铂科新材（300811.SZ）2025 年半年报点评 AI 应用星辰大海，芯片电感未来可期 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年报。2025H1，公司实现营收 8.61 亿元，同比 +8.11%，归母净利润 1.91 亿元，同比+3.28%， 扣非归母净利润为 1.88 亿元， 同比+4.67%。2025Q2，公司实现营收 4.77 亿元，同比+3.54%，环比+24.54%， 归母净利润 1.18 亿元，同比+3.37%，环比+59.34%，扣非归母净利润 1.16 亿 元，同比+3.35%，环比+60.86%。 ➢ 芯片电感出货节奏恢复正常，拓展应用领域未来增量可期。1）磁粉芯：25H1 实现营收 6.57 亿元，同比+11.97%；分结构来看，其中服务器电源及 UPS 领域 受益于新基建和人工智能持续快速增长；新能源汽车及充电桩领域持续取得了比 亚迪、华为等品牌的认可，同时海外市场也取得了包括特斯拉等在内的系列重大 突破，销售收入同比取得高速增长；光伏及储能领域跟随抢装节奏实现快速增长； 空调领域由于公司产能紧张采取主动放弃部分低价市场的竞争策略导致收入同 比有所下滑。 ...

Summary of the Conference Call for 博客新材 (Platinum Materials) Industry Overview - 博客新材 holds a leading position in the soft magnetic materials sector, with a domestic market share of nearly 40%, and together with 东睦股份, they account for 60%-70% of the market [2][7] - The company maintains stable gross and net profit margins, indicating strong competitive advantages and profitability [2] Key Business Insights - The company operates two main business segments: powder core business and chip inductor business [3] - The integrated layout is crucial for powder core enterprises, allowing 博客新材 to better understand powder preparation processes, quickly respond to downstream demands, and effectively reduce costs [2][8] - 博客新材's flexible production capacity is a significant advantage, with sales expected to reach approximately 38,000 tons in 2024 and a target of 48,000 to 50,000 tons in 2025, maintaining a growth rate of 15% to 20% [2][10] Chip Inductor Business - The chip inductor segment has shown rapid revenue growth over the past three years, primarily supplying clients like NVIDIA and AMD, and is expanding into new applications such as DDR6 memory modules [5][14] - The copper-iron co-fired inductors have high power, small size, and safety advantages, with gross margins reaching 50% and net margins around 30%, significantly enhancing the company's overall profitability [12] Market Position and Future Outlook - The global market demand for soft magnetic materials is estimated at around 250,000 tons, with 博客新材 and 东睦股份 dominating the domestic market [7] - The company is expected to maintain stable revenue and profit growth in the coming years, with projected revenues of 2.2 billion, 3.2 billion, and 3.7 billion yuan, and profits of 470 million, 590 million, and 700 million yuan, reflecting a growth rate of approximately 25% [16] - The current stock price is considered undervalued, warranting attention for its Q2 performance and the marginal changes post chip inductor production ramp-up [16] Additional Insights - The powder core business primarily serves the renewable energy sector, while the chip inductor business is expanding into AI graphics cards and terminal devices [4] - The integrated layout not only enhances cost efficiency but also strengthens the company's ability to develop new products, positioning it favorably in the competitive landscape [8] - 博客新材's future prospects are promising, with potential applications in AI servers, mobile devices, PCs, and storage modules, supported by capacity expansion and employee incentive programs [15]

Core Insights - The metal soft magnetic powder core is a high-performance soft magnetic material with significant market potential, particularly in the context of the new energy industry, including applications in photovoltaic power generation, electric vehicles, and data centers [1][19]. Industry Overview - Soft magnetic materials are characterized by low coercivity and high permeability, making them suitable for various energy conversion devices. They can be categorized into metal soft magnetic materials, ferrite soft magnetic materials, and other types [3][6]. - The demand for metal soft magnetic powder cores in China was 82,000 tons in 2019, with a market size of 2.72 billion yuan. This is expected to grow to 201,000 tons and approximately 7.52 billion yuan by 2025 [1][19]. Market Dynamics - The global soft magnetic materials market is projected to grow from $51.4 billion in 2019 to $79.4 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [14]. - The Asia-Pacific region holds the largest market share for soft magnetic materials, accounting for over 50%, followed by North America at around 24% [13]. Key Applications - Metal soft magnetic powder cores are crucial in electric vehicles, where they are used in drive motors, onboard chargers, and DC/DC converters, enhancing efficiency and power density [10][17]. - The increasing production of new energy vehicles in China, which is expected to rise from 340,500 units in 2015 to 12.89 million units by 2024, is driving demand for soft magnetic materials [10]. Industry Structure - The soft magnetic materials industry has a clear supply chain, with upstream raw materials sourced from the steel and chemical industries, midstream production of soft magnetic materials, and downstream applications in power, communication, and consumer electronics [6][9]. - Major companies in the Chinese soft magnetic materials sector include Hengdian Group Dong Magnetic, Tiantong Holdings, and Zhongke Magnetic, among others [24][26]. Future Trends - The industry is moving towards high-performance and high-value-added products, driven by rapid advancements in new energy, electric vehicles, and 5G communication technologies [30]. - The push for green and low-carbon technologies is leading to an increase in the use of high-performance silicon steel and low-loss amorphous alloys in various applications [31]. - Domestic companies are accelerating the localization of key soft magnetic materials, reducing reliance on imports and enhancing the competitiveness of the industry [32].