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 ...

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]

Investment Rating - The report maintains a "Recommended" rating for the company [2][12]. Core Views - The company demonstrated strong growth in 2024, achieving revenue of 1.663 billion yuan, a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% [3]. - The chip inductor business has shown explosive growth, with a CAGR of 279% from 2020 to 2024, contributing 23.21% to total revenue in 2024 [4]. - The alloy soft magnetic powder core business remains a pillar with a revenue increase of 20.2% to 1.234 billion yuan in 2024 [5]. - The metal soft magnetic powder business is emerging as a third growth driver, with a significant revenue increase of 47.31% to 39.94 million yuan in 2024 [10]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan and a net profit of 376 million yuan, with basic earnings per share of 1.34 yuan [3]. - The first quarter of 2025 saw a revenue of 383 million yuan, a year-on-year increase of 14.40%, and a net profit of 74 million yuan, up 3.13% [3]. Business Segments - The chip inductor business is now a significant growth driver, with a revenue increase of 275.76% in 2024, and plans to expand production capacity from 5 million to 10-15 million pieces per month by 2024 [4]. - The alloy soft magnetic powder core business reported a revenue of 1.234 billion yuan in 2024, with production and sales both increasing significantly [5]. - The metal soft magnetic powder business is expected to expand with a new factory planned to achieve an annual capacity of 6,000 tons [10]. R&D and Competitive Advantage - The company increased R&D expenses by 56% to 117 million yuan, representing 7.04% of revenue, focusing on enhancing core competitiveness through technology innovation [11]. - The company has established a comprehensive product line in the metal soft magnetic materials sector, benefiting from high industry barriers and government support [12]. Financial Projections - Revenue projections for 2025-2027 are 2.237 billion yuan, 2.575 billion yuan, and 3.057 billion yuan, respectively, with corresponding net profits of 512 million yuan, 628 million yuan, and 754 million yuan [12][13]. - The expected EPS for 2025-2027 is 1.82 yuan, 2.23 yuan, and 2.68 yuan, with PE ratios of 22.32x, 18.19x, and 15.15x [12].