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悦安新材上半年净利润实现同比增长 AI算力等有望打开新增长空间
Zheng Quan Ri Bao Wang· 2025-08-27 13:58
高端产品需求攀升 悦安新材是一家专注于微纳金属粉体新材料研发、生产和销售的高新技术企业,处于粉末冶金行业上 游,主要产品为羰基铁粉和雾化合金粉,重点聚焦于500纳米至50微米粒径领域,并以这两种材料为基 础材料深加工成软磁粉末、金属注射成型喂料和吸波材料。 据了解,微纳金属粉体产品作为一种重要的新型工业制造基础原材料,广泛应用于3C精密件、电子元 器件、汽车零部件、金刚石工具、电动工具、微波吸收材料、3D打印材料等终端应用领域。 作为国内领军企业,悦安新材是国内极少数同时具备羰基铁粉规模化生产能力,并掌握水雾化、气雾化 合金粉双工艺平台的企业,技术与工艺水平稳居国内第一梯队,尤其在微纳级粉体的均一性控制、杂质 含量管控等核心环节,已形成独特优势,能够快速响应新能源汽车、消费电子等新兴领域的个性化需 求,在中高端市场的渗透率正逐步提升。 需求上升叠加成本下降,微纳金属粉体行业龙头上半年净利润实现了正增长。 8月27日晚间,江西悦安新材料股份有限公司(以下简称"悦安新材")发布2025年半年报,报告期内公司 实现营业收入2.03亿元,同比下降0.76%;归属于上市公司股东的净利润3798.64万元,同比增长 3. ...
铂科新材(300811):业绩兑现优秀,芯片电感持续高增长
Tianfeng Securities· 2025-04-29 07:45
Investment Rating - The report upgrades the investment rating to "Buy" with a target price of 52.2 CNY per share, reflecting a potential upside of over 20% from the current price of 40.22 CNY [7][11]. Core Insights - The company achieved impressive financial results in 2024, with revenue of 1.663 billion CNY, a year-on-year increase of 43.5%, and a net profit of 376 million CNY, up 46.9% year-on-year [1][5]. - The growth in revenue is driven by the strong performance of chip inductors, which saw a remarkable year-on-year increase of 275.8% in 2024 [2][4]. - The company is well-positioned to benefit from the increasing demand in high-performance computing and renewable energy sectors, establishing long-term partnerships with major brands like BYD, Gree, and Huawei [4][11]. Financial Performance - In 2024, the company reported a gross margin of 40.4%, an increase of 1.2 percentage points year-on-year, with a net margin of 22.5%, up 0.4 percentage points year-on-year [3]. - The first quarter of 2025 showed a revenue of 383 million CNY, a year-on-year increase of 14.4%, although it experienced a quarter-on-quarter decline of 12.1% due to seasonal factors [1][3]. - The company’s EBITDA for 2024 is projected at 633.31 million CNY, with a net profit forecast of 375.72 million CNY for the same year [6][14]. Growth Drivers - The company is expanding its production capacity for chip inductors, with a target of 20 million pieces per year, which is expected to alleviate capacity constraints and contribute significantly to revenue growth [4][11]. - The ongoing development of new product lines, including the fifth generation of iron-silicon magnetic powder cores, is anticipated to enhance the company's competitive edge in the market [4][11]. - The establishment of a production base in Thailand is expected to further support the company's growth in international markets [4][11]. Valuation Metrics - The projected price-to-earnings (P/E) ratio for 2025 is 23.11, which is below the industry average of 34x, indicating potential undervaluation [11][12]. - The report suggests a target P/E of 30x for 2025, leading to a market capitalization estimate of 150.6 billion CNY [11][12].