POCO(SZ:300811) AVIC Securities·2024-10-27 06:30Investment Rating - The investment rating for the company is "Buy," indicating an expected return of over 10% relative to the CSI 300 index in the next six months [10]. Core Views - The company, Placo New Materials (300811), reported a revenue of 1.227 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 43.6% [1]. - The net profit attributable to shareholders reached 286 million yuan, up 51.7% year-on-year, with a basic EPS of 1.02 yuan [1]. - The company benefits from strong demand in downstream sectors such as artificial intelligence, new energy vehicles, and photovoltaics, leading to high-quality growth in its three main business areas: magnetic powder cores, chip inductors, and soft magnetic powders [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 431 million yuan, a year-on-year increase of 58.1% but a quarter-on-quarter decrease of 6.6% [1]. - The gross profit margin and net profit margin for the first three quarters of 2024 were 40.6% and 23.2%, respectively, with improvements of 1.05 percentage points and 1.11 percentage points year-on-year [1]. - The company’s Q3 2024 gross profit margin was 40.9%, showing a slight decrease from the previous quarter [1]. Business Growth - The metal soft magnetic powder core business has shown steady growth, with significant revenue increases driven by rapid growth in applications related to new infrastructure and artificial intelligence [1]. - The chip inductor business is increasingly contributing to the company's revenue, indicating a strong growth potential [1]. - The company has gained recognition and cooperation from major clients such as BYD and Huawei in the new energy vehicle and charging pile sectors [1]. Future Outlook - The company is expected to continue expanding its chip inductor production capacity to meet the growing demand in computing power construction [1]. - The construction of a new powder factory with an annual capacity of 6,000 tons is underway, which is anticipated to alleviate production bottlenecks in external sales [1]. - Revenue projections for the coming years indicate a consistent growth trajectory, with expected revenues of 1.698 billion yuan in 2024 and 2.161 billion yuan in 2025, reflecting growth rates of 46.54% and 27.26%, respectively [5].