中国银河证券发布研报称，展望2026年，电子行业在AI驱动下正经历从算力基建到应用落地的关键转 折。行业整体估值偏高，投资逻辑需从估值扩张转向盈利兑现。核心机遇集中于三大方向：一是半导体 领域，算力国产化与存储大周期构成主线；二是消费电子，AI端侧智能化将重塑硬件生态，带来从整 机到零部件的价值重估；三是器件元件，PCB持续高景气，被动元件与光学升级同步受益。整体而言， AI正推动电子产业从数字化迈向智能化，价值重心向应用端迁移，为产业链各环节带来结构性机遇。 中国银河证券主要观点如下: 消费电子:小端侧快速渗透，大端侧加速升级 半导体:半导体上行持续，存储迎来大周期 2025年半导体行业处于快速成长中，预计2026年趋势保持。该行看好的几个方向：算力国产化大势所 趋，关注国产算力芯片。AI+有望驱动消费电子进入新一轮成长周期，这将拉动消费电子处理器等半导 体零部件的销售。存储芯片受益于算力需求大增，供需缺口迎来大周期。受AI HPC需求拉动，半导体 制造板块正处于新一轮增长周期中。在AI和HBM需求浪潮下，持续看好半导体国产装备板块。半导体 材料行业将保持量价齐升趋势，看好光刻胶、CMP抛光材料、湿电子化学 ...

Core Insights - The electronic industry is undergoing a critical transition driven by AI, shifting from computing infrastructure to application implementation by 2026 [1] - Overall industry valuation is considered high, necessitating a shift in investment logic from valuation expansion to profit realization [1] - Key opportunities are identified in three main areas: semiconductors, consumer electronics, and components [1] Semiconductor Sector - The semiconductor industry is experiencing rapid growth, with expectations for continued trends into 2026 [2] - Key focus areas include the trend of domestic computing power localization, the impact of AI on consumer electronics, and the significant demand for storage chips driven by computing needs [2] - The semiconductor manufacturing sector is entering a new growth cycle due to AI and high bandwidth memory (HBM) demand [2] Consumer Electronics - Major consumer electronics brands are embracing AI, with expectations for accelerated development in AI edge applications by 2026 [3] - Opportunities for valuation enhancement are seen in smartphone manufacturers as AI traffic entry points and in the rapid growth of smart imaging devices [3] - Investment opportunities are also identified in components related to AI glasses, AI headphones, and the upgrade of large-end devices [3] Components and Devices - The demand for printed circuit boards (PCBs) is expected to remain high due to AI, with leading manufacturers actively expanding production [4] - The global CSP manufacturers are increasing investments in AI, driving high demand for multi-layer PCBs and HDI products [4] - Opportunities in passive components focus on chip inductors and tantalum capacitors, while optical components are driven by the upgrade of smart phone optics and the proliferation of new consumer electronics [4]

Group 1 - The humanoid robot industry is experiencing positive changes both domestically and internationally, with a focus on high-quality segments and upcoming Gen3 product releases and mass production guidance [1] - The solid-state battery equipment sector is advancing, with the first domestic large-capacity all-solid-state battery production line having been established and entering trial production, accelerating the industrialization process [1] - The engineering machinery sector is maintaining high growth rates in exports despite a slowdown in excavator domestic sales, while non-excavator sales remain strong, indicating overall good domestic operations [1] Group 2 - The rapid development of AI technology is significantly impacting the passive components industry, driving growth in high-end MLCCs, chip inductors, tantalum capacitors, and packaging materials, while also benefiting upstream raw materials such as nickel powder and carbonyl iron powder [2] - The performance of materials is crucial for device performance, providing advantages to upstream raw materials and supporting enterprises in the upstream and downstream industries [2] Group 3 - The global gas turbine market is expected to see a 95% year-on-year increase in new orders by Q3 2025, reaching 24GW, driven by various factors including energy policy shifts and increased AI power demand [3] - The high demand for gas turbines globally is likely to create export opportunities for domestic manufacturers of hot-end blades and cold-end casings [3]

每经AI快讯，11月25日，中信建投研报表示，AI技术的快速发展对被动元件行业产生深远影响，将快 速拉动高端MLCC、芯片电感、钽电容、封装材料等行业快速发展，同时上游原材料如镍粉、羰基铁 粉、金属软磁粉（芯）、散热材料等行业的快速发展。材料性能决定器件性能，上游原材料领域及上下 游产业配套企业具备优势。 ...

中信建投研报表示，AI技术的快速发展对被动元件行业产生深远影响，将快速拉动高端MLCC、芯片电 感、钽电容、封装材料等行业快速发展，同时上游原材料如镍粉、羰基铁粉、金属软磁粉（芯）、散热 材料等行业的快速发展。材料性能决定器件性能，上游原材料领域及上下游产业配套企业具备优势。 ...

证券代码： 300811 证券简称：铂科新材 深圳市铂科新材料股份有限公司投资者关系活动记录表 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 (周四) 下午 11 20 14:30~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长杜江华 | | 员姓名 | 2、董事会秘书阮佳林 | | | 3、财务总监游欣 | | | 4、独立董事伊志宏 | | | 5、独立董事李音 | | | 6、独立董事谢春晓 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、杜总下午好！TDK 与台积电合作开发的封装内 ...

Group 1 - The computing power sector is still in the performance realization stage and has a relatively moderate valuation level, with continued optimism for computing-related PCB, domestic computing, IP licensing, and chip inductors [1] - The year 2026 may be a key year for the recovery of the foldable screen market, with rumored foldable products from Apple expected to stimulate overall category discussions and potentially bring new insights in software interaction and hardware design, further activating market demand [1] - Newly launched wearable devices this year are also expected to drive market recovery [1] Group 2 - AR glasses manufacturers are pushing AR glasses from being "niche geek toys" to "mainstream smart terminals" through technological breakthroughs, ecosystem integration, and market penetration, with the maturity of AI and AR technologies suggesting that smart glasses could become the next mainstream computing terminal after smartphones [1]

Core Insights - The company, Placo New Materials, has evolved from a challenging start in 2009 to become a leading player in the global metal soft magnetic powder core market, ranking among the top five manufacturers [1][2][3] - The company focuses on two main tracks: electrification and intelligence, aiming to expand applications in AI, autonomous driving, robotics, and energy storage [1][2] - Placo New Materials has seen significant revenue growth, with projections indicating a rise from 141 million yuan in 2015 to 1.663 billion yuan in 2024, and net profit increasing from 23 million yuan to 376 million yuan in the same period [2][3] Business Segments - The metal soft magnetic powder core business has become the core pillar of the company, with projected sales revenue of 1.234 billion yuan in 2024, reflecting a year-on-year growth of 20.2% [3][4] - The chip inductor business, which focuses on AI servers and GPU applications, has emerged as a significant growth driver, with sales expected to reach 386 million yuan in 2024, a staggering increase of 275.76% [4][5] - The metal soft magnetic powder segment, as a key upstream raw material, is projected to generate sales of 39.94 million yuan in 2024, marking a 47.31% increase [4][5] Market Opportunities - The company is well-positioned to benefit from the historical growth opportunities in sectors such as photovoltaics, new energy vehicles, and data centers, driven by policies promoting "dual carbon" and "new infrastructure" [2][3] - The market for chip inductors is expected to reach a scale of hundreds of billions, with significant potential for growth as the industry shifts from ferrite materials to metal soft magnetic materials [4][5] Management Philosophy - The company employs a unique management system that integrates scientific methods with traditional Chinese culture, focusing on building systematic capabilities to adapt to market uncertainties [5][6] - The management philosophy emphasizes a non-interventionist approach, allowing research teams to focus on market-driven development while ensuring alignment with organizational goals [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.301 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 6.03% [4] - The net profit attributable to the parent company for the same period was approximately 294 million yuan, with a year-on-year increase of about 2.48% [4] - The comprehensive gross margin for the first three quarters was approximately 40.5%, showing a slight decline of about 0.1 percentage points year-on-year [4] - In Q3 2025, the company achieved a revenue of approximately 440 million yuan, a year-on-year increase of about 2.18%, but a quarter-on-quarter decline of about 7.76% [4] - The net profit for Q3 2025 was approximately 102 million yuan, reflecting a year-on-year growth of about 1.01% and a quarter-on-quarter decline of about 13.56% [4] Summary by Sections Financial Performance - The company’s revenue for 2025 is projected to be 1.853 billion yuan, with a year-on-year growth of 11.4% [10] - The net profit attributable to the parent company is expected to be 420 million yuan, with a year-on-year growth of 11.9% [10] - The gross margin is forecasted to be 40.2% in 2025 [10] Research and Development - The company has increased its R&D investment, with R&D expenses for the first three quarters of 2025 amounting to approximately 94 million yuan, a year-on-year increase of about 34.26% [5] - In Q3 2025, R&D expenses were approximately 32 million yuan, reflecting a year-on-year growth of about 18.52% [5] Business Segments - The metal soft magnetic powder core business has shown steady revenue growth across various sectors, including communications, servers, and new energy [6] - The chip inductor business experienced a temporary decline in revenue due to client solution changes but has resumed growth in Q2 2025 [6] Investment Recommendations - The company is expected to achieve revenues of 1.85 billion yuan in 2025, 2.54 billion yuan in 2026, and 3.13 billion yuan in 2027 [7] - The projected net profits for the same years are 420 million yuan, 615 million yuan, and 763 million yuan respectively [7] - The corresponding EPS is expected to be 1.45 yuan in 2025, 2.12 yuan in 2026, and 2.63 yuan in 2027 [7]

Core Viewpoint - Tiantong Co., Ltd. is a leading enterprise in the electronic materials and high-end equipment sector in China, with a comprehensive industry chain advantage [1] Group 1: Business Overview - Tiantong Co., Ltd. was established on February 10, 1999, and listed on the Shanghai Stock Exchange on January 18, 2001 [1] - The company's main business includes electronic materials (such as magnetic materials, sapphire, and piezoelectric crystals) and high-end equipment (including specialized equipment for crystal materials, powder materials, and semiconductor displays) [1] - The company operates in the electronic chemicals sector and is involved in various concept sectors including flexible electronics, military electronics, robotics, nuclear fusion, superconductivity, and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Tiantong Co., Ltd. reported revenue of 2.459 billion yuan, ranking 5th among 35 companies in the industry [2] - The industry leader, Xilong Science, reported revenue of 5.324 billion yuan, while the average revenue in the industry was 1.399 billion yuan [2] - The net profit for the same period was 58.0585 million yuan, ranking 26th in the industry, with the industry leader, Anji Technology, reporting a net profit of 608 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 30.61%, which is higher than the industry average of 28.64% [3] - The gross profit margin for the same period was 19.82%, lower than the industry average of 31.60% [3] Group 4: Executive Compensation - The chairman, Zheng Xiaobin, received a salary of 993,400 yuan in 2024, a decrease of 6,600 yuan from 2023 [4] - The president, Pan Zhengqiang, received a salary of 731,900 yuan in 2024, an increase of 31,900 yuan from 2023 [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 43.58% to 128,100 [5] - The average number of circulating A-shares held per shareholder decreased by 30.35% to 9,630.04 [5] Group 6: Market Outlook - Huatai Securities maintains a "buy" rating for Tiantong Co., Ltd., projecting EPS of 0.22, 0.26, and 0.27 yuan for 2025 to 2027, respectively [6] - The company is experiencing steady growth in sales and gross profit from electronic surface mount products and materials, with these two segments accounting for 89.94% of total gross profit [6] - The company is actively advancing the application of piezoelectric crystal materials in 5G communication and optical communication upgrades [6]