事件：公司发布 2025 年半年度报告。报告期内，公司实现营业收入 8.61 亿元， 同比增长 8.11%；实现归母净利润 1.91 亿元，同比增长 3.28%；基本每股收 益同比+31.4%至 0.67 元/股。报告期内，公司金属软磁粉芯业务维持稳定强增 长，芯片电感业务进入增长新阶段，金属粉末业务开启爆发式增长，共同推动 公司业绩创同期历史新高。 金属软磁粉芯业务维持稳定强增长。公司在金属软磁粉芯行业中具有市场领先 地位。报告期内，公司金属软磁粉芯产品实现营业收入 6.57 亿元，同比增长 11.97%，对应营收占比由去年同期的 74%升至 76%。分下游行业观察，公司 积极调整产品结构，持续推进产品升级，以应对新兴市场的高速发展。在通讯、 服务器电源及 UPS 应用领域，受益于新基建和人工智能板块的爆发，公司销 售收入同比高速增长；在新能源汽车及充电桩领域，公司与海内外优质客户群 体持续加深合作，已进入比亚迪、华为、特斯拉等企业供应链，销售收入同比 高速增长；在光伏及储能领域，上半年中国光伏装机量爆发式增长，公司仍维 持超高市场占比，销售收入同比稳步增长；在空调应用领域，受制于公司产能 紧张，公司主动放 ...

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。 ...

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 ...

公司报告 | 半年报点评 东睦股份（600114） 证券研究报告 业绩再创半年度新高，MIM 业务保持超高速增长 中报业绩：25H1 实现营收 29.3 亿元，同比+24.5%；归母净利润 2.61 亿元，同比+37.6%；扣非归母 净利润 2.5 亿元，同比+40.6%。其中 Q2 实现营收 14.7 亿元，同比+17.6%，环比+0.8%；实现归母净 利润 1.49 亿元，同比+37.6%，环比+33.6%。 MIM 强势增长与降本增效共振，盈利能力持续提升 营收端，25H1 公司实现主营业务营收 29.12 亿元，yoy+24.76%，P&S/SMC/MIM 三大业务板块分别 实现营收 12.61/4.44/12.07 亿元，yoy+13.59%/-2.68%/+57.26%，其中 Q2 分别实现营收 6.35/2.54/5.73 亿元，环比+1.5%/+33.8%/-9.7%，MIM 业务同比保持超高速增长，生产稼动率提升和边际改善，折 叠机铰链成为公司发展重要增长极。盈利端，25H1 公司毛利率 23.72%，yoy-0.72pcts，P&S/SMC/MIM 板块毛利率分别为 24.07%/15.8 ...

Group 1: Company Overview and Business Segments - The company operates in three main business segments: permanent magnet, soft magnet, and inductance [2] - The permanent magnet ferrite segment has a production capacity of 50,000 tons, with applications in automotive, variable frequency appliances, and power tools [2][3] - The soft magnet production capacity is nearing 10,000 tons, with ongoing construction of a factory in Thailand [2][4] Group 2: Market Position and Competitive Landscape - The competitive landscape for permanent magnet ferrite is characterized by multi-level differentiation, regional concentration, and technology-driven dynamics [3] - China is the largest producer of permanent magnet ferrite, with significant production concentrated in Anhui and Zhejiang provinces [3] - The company aims to increase its permanent magnet capacity from 45,000 tons to 60,000 tons through technological upgrades [3] Group 3: Demand Trends and Future Outlook - Demand for permanent magnet ferrite is expected to maintain stable growth due to its core role in DC motors and adaptability to technological advancements [3] - The company plans to enhance its soft magnet product applications in electric vehicles and power modules, focusing on international expansion and supply chain optimization [4] Group 4: Inductance Business Development - The company is developing chip inductors and automotive inductors, with chip inductors positioned as a second growth curve [5][6] - Initial orders for chip inductors have begun small-scale delivery, with ongoing product validation and factory assessments [5][6] - The automotive sector's increasing electronic demands are driving growth in the automotive inductor market [5] Group 5: Shareholder Actions and Corporate Governance - The company disclosed a plan for its actual controller and board members to reduce their holdings by up to 1,195,000 shares, representing no more than 1.0312% of total shares [6] - This reduction is primarily for personal financial needs and does not reflect concerns about the company's operational outlook [6]

Business Structure - The company operates in three main business segments: permanent magnet, soft magnet, and inductance. The permanent magnet ferrite segment has a production capacity of 50,000 tons and is a leading player in the industry, with applications in automotive, variable frequency appliances, and power tools [2][4]. - The soft magnet segment has established a production capacity of nearly 10,000 soft magnetic powder cores at the Anhui Jinzhai production base, with a factory in Thailand under construction [2][6]. - The inductance business, a recent focus, has successfully developed chip inductors and has entered the supply chains of leading industry clients [2][7]. Market Trends - The demand for permanent magnet ferrite is expected to continue growing due to its adaptability to technological advancements, cost advantages, and expanding application scenarios [3][4]. - The company maintains a high gross margin for permanent magnet ferrite products due to technological advantages, cost control, and a focus on high-end clients [4]. Regulatory Impact - The national export control policy on rare earths does not significantly impact the company's business, as the primary raw material for permanent magnet ferrite is iron oxide, which is not subject to these controls [5]. Future Development Plans - The company aims to enhance its soft magnet product applications in the automotive and variable frequency appliance sectors, focusing on power modules and charging stations for electric vehicles [6]. - Plans for international expansion include establishing localized production bases in Southeast Asia to optimize supply chain resilience and reduce trade barriers [6]. - The chip inductor business is positioned as a second growth curve, with a focus on high-precision and high-frequency products, targeting high-end markets such as AI servers and automotive electronics [7][8]. Strategic Advantages - The company's success in the chip inductor market is attributed to its material technology accumulation, strategic resource allocation, and ability to meet stringent performance standards set by leading automotive clients [8].

Summary of Key Points from the Conference Call Industry Overview - The real estate market is experiencing significant downward pressure, with new housing transaction area declining by 20% year-on-year in the first three weeks of July, and real estate development investment falling by 12.9% year-on-year in June, indicating weak sales and investment conditions [2][3][4] Core Insights and Arguments - **Land Market Activity**: Despite the overall market weakness, the land market in first and second-tier cities remains active, with good performance in land transfer fees and premium rates in June [2][4] - **Construction Data**: New construction starts have seen a narrowing decline, while the decline in completions has significantly reduced to only 1.7% year-on-year [2][4] - **Policy Expectations**: If the real estate market continues to weaken, there is an increased likelihood of policy relaxations, including easing purchase restrictions in first-tier cities, enhancing housing and land reserves, and potential reductions in mortgage rates [5][6] - **Investment Recommendations**: Companies with quality assets in core cities, such as Binjiang Group (A-shares) and China Jinmao (Hong Kong stocks), are recommended. Additionally, commercial real estate firms benefiting from new consumption trends, such as Xincheng Holdings (A-shares) and China Resources Land, are also highlighted [2][7] Additional Important Content - **Central City Work Conference**: The conference emphasized enhancing existing stock quality and efficiency, focusing on developing new models for real estate that rely on specialized industry clusters rather than traditional land finance [2][8] - **Yarlung Tsangpo River Hydropower Project**: The commencement of this project, with a total investment of 1.2 trillion yuan, is expected to benefit companies like China Power Construction and China Energy Engineering, as well as tunnel boring machine manufacturers [2][14][21] - **Potash Fertilizer Price Trends**: Domestic potash fertilizer prices have been rising, reaching 3,300 yuan per ton, indicating a tight supply-demand situation. Companies like Yara International and Dongfang Tower are noted for their potential profitability in this context [2][24][25] Future Development Focus - The real estate market will increasingly prioritize urban renewal and the construction of quality housing, with a focus on improving living standards and modernizing urban environments [11][12] - The development of urban clusters and networks is expected to enhance the growth of large cities while emphasizing the cultivation of county-level urban carriers [9][10] Infrastructure Investment - Infrastructure investment has seen a year-on-year growth of 8.9% in the first half of the year, although there has been a slight decline compared to previous periods, attributed to seasonal factors and reduced public spending [13] REITs Market Dynamics - The REITs market has shown slight growth, with new projects being launched. However, the overall market remains volatile, with some projects showing stable performance despite a slight decline in revenue for many [15]

Group 1: Production Capacity and Expansion Plans - The company aims to achieve a permanent magnet capacity of 60,000 tons, with a target of 50,000 tons expected this year due to ongoing upgrades in production bases in Lujing, Jinzhai, and Vietnam [2] - The Vietnam factory's permanent magnet capacity has been expanded to 10,000 tons per year, while the Thailand soft magnet factory is planned to have a capacity of 8,000 tons, with partial production expected to commence within the year [2] Group 2: Market Position and Product Applications - The company is a global leader in magnetic materials for the automotive and variable frequency appliance sectors, with soft magnetic products primarily used in electric vehicle power modules and charging stations [3] - Future strategies will focus on technological upgrades and internationalization, establishing localized production bases in Southeast Asia to enhance supply chain resilience and reduce trade barriers [3] Group 3: Impact of Trade Policies - Direct exports to the U.S. account for less than 3% of the company's total exports, indicating limited impact from U.S. tariffs on overall export scale and profit levels [3] - The company has diversified its market strategy, reducing reliance on any single market, which effectively mitigates trade risks [3] Group 4: Profitability of Overseas Operations - The high gross margin of the Vietnam factory is attributed to abundant labor resources, lower costs, and a favorable tax environment, alongside a stable production operation [4] - The company plans to maintain high gross margins through lean production and optimized cost control measures [4] Group 5: Development of Chip Inductors - The company has begun small-scale deliveries of previously won orders for chip inductors, receiving positive feedback from clients, which accelerates validation processes [4] - Ongoing research aims to enhance product performance and reliability, particularly for AI servers and data centers [4] Group 6: Future Business Outlook - The company will continue to enhance production capacity in Vietnam and improve efficiency in domestic production bases, while accelerating the construction of the Thailand factory for soft magnetic products [4] - Focus will be on developing core competitiveness in chip inductors and integrated inductors, while exploring new business growth points [4]

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 Viewpoint - The Huizhou government has initiated a formal investigation into a poisoning incident at Huizhou Boke Magnetic Materials Co., Ltd., a subsidiary of Boke New Materials, which resulted in two fatalities on April 28, 2025. The investigation is being closely monitored by the Huizhou Safety Production Committee [1][3]. Group 1: Incident Overview - The poisoning incident occurred in the granulation workshop of Huizhou Boke Magnetic Materials, leading to the death of two individuals [1]. - The Huizhou Safety Production Committee has mandated the establishment of an investigation team to thoroughly examine the incident and determine its nature [3]. Group 2: Company Background - Boke New Materials, established in 2009 and listed on the Shenzhen Stock Exchange in December 2019, has a market capitalization exceeding 12.228 billion yuan [1][5]. - The company has experienced rapid revenue growth, achieving 1.663 billion yuan in revenue and 376 million yuan in net profit for 2024, representing year-on-year increases of 43.54% and 46.90%, respectively [5]. Group 3: Product and Market Position - Boke New Materials specializes in metal soft magnetic powder cores, chip inductors, and metal soft magnets, which are widely used in photovoltaic power generation, new energy vehicles, and data centers [6]. - The core product, metal soft magnetic powder cores, generated 1.234 billion yuan in sales for 2024, with a growth rate exceeding 20% [6]. Group 4: Safety and Compliance Measures - The company has implemented a three-tier safety training system to ensure compliance with national safety and environmental regulations, overseen by an EHS (Environment, Health, Safety) team [7].