Investment Rating - The report maintains a "Buy" rating for the company [15][18]. Core Views - The company is experiencing rapid growth in chip inductor and powder product revenues, with expectations for continued growth in 2024 [15][18]. - The company has successfully developed custom chip inductors for AI applications, with production capacity expected to expand significantly [15][18]. - The report highlights the strong performance of the company's soft magnetic powder sales, which increased by 34.29% year-on-year [15][18]. Financial Summary - Revenue for 2023 is projected at 1,159 million, with a year-on-year increase of 8.71% [15]. - Net profit attributable to shareholders is expected to reach 256 million, reflecting a year-on-year growth of 32.48% [15]. - The company’s EBIT is forecasted to be 303 million, indicating a growth of 27% [15]. Valuation Metrics - The target price for the company has been raised to 68.40, up from the previous estimate of 50.80 [15][18]. - The report assigns a higher than industry average PE ratio of 40 for 2024, reflecting the company's rapid growth in the chip inductor segment [15][18]. - The average PE for comparable companies in the industry is noted to be 35.03 [18]. Growth Projections - The company anticipates a revenue increase to 1,444 million in 2024, with further growth expected to 2,316 million by 2026 [15][16]. - The net profit is projected to grow to 340 million in 2024 and 572 million by 2026 [15][16]. - The report indicates that the company will continue to capture market opportunities, particularly in the chip inductor and soft magnetic powder sectors [15][18].

东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司在多维度构筑强竞争优势。作为金属软磁材料领域产业链一体化龙头企 业，公司具有明显的技术优势及模式优势，并且已经具有从发电端到负载端电 能变化的全产品线布局。金属磁材新材料制造行业处于高景气成长期且行业具 有高行业壁垒（上游资金、技术及量产壁垒，下游客户认证壁垒），新企业在 短期内很难形成有效竞争。公司拥有强品牌影响力及高拓展性与高粘性的客户 群体且金属粉末新材料行业获国家重点政策性支持。 P4东兴证券公司报告 铂科新材（300811.SZ）：芯片电感业务助力公司第二成长极显现 金属与金属新材料行业首席分析师。英国布里斯托大学金融与投资学硕士。具有十年以上金融衍生品研究、 投资及团队管理经验。曾担任东兴资产管理计划投资经理（CTA），东兴期货投资咨询部总经理。曾获得 中国金融期货交易所（中金所）期权联合研究课题二等奖，中金所期权联合研究课题三等奖；曾获得中金 所期权产品大赛文本类银奖及多媒体类铜奖；曾获得大连商品期货交易所豆粕期权做市商大赛三等奖，中 金所股指期权做市商大赛入围奖。曾为安泰科、中国金属通报、经济参考报特约撰稿人，上海期货交易所 ...

Summary of the Conference Call for 博科新材 Company Overview - **Company**: 博科新材 (Boke New Materials) - **Industry**: Electronic Components, specifically focusing on inductive components and new materials Key Points and Arguments Financial Performance - The company achieved a sales revenue of approximately 30 million in 2022 and expects to reach around 50 million in 2023, primarily from sectors such as photovoltaic energy storage, new energy vehicles, UPS, and air conditioning [12][13] - Despite challenges from the photovoltaic sector, the company has maintained profit growth, largely due to increased sales of new materials and chip inductive components [3][10] Sales and Market Trends - Sales of inductive components, including chip inductors and special high-power inductors, saw significant growth, contributing greatly to the company's gross profit and operating cash flow [11][12] - The company anticipates a 20% growth in sales for the full year 2023, with a recovery expected in Q2 after a slow Q1 due to the Spring Festival [3][12] Production Capacity and Planning - The company has established a production facility with a full capacity of over 6,000 tons, aiming for full production and sales by 2025 [13][18] - The production capacity for chip inductors is increasing monthly, with plans to adjust based on customer demand and new project developments [16][18] Product Development and Innovation - The company is actively experimenting with new materials to address customer challenges and enhance product competitiveness [5][17] - New materials, such as NPV/NPC, are expected to improve gross margins and net profits significantly [10][14] Market Competition and Strategy - The company faces market competition but maintains sufficient production capacity and high-margin products to support scalable production and cost reduction [6][18] - Strategies include adjusting sales and product structures in response to market changes while focusing on providing value-added services to customers [18][21] Cash Flow Improvement - Cash flow has improved significantly due to increased overseas sales and reduced payment terms, leading to higher cash inflows [21][22] - The sales of inductive components now account for over 20% of the company's revenue, further enhancing cash flow [22] Challenges and Future Outlook - The company acknowledges uncertainties in the new inductive market but expects continued high growth driven by technological advancements and market demand [9][21] - The production of soft magnetic powder cores has seen a decline in sales volume and average price compared to the previous year, indicating market fluctuations [24] Additional Important Information - The company is exploring opportunities in the UPS market due to the establishment of domestic data centers and policies promoting data processing [14][15] - The production of stop-loss cores is progressing, with an expected capacity of 20,000 tons this year, potentially increasing to 65,000 tons in the future [8][18] - The company is committed to enhancing its R&D capabilities to meet higher frequency and power requirements, aligning with its goal of "making electricity purer" [23]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.68 CNY, based on a 36x PE valuation for 2024 [2][21]. Core Insights - The company achieved a revenue of 1.16 billion CNY in 2023, representing an 8.7% year-on-year growth, and a net profit of 256 million CNY, which is a 32.5% increase year-on-year [3][21]. - The company is focusing on the continuous upgrade of its metal soft magnetic powder core products, which has led to a positive market response and an increasing market share [3][21]. - The chip inductor business has become a significant growth driver, with strong sales growth expected to continue into 2024 due to partnerships with leading semiconductor companies [3][21]. Financial Performance - The company's gross margin for 2023 was 39.6%, up by 2.0 percentage points year-on-year, while the net margin was 22.1%, an increase of 3.9 percentage points year-on-year [3][21]. - Forecasted net profits for 2024, 2025, and 2026 are 375 million CNY, 460 million CNY, and 554 million CNY, respectively, with corresponding growth rates of 46.5%, 22.8%, and 20.4% [4][21]. - The company’s earnings per share are projected to be 1.88 CNY in 2024, 2.31 CNY in 2025, and 2.78 CNY in 2026 [21][31]. Market Position and Growth Drivers - The introduction of new product lines, such as the iron-silicon series and iron-nickel series magnetic powder cores, is expected to enhance the company's competitive edge in the market [3][21]. - The company is also making significant advancements in the development of its fifth-generation iron-silicon magnetic powder core, which has shown a 50% reduction in loss characteristics compared to the fourth generation [3][21]. - The chip inductor segment is anticipated to maintain high growth rates, driven by increasing demand from global leading GPU manufacturers [3][21].

Financial Performance - In Q1 2024, the company achieved operating revenue of RMB 335,064,400.48, representing a year-on-year growth of 15.28% and a quarter-on-quarter growth of 10.08%[2] - The net profit attributable to shareholders was RMB 71,521,980.02, reflecting a year-on-year increase of 8.98% and a quarter-on-quarter increase of 6.90%[2] - The operating profit for the first quarter was ¥85,467,679.27, up from ¥78,917,569.72, reflecting a growth of 9.8%[41] - The net profit attributable to the parent company was ¥71,521,980.02, compared to ¥65,626,580.15 in the previous year, marking an increase of 8.5%[42] - The basic and diluted earnings per share for the first quarter were both ¥0.3597, compared to ¥0.3311 in the previous year, indicating improved profitability[42] Cash Flow - The net cash flow from operating activities reached RMB 30,308,615.06, showing a significant increase of 190.57% compared to the same period last year[15] - Cash flow from operating activities increased by 65.23% to ¥4,639,260.79 compared to ¥2,807,682.48 in the same period last year, primarily due to increased government subsidies received[21] - Operating cash flow net amount increased to ¥30,308,615.06 from ¥10,430,593.26, representing a significant improvement of approximately 190%[48] - Cash inflow from operating activities totaled ¥197,888,786.43, slightly up from ¥197,389,488.78, indicating stable revenue generation[48] - Cash outflow from operating activities decreased to ¥167,580,171.37 from ¥186,958,895.52, reflecting a reduction of about 10%[48] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 2,597,026,275.92, an increase of 3.40% from the end of the previous year[15] - Total current assets increased to ¥1,233,750,773.47 from ¥1,193,452,994.47, showing a growth in liquidity[26] - The total assets of the company as of March 31, 2024, amounted to ¥2,597,026,275.92, an increase from ¥2,511,722,012.35 in the previous year[39] - The company's total liabilities and equity increased to ¥2,597,026,275.92 from ¥2,511,722,012.35, indicating a healthy growth trajectory[39] Shareholder Information - The number of common shareholders at the end of the reporting period was 13,590, with the top ten shareholders holding a combined 66.88% of shares[22] - The largest shareholder, Shenzhen Moma New Materials Investment Co., Ltd., holds 23.41% of the shares, totaling 46,561,971 shares[22] Investment and Expenses - Financial expenses decreased by 37.18% to RMB 2,667,546.65, primarily due to increased interest income and reduced exchange losses[6] - Investment income surged by 852.17% to RMB 234,187.40, attributed to increased financial management income during the reporting period[6] - Research and development expenses for the first quarter were ¥17,389,267.16, up from ¥13,756,714.03, reflecting a focus on innovation[40] Market and Product Development - The company launched a new series of magnetic powder cores, anticipating market growth in the first half of the year due to the global inventory reduction in photovoltaic inverters and rapid growth in the electric vehicle and charging pile sectors[2] - The company's cash flow from operations is expected to improve significantly due to the cash settlement nature of the sales of magnetic inductors[37] - The sales of magnetic inductors have shown rapid growth, contributing significantly to the company's revenue structure and optimizing its business model[35] - The company aims to strengthen its market position in the metal soft magnetic materials industry through the development of magnetic inductors[37] Changes in Cash Activities - Cash received from investment activities decreased by 36.53% to ¥53,000,000.00 from ¥83,500,000.00, mainly due to the redemption of matured financial products[21] - Cash paid for investment activities decreased by 42.86% to ¥40,000,000.00 from ¥70,000,000.00, attributed to a reduction in the purchase of financial products[21] - Cash paid for debt repayment surged by 298.01% to ¥47,145,095.91 from ¥11,845,095.91, reflecting an increase in the repayment of maturing loans[21] - Cash inflow from financing activities increased to ¥40,402,167.60 from ¥36,384,337.33, indicating a growth of approximately 55%[49] - Cash outflow from financing activities rose to ¥52,173,616.02 from ¥18,291,281.73, marking a significant increase of about 186%[49] Inventory and Receivables - Accounts receivable rose to ¥442,057,232.15 from ¥402,731,812.71, indicating an increase in sales on credit[26] - Inventory decreased to ¥182,955,567.82 from ¥217,839,802.75, suggesting improved inventory management[26] - The prepayments rose by 95.31% to RMB 35,053,246.13, indicating increased material procurement[18]

证券代码：300811 证券简称：铂科新材 公告编号：2024-022 深圳市铂科新材料股份有限公司 关于召开 2023 年度及 2024 年第一季度业绩说明会的公告 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"）2023 年年度报告及 2024 年第一季度报告已分别于 2024 年 4 月 20 日及 2024 年 4 月 25 日披露，为 使广大投资者进一步了解公司经营情况及未来发展规划，公司将于 2024 年 5 月 13 日（星期一）15:00-17:00 在全景网举办 2023 年度及 2024 年第一季度业绩说 明会，本次说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关 系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 届时，公司董事长杜江华先生，董事、副总经理、董事会秘书阮佳林先生， 独立董事谢春晓先生，财务总监游欣先生，保荐代表人陈立国先生将出席本次说 明会。 （问题征集专题页面二维码） 特此公告。 深圳市铂科新材料股份有限公司董事会 2024 年 4 月 ...

证券代码：300811 证券简称：铂科新材 公告编号：2024-023 1 具体内容详见公司于2022年3月18日在中国证监会指定信息披露网站巨 潮资讯网（www.cninfo.com.cn）上披露的《关于签订募集资金三方监管协议 的公告》（公告编号：2022-017）。 三、本次募集资金专户销户情况 深圳市铂科新材料股份有限公司 关于注销募集资金账户的公告 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。 一、发行可转换公司债券募集资金基本情况 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，已由主承销商方正承销保荐于2022年3月17日 汇入公司募集资金监管账户。另减除发行手续费、审计费、 ...

证券研究报告：有色金属 | 公司点评报告 公司基本情况 总市值/流通市值（亿元）107 / 87 资产负债率(%) 24.1% 最新收盘价（元） 53.92 铂科新材(300811) 2024 年 4 月 22 日 总股本/流通股本（亿股）1.99 / 1.62 52 周内最高/最低价 105.48 / 39.58 市盈率 41.80 第一大股东深圳市摩码新材料投资 有限公司 股票投资评级 买入|维持 个股表现 -29% -22% -15% -8% -1% 6% 13% 20% 27% 34% 2023-04 2023-07 2023-09 2023-11 2024-02 2024-04 铂科新材 有色金属 资料来源：聚源，中邮证券研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:张亚桐 SAC 登记编号:S1340524040003 Email:zhangyatong@cnpsec.com 业绩符合预期，芯片电感成第二增长点 4 月 19 日晚，公司发布 2023 年度报告。公司实现营业收入 11.59 亿元，同比增长 8 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated rapid growth in its 2023 annual report, with operating revenue reaching 1.159 billion yuan, a year-on-year increase of 8.71%, and a net profit attributable to shareholders of 256 million yuan, up 32.48% year-on-year [4] - The company has successfully developed a series of chip inductors specifically for AI chips, achieving mass production and strong product competitiveness, with significant orders from leading GPU manufacturers [4] - The company plans to expand its chip inductor production capacity from 5 million pieces per month in 2023 to 10-15 million pieces per month in early 2024, indicating a promising growth outlook for chip inductors [4] Financial Performance Summary - In 2023, the company's revenue from magnetic soft magnetic powder cores in communication and server power supply applications saw rapid growth, while the automotive and photovoltaic sectors remained stable [5] - The company forecasts revenues of 1.588 billion yuan, 2.118 billion yuan, and 2.592 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 353 million yuan, 476 million yuan, and 576 million yuan for the same years [5] - The average annual compound growth rate of net profit from 2023 to 2026 is expected to be 31.09% [5] Stock Data and Valuation - The total market capitalization of the company is approximately 11.05 billion yuan, with a total share capital of 198.86 million shares [6] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 31.24, 23.18, and 19.17 respectively [6] - The company's gross margin is expected to remain around 39.6% in 2024, slightly decreasing to 38.9% by 2026 [6]

铂科新材（300811.SZ）2023 年年报点评 ➢ 公司发布 2023 年年度报告，2023 年公司实现营收 11.59 亿元，同比 +8.71%，归母净利润 2.56 亿元，同比+32.48%，扣非归母净利润为 2.39 亿元， 同比+29.58%。分季度看，Q4 单季度实现营收 3.04 亿元，同比-5.49%，实现 归母净利润 0.67 亿元，同比+8.62%，环比+22.06%，业绩略超我们预期。 ➢ 磁粉芯产销量小幅增长，芯片电感业务增速亮眼。公司 2023 年软磁粉芯/ 软磁粉 / 电 感 业 务 营 收 分 别 为 10.26/0.27/1.02 亿 元 ， 同 比 变 化 +0.41%/+34.29%/+406.47%，其中芯片电感业务增速亮眼，芯片电感产品于三 季度开始大规模交付，产销量呈现持续高速增长态势；公司年磁粉芯产量/销量分 别为 3.25 万吨/3.07 万吨，同比变化+5.35%/+1.02%，产销量小幅增长。 ➢ 毛利率稳步上升，财务费用下降，经营性净现金流大幅转好。全年公司业务 整体毛利率为 39.61%，同比+1.97pct，其中金属软磁粉芯毛利率 38.96%，同 比 ...