风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 嘉实长青竞争优势股票A（007133）基金经理为邓力恒。 截至发稿，邓力恒累计任职时间4年153天，现任基金资产总规模8623.7万元，任职期间最佳基金回 报-4.11%， 任职期间最差基金回报-58.05%。 数据显示，嘉实基金旗下1只基金重仓铂科新材。嘉实长青竞争优势股票A（007133）三季度持有股数 2.46万股，与上期相比持股数量不变，占基金净值比例为7.02%，位居第三大重仓股。根据测算，今日 浮亏损失约9.4万元。 嘉实长青竞争优势股票A（007133）成立日期2019年5月6日，最新规模2843.48万。今年以来收益 12.71%，同类排名3220/4206；近一年收益14.15%，同类排名3068/4006；成立以来亏损2.9%。 11月27日，铂科新材跌5.03%，截至发稿，报72.10元/股，成交5.52亿元，换手率3.11%，总市值208.95 亿元。 资料显示，深圳市铂科新材料股 ...

AI 发展为何离不开金属软磁粉芯 20251125 摘要 英伟达 AI 算力卡功耗持续提升，从 2022 年安培架构的 700 瓦增长到 2025 年 Blackwell Ultra 架构 GB300 芯片的 1,400 瓦，对电源分配 网络（PDN）提出更高要求，推动垂直堆叠设计和模组式电感的需求。 ASIC 芯片在面积、能耗和成本方面优于通用 GPU，海外 AI 巨头如英伟 达、英特尔、亚马逊和 Meta 正积极布局自研 ASIC，Meta 预计 2025 年四季度推出超越英伟达规格的 AI ASIC 芯片。 垂直堆叠设计通过近距离耦合减小 PDN 损耗，但要求内部元件小型化， 模组式电感以其高功率密度和更小尺寸成为关键解决方案，可提供高达 60%的功率密度。 金属软磁粉芯在高功率、大电流 AI 服务器中优势明显，其高饱和磁通密 度（0.9~1.6 特斯拉）允许更小体积，并能满足大电流对温度稳定性的 要求，避免磁芯饱和。 供应链调研显示，尽管英伟达目前在 AI 服务器市场占据主导地位，但谷 歌、亚马逊等公司正在加速部署自研 ASIC 芯片，预计 2025 年底至 2026 年间，海外 AI 巨头 ASIC ...

资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B栋 1301，成立日期2009年9月17日，上市日期2019年12月30日，公司主营业务涉及从事金属软磁粉、金属 软磁粉芯和电感元件的研发、生产和销售,为电能变换各环节电力电子设备或系统实现高效稳定、节能 环保运行提供高性能软磁材料、模块化电感以及整体解决方案。主营业务收入构成为：金属软磁粉末制 品96.69%，金属软磁粉3.07%，其他(含其他业务收入)0.25%。 铂科新材所属申万行业为：有色金属-金属新材料-磁性材料。所属概念板块包括：电感、华为概念、消 费电子、新能源车、专精特新等。 截至9月30日，铂科新材股东户数2.02万，较上期减少2.50%；人均流通股11737股，较上期增加5.97%。 2025年1月-9月，铂科新材实现营业收入13.01亿元，同比增长6.03%；归母净利润2.94亿元，同比增长 2.48%。 分红方面，铂科新材A股上市后累计派现1.74亿元。近三年，累计派现1.20亿元。 11月26日，铂科新材盘中上涨2.03%，截至11:27，报77.85元/股，成交4.67亿元，换手率2.58%，总 ...

11月24日，铂科新材涨5.09%，截至发稿，报69.00元/股，成交2.78亿元，换手率1.72%，总市值199.96 亿元。 资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B栋 1301，成立日期2009年9月17日，上市日期2019年12月30日，公司主营业务涉及从事金属软磁粉、金属 软磁粉芯和电感元件的研发、生产和销售,为电能变换各环节电力电子设备或系统实现高效稳定、节能 环保运行提供高性能软磁材料、模块化电感以及整体解决方案。主营业务收入构成为：金属软磁粉末制 品96.69%，金属软磁粉3.07%，其他(含其他业务收入)0.25%。 从铂科新材十大流通股东角度 截至发稿，华龙累计任职时间3年96天，现任基金资产总规模359.57亿元，任职期间最佳基金回报 103.19%， 任职期间最差基金回报-15.08%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 截至发稿，钟帅累计任职时间5年121天，现任基 ...

从基金十大重仓股角度 数据显示，诺德基金旗下1只基金重仓铂科新材。诺德灵活配置混合（571002）三季度持有股数4600 股，占基金净值比例为3.61%，位居第十大重仓股。根据测算，今日浮亏损失约1.64万元。 11月21日，铂科新材跌5.04%，截至发稿，报67.12元/股，成交8057.64万元，换手率0.50%，总市值 194.51亿元。 资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B栋 1301，成立日期2009年9月17日，上市日期2019年12月30日，公司主营业务涉及从事金属软磁粉、金属 软磁粉芯和电感元件的研发、生产和销售,为电能变换各环节电力电子设备或系统实现高效稳定、节能 环保运行提供高性能软磁材料、模块化电感以及整体解决方案。主营业务收入构成为：金属软磁粉末制 品96.69%，金属软磁粉3.07%，其他(含其他业务收入)0.25%。 截至发稿，朱红累计任职时间11年238天，现任基金资产总规模1.12亿元，任职期间最佳基金回报 139.56%， 任职期间最差基金回报-26.47%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何 ...

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 ...

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]

11月4日，铂科新材涨5.05%，截至发稿，报83.55元/股，成交4.15亿元，换手率2.12%，总市值242.13亿 元。 资料显示，深圳市铂科新材料股份有限公司位于广东省深圳市南山区西丽街道曙光社区智谷研发楼B栋 1301，成立日期2009年9月17日，上市日期2019年12月30日，公司主营业务涉及从事金属软磁粉、金属 软磁粉芯和电感元件的研发、生产和销售,为电能变换各环节电力电子设备或系统实现高效稳定、节能 环保运行提供高性能软磁材料、模块化电感以及整体解决方案。主营业务收入构成为：金属软磁粉末制 品96.69%，金属软磁粉3.07%，其他(含其他业务收入)0.25%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓铂科新材。南方专精特新混合A（014189）三季度持有股数8.28万 股，占基金净值比例为3.31%，位居第七大重仓股。根据测算，今日浮盈赚取约33.29万元。 南方专精特新混合A（014189）基金经理为罗安安、雷嘉源。 截至发稿，罗安安累计任职时间10年121天，现任基金资产总规模50.09亿元，任职期间最佳基金回报 220.85%， 任职期间最差基金回报-16.1%。 责 ...

Core Viewpoint - The article highlights the significant increase in foreign investment in Chinese stocks, particularly by QFII and northbound funds, driven by China's economic resilience and favorable macro policies, with the Shanghai Composite Index rising over 12% in Q3 and the Shenzhen Component Index nearly 30% [4][6]. Group 1: QFII Holdings - QFII has increased its holdings in 18 stocks during Q3, with notable new positions in companies like Placo New Materials, Zhongcai Technology, and Zhongce Rubber, reflecting a total holding value of 62.71 billion yuan across 37 stocks [5][8]. - The top three stocks by QFII holding value include Enyuan Electric (12.67 billion yuan), China Western Power (8.77 billion yuan), and Haida Group (7.66 billion yuan) [5][3]. - QFII's focus on technology stocks is evident, with new or increased positions in sectors such as lithium batteries, commercial aerospace, and semiconductors [5][6]. Group 2: Northbound Fund Inflows - Northbound funds have also significantly increased their holdings in 11 stocks, with Placo New Materials seeing a remarkable 868.82% increase in holdings, making it the second-largest shareholder [8]. - The sectors with the most stocks receiving increased foreign investment include electric power equipment, with three stocks: China Western Power, Shenma Electric, and Enyuan Electric [8][4]. Group 3: Performance of QFII Stocks - Among the 37 QFII heavy stocks, 25 reported a year-on-year increase in net profit, indicating a positive performance trend, with over 70% of these stocks showing growth [9]. - Notable performers include Yongding Co., which saw a 474.3% increase in net profit, primarily due to significant investment income from its joint venture in the real estate sector [9].