证券研究报告 有色金属 | 金属新材料 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 06 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 市场表现： | 基本数据 | | | 30 | 年 | 04 | | 日 | 月 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 40.45 | | | | | | 一 最 低 | | 高 | | | | | | | / | ...

്‌科新材: AI 驱动芯片电感业绩高增, 25 年产能有望持续释放 公司点评 报告日期:2025-05-04 | 收盘价（元） | 40.45 | | --- | --- | | 近 12 个月最高/最低（元） | 59.30/36.20 | | 总股本(百万股) | 288 | | 流通股本(百万股) | 230 | | 流通股比例 (%) | 79.86 | | 总市值(亿元) | 116.7 | | 流通市值 (亿元) | 92.84 | 公司价格与沪深 300 走势比较 300/ 20% 10% -20% 分析师:陈耀波 铂科新材（300811） 投资评级:增持(维持) 执业证书号: S0010523060001 邮箱: chenyaobo@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点: ● 事件点评: 铂科新材发布 2024年度及 2025 第一季度报告 公司 2024 年实现营业收入约 16.6 亿元,同比增长约 43.5%;实现归母 净利润约 3.8 亿元，同比增长约 46.9%;实现毛利率约 40.7%,同 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6] Core Insights - The company has experienced significant growth in operating performance, with a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [6][7] - The magnetic inductive components have seen rapid growth, with the chip inductors becoming a second growth curve driven by AI computing demand, achieving a revenue of 386 million yuan, a staggering increase of 275.8% year-on-year [6][7] - The company is expanding its production capacity and developing new products in the soft magnetic core business, with a gross margin of 40.41% in 2024, up 1.16 percentage points year-on-year [6][7] Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan, with a year-on-year growth of 44%, and a net profit of 376 million yuan, reflecting a 47% increase [7][14] - The revenue from the magnetic powder core segment reached 1.234 billion yuan, a 20.2% increase year-on-year, while the sales volume was approximately 39,300 tons, up 27.85% [6][7] - The company’s operating cash flow significantly improved, reaching 1.18 billion yuan, indicating enhanced bargaining and collection capabilities with clients [6] Product Development and Market Position - The company has completed a comprehensive product line for magnetic inductive components, covering energy conversion from generation to load, and has gained recognition from major semiconductor manufacturers [6][7] - New product developments include integrated inductors using copper-iron co-firing technology, which can save PCB area by 20-70% and improve power module efficiency by 0.2-2% [6] - The company is also expanding its production capacity with a new modern powder production base, aiming for an annual capacity of 6,000 tons by 2025 [6][7] Future Projections - The company is expected to achieve net profits of 480 million yuan, 573 million yuan, and 679 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24.4, 20.4, and 17.2 [6][7] - The report anticipates continued growth momentum in the soft magnetic core segment driven by demand from AI servers, photovoltaic installations, and the electric vehicle market [6][7]