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。 ...

Core Viewpoint - The company is poised to become a rising star in AI chip inductors and automotive inductors, entering a rapid growth phase. It is a rare producer of high-performance ferrite permanent magnets and soft magnetic materials, with production capacity expected to expand from 45,000 tons to 60,000 tons, surpassing Japan's TDK, the current largest player in the market. The global industry is pursuing high-performance ferrite composite materials as a substitute for rare earth permanent magnets, with some companies already achieving this transition. The company's overseas high-performance ferrite products are in high demand, leading to both volume and price increases [1]. Group 1: High-Performance Ferrite Permanent Magnets - The company is a rare producer of high-performance ferrite permanent magnets, with production capacity expected to reach 45,000 tons per year by the end of 2024, with a planned gradual expansion to 60,000 tons per year, surpassing TDK. The proportion of high-performance products with more than nine materials is continuously increasing, and the laboratory has completed 15 material products, achieving a globally leading level. The company is one of the few with overseas ferrite permanent magnet production bases, benefiting from the global shortage of rare earth magnetic materials and cost reduction needs, leading to rapid growth in both volume and price [2][3]. Group 2: Soft Magnetic Business Expansion - The company is accelerating its layout in the soft magnetic sector, developing a comprehensive soft magnetic supply chain that includes soft magnetic powder, magnetic powder cores, and inductors. It has established production lines for metal soft magnetic and ferrite soft magnetic products in Anhui and is now part of the supply chain for leading domestic and international new energy vehicle companies. The company is building an 8,000 tons per year soft magnetic base in Thailand, leveraging regional advantages to support overseas customers, and plans to construct a 10,000 tons per year soft magnetic project in Anhui, with total soft magnetic capacity expected to exceed 25,000 tons per year upon completion [3]. Group 3: AI Chip Inductors and Automotive Inductors - The company has made significant breakthroughs in chip inductors, entering the supply chain of internationally renowned semiconductor companies and beginning shipments, marking a transition from 0 to 1 in AI chip inductors. With the rapid development of AI computing power, the demand for small, high-power chip inductors is growing quickly, and the company's chip inductor business is expected to expand significantly. Additionally, the company is making strides in automotive inductors, entering the supply chains of overseas companies, and its inductor business is poised for accelerated growth. The integrated supply chain of soft magnetic powder, soft magnetic powder cores, and chip/automotive inductors has taken shape, showcasing significant collaborative advantages and promising growth potential [4]. Group 4: Financial Projections - The company is projected to achieve revenues of 1.64 billion, 2.19 billion, and 2.97 billion yuan from 2025 to 2027, with net profits attributable to the parent company expected to be 210 million, 350 million, and 510 million yuan, corresponding to price-to-earnings ratios of 28, 17, and 12 times, respectively, indicating a "buy" rating [4].

Group 1 - The "Walk and Solve" initiative in Langfang City has effectively addressed challenges faced by local enterprises, enhancing operational efficiency for companies like An Tai (Bazhou) Special Powder Co., Ltd. [1] - An Tai has established the Hebei Metal Soft Magnetic Composite Materials Innovation Consortium to advance high-performance soft magnetic alloy powders and related materials, collaborating with upstream and downstream enterprises and research institutions [1] - The initiative has facilitated a streamlined communication mechanism between government and enterprises, allowing for rapid responses to business needs, such as a 400 million yuan credit loan approved in just three days for Hebei Shuotong Metal Products Co., Ltd. [2] Group 2 - Langfang City has prioritized companies like Zhen Guigu Technology Co., Ltd., which plans to invest 330 million yuan in AR/VR technology, by organizing specialized meetings to address their financing needs [3] - The city has successfully facilitated a loan agreement of 200 million yuan between Shanghai Pudong Development Bank and Zhen Guigu, with an initial fund of 54.22 million yuan already disbursed [3] - In 2024, Langfang visited 131,000 enterprises, resolved over 6,600 issues, and facilitated loans totaling 15 billion yuan, significantly improving its credit monitoring ranking and business environment [3]

Group 1 - The core viewpoint of the article highlights that Mingyuan Investment has recently conducted research on a listed company, focusing on its advancements in chip inductors and magnetic powder core products [1] - The company, Placo New Materials, has launched multiple series of chip inductor products, gaining validation from several well-known chip manufacturers and is accelerating mass delivery [1] - The magnetic powder core products are primarily utilized in various sectors including photovoltaic power generation, new energy vehicles, charging piles, data centers, energy storage, communication power supplies, variable frequency air conditioning, power quality rectification, and rail transportation [1] Group 2 - Mingyuan Investment, established in 2014 with a registered capital of 10 million yuan, is based in Shanghai and focuses on quantitative investment [1] - The firm has a strong background in data mining, statistical analysis, and software development, creating a comprehensive trading system and asset management platform [1] - Mingyuan Investment's business encompasses market analysis, strategy development, asset allocation, risk management, and system development, making it one of the leading quantitative investment institutions in China [1]

机构简介： 2）安必平 （上海呈瑞投资参与公司分析师会议） 个股亮点：公司布局AI病理诊断，开发智能病理分析系统，提升诊断精准度。；公司与腾讯ALab共同 开发的宫强细胞学人工智能铺助诊断系统完成了多中心科研评价研究 3）铂科新材 （上海呈瑞投资管理有限公司参与公司特定对象调研&分析师会议&路演活动） 个股亮点：公司目前已经推出了多个芯片电感系列料号，取得了多家知名芯片厂商的验证和认可，并已 实现小批量生产和交付，正在加快批量交付。；公司的磁粉芯产品主要用于光伏发电、新能源汽车及充 电桩、数据中心（UPS、服务器电源）、储能、通讯电源、变频空调、电能质量整治（有源电力滤波器 APF）、轨道交通等领域 根据市场公开信息及4月24日披露的机构调研信息，知名私募呈瑞投资近期对3家上市公司进行了调研， 相关名单如下： 1）紫光国微 （上海呈瑞投资参与公司业绩说明会） 调研纪要：紫光国微在控股股东变更后积极打造第二增长曲线，未来3-5年将在特种集成电路、智能安 全芯片和石英晶体频率器件业务继续深耕，并导入AI技术和开拓汽车电子芯片市场。2024年公司收购 两家公司强化汽车控制器芯片、智能安全芯片业务，新设公司扩大石英晶 ...