铂科新材 20250825 摘要 2025 年上半年，铂科新材的营收达到 8.6 亿元，同比增长约 8%。规模净利润 为 1.91 亿元，同比增长约 3%。具体到第二季度，单季营收为 4.77 亿元，同 比增幅为 3.5%，环比增长 24%。利润方面，第二季度实现 1.17 亿元，同比 粉末销售增长迅速，同比增长 60%，环比增长 20%，专注于高附加值 领域，保证毛利率 40%-50%。目前拥有 6,000 吨产能，预计今年收入 7,000 万元，明年有望达到 1 亿至 1.2 亿元。UPS 受 AI 服务器数据中 心影响增速加快，充电桩业务和新能源汽车增长明显。 芯片电感是未来重要增长点，上半年业绩不理想，但随着模组电感进入 批量交付阶段，下半年特别是第四季度有望实现显著增长。公司正在开 发新的方案，与其他半导体公司展开合作。DDR5 已批量出货， DDR5+已通过客户认证，DDR6 仍处于前端认证阶段，预计 2026 年 出技术协议，2027 年大规模量产。 公司未来发展分为三个阶段：跟随 GPU 进入 AI 时代；ASEC 加上 DDR 放量；端侧应用。年底自建厂区交付使用，预计明年 Q1 投入新产能 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with chip inductors continuously benefiting from the AI industry's prosperity [6] - The company achieved a revenue of 1.663 billion RMB in 2024, representing a year-on-year growth of 43.54%, and a net profit of 376 million RMB, with a year-on-year increase of 46.90% [8] - The company is expected to maintain strong growth in the coming years, with projected net profits of 468 million RMB in 2025 and 579 million RMB in 2026, reflecting growth rates of 24.69% and 23.49% respectively [8] Financial Performance Summary - In 2024, the company reported a revenue of 1.663 billion RMB, with a gross margin of 40.7% and a net margin of 22.5% [8][10] - The first quarter of 2025 saw a revenue of 383 million RMB, a year-on-year increase of 14.4% [8] - The company is expected to achieve revenues of 2.041 billion RMB in 2025, with a year-on-year growth rate of 22.75% [7] Profitability and Valuation - The projected earnings per share (EPS) for 2025 is 1.62 RMB, with a price-to-earnings (P/E) ratio of 24.90 [7][10] - The return on equity (ROE) is expected to be 17.12% in 2025, indicating strong profitability [10] - The company is positioned in a high-growth sector, with chip inductors expected to drive significant revenue contributions [8] Growth Potential - The company is expanding its production capacity and has initiated a project for a high-end metal soft magnetic materials and components production base in Thailand [8] - The chip inductor segment is anticipated to become a new growth driver, with revenue contributions projected to increase significantly in the coming years [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.66 billion yuan for 2024, representing a year-on-year growth of about 43.5%. The net profit attributable to shareholders was approximately 380 million yuan, with a year-on-year increase of about 46.9%. The gross margin was approximately 40.7%, up by about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 380 million yuan, a year-on-year growth of about 14.4%, but a quarter-on-quarter decline of about 12.1%. The net profit attributable to shareholders was approximately 70 million yuan, with a year-on-year increase of about 3.1% and a quarter-on-quarter decline of about 17.3%. The gross margin was 37.7%, down by about 0.2 percentage points year-on-year and down by about 3.2 percentage points quarter-on-quarter [5] - The company plans to increase R&D investment, with an R&D expense ratio of 7.0% in 2024 and expectations for continued increases in 2025. The current R&D expenses are primarily focused on chip inductors, with the fifth-generation iron-silicon products already on the market [6] - The company's three major AI-driven business segments are expected to see significant revenue growth, with capacity likely to continue being released. The metal soft magnetic powder core segment is projected to achieve revenue of 1.23 billion yuan in 2024, a year-on-year increase of 20.2% [6] - The inductor components segment is expected to achieve revenue of 390 million yuan in 2024, a year-on-year increase of 275.8%. The company has entered the supplier lists of several well-known semiconductor manufacturers, laying the groundwork for future mass production [6] - The company anticipates net profits of 492 million yuan, 614 million yuan, and 722 million yuan for 2025, 2026, and 2027, respectively, with a slight downward adjustment for 2025 compared to previous expectations [7] Financial Summary - For 2024, the company expects operating revenue of 1.66 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to shareholders is projected to be 376 million yuan, with a year-on-year increase of 46.9% [11] - The gross margin is expected to remain stable at around 40.7% for 2025, with a projected net profit of 492 million yuan, reflecting a year-on-year growth of 31.0% [11] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 23.71, 19.00, and 16.16, respectively [11]