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 ...

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].

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]

Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit of 376 million yuan, up 46.90% year-on-year [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend yield of 0.47% [1] Financial Performance - In Q1 2025, the company reported a revenue of 383 million yuan, a year-on-year increase of 14.40% and a quarter-on-quarter increase of 12.11% [1] - The net profit for Q1 2025 was 73.76 million yuan, reflecting a year-on-year increase of 3.13% but a quarter-on-quarter decrease of 17.34% [1] - The company's gross margin and net margin for 2024 were 40.70% and 22.48%, respectively, both showing year-on-year improvements [2] - For Q1 2025, the gross margin and net margin were 37.68% and 19.16%, respectively, indicating a quarter-on-quarter decline primarily due to changes in product structure [2] Business Growth - The company experienced high-quality growth in its three main business segments: magnetic powder cores, chip inductors, and soft magnetic powder, driven by strong demand in AI, photovoltaics, and new energy vehicles [2] - Revenue from metal soft magnetic powder cores reached 1.234 billion yuan, a year-on-year increase of 20.2%, solidifying the company's market leadership [2] - Chip inductors generated sales of 386 million yuan, a significant year-on-year increase of 275.76%, indicating strong growth potential [2] - Revenue from metal soft magnetic powder was 399.4 million yuan, up 47.31% year-on-year, driven by demand from emerging applications [2] Project Development - The company announced plans to invest up to 100 million yuan to establish a high-end metal soft magnetic materials and magnetic components production base in Thailand [3] - A new project for high-end integrated inductors is planned with an investment of 454 million yuan, aimed at addressing capacity bottlenecks [3] - The company is also expanding its production capacity with a new modern powder production base expected to reach an annual capacity of 6,000 tons by 2025 [3] Investment Outlook - The company's core business in magnetic powder cores is positioned to benefit from the new energy sector and is extending its reach into the upstream chip inductor segment [4] - Revenue projections for 2025-2027 are 2.08 billion yuan, 2.54 billion yuan, and 3.05 billion yuan, with expected year-on-year growth rates of 25.1%, 21.9%, and 20.5% respectively [4] - Net profit forecasts for the same period are 451 million yuan, 558 million yuan, and 684 million yuan, with growth rates of 20.1%, 23.7%, and 22.6% respectively [4]