Core Insights - The company achieved a revenue of 861 million yuan in H1 2025, representing an increase of 8.11%, and a net profit attributable to shareholders of 191 million yuan, up by 3.28% [1] - The growth in revenue is primarily driven by the metal soft magnetic core segment, which saw a revenue increase of 11.97% to 657 million yuan, supported by demand from new infrastructure and AI applications [2] - The company is expanding its production capacity and investing in new projects to meet the growing market demand, particularly in the electric vehicle and AI sectors [2][3] Financial Performance - In H1 2025, the company reported a gross margin of 39.77% and a net margin of 22.29%, with slight decreases of 0.71 and 0.91 percentage points year-on-year [2] - The second quarter of 2025 showed a significant recovery in profitability, with gross and net margins improving to 41.44% and 24.81%, respectively, due to the recovery of chip inductor shipments [2] Business Segments - The metal soft magnetic powder segment achieved a remarkable growth of 90.35%, driven by strong demand in emerging applications such as electric vehicles and AI servers [2] - The inductor components segment experienced a decline of 9.71% in revenue, attributed to a transition in customer solutions, but is expected to recover as new solutions are implemented [2] Investment Outlook - The company is well-positioned to benefit from the growth in the AI sector by extending its business into upstream chip inductors and forming partnerships with leading GPU manufacturers [3] - Revenue projections for 2025-2027 are 2.08 billion, 2.62 billion, and 3.19 billion yuan, with expected growth rates of 24.9%, 26.0%, and 21.8% respectively [3]

Market Overview - The metal new materials sector experienced a decline of 0.99% on August 29, with Placo New Materials leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Fuda Alloy (603045) with a closing price of 20.70, up 8.04% and a trading volume of 165,000 shares, totaling 333 million yuan [1] - Zhongzhou Special Materials (300963) closed at 20.34, up 5.06% with a trading volume of 352,900 shares, totaling 727 million yuan [1] - Jiangnan New Materials (603124) closed at 90.03, up 3.92% with a trading volume of 57,100 shares, totaling 515 million yuan [1] - Conversely, significant decliners included: - Placo New Materials (300811) closed at 73.95, down 5.19% with a trading volume of 158,400 shares [2] - Galaxy Magnetics (300127) closed at 34.50, down 4.11% with a trading volume of 245,600 shares [2] - Jinli Permanent Magnet (300748) closed at 41.00, down 3.73% with a trading volume of 1,409,200 shares [2] Capital Flow - The metal new materials sector saw a net outflow of 651 million yuan from institutional investors, while retail investors contributed a net inflow of 584 million yuan [2][3] - Notable capital flows included: - Ningbo Yunsheng (600366) with a net inflow of 197 million yuan from institutional investors [3] - Zhongzhou Special Materials (300963) with a net inflow of 79.6 million yuan from institutional investors [3] - Fuda Alloy (603045) with a net inflow of 26.7 million yuan from institutional investors [3]

Performance Summary - In H1 2025, the company achieved revenue of 861 million yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1] - Q2 2025 saw revenue of 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5%, with net profit attributable to shareholders reaching 118 million yuan, up 3.4% year-on-year and 59.3% quarter-on-quarter [1] - The revenue from soft magnetic powder cores, chip inductors, and metal soft magnetic powder was 657 million, 176 million, and 26 million yuan respectively, with soft magnetic powder cores growing by 12.0% year-on-year, while chip inductors declined by 9.7% [1] Profitability Analysis - The gross margin for H1 2025 was 39.8%, a decrease of 0.7 percentage points year-on-year, while Q2 2025 gross margin was 41.4%, down 0.9 percentage points year-on-year but up 3.8 percentage points quarter-on-quarter [2] - The net profit margin for H1 2025 was 22.3%, a decrease of 0.9 percentage points year-on-year, with Q2 2025 net profit margin at 24.8%, showing an increase of 0.3 percentage points year-on-year and 5.7 percentage points quarter-on-quarter [2] Cash Flow and Growth Drivers - In H1 2025, the net operating cash flow was 260 million yuan, a significant increase of 119.6% year-on-year, indicating potential for continued cash flow improvement [3] - The company has established long-term stable partnerships with major brands such as BYD, Gree, Huawei, and MPS, and has completed the R&D of the fifth generation of iron-silicon magnetic powder cores, positioning itself to benefit from growth in the energy storage and new energy vehicle markets [3] - The company is expanding its customer base and has formed partnerships with several global manufacturers, while also exploring new application areas such as ASIC, optical modules, DDR, and consumer electronics, particularly in the context of AI server deployments by major tech companies [3] Investment Outlook - As a leading domestic manufacturer of alloy soft magnetic powder cores, the company is well-positioned in the high-growth energy storage and new energy sectors, with chip inductors opening a second growth avenue [4] - Projected net profits for 2025-2027 are 450 million, 620 million, and 810 million yuan respectively, with corresponding price-to-earnings ratios of 50, 37, and 28 times based on current stock prices [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance has shown significant quarter-on-quarter improvement, with expectations for increased demand for ASIC chip inductors [6] - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year growth of 8.1% [8] - The company is positioned in the high-growth sectors of optical storage and new energy, with the ASIC chip inductors expected to drive a second growth phase [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 1,159 million yuan - 2024: 1,663 million yuan (growth of 43.54%) - 2025: 1,971 million yuan (growth of 18.54%) - 2026: 2,473 million yuan (growth of 25.43%) - 2027: 2,872 million yuan (growth of 16.14%) [7] - Net profit projections are as follows: - 2023: 256 million yuan - 2024: 376 million yuan (growth of 46.90%) - 2025: 446 million yuan (growth of 18.77%) - 2026: 618 million yuan (growth of 38.49%) - 2027: 758 million yuan (growth of 22.66%) [7] - The company's earnings per share (EPS) are projected to be: - 2023: 0.88 yuan - 2024: 1.30 yuan - 2025: 1.54 yuan - 2026: 2.13 yuan - 2027: 2.62 yuan [7] Performance Metrics - The company reported a gross margin of 41.44% in Q2 2025, an increase of 3.77 percentage points quarter-on-quarter [8] - The net profit margin for Q2 2025 was 24.81%, up by 5.65 percentage points quarter-on-quarter [8] - The return on equity (ROE) is projected to be 16.26% in 2024 and increase to 19.56% by 2027 [7][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [8]. Core Views - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year increase of 8.1%, with a net profit attributable to shareholders of 191 million yuan, up 3.3% year-on-year [1]. - The second quarter of 2025 showed significant improvement, with revenue reaching 477 million yuan, a year-on-year increase of 3.5% and a quarter-on-quarter increase of 24.5% [2]. - The company's profitability improved significantly, with a gross margin of 39.8% in the first half of 2025, and a net profit margin of 22.3% [3]. - The company is positioned to benefit from the growing ASIC industry, with expectations of increased demand for chip inductors as major tech companies accelerate the deployment of self-developed ASIC chips [4]. Financial Performance - In the first half of 2025, the company recorded a net cash flow from operating activities of 260 million yuan, a year-on-year increase of 119.6%, indicating ongoing improvement in cash flow [3]. - The company’s revenue is projected to grow significantly, with estimates of 1.16 billion yuan in 2023, 1.66 billion yuan in 2024, and 2.02 billion yuan in 2025, reflecting growth rates of 8.71%, 43.54%, and 21.18% respectively [6]. - The estimated net profit attributable to shareholders is expected to reach 255.77 million yuan in 2023, 375.72 million yuan in 2024, and 453.01 million yuan in 2025, with growth rates of 32.48%, 46.90%, and 20.57% respectively [6]. Market Position and Growth Drivers - The company has established long-term partnerships with major brands such as BYD, Gree, Huawei, and MPS, enhancing its market position in the soft magnetic powder core segment [4]. - The company is expanding its customer base in the chip inductor segment, having formed new partnerships with globally recognized manufacturers [4]. - The anticipated growth in the ASIC market, particularly in AI servers, is expected to provide new growth opportunities for the company's chip inductor products [4].

8月29日，铂科新材跌5%，截至发稿，报74.10元/股，成交2.95亿元，换手率1.66%，总市值214.53亿 元。 截至发稿，寇斌权累计任职时间2年71天，现任基金资产总规模9.65亿元，任职期间最佳基金回报 96.4%， 任职期间最差基金回报0.11%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，鹏华基金旗下1只基金重仓铂科新材。1000ETF增强（560590）二季度持有股数3800股，占 基金净值比例为1.1%，位居第九大重仓股。根据测算，今日浮亏损失约1.48万元。 1000ETF增强（560590）成立日期2023年9月1日，最新规模1601.87万。今年以来收益31.06%，同类排 名1225/4222；近一年收益73.8%，同类排名952/3776；成立以来收益41.61%。 1000ETF增强（560590）基金经理为寇斌权。 资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B ...

Company Overview - Shenzhen Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009. The company went public on December 30, 2019. Its main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductance solutions for efficient, stable, energy-saving, and environmentally friendly operation of power electronic devices and systems [1]. Financial Performance - As of August 29, Placo's stock price dropped by 5% to 74.10 CNY per share, with a trading volume of 295 million CNY and a turnover rate of 1.66%. The total market capitalization stands at 21.453 billion CNY [1]. Revenue Composition - The revenue composition of Placo is as follows: metal soft magnetic powder products account for 96.69%, metal soft magnetic powder for 3.07%, and other business revenues for 0.25% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Huafu Fund holds shares in Placo. The Huafu Strategy Selected Mixed A Fund (410006) held 8,000 shares in the second quarter, representing 4.08% of the fund's net value, making it the sixth-largest holding. The estimated floating loss today is approximately 31,200 CNY [2]. Fund Manager Performance - The fund manager of Huafu Strategy Selected Mixed A Fund is Deng Xiang, who has been in the position for 1 year and 150 days. The total asset size of the fund is 51.4812 million CNY, with the best fund return during his tenure being 16.27% and the worst being 1.21% [3].

截至2025年8月28日 10:26，国证有色金属行业指数(399395)上涨0.50%，成分股中国稀土(000831)上涨 8.28%，金力永磁(300748)上涨7.25%，电投能源(002128)上涨3.45%，铂科新材(300811)上涨3.28%，山 东黄金(600547)上涨3.11%。有色ETF基金(159880)上涨0.56%，最新价报1.43元。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 消息面上，稀土永磁板块快速走强，中国稀土盘中涨停，此前北方稀土等稀土企业半年度业绩大增，显 示稀土行业景气度积极向好。8月22日，三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办 法》，稀土行业迎来多重利好。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年7月31日，国证有色金属行业指数(399395)前十大 ...

Economic News - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, aiming for AI applications to exceed 70% by 2027 and 90% by 2030, with a significant growth in the core industries of the smart economy [1][4] - The National Development and Reform Commission emphasizes the need for coordinated efforts across regions and departments to implement AI policies effectively, while also enhancing legal and regulatory frameworks [1][2] - The National Energy Administration reports that energy industry investments have shown a steady increase, with annual investments surpassing 4 trillion, 5 trillion, and 6 trillion yuan during the 14th Five-Year Plan period, indicating a growth rate of over 16% [4] Company Insights - Meige Intelligent (002881.SZ) is highlighted as a recommended stock, indicating potential growth in the smart technology sector [3] - Apple plans to hold a major product launch event on September 9, 2025, expected to unveil the iPhone 17 series, reflecting ongoing innovation in consumer electronics [5] - Anta Sports is rumored to be in discussions to acquire a stake in Puma, indicating potential strategic moves in the sportswear market [5] - Yuntian Lifei has developed a high-performance SoC chip series, Deep Edge10, which supports various AI models, showcasing advancements in AI technology [5] - Alibaba has updated its open-source video generation model to enhance its competitive edge in AI, indicating a focus on rapid technological upgrades [5] - Tencent and Wanda have established a significant investment partnership, reflecting a trend of collaboration among major companies to leverage technology in physical retail [5] Industry Analysis - The report on Albo New Materials (300811.SZ) indicates a steady revenue growth of 8.11% year-on-year, driven by strong performance in metal soft magnetic powder and chip inductor businesses [6][7] - The metal soft magnetic powder business has maintained strong growth, with revenues increasing by 11.97% year-on-year, and the company has entered supply chains of major clients like BYD and Huawei [7][9] - The chip inductor business has faced a temporary decline but is expected to recover as it expands into new semiconductor power supply applications, particularly in AI [8][12] - The company anticipates significant revenue growth from its new production facilities in Huizhou and Thailand, with projected revenues of 20.91 billion, 25.75 billion, and 30.57 billion yuan from 2025 to 2027 [12]

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 861 million yuan in the first half of 2025, representing a year-on-year growth of 8.11%. The net profit attributable to shareholders was 191 million yuan, up 3.28% year-on-year, with basic earnings per share increasing by 31.4% to 0.67 yuan per share [3]. - The company's metal soft magnetic powder core business continues to show strong growth, while the chip inductor business has entered a new growth phase. The metal powder business has also begun to experience explosive growth, contributing to record performance during the reporting period [3][4]. Summary by Sections Metal Soft Magnetic Powder Core Business - The company holds a leading market position in the metal soft magnetic powder core industry. Revenue from this segment reached 657 million yuan, a year-on-year increase of 11.97%, accounting for 76% of total revenue, up from 74% in the same period last year [4]. - The company is actively adjusting its product structure and upgrading products to meet the rapid development of emerging markets, particularly benefiting from new infrastructure and AI sectors [4]. - The company has entered the supply chains of major clients such as BYD, Huawei, and Tesla, leading to significant revenue growth in the new energy vehicle and charging pile sectors [4]. Chip Inductor Business - Revenue from the chip inductor segment was 176 million yuan, a decline of 9.71% year-on-year, with its revenue share dropping to 20% from 24% [5]. - The decline was attributed to a transition in client solutions, but by Q2 2025, shipments began to recover. The company has entered the semiconductor power supply market, with new product developments in various fields including ASIC and consumer electronics [5]. - The company is increasing R&D investment, with R&D expenses rising by 43.89% to 62 million yuan in the first half of 2025, aimed at enhancing the performance of metal soft magnetic materials [5]. Metal Soft Magnetic Powder Business - The metal soft magnetic powder business saw explosive growth, with revenue increasing by 90.35% to 26.38 million yuan, now accounting for 3.1% of total revenue, up from 1.7% [11]. - The company is expanding its production capacity, with a new plant expected to be completed by the end of 2025, which will significantly enhance its ability to supply high-performance metal soft magnetic powders [11]. Financial Performance and Forecast - The company expects to achieve revenues of 2.09 billion yuan, 2.58 billion yuan, and 3.06 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 474 million yuan, 609 million yuan, and 758 million yuan for the same years [13][14]. - The report indicates a positive outlook for the company's financial performance, driven by capacity expansion and increased R&D efforts [13].