Sou Hu Cai Jing·2026-01-12 01:07Core Viewpoint - Placo New Materials is a distinctive company within the Nvidia concept stocks, having grown from a market value of 5 billion in 2019 to over 20 billion now, driven by its entry into Nvidia's supply chain and the ongoing AI infrastructure arms race [2] Group 1: Company Overview - Placo New Materials primarily enters Nvidia's supply chain through an "indirect supply" model, providing high-performance chip inductors to top global power module and semiconductor manufacturers [4] - The company claims to have good relationships with existing clients and is benefiting from the increasing demand for high-frequency, high-power density inductors due to Nvidia's new architectures [4] - Placo is one of the top five global manufacturers of metal soft magnetic powder cores, holding approximately 21% market share [4] Group 2: Financial Performance - The company has a strong financial profile characterized by high profitability, high asset returns, and financial stability, with an average ROE of over 15% and a net profit margin exceeding 20% over the past five years [7] - Currently, Placo is in a critical strategic investment phase, transitioning from high growth to validating its second growth curve, with increased capital expenditures and R&D expenses [7] Group 3: Leadership Team - The founder and controlling person, Du Jianghua, has a long history of entrepreneurship and has been involved in the magnetic materials market since 1999 [8][9] - The leadership team includes three key experts: Guo Xiongzhi, a materials expert; Ruan Jialin, a production and quality expert; and Luo Zhimin, a supply chain and operations expert, creating a balanced and effective management structure [10]