its Heyuan production base and the construction of a new powder factory expected to be completed by 2025 [3]. - The global AI server market is projected to grow significantly, with the company’s chip inductor products tailored for AI applications showing strong market potential [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 1.227 billion yuan (up 43.6% year-on-year) and a net profit of 286 million yuan (up 51.7% year-on-year) [1] - The recovery of soft magnetic powder cores and the high growth of chip inductors are driving revenue growth, with Q3 revenue reaching 431 million yuan (up 58.1% year-on-year) [1] - The company is focusing on developing its new main business in chip inductors, benefiting from AI server demand, and has received recognition from major semiconductor manufacturers [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 40.9% and a net margin of 23.3% [1] - The company forecasts net profits of 381 million yuan, 481 million yuan, and 613 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 48.8%, 26.3%, and 27.5% [1][2] - The projected P/E ratios for 2024, 2025, and 2026 are 36, 29, and 23 respectively, indicating a favorable valuation as the company continues to grow [1][2] Revenue and Profit Forecast - Revenue is expected to grow from 1.672 billion yuan in 2024 to 2.483 billion yuan in 2026, with corresponding growth rates of 44.37% and 22.44% [2][4] - The company's earnings per share (EPS) are projected to increase from 1.35 yuan in 2024 to 2.18 yuan in 2026 [2][4] Market Position and Strategy - The company is establishing itself in the high-growth sectors of energy storage and new energy, with chip inductors expected to become a second growth driver [1] - The company is actively developing new products suitable for AI server power circuits, with small-scale production already achieved for the TLVR inductor [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q3 2024 met expectations, with a sustained high demand for chip inductors [1] - The company reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 43.63%, and a net profit attributable to shareholders of 286 million yuan, up 51.69% year-on-year [1] - The gross margin improved to 40.93%, an increase of 3.27 percentage points year-on-year, indicating significant enhancement in profitability [1] - The company is expanding its customer base, securing partnerships with renowned semiconductor manufacturers such as MPS and Infineon, which is expected to support continued high growth in chip inductors [1] - The company plans to raise 300 million yuan for a new high-end integrated inductor project, aimed at addressing capacity and performance constraints [1] Financial Summary - For 2024, the company forecasts revenues of 1.6 billion yuan, with a year-on-year growth of 38.1%, and a net profit of 376 million yuan, reflecting a 47% increase [2] - The projected gross margin for 2024 is 39.1%, slightly down from 39.6% in 2023, while the return on equity (ROE) is expected to rise to 16.2% [2] - The company anticipates a steady increase in revenue and net profit through 2026, with revenues reaching 2.463 billion yuan and net profits of 583 million yuan [2][3]

Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [10]. Core Views - The company, Placo New Materials (300811), reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43.6% [1]. - The net profit attributable to shareholders reached 286 million yuan, up 51.7% year-on-year, with a basic EPS of 1.02 yuan [1]. - The company benefits from strong demand in downstream sectors such as artificial intelligence, new energy vehicles, and photovoltaics, leading to high-quality growth in its three main business areas: magnetic powder cores, chip inductors, and soft magnetic powders [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 431 million yuan, a year-on-year increase of 58.1% but a quarter-on-quarter decrease of 6.6% [1]. - The gross profit margin and net profit margin for the first three quarters of 2024 were 40.6% and 23.2%, respectively, with improvements of 1.05 percentage points and 1.11 percentage points year-on-year [1]. - The company’s Q3 2024 gross profit margin was 40.9%, showing a slight decrease from the previous quarter [1]. Business Growth - The metal soft magnetic powder core business has shown steady growth, with significant revenue increases driven by rapid growth in applications related to new infrastructure and artificial intelligence [1]. - The chip inductor business is increasingly contributing to the company's revenue, indicating a strong growth potential [1]. - The company has gained recognition and cooperation from major clients such as BYD and Huawei in the new energy vehicle and charging pile sectors [1]. Future Outlook - The company is expected to continue expanding its chip inductor production capacity to meet the growing demand in computing power construction [1]. - The construction of a new powder factory with an annual capacity of 6,000 tons is underway, which is anticipated to alleviate production bottlenecks in external sales [1]. - Revenue projections for the coming years indicate a consistent growth trajectory, with expected revenues of 1.698 billion yuan in 2024 and 2.161 billion yuan in 2025, reflecting growth rates of 46.54% and 27.26%, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of 10%-20% over the next six months [5]. Core Insights - The company achieved a revenue of 1.227 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 43.6%. The net profit attributable to the parent company was 286 million yuan, up 51.7% year-over-year [1][2]. - The growth is attributed to the recovery in powder core sales and sustained high growth in chip inductors. The slight quarter-over-quarter decline in Q3 revenue is considered a normal operational adjustment [2]. - The company is positioned to benefit from high computing power demand, with significant growth potential in the soft magnetic powder core and chip inductor segments [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 40.9%, with a net profit margin of 23.3% in Q3, reflecting a substantial year-over-year improvement [2]. - The company plans to invest 454 million yuan to expand its chip inductor production capacity, indicating a commitment to enhancing its growth trajectory [3]. - The projected net profits for 2024-2026 are 395 million, 498 million, and 626 million yuan, respectively, with corresponding price-to-earnings ratios of 35x, 28x, and 22x based on the closing price on October 24 [3][4]. Financial Data and Valuation - The company’s revenue is expected to grow significantly, with projections of 1.693 billion yuan in 2024, 2.079 billion yuan in 2025, and 2.590 billion yuan in 2026, reflecting growth rates of 46.14%, 22.77%, and 24.57% respectively [4][9]. - The earnings per share (EPS) are forecasted to be 1.41 yuan in 2024, 1.77 yuan in 2025, and 2.23 yuan in 2026, with a decreasing price-to-earnings ratio over the same period [4][9].

铂科新材 20241023 摘要 • 公司 2024 年前三季度营收约 12 亿人民币，同比增长约 43%，净利润为 2.86 亿人民币，同比增长超过 50%。第三季度单季度营收为 4.3 亿人民币，同 比增长 58%，环比下降约 6%，净利润约为 1 亿人民币，同比增长 80%，环 比略有下降。 • 第三季度磁芯业务营收有所下滑，但整体仍处于正常经营节奏。磁粉业务 环比增长接近 50%，主要由于基数较低以及水雾化产能逐步投放所致。新 变电站业务营收同比基本持平，保持了稳定的经营状态。 • 展望第四季度，公司将继续关注市场动态并进行相应调整。从目前外部环 境来看，光伏市场和其他下游行业均处于正常状态。此外，随着水雾化产 能的进一步提升，公司对磁粉业务未来的发展充满信心。 • 公司在手订单情况总体正常，与前几个季度变化不大。磁芯方面有 2-3 个月的在手订单量，新港方面则保持在六七千万左右。这些订单会根据客 户需求不断滚动和调整，以确保生产和交付节奏能够满足市场需求。 • 第三季度公司的毛利率约为 41%，净利率大概在 23%左右。虽然环比略有 调整，但总体仍处于正常经营范围内。磁粉业务由于产能提升带来的效益 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its performance and growth potential [2][4]. Core Insights - The company reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43.63%. The net profit attributable to shareholders reached 286 million yuan, up 51.69% year-on-year [2]. - The growth in revenue and profit is primarily driven by the rapid expansion of the chip inductor business and the continuous growth of the magnetic powder core segment [2]. - The company has achieved significant recognition from global semiconductor manufacturers, which is expected to enhance its market position and growth trajectory [2]. - The report forecasts net profits for 2024, 2025, and 2026 to be 390 million, 506 million, and 621 million yuan respectively, with corresponding PE ratios of 35, 27, and 22 times based on the closing price on October 23, 2024 [2][3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 1.655 billion yuan, reflecting a growth rate of 42.8% compared to 2023. The net profit is expected to be 390 million yuan, with a growth rate of 52.3% [3][5]. - The comprehensive gross margin for the first three quarters of 2024 was 40.63%, with a slight increase in Q3 to 40.93% year-on-year [2]. - The company has maintained a strong focus on R&D, with significant investments aimed at developing new products, particularly in the AI and automotive sectors [2][5].

公司领导发言 谢谢好 谢谢杨老师各位领导大家下午好我是博客新彩IR唐靖浩今天很高兴和大家交流一下公司三个季度主要是第三季度的一个业绩我们昨天晚上披露了三级报关于经营的一个数据这个确实已经有披露了然后包括我们其实在 现在这个时间来看离半年报之后的一个批度包括和市场当时的一个汇报离的时间也不算特别长所以今天我主要就是就Q3的一些经营情况包括一些近况做一些简要的汇报当然也包含可能一些关于Q4的我们的一些初步判断首先公司1到9月的一个营收大概是一个12亿多一些同比有一个43%左右的一个增长利润方面是2.86亿 这个同比有一个大概50多一点的一个增长其实我们截止到这个三个季度以来的一个利润已经超过了去年全年营收好像应该也是差不多的一个水平然后具体到Q3呢我们Q3的一个单季度营收是4.3亿同比有一个58%左右的增长缓比呢其实是有一个大概6个点多的一个一个下降然后净利润呢大概是一个亿左右 红笔的增长高一点大概80%左右然后黄笔同样也是有一点点下降这个其实和我们包括去年以及今年的一个季度的节奏是有一些关系的首先我们在去年的Q3开始是感知到了像光复行业主要影响的是刺青这部分的一个经营情况所以在去年的Q3可能也包含后续的Q4它的 ...