铂科新材：以“打铁人”初心铸技术壁垒借AI浪潮拓增长新局

Core Insights - The company, Placo New Materials, has evolved from a challenging start in 2009 to become a leading player in the global metal soft magnetic powder core market, ranking among the top five manufacturers [1][2][3] - The company focuses on two main tracks: electrification and intelligence, aiming to expand applications in AI, autonomous driving, robotics, and energy storage [1][2] - Placo New Materials has seen significant revenue growth, with projections indicating a rise from 141 million yuan in 2015 to 1.663 billion yuan in 2024, and net profit increasing from 23 million yuan to 376 million yuan in the same period [2][3] Business Segments - The metal soft magnetic powder core business has become the core pillar of the company, with projected sales revenue of 1.234 billion yuan in 2024, reflecting a year-on-year growth of 20.2% [3][4] - The chip inductor business, which focuses on AI servers and GPU applications, has emerged as a significant growth driver, with sales expected to reach 386 million yuan in 2024, a staggering increase of 275.76% [4][5] - The metal soft magnetic powder segment, as a key upstream raw material, is projected to generate sales of 39.94 million yuan in 2024, marking a 47.31% increase [4][5] Market Opportunities - The company is well-positioned to benefit from the historical growth opportunities in sectors such as photovoltaics, new energy vehicles, and data centers, driven by policies promoting "dual carbon" and "new infrastructure" [2][3] - The market for chip inductors is expected to reach a scale of hundreds of billions, with significant potential for growth as the industry shifts from ferrite materials to metal soft magnetic materials [4][5] Management Philosophy - The company employs a unique management system that integrates scientific methods with traditional Chinese culture, focusing on building systematic capabilities to adapt to market uncertainties [5][6] - The management philosophy emphasizes a non-interventionist approach, allowing research teams to focus on market-driven development while ensuring alignment with organizational goals [5][6]