Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 73.85 CNY [1][5] Core Views - The company is expected to see steady growth in its performance, particularly in the chip inductor business, which is anticipated to maintain a high growth rate due to increasing demand in the AI sector [4][8] - The company has adjusted its profit forecasts for 2025-2027, with projected net profits of 475 million, 612 million, and 753 million CNY respectively, reflecting an increase from previous estimates [5][7] Financial Performance Summary - Revenue is projected to grow from 1,159 million CNY in 2023 to 2,945 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 22% [7][10] - Operating profit is expected to increase from 295 million CNY in 2023 to 851 million CNY in 2027, indicating a strong growth trajectory [7][10] - The net profit attributable to the parent company is forecasted to grow at a CAGR of around 23% from 2023 to 2027 [7][10] - The company’s gross margin is expected to improve from 39.6% in 2023 to 42.7% in 2027, reflecting enhanced operational efficiency [7][10] Market Position and Competitive Landscape - The company has successfully completed the transition to new inductor solutions, which is expected to lead to sustained growth in shipment volumes [8] - The company is expanding its partnerships with global manufacturers, enhancing its market presence and product offerings in various application fields [8] - The construction of new production capacity for integrated inductors is progressing ahead of schedule, which may lead to increased production capacity in 2026 [8]

Group 1 - The core viewpoint of the news is that Placo New Materials has shown significant stock performance and financial growth, with a notable increase in share price and market capitalization [1][2]. - As of September 16, Placo New Materials' stock price increased by 2.11% to 78.75 CNY per share, with a total market capitalization of 22.799 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 46.62%, with a 12.50% rise over the last five trading days and an 82.50% increase over the last 60 days [1]. Group 2 - Placo New Materials operates in the non-ferrous metals sector, specifically in the magnetic materials sub-sector, and is involved in various concept sectors including inductors and consumer electronics [2]. - For the first half of 2025, the company reported a revenue of 861 million CNY, reflecting a year-on-year growth of 8.11%, and a net profit attributable to shareholders of 191 million CNY, up 3.28% [2]. - The company has distributed a total of 174 million CNY in dividends since its A-share listing, with 120 million CNY distributed over the past three years [3]. Group 3 - As of June 30, 2025, the number of shareholders for Placo New Materials increased by 3.76% to 20,800, while the average circulating shares per person decreased by 3.42% to 11,075 shares [2]. - Among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund holds 4.6918 million shares, an increase of 301,000 shares compared to the previous period [3]. - The company has seen changes in institutional holdings, with some funds increasing their positions while others have exited the top ten shareholder list [3].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the impact of the AI boom on the upstream materials market, particularly focusing on passive components and materials that are essential for high-performance AI applications [1][2][17]. Key Companies Discussed 1. **博科新材 (Boke New Materials)** - Benefiting from the surge in AI computing power, with a market capitalization exceeding 22 billion [1][7]. - The company’s soft magnetic powder cores and chip inductors are used in high-end chips like CPU, GPU, and HBM, particularly in North American cloud vendors [1][5]. - Despite short-term performance growth being modest, the company has ample production capacity and a rich project reserve, indicating significant potential for future earnings growth [1][7]. - Expected revenue growth of 15%-16% in 2025, with projections of reaching approximately 1.4 billion in revenue by 2026 [9]. 2. **博青新材 (Bojing New Materials)** - Focused on module inductors, which are expected to gain market share due to their complexity and miniaturization advantages, making them suitable for AI semiconductor manufacturers [1][6]. - The revenue split between discrete and module inductors is currently about 7:3, but this is expected to shift towards module inductors in the future [6]. 3. **博纤新材 (Bofiber New Materials)** - Core product is MLCC nickel powder, particularly the high-end 80 nm nickel powder, which is the only one produced globally by Bofiber and is used in AI servers [1][10][11]. - The company has seen significant growth in sales and gross profit margins due to the demand for high-capacity, high-performance MLCC capacitors driven by AI applications [3][14]. 4. **博天公司 (Botian Company)** - Sales prices and gross margins for nickel powder have significantly increased, primarily due to the contribution from 80 nm nickel powder [3][14]. - The company is expected to reach a market capitalization of 25-30 billion due to the high demand for its products in the AI sector [3][16]. Market Dynamics - The AI industry has led to a surge in demand for high-performance, miniaturized components, particularly those that can handle high currents and temperatures [2][17]. - Major North American cloud vendors have provided optimistic capital expenditure guidance, indicating a robust growth trajectory for the AI hardware supply chain [2]. Financial Projections - Boke New Materials is projected to achieve a revenue of approximately 1.4 billion in 2026, with a corresponding net profit of around 350 million [9]. - Bofiber's high-end nickel powder is expected to maintain full production capacity, driven by AI server demand, which is anticipated to continue growing [11]. Investment Opportunities - The AI boom presents significant investment opportunities in passive components and related materials, with companies like Boke and Botian being core recommendations due to their improved product structures and market positioning [1][17]. - The overall market for nickel powder and related materials is experiencing high demand, indicating a favorable investment climate for these companies [3][17].

Revenue Trends - The revenue of China's inductor industry is expected to show a steady growth trend from 2019 to 2024, with a significant increase in 2021, indicating relative industry prosperity in recent years. The growth rate of the industry increased year by year from 2019 to 2021, but stabilized starting in 2022 [1] Profitability Analysis - The sales gross margin of China's inductor industry exhibited a trend of first increasing and then decreasing from 2019 to 2024. The gross margin increased from 2019 to 2021 due to high product demand and strong bargaining power of industry enterprises. However, starting in 2022, the overall market returned to rationality, leading to a gradual decline in sales gross margin [2] Inventory Turnover - The inventory turnover rate in China's inductor industry showed fluctuations from 2019 to 2024. In 2019, the turnover rate was 5.13 times, affected by weak demand from major downstream terminals like mobile phones and automobiles. The rate peaked at 5.63 times in 2020 due to increased demand for inductors driven by the pandemic. However, it dropped sharply to 4.44 times in 2021 due to a temporary imbalance between supply and demand. From 2022 to 2024, the turnover rate gradually increased from 4.58 times to 4.93 times, reflecting steady recovery in demand driven by emerging fields such as 5G, new energy vehicles, and the Internet of Things [4] Accounts Receivable Turnover - The accounts receivable turnover rate in China's inductor industry showed a trend of first increasing and then decreasing, fluctuating between 3 and 4. Overall, the industry has a relatively low accounts receivable turnover rate, indicating longer collection periods. This is primarily due to the strong bargaining power of large electronic equipment manufacturers, which often require longer payment terms to optimize their cash flow [7] Debt Ratio - The asset-liability ratio of China's inductor industry showed an overall increasing trend from 2019 to 2024, rising from 35.2% to 44.2%. The ratio remains below 50%, indicating a moderate reliance on debt. The increasing trend reflects enterprises' efforts to expand scale by increasing debt ratios, aligning with the industry's transition towards miniaturization and high power density. Major manufacturers are investing heavily in high-end production capacity, such as new integrated inductor projects and overseas production bases, leading to a record high in debt levels [9]

北京市天元律师事务所 关于深圳市铂科新材料股份有限公司 2025 年第一次临时股东大会的法律意见 京天股字（2025）第 579 号 深圳市铂科新材料股份有限公司（以下简称公司）2025 年第一次临时股东大 会（以下简称本次股东大会）采取现场表决与网络投票相结合的方式，现场会议于 2025 年 9 月 12 日下午 14:50 在深圳市南山区沙河西路 3157 号南山智谷产业园 B 座 13F 会议室召开。北京市天元律师事务所（以下简称本所）接受公司聘任，指派 本所律师参加本次股东大会会议，并根据《中华人民共和国公司法》《中华人民共 和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股 东会规则》）以及《深圳市铂科新材料股份有限公司章程》（以下简称《公司章程》） 等有关规定，就本次股东大会的召集、召开程序、出席现场会议人员的资格、召集 人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见，本所律师审查了《深圳市铂科新材料股份有限公司第四届 董事会第十二次会议决议公告》《深圳市铂科新材料股份有限公司第四届监事会第 十一次会议决议公告》《深圳市铂科新材料股份有限公司关于召开 ...

证券代码：300811 证券简称：铂科新材 公告编号：2025-071 深圳市铂科新材料股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 一、会议召开和出席情况 1、 召开时间：2025 年 9 月 12 日（星期五）14:50 2、 召开地点：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 3、 召开方式：现场结合网络 4、 召集人：董事会 5、 主持人：董事长杜江华先生 6、 本次会议的召集、召开符合《中华人民共和国公司法》、《上市公司 股东会规则》、《深圳证券交易所创业板股票上市规则》等有关法律、行政法规、 部门规章、规范性文件和《深圳市铂科新材料股份有限公司章程》的有关规定。 二、会议出席情况 （一）股东出席的总体情况 通过现场和网络投票的股东 148 人，代表股份 147,907,828 股，占公司有表 决权股份总数的 51.0405％。其中：通过现场投票的股东 9 人，代表股份 134,625,702 股，占公司有表决权股份总数的 46.4570％。通过网络投 ...

Core Insights - The metal new materials sector experienced a significant increase of 3.8% on September 11, with Placo New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Sector Performance - Placo New Materials (300811) saw a closing price of 81.02, with a rise of 12.92% and a trading volume of 239,500 shares, amounting to a transaction value of 1.894 billion [1] - Jiangnan New Materials (603124) closed at 69.49, up 10.01%, with a trading volume of 34,000 shares and a transaction value of 292 million [1] - Shenzhen New Star (603978) closed at 21.14, up 9.99%, with a trading volume of 262,000 shares and a transaction value of 537 million [1] - Other notable performers include Jinli Permanent Magnet (300748) with a 4.99% increase and a transaction value of 2.771 billion, and Zhenghai Magnetic Materials (300224) with a 3.14% increase and a transaction value of 631 million [1] Capital Flow - The metal new materials sector saw a net inflow of 424 million from main funds, while retail funds experienced a net outflow of 173 million [2] - The main funds' net inflow for Jinli Permanent Magnet (300748) was 136 million, representing 4.89% of the total, while retail funds had a net outflow of 179 million [3] - Other companies like Bo Wei Alloy (601137) and Zhenghai Magnetic Materials (300224) also experienced significant net inflows from main funds, indicating strong institutional interest [3]

Group 1 - The core viewpoint of the news is that the non-ferrous metal industry is experiencing a strong upward trend, driven by expectations of a rate cut by the Federal Reserve, which has led to increased market optimism and rising prices for industrial metals [1][2] - As of September 11, 2025, the Guozheng Non-Ferrous Metal Industry Index (399395) rose by 1.57%, with significant gains in constituent stocks such as Placo New Materials (300811) up 13.16%, Dongyang Sunshine (600673) up 7.03%, and China Rare Earth (000831) up 5.61% [1] - The non-ferrous ETF fund (159880) also saw an increase of 1.19%, with the latest price reported at 1.53 yuan [1] Group 2 - The Guozheng Non-Ferrous Metal Industry Index tracks 50 prominent securities in the non-ferrous metal sector, reflecting the overall performance of listed companies in this industry on the Shanghai and Shenzhen stock exchanges [2] - As of August 29, 2025, the top ten weighted stocks in the index include Zijin Mining (601899), Northern Rare Earth (600111), and Luoyang Molybdenum (603993), collectively accounting for 50.35% of the index [2]

Core Insights - The rare metals theme index has shown a strong increase of 1.25%, with significant gains in constituent stocks such as Plating New Materials up 10.24% and China Rare Earth up 4.91% [1][4] - The rare metals ETF has experienced a notable increase in trading volume and net inflows, ranking first among comparable funds in terms of scale and share growth [3][4] Group 1: Market Performance - As of September 11, 2025, the rare metals theme index rose by 1.25%, with key stocks like Plating New Materials and China Rare Earth showing substantial gains [1] - The rare metals ETF recorded a trading turnover of 2.8% and a transaction volume of 68.57 million yuan, with a weekly average transaction of 241 million yuan, ranking first among comparable funds [3] - Over the past year, the rare metals ETF's net value has increased by 87.53%, placing it in the top 12.70% of index equity funds [3] Group 2: Investment Opportunities - The recent fluctuations in lithium carbonate futures prices have led to a decrease in spot prices, but demand is expected to rise with the upcoming peak season, indicating potential upward momentum for lithium prices [4] - The introduction of regulatory measures for rare earth mining and processing is seen as a positive factor, suggesting continued upward potential for the rare earth sector [4] - The top ten weighted stocks in the rare metals theme index account for 57.58% of the total index, highlighting key investment opportunities in companies like Northern Rare Earth and Ganfeng Lithium [4][6]

Market Overview - The metal new materials sector experienced a decline of 0.37% on September 10, with Huitong New Materials leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the metal new materials sector included: - Longci Technology (300835) with a closing price of 62.72, up 4.19% [1] - Jiangnan New Materials (603124) at 81.35, up 2.71% [1] - Aluminum Science and Technology (300811) at 71.75, up 2.50% [1] - Huitong New Materials (833751) was the biggest loser, closing at 23.83, down 5.06% [2] Trading Volume and Value - The trading volume and value for key stocks included: - Longci Technology: 63,300 shares traded, with a transaction value of 392 million [1] - Jiangnan New Materials: 26,700 shares traded, with a transaction value of 217 million [1] - Huitong New Materials: 44,900 shares traded, with a transaction value of 108 million [2] Capital Flow - The metal new materials sector saw a net outflow of 153 million from institutional investors, while retail investors had a net inflow of 171 million [2] - Key stocks' capital flow included: - Boweitai Gold (601137) with a net inflow of 1.05 billion from institutional investors [3] - Longci Technology (300835) with a net inflow of 24.89 million from retail investors [3]