铂科新材20250515

Summary of the Conference Call for 博客新材 (Platinum Materials) Industry Overview - 博客新材 holds a leading position in the soft magnetic materials sector, with a domestic market share of nearly 40%, and together with 东睦股份, they account for 60%-70% of the market [2][7] - The company maintains stable gross and net profit margins, indicating strong competitive advantages and profitability [2] Key Business Insights - The company operates two main business segments: powder core business and chip inductor business [3] - The integrated layout is crucial for powder core enterprises, allowing 博客新材 to better understand powder preparation processes, quickly respond to downstream demands, and effectively reduce costs [2][8] - 博客新材's flexible production capacity is a significant advantage, with sales expected to reach approximately 38,000 tons in 2024 and a target of 48,000 to 50,000 tons in 2025, maintaining a growth rate of 15% to 20% [2][10] Chip Inductor Business - The chip inductor segment has shown rapid revenue growth over the past three years, primarily supplying clients like NVIDIA and AMD, and is expanding into new applications such as DDR6 memory modules [5][14] - The copper-iron co-fired inductors have high power, small size, and safety advantages, with gross margins reaching 50% and net margins around 30%, significantly enhancing the company's overall profitability [12] Market Position and Future Outlook - The global market demand for soft magnetic materials is estimated at around 250,000 tons, with 博客新材 and 东睦股份 dominating the domestic market [7] - The company is expected to maintain stable revenue and profit growth in the coming years, with projected revenues of 2.2 billion, 3.2 billion, and 3.7 billion yuan, and profits of 470 million, 590 million, and 700 million yuan, reflecting a growth rate of approximately 25% [16] - The current stock price is considered undervalued, warranting attention for its Q2 performance and the marginal changes post chip inductor production ramp-up [16] Additional Insights - The powder core business primarily serves the renewable energy sector, while the chip inductor business is expanding into AI graphics cards and terminal devices [4] - The integrated layout not only enhances cost efficiency but also strengthens the company's ability to develop new products, positioning it favorably in the competitive landscape [8] - 博客新材's future prospects are promising, with potential applications in AI servers, mobile devices, PCs, and storage modules, supported by capacity expansion and employee incentive programs [15]