铂科新材：Q2业绩高增，芯片电感持续放量

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant revenue increase of 36.88% year-on-year, reaching 796 million yuan in the first half of 2024, with a net profit attributable to shareholders of 185 million yuan, up 38.18% year-on-year [1] - The company's chip inductors are experiencing accelerated growth, with revenue from inductive components reaching 195 million yuan, a 138.92% increase compared to the second half of 2023, accounting for 24.5% of total revenue [1] - The company plans to raise 300 million yuan through a private placement to fund a new integrated inductor project, with an expected internal rate of return of 23.34% [1] - The demand for magnetic powder cores is recovering, with revenue of 586 million yuan in the first half of 2024, a year-on-year increase of 7.03% [1] - The company forecasts net profits of 382 million yuan, 522 million yuan, and 680 million yuan for 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 29x, 21x, and 16x [1] Financial Summary - Total revenue is projected to grow from 1,721 million yuan in 2024 to 3,042 million yuan in 2026, with a compound annual growth rate (CAGR) of 28.6% [2] - The net profit attributable to shareholders is expected to increase from 382 million yuan in 2024 to 680 million yuan in 2026, reflecting a CAGR of 30.2% [2] - The gross margin is anticipated to improve from 41.8% in 2024 to 41.4% in 2026 [2] - The return on equity (ROE) is projected to rise from 14.6% in 2024 to 17.0% in 2026 [2] - Earnings per share (EPS) is expected to increase from 1.36 yuan in 2024 to 2.42 yuan in 2026 [2] Balance Sheet Overview - Total assets are projected to grow from 3,319 million yuan in 2024 to 4,969 million yuan in 2026 [3] - Current assets are expected to increase from 1,665 million yuan in 2024 to 2,773 million yuan in 2026 [3] - Total liabilities are forecasted to rise from 699 million yuan in 2024 to 934 million yuan in 2026 [3]