12月31日，铂科新材跌1.04%，截至发稿，报71.23元/股，成交4.29亿元，换手率2.50%，总市值206.42 亿元。铂科新材股价已经连续4天下跌，区间累计跌幅4.64%。 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187天，现任基金资产总规模8623.7万元，任职期间最佳基金回报 2.72%， 任职期间最差基金回报-58.05%。 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 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% ...

12月26日，铂科新材盘中下跌2.06%，截至11:18，报72.40元/股，成交2.16亿元，换手率1.25%，总市值 209.82亿元。 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、 QFII持股、逆变器、快充概念等。 铂科新材今年以来股价涨34.80%，近5个交易日涨0.82%，近20日涨1.46%，近60日跌3.66%。 机构持仓方面，截止2025年9月30日，铂科新材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1746.49万股，为新进股东。国投瑞银新能源混合A（007689）位居第九大流通股东，持股 217.52万股，持股数量较上期不变。华夏行业景气混合A（003567）位居第十大流通股东，持股215.38 万股，相比上期减少253.80万股。 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 ...

核心观点 【报告导读】 1. 全球金属软磁粉芯龙头，打造软磁材料一体化布局。 2. 金属软磁粉芯：下游需求持续向好，夯实基本盘。 3. 金属软磁粉末：技术领先，产能不断扩张。 4. 芯片电感：AI服务器带动需求快速增长，未来成长可期。 全球金属软磁粉芯龙头，打造软磁材料一体化布局。公司深耕金属软磁粉芯产业链，通过多年持续的材料技术积累和应用解决方案创新，形成金属软磁 粉、金属软磁粉芯和电感元件的一体化布局，持续扩大产品在光伏储能、新能源汽车、AI算力等高景气赛道的应用空间。其中，金属软磁粉芯业务为公 司主业，夯实底座，芯片电感业务近年来快速放量，成为公司第二成长极，带动公司盈利走高；2025Q1-3公司实现营收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%。 金属软磁粉芯：下游需求持续向好，夯实基本盘。金属软磁粉芯凭借其优异的综合性能，在高功率应用场景中逐步替代传统铁氧体材料，在下游光伏储 能、新能源汽车、数据中心等领域应用广泛。伴随AI的快速发展和能源转型的持续深化，QYR预测2025-2031年全球金属磁粉芯市场市场规模CAGR高达 16.8%。公司在金属软磁粉芯行业地位 ...

Core Viewpoint - The stock of Shenzhen Placo New Materials Co., Ltd. experienced a decline of 5.03%, trading at 72.10 yuan per share, with a total market capitalization of 20.895 billion yuan as of November 27 [1] Company Overview - Shenzhen Placo New Materials Co., Ltd. was established on September 17, 2009, and went public on December 30, 2019. The company specializes in the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components [1] - The main revenue composition includes: 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Placo New Materials. Jiashi Changqing Competitive Advantage Stock A (007133) held 24,600 shares in the third quarter, unchanged from the previous period, accounting for 7.02% of the fund's net value, making it the third-largest holding [2] - The fund has a total scale of 28.4348 million yuan and has achieved a return of 12.71% year-to-date, ranking 3220 out of 4206 in its category [2] Fund Manager Performance - The fund manager of Jiashi Changqing Competitive Advantage Stock A is Deng Liheng, who has been in the position for 4 years and 153 days. The total asset scale of the fund is 86.237 million yuan [3] - During his tenure, the best fund return was -4.11%, while the worst return was -58.05% [3]

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 ...

Core Viewpoint - The stock of Placo New Materials has shown significant fluctuations, with a year-to-date increase of 44.95% and a recent 10.30% rise over the last five trading days, indicating strong market interest and performance [1][2]. Company Overview - Placo New Materials, established on September 17, 2009, and listed on December 30, 2019, specializes in the research, production, and sales of metal soft magnetic powders, cores, and inductive components [1]. - The company primarily generates revenue from metal soft magnetic powder products, accounting for 96.69% of its total revenue, with other segments contributing marginally [1]. Financial Performance - For the period from January to September 2025, Placo New Materials reported a revenue of 1.301 billion yuan, reflecting a year-on-year growth of 6.03%, and a net profit attributable to shareholders of 294 million yuan, up 2.48% [2]. - The company has distributed a total of 174 million yuan in dividends since its A-share listing, with 120 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Placo New Materials was 20,200, a decrease of 2.50% from the previous period, with an average of 11,737 circulating shares per shareholder, an increase of 5.97% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 17.465 million shares, and Guotou Ruijin New Energy Mixed A as the ninth-largest, maintaining its holding of 2.1752 million shares [3].

Core Viewpoint - The stock of Placo New Materials increased by 5.09% on November 24, reaching a price of 69.00 CNY per share, with a trading volume of 278 million CNY and a turnover rate of 1.72%, resulting in a total market capitalization of 19.996 billion CNY [1] Group 1: Company Overview - Placo New Materials Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on September 17, 2009, with its listing date on December 30, 2019 [1] - The company's main business involves the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components, providing high-performance soft magnetic materials and modular inductors for efficient and environmentally friendly operation of power electronic devices [1] - The revenue composition of the company includes 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Placo New Materials, one fund from Huaxia Fund holds shares. Huaxia Industry Prosperity Mixed A (003567) reduced its holdings by 2.538 million shares in the third quarter, now holding 2.1538 million shares, which accounts for 0.91% of the circulating shares [2] - The estimated floating profit for Huaxia Industry Prosperity Mixed A today is approximately 7.1937 million CNY [2] - Huaxia Industry Prosperity Mixed A was established on February 4, 2017, with a latest scale of 8.972 billion CNY, achieving a return of 44.93% this year, ranking 713 out of 8209 in its category [2] Group 3: Fund Performance - The fund manager of Huaxia Industry Prosperity Mixed A is Zhong Shuai, who has been in the position for 5 years and 121 days, with a total asset scale of 13.26 billion CNY [3] - During Zhong Shuai's tenure, the best fund return was 160.03%, while the worst return was -8.58% [3] Group 4: Fund Holdings - Huaxia Fund also has a significant holding in Placo New Materials through Huaxia Growth Mid-Cap 200 ETF Initiated Link A (020837), which held 100 shares in the third quarter, unchanged from the previous period, accounting for 0.02% of the fund's net value [4] - The estimated floating profit for Huaxia Growth Mid-Cap 200 ETF today is approximately 334 CNY [4] - This fund was established on March 5, 2024, with a latest scale of 26.9822 million CNY, achieving a return of 18.96% this year, ranking 2248 out of 4208 in its category [4]

Core Viewpoint - The stock of Shenzhen Placo New Materials Co., Ltd. experienced a decline of 5.04%, trading at 67.12 CNY per share, with a total market capitalization of 19.451 billion CNY as of November 21 [1] Company Overview - Shenzhen Placo New Materials Co., Ltd. was established on September 17, 2009, and went public on December 30, 2019. The company specializes in the research, production, and sales of metal soft magnetic powders, metal soft magnetic powder cores, and inductive components [1] - The main revenue composition includes: 96.69% from metal soft magnetic powder products, 3.07% from metal soft magnetic powders, and 0.25% from other business income [1] Fund Holdings - Nord Fund has one fund heavily invested in Placo New Materials. The Nord Flexible Allocation Mixed Fund (571002) held 4,600 shares in the third quarter, accounting for 3.61% of the fund's net value, ranking as the tenth largest holding [2] - The fund has reported a floating loss of approximately 16,400 CNY as of the latest data [2] Fund Manager Profile - The fund manager of Nord Flexible Allocation Mixed Fund (571002) is Zhu Hong, who has been in the position for 11 years and 238 days. The total asset size of the fund is 112 million CNY [3] - During Zhu Hong's tenure, the best fund return was 139.56%, while the worst return was -26.47% [3]

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]