证券代码：300811 证券简称：铂科新材 公告编号：2025-042 深圳市铂科新材料股份有限公司 关于公司 2021 年限制性股票激励计划预留授予部分 第三个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次归属人数：5 人。 2、本次归属股票数量：61,690 股，占目前公司总股本的 0.02%。 3、本次归属股票上市流通时间：2025 年 5 月 7 日 4、本次归属股票来源：公司向激励对象定向发行公司 A 股普通股股票。 5、本次股票类型：第二类限制性股票 深圳市铂科新材料股份有限公司（以下简称"公司"）于 2025 年 1 月 16 日召开第四届董事会第六次会议和第四届监事会第五次会议，审议通过了《关 于公司 2021 年限制性股票激励计划预留授予部分第三个归属期归属条件成就的 议案》。近日，公司完成了 2021 年限制性股票激励计划预留授予部分第三个归 属期归属股票的登记。现将有关具体情况公告如下： 一、2021 年限制性股票激励计划实施情况概要 2021 年 2 月 26 日，公司召开 2021 ...

公司报告 | 年报点评报告 铂科新材（300811） 证券研究报告 营收端：软磁粉芯 24 年实现营收 12.34 亿元，yoy+20.2%，各领域均取得 较快增长，结构上光伏占比下降，其他领域占比有所提升；销量 3.93 万吨， yoy+27.9%，产能持续释放；平均销售单价 3.14 万元/吨，yoy-5.9%。芯片 电感超高速增长，24 年实现营收 3.86 亿元，yoy+275.8%。软磁粉末也取得 高速增长，24 年实现营收 0.40 亿元，yoy+47.3%，年产 6000 吨产能首期 2000 吨已于 24 年建成，余下产能将于 25 年竣工。25Q1 公司营收环比下 滑预计主要受春节影响。 利润端：口径上粉芯和电感合并披露，24 年粉芯和电感业务毛利率 40.4%， 同比+1.2pct，主要业务盈利能力持续提升，粉末毛利率 51.82%，同比-2pct。 费用方面，研发费用 yoy+56.78%，主要系公司加码研发投入和业绩达标研 发人员薪酬变动所致。最 终录 得 24 年公司毛利率/净 利率分别为 40.7%/22.5% ， 同 比 +1.1pct/+0.4pct 。 25Q1 毛利率 / ...

公 司 研 究 铂科新材（300811.SZ）：三线布局 共驱，公司业绩强成长性显现 2025 年 4 月 28 日 推荐/维持 铂科新材 公司报告 事件：公司发布 2024 年年报及 2025 年一季度报告。2024 年，公司实现营业 收入 16.63 亿元，同比增长 43.54%；实现归母净利润 3.76 亿元，同比增长 46.90%；基本每股收益 1.34 元，同比增长 45.65%。2025 年一季度，公司业 绩稳步增长，实现营业收入 3.83 亿元，同比增长 14.40%；实现归母净利润 0.74 亿元，同比增长 3.13%。报告期内，公司芯片电感业务延续爆发性增长， 金属软磁粉芯业务维持稳定强增长，金属粉末业务增长曲线稳步推进，共同促 进公司业绩强成长性显现。 芯片电感业务延续爆发式增长。2020-2024 年期间，公司芯片电感业务营收 CAGR 高达 279%，占总营收比重由 20 年的 0.38%增至 24 年的 23.21%。其 中，2024 年该业务同比增长 275.76%，显示磁性电感业务已正式成为公司的 第二增长极，并有效提升了公司的成长弹性。2025 年 2 月，公司完成 2024 ...

公 司 研 究 铂科新材（300811.SZ）：三线布局 共驱，公司业绩强成长性显现 2025 年 4 月 28 日 推荐/维持 铂科新材 公司报告 事件：公司发布 2024 年年报及 2025 年一季度报告。2024 年，公司实现营业 收入 16.63 亿元，同比增长 43.54%；实现归母净利润 3.76 亿元，同比增长 46.90%；基本每股收益 1.34 元，同比增长 45.65%。2025 年一季度，公司业 绩稳步增长，实现营业收入 3.83 亿元，同比增长 14.40%；实现归母净利润 0.74 亿元，同比增长 3.13%。报告期内，公司芯片电感业务延续爆发性增长， 金属软磁粉芯业务维持稳定强增长，金属粉末业务增长曲线稳步推进，共同促 进公司业绩强成长性显现。 交易数据 | 52 周股价区间（元） | 59.28-36.5 | | --- | --- | | 总市值（亿元） | 117.09 | | 流通市值（亿元） | 93.18 | | 总股本/流通A股（万股） | 28,841/28,841 | | 流通 B 股/H 股（万股） | -/- | | 52 周日均换手率 | 4.18 | | ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [6] Core Insights - The company has experienced significant growth in operating performance, with a revenue of 1.663 billion yuan in 2024, representing a year-on-year increase of 43.54%, and a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [6][7] - The magnetic inductive components have seen rapid growth, with the chip inductors becoming a second growth curve driven by AI computing demand, achieving a revenue of 386 million yuan, a staggering increase of 275.8% year-on-year [6][7] - The company is expanding its production capacity and developing new products in the soft magnetic core business, with a gross margin of 40.41% in 2024, up 1.16 percentage points year-on-year [6][7] Financial Performance - In 2024, the company achieved a revenue of 1.663 billion yuan, with a year-on-year growth of 44%, and a net profit of 376 million yuan, reflecting a 47% increase [7][14] - The revenue from the magnetic powder core segment reached 1.234 billion yuan, a 20.2% increase year-on-year, while the sales volume was approximately 39,300 tons, up 27.85% [6][7] - The company’s operating cash flow significantly improved, reaching 1.18 billion yuan, indicating enhanced bargaining and collection capabilities with clients [6] Product Development and Market Position - The company has completed a comprehensive product line for magnetic inductive components, covering energy conversion from generation to load, and has gained recognition from major semiconductor manufacturers [6][7] - New product developments include integrated inductors using copper-iron co-firing technology, which can save PCB area by 20-70% and improve power module efficiency by 0.2-2% [6] - The company is also expanding its production capacity with a new modern powder production base, aiming for an annual capacity of 6,000 tons by 2025 [6][7] Future Projections - The company is expected to achieve net profits of 480 million yuan, 573 million yuan, and 679 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 24.4, 20.4, and 17.2 [6][7] - The report anticipates continued growth momentum in the soft magnetic core segment driven by demand from AI servers, photovoltaic installations, and the electric vehicle market [6][7]

Group 1 - The core viewpoint of the article highlights that Mingyuan Investment has recently conducted research on a listed company, focusing on its advancements in chip inductors and magnetic powder core products [1] - The company, Placo New Materials, has launched multiple series of chip inductor products, gaining validation from several well-known chip manufacturers and is accelerating mass delivery [1] - The magnetic powder core products are primarily utilized in various sectors including photovoltaic power generation, new energy vehicles, charging piles, data centers, energy storage, communication power supplies, variable frequency air conditioning, power quality rectification, and rail transportation [1] Group 2 - Mingyuan Investment, established in 2014 with a registered capital of 10 million yuan, is based in Shanghai and focuses on quantitative investment [1] - The firm has a strong background in data mining, statistical analysis, and software development, creating a comprehensive trading system and asset management platform [1] - Mingyuan Investment's business encompasses market analysis, strategy development, asset allocation, risk management, and system development, making it one of the leading quantitative investment institutions in China [1]

Group 1: Financial Performance Overview - In 2024, the company achieved a revenue of CNY 1.663 billion, a year-on-year increase of 43.54%, and a net profit of CNY 376 million, up 46.90% [1][2] - In Q1 2025, the company reported a revenue of CNY 383 million, a growth of 14.40%, and a net profit of CNY 73.76 million, an increase of 3.13% [2] Group 2: Strategic Focus and Goals - The management team emphasizes a long-term development strategy focused on R&D, operational efficiency, and sustainable growth [1][2] - 2025 is identified as a year of both opportunities and challenges, with a commitment to risk management and strategic planning to achieve long-term goals [2] Group 3: R&D and Product Development - The company plans to increase R&D investment, aiming to enhance the performance of metal soft magnetic powders to world-leading levels [3] - A focus on understanding downstream applications and optimizing new products based on market demand is highlighted [3] Group 4: Marketing and Sales Strategy - The marketing strategy for 2025 will concentrate on strengthening connections with end-users and enhancing customer satisfaction [4] - There will be an increased promotion of new product lines, particularly high-value products, to improve profitability [4] Group 5: Capacity Expansion and Production Projects - A fundraising of CNY 300 million has been allocated for the construction of a new high-end integrated inductor project, enhancing production capabilities [5] - The company is accelerating the construction of a production base in Thailand to meet growing overseas demand for AI and new energy products [6] Group 6: Market Distribution and Trends - In 2024, the sales distribution was approximately 74% for metal soft magnetic cores, 2-3% for powders, and 23-24% for inductive components [7] - In Q1 2025, the revenue share from the photovoltaic sector continued to decline, while other sectors showed an upward trend, reflecting a balanced revenue distribution [8] Group 7: R&D Investment and Financial Impact - R&D expenses are projected to exceed 7% of revenue in 2025, with significant increases in investment noted in 2024 and Q1 2025 [9] - The increase in R&D spending is expected to impact short-term profits but is viewed as essential for long-term growth [9] Group 8: Production Capacity and Market Strategy - The company plans to establish a modern powder production base with an annual capacity of 6,000 tons, with the first phase completed in 2024 [9] - The production capacity for inductive components is also set to increase, with new equipment expected to double the output of the integrated inductor project [9] Group 9: International Market Position - Currently, overseas sales account for only 2% of total revenue, indicating limited exposure to trade tensions [10] - The company is proactively preparing for potential impacts from trade relations, particularly through the development of the Thailand production base [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year growth of 43.54%, with a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [3]. - The growth in revenue is driven by the rapid expansion of metal soft magnetic powder cores and chip inductors, with the latter seeing a remarkable revenue increase of 275.76% in 2024 [4]. - The company is positioned as a leader in the metal soft magnetic powder core industry, benefiting from high demand in sectors such as new energy vehicles, photovoltaic, and AI [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.663 billion yuan, with a net profit of 376 million yuan, and a non-recurring net profit of 367 million yuan, reflecting significant growth across all metrics [3][7]. - The gross margin improved to 40.70% in 2024, up 1.09 percentage points year-on-year, indicating enhanced profitability [5]. Business Segments - Metal soft magnetic powder cores generated revenue of 1.234 billion yuan in 2024, a 46.90% increase year-on-year, driven by demand from AI and new energy sectors [4]. - Chip inductors saw revenue of approximately 386 million yuan in 2024, marking a substantial growth of 275.76%, supported by new partnerships with major semiconductor manufacturers [4]. - The company is expanding its production capacity for metal soft magnetic powder, with plans to reach an annual capacity of 6,000 tons by 2025 [4]. Future Projections - The company is expected to achieve net profits of 496 million yuan, 627 million yuan, and 771 million yuan in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 15 [6][7]. - Revenue growth rates are projected to be 28.4% in 2025, 20.2% in 2026, and 20.0% in 2027, indicating a strong growth trajectory [7].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][8]. Core Insights - The company achieved a revenue of 1.663 billion yuan in 2024, representing a year-on-year growth of 43.54%, with a net profit attributable to shareholders of 376 million yuan, up 46.90% year-on-year [3]. - The growth in revenue is driven by the rapid expansion of metal soft magnetic powder cores and chip inductors, with the latter seeing a remarkable revenue increase of 275.76% in 2024 [4]. - The company is positioned as a leader in the metal soft magnetic powder core industry, benefiting from high demand in sectors such as new energy vehicles, photovoltaic, and AI [5][6]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.663 billion yuan, with a net profit of 376 million yuan, and a non-recurring net profit of 367 million yuan, reflecting significant growth across all metrics [3][7]. - The gross margin improved to 40.70% in 2024, up 1.09 percentage points year-on-year, indicating enhanced profitability [5]. Business Segments - Metal soft magnetic powder cores generated 1.234 billion yuan in revenue, a 46.90% increase year-on-year, driven by demand from AI and new energy sectors [4]. - Chip inductors revenue surged to approximately 386 million yuan, marking a 275.76% increase, supported by new partnerships with major semiconductor manufacturers [4]. - The company is expanding its production capacity for metal soft magnetic powder, with a new factory expected to reach an annual capacity of 6,000 tons by 2025 [4]. Future Projections - The company is projected to achieve net profits of 496 million yuan, 627 million yuan, and 771 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 24, 19, and 15 [6][7].

Summary of the Conference Call Records Company Overview - The company discussed is 博克新材 (Boke New Materials), which operates in the electronic components industry, focusing on inductors, powder metallurgy, and related technologies. Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of nearly 80 million yuan, with over 60% coming from discrete inductors and a decrease in photovoltaic revenue to 41% [1][36] - For the full year 2024, the company achieved revenue of 1.66 billion yuan, a year-on-year increase of 43.5%, and a net profit of 375 million yuan, up 46.9% [2] - The revenue distribution in 2024 showed that inductors accounted for approximately 23-24%, while photovoltaic storage contributed 45% [2] Research and Development (R&D) - R&D investment for 2024 increased significantly by over 60% to 110 million yuan, primarily focused on chip inductors [1][4] - In Q1 2025, R&D expenses rose to 31 million yuan, impacting net profit but still showing a year-on-year increase [1][3] - The company plans to complete the installation and debugging of new factory equipment by the end of 2025, with significant capacity expansion expected in 2026 [1][5] Market Trends and Growth Projections - The UPS sector is expected to benefit from a growth of over 35% due to the AI data center market, while the electric vehicle and charging pile sectors are projected to grow nearly 30% [1][6] - Overall, the company aims for a growth target of 20% in 2025, with photovoltaic storage expected to grow by 15% [1][16] Product Development and Sales - The company is actively expanding its customer base, including partnerships with Texas Instruments (TI) and Delta, focusing on the SX chip area [1][10] - The sales of powder products are anticipated to increase by 80% in 2025 due to a new production line launched in Q3 2024 [1][12] Operational Challenges and Strategies - The company faced a slight decline in cash flow in Q4 2024 due to increased expenses but saw improvement in Q1 2025 after the maturity of certain bills [7] - The company is cautious about external uncertainties affecting overseas business but is proceeding with plans for a new production base in Thailand to enhance international operations [25][26] Product Line and Pricing - The sales structure in Q1 2025 showed a stable distribution, with discrete inductors maintaining a significant share while photovoltaic sales decreased [11][36] - The average price of discrete components has remained stable, with small devices priced around 2 yuan and larger ones around 3 yuan [27] Future Outlook - The company emphasizes a long-term growth strategy through continuous R&D investment and market expansion, aiming to create value for shareholders [42] - The anticipated growth in the metal and alloy powder segments is expected to be around 20%, driven by domestic market demand [40] Additional Important Information - The company is developing new products for the DDR field, with ongoing research into low-temperature co-fired ceramics (LTCC) [21] - The impact of AI applications is driving increased R&D investments to meet evolving performance requirements [31] - The company maintains a focus on customized products to avoid homogenization in the market, ensuring higher pricing compared to competitors [22][23]