铂科新材：芯片电感龙头供应商，乘势AI浪潮

Investment Rating - The investment rating for the company is "Accumulate (downgraded)" with a target price of 63.4 CNY per share, compared to the current price of 57.36 CNY [4]. Core Insights - The report highlights the explosive demand for AI computing power, which is driving the need for AI chips and related materials, particularly metal soft magnetic chip inductors. The global market for AI server chip inductors is projected to reach 990 million CNY in 2024 and 3.13 billion CNY by 2027, with a CAGR of 46.8% from 2024 to 2027 [2][49]. - The company is positioned as a leading supplier of chip inductors, having successfully entered the supply chain of NVIDIA and is expected to benefit from the increasing demand for high-performance AI chips [51][104]. Summary by Sections Section 1: Market Potential - The global AI server chip inductor market is expected to exceed 3 billion CNY by 2027, with significant growth in the smartphone and PC sectors as AI capabilities expand [34][72]. - The report estimates that the demand for chip inductors in AI servers will grow significantly, with an expected increase in the number of AI servers and the average number of inductors per server [94][96]. Section 2: Company Positioning - The company has established a strong market position as a leading supplier of metal soft magnetic chip inductors, with a focus on high-performance applications in AI servers and consumer electronics [51][112]. - The company has a robust order book and is expected to double its production capacity in 2024, which will enhance its delivery capabilities and market share [106][119]. Section 3: Financial Projections - The company is projected to achieve revenues of 1.24 billion CNY in 2024, with net profits of 359 million CNY, reflecting a strong growth trajectory driven by its chip inductor business [73][124]. - The report anticipates continued growth in the company's core business segments, with a focus on expanding its footprint in the AI and consumer electronics markets [124][130].