铂科新材：芯片电感业务已成为公司第二增长曲线

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company's chip inductor business has emerged as a significant growth driver, with a revenue CAGR of 280.2% from 2020 to 2023, contributing to 24.5% of the company's main business revenue in H1 2024 [3][5]. - The company achieved a historical high in performance for H1 2024, with operating revenue of 796 million yuan, a year-on-year increase of 36.88%, and a net profit of 179.7 million yuan, up 41.84% year-on-year [2][5]. - The metal soft magnetic powder core business continues to optimize profitability, with revenue increasing by 7.03% to 586 million yuan in H1 2024 [2][5]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 796 million yuan, a 36.88% increase year-on-year, and a net profit of 179.7 million yuan, reflecting a 41.84% growth [2][5]. - The gross profit margin improved to 40.5%, and the net profit margin increased to 23.2% [5]. - The company expects revenues of 1.763 billion yuan, 2.325 billion yuan, and 2.822 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 390 million yuan, 533 million yuan, and 658 million yuan [5][6]. Business Segments - The chip inductor business has shown explosive growth, with revenue reaching 195 million yuan in H1 2024, a 138.92% increase quarter-on-quarter [3][5]. - The metal soft magnetic powder business achieved sales revenue of 13.859 million yuan in H1 2024, a 25.26% increase [5]. - The company is expanding its production capacity, with plans to increase output from 500 million pieces to 1-1.5 billion pieces per month in 2024 [3][5]. Competitive Advantages - The company holds a leading position in the metal soft magnetic materials sector, benefiting from strong brand influence and a high degree of customer loyalty [5]. - The company has established a comprehensive product line that covers the entire energy transformation process, enhancing its competitive edge [5]. - The industry is experiencing high growth and has significant barriers to entry, making it difficult for new competitors to emerge [5].