POCO(SZ:300811) Orient Securities·2025-10-09 11:06Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [6]. Core Insights - The demand for power-saving solutions is critical for AI end-users deploying ASIC chips, as the power consumption of AI computing continues to rise significantly [9][13]. - Metal soft magnetic powder cores are essential for ASIC power modules, providing higher current capacity and better thermal stability compared to traditional ferrite materials [9][56]. - The market for metal soft magnetic powder cores is expected to grow substantially due to the increasing deployment of ASIC chips and the upcoming DDR6 memory standards, which will further drive demand for high-performance inductors [9][26]. Summary by Sections Pain Points: Power Saving as a Core Concern for ASIC Deployment - The power consumption of NVIDIA's AI computing cards has increased dramatically, with the latest models reaching up to 2700W, highlighting the urgent need for power-efficient solutions [13][14]. - ASIC chips offer higher efficiency and lower power consumption compared to traditional GPU chips, making them a preferred choice for AI applications [19][24]. - The shift towards self-developed ASIC chips by major AI companies is driven by the need to optimize power efficiency and reduce costs [29][27]. Materials: Metal Soft Magnetic Powder Cores as Essential Components - The vertical stacking design of power modules significantly reduces PDN losses, enhancing overall power efficiency [46]. - The demand for smaller and more efficient inductors is increasing due to the compact design of vertical power modules [48]. - Metal soft magnetic powder cores can handle higher currents and provide better performance in high-power applications compared to traditional materials [56][57]. Market: Dual-Drive from GPU and ASIC - The demand for inductors is projected to exceed 400 million units as AI companies ramp up their ASIC chip production [9][11]. - The introduction of DDR6 memory is expected to further increase the usage of inductors, as it requires improved power integrity and efficiency [9][19]. Application Expansion: DDR6 Memory to Drive Growth - The transition to DDR6 memory will necessitate a higher volume of inductors, as it introduces new power management requirements [19][4]. - The integration of PMIC solutions in DDR5 has already set a precedent for increased inductor usage, which will continue with DDR6 [19][4]. Industry Comparison: Competitive Advantages of Platinum New Materials - Platinum New Materials holds a competitive edge in the production of metal soft magnetic powder due to its advanced atomization technology, which results in finer particle sizes and lower oxygen content [9][21]. - The company's production capacity is expected to ramp up significantly, reaching 300 million units by 2026, positioning it well within the growing market [9][12].