事件：公司发布 2025 年半年度报告。报告期内，公司实现营业收入 8.61 亿元， 同比增长 8.11%；实现归母净利润 1.91 亿元，同比增长 3.28%；基本每股收 益同比+31.4%至 0.67 元/股。报告期内，公司金属软磁粉芯业务维持稳定强增 长，芯片电感业务进入增长新阶段，金属粉末业务开启爆发式增长，共同推动 公司业绩创同期历史新高。 金属软磁粉芯业务维持稳定强增长。公司在金属软磁粉芯行业中具有市场领先 地位。报告期内，公司金属软磁粉芯产品实现营业收入 6.57 亿元，同比增长 11.97%，对应营收占比由去年同期的 74%升至 76%。分下游行业观察，公司 积极调整产品结构，持续推进产品升级，以应对新兴市场的高速发展。在通讯、 服务器电源及 UPS 应用领域，受益于新基建和人工智能板块的爆发，公司销 售收入同比高速增长；在新能源汽车及充电桩领域，公司与海内外优质客户群 体持续加深合作，已进入比亚迪、华为、特斯拉等企业供应链，销售收入同比 高速增长；在光伏及储能领域，上半年中国光伏装机量爆发式增长，公司仍维 持超高市场占比，销售收入同比稳步增长；在空调应用领域，受制于公司产能 紧张，公司主动放 ...

方正证券承销保荐有限责任公司 | 保荐机构名称：方正证券承销保荐有限 | 被保荐公司简称：铂科新材 | | --- | --- | | 责任公司 | | | 保荐代表人姓名：檀倩聪 | 联系电话：010-56991915 | | 保荐代表人姓名：陈立国 | 联系电话：010-56991915 | | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | (1)是否及时审阅公司信息披露文件 | 是 | | (2)未及时审阅公司信息披露文件的次数 | 0 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | (1)是否督导公司建立健全规章制度(包括但 | 是 | | 不限于防止关联方占用公司资源的制度、募 | | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度) | | | (2)公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | (1)查询公司募集资金专户次数 | 每月一次 | | (2)公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4.公司治理督导情况 | | | ...

Core Viewpoint - The financial report of Placo New Materials (300811.SZ) for the first half of 2025 shows a revenue of 861 million yuan, a year-on-year increase of 8.11%, and a net profit of 191 million yuan, a year-on-year increase of 3.28%, which is slightly below market expectations [2][3] Financial Performance - The company's revenue has grown from 403 million yuan in 2019 to 1.663 billion yuan in 2024, with net profit increasing from 84.59 million yuan to 376 million yuan, maintaining double-digit growth for several quarters [3] - The core business, metal soft magnetic powder core, generated 657 million yuan in revenue, a year-on-year increase of 11.97%, accounting for over 90% of total revenue [3] - The gross margin of the core business has declined by 0.87 percentage points, indicating potential pressures from raw material costs and increased market competition [3][4] Business Segment Analysis - The chip inductor business, which was highly anticipated, saw a revenue decline of 9.71% to 176 million yuan due to a temporary order pressure from module clients switching between old and new solutions [4] - The metal soft magnetic powder business experienced a significant revenue increase of 90.35%, reaching 26.38 million yuan, driven by demand from new energy vehicles and AI servers [4] Research and Development Investment - The company has aggressively increased its R&D investment, with expenses reaching 61.62 million yuan, a year-on-year increase of 43.29%, significantly outpacing revenue growth [5] - This investment reflects the company's urgency in technology iteration and product development, especially after setbacks in the chip inductor segment [5] Capacity Expansion Plans - The company has been actively expanding its production capacity, with plans to invest approximately 1 billion yuan in a high-end alloy soft magnetic material production base in Guangdong, which will add an annual production capacity of 20,000 tons [6][7] - Additionally, the company is planning to invest up to 100 million yuan in a production base in Thailand to meet the growing overseas market demand [7] - A new production base in Huizhou is also under construction, with a total investment of 454 million yuan, aimed at addressing capacity bottlenecks [7][8] Market Outlook - The global soft magnetic materials market is projected to grow from 51.4 billion USD in 2019 to 79.4 billion USD in 2024, with a compound annual growth rate of 9.1% [8] - As the company's capacity expansion projects come online in the next couple of years, it is expected to experience a significant capacity explosion, although the ability to fully absorb this capacity in the downstream market remains a concern [8]

Core Viewpoint - The metal new materials sector experienced a decline of 1.53% on August 26, with New Lai Fu leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3868.38, down 0.39% [1] - The Shenzhen Component Index closed at 12473.17, up 0.26% [1] Group 2: Individual Stock Performance - Notable gainers included: - Jinli Permanent Magnet (300748) with a closing price of 37.40, up 2.86% [1] - Fuda Alloy (603045) with a closing price of 19.79, up 2.27% [1] - Longda Co., Ltd. (688231) with a closing price of 22.33, up 2.15% [1] - Notable losers included: - New Lai Fu (301323) with a closing price of 55.27, down 6.48% [2] - Zhongke Magnetic V (301141) with a closing price of 73.86, down 5.50% [2] - Zhenghai Magnetic Materials (300224) with a closing price of 18.49, down 5.33% [2] Group 3: Capital Flow - The metal new materials sector saw a net outflow of 2.149 billion yuan from main funds, while retail investors contributed a net inflow of 1.851 billion yuan [2]

铂科新材（300811.SZ）2025 年半年报点评 AI 应用星辰大海，芯片电感未来可期 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报。2025H1，公司实现营收 8.61 亿元，同比 +8.11%，归母净利润 1.91 亿元，同比+3.28%， 扣非归母净利润为 1.88 亿元， 同比+4.67%。2025Q2，公司实现营收 4.77 亿元，同比+3.54%，环比+24.54%， 归母净利润 1.18 亿元，同比+3.37%，环比+59.34%，扣非归母净利润 1.16 亿 元，同比+3.35%，环比+60.86%。 ➢ 芯片电感出货节奏恢复正常，拓展应用领域未来增量可期。1）磁粉芯：25H1 实现营收 6.57 亿元，同比+11.97%；分结构来看，其中服务器电源及 UPS 领域 受益于新基建和人工智能持续快速增长；新能源汽车及充电桩领域持续取得了比 亚迪、华为等品牌的认可，同时海外市场也取得了包括特斯拉等在内的系列重大 突破，销售收入同比取得高速增长；光伏及储能领域跟随抢装节奏实现快速增长； 空调领域由于公司产能紧张采取主动放弃部分低价市场的竞争策略导致收入同 比有所下滑。 ...

Summary of the Conference Call for Platinum Materials (铂科新材) Company Overview - **Company**: Platinum Materials (铂科新材) - **Industry**: Magnetic materials and components, specifically focusing on inductors and related products Key Financial Performance - **Revenue Growth**: - 2025 H1 revenue reached 860 million CNY, a year-on-year increase of approximately 8% [3] - Q2 revenue was 477 million CNY, with a year-on-year growth of 3.5% and a quarter-on-quarter increase of 24% [3] - **Profitability**: - Net profit for H1 was 191 million CNY, a year-on-year increase of about 3% [3] - Q2 profit was 117 million CNY, with a significant increase of nearly 60% quarter-on-quarter [2][3] - **Gross Margin**: - Overall gross margin approached 40% in H1, with a Q2 margin increase of approximately three percentage points [6] Product Line Performance - **Core Products**: - Magnetic core products accounted for 76% of total revenue, with a quarter-on-quarter growth of 25% [4] - Ceramic powder revenue was approximately 27 million CNY, with a 10% quarter-on-quarter increase [4] - Chip inductors and components saw a revenue decline to nearly 170 million CNY year-on-year [4] Industry Segmentation - **Market Segments**: - Photovoltaic sector contributed 46%-47% to total revenue, with growth driven by installation rush [5] - Automotive sector accounted for 12% of revenue, with significant growth in charging stations and new energy vehicles [11] - Communication and power supply sectors contributed 10%-34% [5] Capacity and Production Strategy - **Production Capacity**: - Current magnetic core capacity is approximately 20,000 tons, expected to reach 40,000-50,000 tons by year-end [7] - Total production capacity across two bases is about 70,000 tons, with dynamic adjustments based on market conditions [8] - **Future Plans**: - New projects aimed at expanding inductor production capacity are expected to generate at least 600 million CNY in output by 2026 [8] Research and Development - **R&D Investment**: - R&D expenses increased from 5% to over 7% of revenue, primarily for module inductor development [2][9] - New product developments include DDR5 and DDR6, with DDR5 already in mass production and DDR6 expected to enter large-scale production by 2027 [12][14] Market Trends and Future Outlook - **Growth Drivers**: - Chip inductors are identified as a key growth area, with expectations for significant revenue increases in H2 2025 [12] - The company is focusing on high-value projects and partnerships with semiconductor firms to enhance product offerings [12] - **Profitability Expectations**: - Anticipated slight decline in gross margins in early 2026 due to new facility depreciation, but overall profitability is expected to improve as production scales up [18] Competitive Landscape - **Market Position**: - Major competitors in the chip inductor market include companies like Flex, TI, ADI, and Infineon, with limited global suppliers [13] - Platinum Materials is positioned to capture market share through innovative solutions and direct customer engagement [29] Conclusion - **Strategic Focus**: - The company is committed to vertical integration, ensuring quality control from powder production to final products [32] - Future growth will be driven by advancements in AI, GPU applications, and expanding into new markets while maintaining a focus on high-margin products [15][16]

Investment Rating - The report maintains an "Overweight" rating for the steel industry [5]. Core Viewpoints - Demand is expected to gradually bottom out, and the supply side is beginning to show signs of market-driven clearance, indicating a potential recovery in the steel industry's fundamentals [3][4]. - The report anticipates that if supply policies are implemented, the speed of supply contraction will accelerate, leading to a quicker upward trend in the industry [3]. Summary by Sections Steel Market Overview - The apparent consumption of five major steel products reached 8.5299 million tons, an increase of 2.64% week-on-week [24]. - The total steel inventory was 14.4104 million tons, with a week-on-week increase of 2.25% [11]. - The operating rate of blast furnaces in 247 steel mills was 83.36%, a decrease of 0.23 percentage points week-on-week [28]. Production and Profitability - The total steel production was 8.7806 million tons, an increase of 0.73% week-on-week [30]. - The average gross profit for rebar was 243.7 CNY/ton, down 13.4% week-on-week, while hot-rolled coil gross profit was 201.7 CNY/ton, down 13.5% week-on-week [35]. Demand and Supply Dynamics - The report notes a decline in real estate demand, but infrastructure and manufacturing sectors are expected to maintain stable growth [3]. - Steel exports from China maintained a year-on-year growth of 9.2% in the first half of the year [3]. Raw Material Prices - Iron ore prices decreased, with the spot price dropping to 765 CNY/ton, a decline of 1.54% [42]. - Coking coal prices remained stable at 1430 CNY/ton, while coking prices increased to 1660 CNY/ton, a rise of 3.11% [42]. Recommendations - The report recommends focusing on leading companies with technological and product structure advantages, such as Baosteel and Hesteel, as well as companies with low valuations and high dividends like CITIC Special Steel [3].

Core Viewpoint - The company, Placo New Materials (300811.SZ), reported a continuous increase in revenue and profit for five consecutive years, indicating a stable growth trajectory in its financial performance [1]. Financial Performance - The company's total revenue for the first half of 2025 reached 861 million yuan, an increase of 64.56 million yuan compared to the same period last year, representing a year-on-year growth of 8.11% [1]. - The net profit attributable to shareholders was 191 million yuan, up by 6.08 million yuan from the previous year, marking a year-on-year increase of 3.28% [1]. - Operating cash flow showed a net inflow of 263 million yuan, which is an increase of 143 million yuan year-on-year, reflecting a growth of 119.59% [1]. Financial Ratios - The latest debt-to-asset ratio stands at 24.01%, a decrease of 0.57 percentage points from the same period last year [3]. - The gross profit margin is reported at 39.77%, an increase of 2.09 percentage points from the previous quarter [4]. - The return on equity (ROE) is recorded at 6.93% [4]. - The diluted earnings per share (EPS) is 0.67 yuan, which is an increase of 0.01 yuan year-on-year, reflecting a growth of 0.75% [4]. Efficiency Metrics - The total asset turnover ratio is 0.26 times [4]. - The inventory turnover ratio is 2.77 times, an increase of 0.46 times year-on-year, representing a growth of 19.78% [4]. Shareholder Structure - The number of shareholders is reported at 20,800, with the top ten shareholders holding a total of 152 million shares, accounting for 52.54% of the total share capital [4]. - The largest shareholder is Shenzhen Moma New Materials Investment Co., Ltd., holding 22.56% of the shares [4].

Core Viewpoint - The unlocking of 6.72 million restricted shares of Platinum Technology (300811) on August 25 represents 2.32% of the company's total share capital, with 52.17 million shares remaining restricted, accounting for 18.02% of total share capital [1] Group 1: Share Unlocking Details - The unlocking involves various shareholders, with notable amounts including 448,000 shares from Nord Fund and 1,122,000 shares from China Agricultural Bank, among others [2][3] - The total market value of the unlocked shares is significant, with individual shareholder values ranging from 321,310 yuan to 80,327,000 yuan [2][3] Group 2: Financial Performance - Platinum Technology reported a revenue of 861 million yuan for the first half of 2025, an increase of 8.11% year-on-year, and a net profit attributable to shareholders of 191 million yuan, up 3.28% year-on-year [4] - The company's gross profit margin stands at 39.77%, with a debt ratio of 24.01% and investment income of 95,100 yuan [4] - The second quarter of 2025 saw a revenue of 477 million yuan, reflecting a year-on-year increase of 3.54%, and a net profit of 118 million yuan, up 3.37% year-on-year [4]

Core Viewpoint - The financial performance of Placo New Materials (300811) for the first half of 2025 shows positive growth in revenue and net profit, although there are concerns regarding the high accounts receivable relative to net profit [1][5]. Financial Performance Summary - Total revenue for the first half of 2025 reached 861 million yuan, an increase of 8.11% year-on-year [1]. - Net profit attributable to shareholders was 191 million yuan, up 3.28% year-on-year [1]. - In Q2 2025, total revenue was 477 million yuan, reflecting a year-on-year increase of 3.54% [1]. - Q2 net profit attributable to shareholders was 118 million yuan, a rise of 3.37% year-on-year [1]. - Gross margin stood at 39.77%, down 1.75% from the previous year [1]. - Net margin was 22.29%, a decrease of 3.93% year-on-year [1]. - Total operating expenses (selling, administrative, and financial) amounted to 47.32 million yuan, accounting for 5.5% of revenue, down 13.56% year-on-year [1]. - Earnings per share (EPS) was 0.67 yuan, a slight increase of 0.75% year-on-year [1]. - Cash flow from operating activities per share was 0.91 yuan, up 113.01% year-on-year [1]. Balance Sheet Summary - Accounts receivable increased to 627 million yuan, up 8.12% year-on-year [1]. - Cash and cash equivalents rose significantly by 43.63% to 387 million yuan [1]. - Interest-bearing debt decreased by 30.84% to 120 million yuan [1]. - The company's net asset value per share increased by 29.23% to 9.56 yuan [1]. Changes in Financial Items - Accounts receivable financing decreased by 31.66% due to increased use of bank acceptance bills for settlement [3]. - Contract liabilities surged by 336.64% due to an increase in customer prepayments [2]. - Research and development expenses rose by 43.89%, indicating a focus on innovation [5]. - The net increase in cash and cash equivalents was up 174.76%, driven by changes in operating, investing, and financing activities [5]. Fund Holdings - The largest fund holding Placo New Materials is the Huaxia Industry Prosperity Mixed Fund, which increased its holdings to 4.6918 million shares [6]. - Other funds, such as the Guotou Ruijin New Energy Mixed Fund, reduced their holdings [6].