Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's chip inductor business has emerged as a significant growth driver, with a revenue CAGR of 280.2% from 2020 to 2023, contributing to 24.5% of the company's main business revenue in H1 2024 [3][5]. - The company achieved a historical high in performance for H1 2024, with operating revenue of 796 million yuan, a year-on-year increase of 36.88%, and a net profit of 179.7 million yuan, up 41.84% year-on-year [2][5]. - The metal soft magnetic powder core business continues to optimize profitability, with revenue increasing by 7.03% to 586 million yuan in H1 2024 [2][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 796 million yuan, a 36.88% increase year-on-year, and a net profit of 179.7 million yuan, reflecting a 41.84% growth [2][5]. - The gross profit margin improved to 40.5%, and the net profit margin increased to 23.2% [5]. - The company expects revenues of 1.763 billion yuan, 2.325 billion yuan, and 2.822 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 390 million yuan, 533 million yuan, and 658 million yuan [5][6]. Business Segments - The chip inductor business has shown explosive growth, with revenue reaching 195 million yuan in H1 2024, a 138.92% increase quarter-on-quarter [3][5]. - The metal soft magnetic powder business achieved sales revenue of 13.859 million yuan in H1 2024, a 25.26% increase [5]. - The company is expanding its production capacity, with plans to increase output from 500 million pieces to 1-1.5 billion pieces per month in 2024 [3][5]. Competitive Advantages - The company holds a leading position in the metal soft magnetic materials sector, benefiting from strong brand influence and a high degree of customer loyalty [5]. - The company has established a comprehensive product line that covers the entire energy transformation process, enhancing its competitive edge [5]. - The industry is experiencing high growth and has significant barriers to entry, making it difficult for new competitors to emerge [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant revenue increase of 36.88% year-on-year, reaching 796 million yuan in the first half of 2024, with a net profit attributable to shareholders of 185 million yuan, up 38.18% year-on-year [1] - The company's chip inductors are experiencing accelerated growth, with revenue from inductive components reaching 195 million yuan, a 138.92% increase compared to the second half of 2023, accounting for 24.5% of total revenue [1] - The company plans to raise 300 million yuan through a private placement to fund a new integrated inductor project, with an expected internal rate of return of 23.34% [1] - The demand for magnetic powder cores is recovering, with revenue of 586 million yuan in the first half of 2024, a year-on-year increase of 7.03% [1] - The company forecasts net profits of 382 million yuan, 522 million yuan, and 680 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 29x, 21x, and 16x [1] Financial Summary - Total revenue is projected to grow from 1,721 million yuan in 2024 to 3,042 million yuan in 2026, with a compound annual growth rate (CAGR) of 28.6% [2] - The net profit attributable to shareholders is expected to increase from 382 million yuan in 2024 to 680 million yuan in 2026, reflecting a CAGR of 30.2% [2] - The gross margin is anticipated to improve from 41.8% in 2024 to 41.4% in 2026 [2] - The return on equity (ROE) is projected to rise from 14.6% in 2024 to 17.0% in 2026 [2] - Earnings per share (EPS) is expected to increase from 1.36 yuan in 2024 to 2.42 yuan in 2026 [2] Balance Sheet Overview - Total assets are projected to grow from 3,319 million yuan in 2024 to 4,969 million yuan in 2026 [3] - Current assets are expected to increase from 1,665 million yuan in 2024 to 2,773 million yuan in 2026 [3] - Total liabilities are forecasted to rise from 699 million yuan in 2024 to 934 million yuan in 2026 [3]

请务必阅读正文之后的免责声明及其项下所有内容 铂科新材（300811.SZ）——半年报点评 优于大市 粉芯业务稳健增长，芯片电感业务保持高速增长 公司发布中报：上半年实现营收 7.96 亿元，同比+36.88%；实现归母净利润 1.85 亿元，同比+38.18%。24Q1/Q2 分别实现营收 3.35/4.61 亿元，Q2 环比 +37.60%，分别实现归母净利润 0.72/1.14 亿元，Q2 环比+58.97%。 公司上半年业绩实现高增长，主要得益于：1）金属软磁粉芯保持稳健增长， 上半年实现销售收入 5.86 亿元，同比+7.03%，其中，光伏应用领域 Q1 增长 虽有所放缓，但 Q2 开始明显回暖，上半年销售收入同比基本持平；2）电感 元件(以芯片电感为主)继续保持高速增长态势，上半年实现销售收入 1.95 亿元，环比 2023 年下半年增长 138.92%，占营业收入的比重达到 24.5%；3） 金属软磁粉末取得了较大的增长，上半年实现销售收入约 1386 万元，同比 +25.26%，此外，公司筹建的年产能达 6000 吨/年的粉体工厂，预计下半年 可释放部分产能，并预估 2025 年建设完成。 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has reported rapid revenue growth, with a 36.88% year-on-year increase in revenue to 796 million yuan in the first half of 2024, and a 38.18% increase in net profit to 185 million yuan [2][3] - The revenue from inductive components has seen a significant quarter-on-quarter growth of 138.92%, contributing to 24.5% of total revenue [3] - The company continues to receive recognition from major semiconductor manufacturers for its chip inductors and has entered the supplier lists of several global firms [3] - The company is investing heavily in R&D for new products, including inductors suitable for AI server power circuits, which have begun small-scale production [3] - The sales revenue from metal soft magnetic powder cores has grown steadily, with a 7.03% year-on-year increase to 586 million yuan in the first half of 2024 [3] Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 1.793 billion yuan, 2.324 billion yuan, and 2.900 billion yuan respectively, with corresponding net profits of 406 million yuan, 529 million yuan, and 655 million yuan [3][7] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 36.83% [3] - The company’s price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 18.89, 14.50, and 11.71 respectively [3][7]

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 26 日 [Table_Title] Q2 业绩创新高，芯片电感发展进入快速道 | --- | --- | --- | --- | |------------------------------|----------------------|--------------------------|-----------| | [Table_DataInfo] 评级： 买入 | | 股票代码： | 300811 | | 上次评级： 买入 | | 52 周最高价 / 最低价： | 67.0/36.2 | | | 目标价格： 总市值(亿 | ) | 108.39 | | 最新收盘价： | 38.59 | 自由流通市值(亿 ) | 88.26 | | | | 自由流通股数(百万 ) | 228.72 | [Table_Summary] 事件概述 8 月 26 日，公司发布 2024 年上半年业绩报告，实现营业收入 7.96 亿元，同比增长 36.88%；归母净利润 1.85 亿元，同比增长 38.18%。毛利率为 40.48%，净利率为 23 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE valuation of 29x, 20x, and 16x for 2024, 2025, and 2026 respectively [1] Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 796 million yuan, a YoY increase of 36.88%, and net profit attributable to the parent company of 185 million yuan, a YoY increase of 38.18% [1] - The company's core business, metal soft magnetic powder cores, achieved revenue of 586 million yuan in H1 2024, a YoY increase of 7.03%, with significant growth in communication, server power supply, and UPS applications [1] - The chip inductor business grew 139% YoY in H1 2024, contributing 24.5% of total revenue, and is expected to continue expanding with new product development and customer acquisition [1] Business Performance Metal Soft Magnetic Powder Cores - Revenue from metal soft magnetic powder cores reached 586 million yuan in H1 2024, with strong growth in communication, server power supply, and UPS applications [1] - The photovoltaic sector showed improvement in Q2 2024 after a slowdown in Q1 due to inventory adjustments by downstream inverter manufacturers [1] - The company is constructing a new powder factory with an annual capacity of 6,000 tons, expected to partially release capacity in H2 2024 and be fully operational by 2025 [1] Chip Inductors - Chip inductor revenue reached 195 million yuan in H1 2024, a YoY increase of 138.92%, driven by customer expansion and AI-related product development [1] - The company has gained recognition from major semiconductor manufacturers such as MPS and Infineon, and is accelerating its presence in AI-related applications including notebooks, tablets, wearables, and automotive [1] Financial Projections - The company is expected to achieve net profit attributable to the parent company of 375 million yuan, 537 million yuan, and 687 million yuan in 2024, 2025, and 2026, respectively, representing YoY growth rates of 46.75%, 42.99%, and 28.07% [1] - Revenue is projected to grow to 1.639 billion yuan, 2.285 billion yuan, and 2.880 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 41.47%, 39.41%, and 26.04% [3] Market Sentiment - The company has received 23 "Buy" ratings and 4 "Overweight" ratings from market analysts over the past six months [5] - Historical target prices have ranged from 74.55 yuan to 74.55 yuan, with the current market price at 38.59 yuan [5][2]

证券代码：300811 证券简称：铂科新材 公告编号：2024-058 深圳市铂科新材料股份有限公司 第四届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳市铂科新材料股份有限公司（以下简称"公司"）第四届董事会第二次 会议于 2024 年 8 月 26 日（星期一）在深圳市南山区沙河西路 3157 号南山智谷 产业园 B 座 13F 会议室以现场结合通讯的方式召开。会议通知已于 2024 年 8 月 23 日通过邮件的方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人（其中：通讯方式出席董事 1 人，为伊志宏董事）。 会议由董事长杜江华主持，监事、高管列席。会议召开符合有关法律、法规、 规章和《公司章程》的规定。经各位董事认真审议，会议形成了如下决议： 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及其摘要的议案》 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的《2024 年半年度报告》、《2024 年半年度报告摘要》（公告 ...

| 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（包括但不限于 | | | 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 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 | 4次，募集资金专户已于2024年4月 | | | 销户 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 1 | | （2）列席公司董事会次数 | 未亲自列席，已审阅会议文件 | | （3）列席公司监事会次数 | 未亲自列席，已审阅会议文件 | | 5.现场检查情况 | | | （1）现场检查次数 | 0 | | （2）现场检查报告是否按照本所规定报送 | 不适用 ...

公司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 | 项目总投资额 | 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，公司可根据募集资金投资项目的实际情况，以自有 或自筹资金先行投入，并在募集资金到位后按照相关法律、法规规定的程序予以置换。 募集资金到位后，若扣除发行费用后的实际募集资金净额少于拟投入募集资金总额， 募集资金不足部分将由公司以自有或自筹资金解决。 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 募集资金使用可行性分析报告 二〇二四年八月 1 一、本次募集资金使用计划 二、本次募集资金投资项目的实施背景和目的 （一）本次募集资金投资项目实施的背景 1、国家大力发展新质生产力，强化产业体系自主可控和数字经济创新发展 2023 年 9 月，习近平总书记在黑龙江考察调研期间首次提到"新质生产力"，并在 中共中央政治局第十 ...

深圳市铂科新材料股份有限公司 关于 2024 年半年度募集资金存放与使用情况的专项报告 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求（2022 年修订）》和深圳证券交易所发布的《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作（2023 年 12 月修 订）》等有关规定，深圳市铂科新材料股份有限公司（以下简称"公司"或"本 公司"）董事会编制了截至 2024 年 6 月 30 日募集资金年度存放与实际使用情况 的专项报告。 一、募集资金情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会于 2022 年 1 月 17 日出具《关于同意深圳市铂科 新材料股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 〔2022〕121 号）同意注册，公司向不特定对象发行面值不超过 43,000.00 万元 的可转换公司债券，每张面值 100.00 元，共计 430.00 万张。发行价格为每张 100.00 元，共计募集资金 43,000.00 万元，扣除承销和保荐费后的募集资金为 42,130.00 万元，已由主承销商方正证 ...