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Report Summary: Platinum New Materials (PtCM) Q1 2023 Performance and Outlook

Platinum New Materials released its 2022 annual report and Q1 2023 results, showing strong performance. Key points include:

• In 2022, the company achieved revenue of 106.6 billion yuan (+4681% YoY) and net profit of 19.3 billion yuan (+6052% YoY). Q1 2023 saw revenue of 29.1 billion yuan (+4353% YoY, +654% QoQ) and net profit of 6.6 billion yuan (+1032% YoY, +654% QoQ), with improved gross profit rate from 37.6% to 40.9% and net profit margin from 18.1% to 22.6%.
• Growth drivers are attributed to increased orders in new energy, automotive charging piles, new product launches like soft magnetic cores and chip inductors, cost reductions from stabilizing raw materials, and enhancements in digital and automated management.

Chip inductors are accelerating production and are expected to double revenue by 2023, driven by rising AI and data center demand. The company's soft magnetic core business remains highly sought after, with its leading market position supporting future growth.

Investment recommendation: Maintain "Buy" rating, with projected net profits of 30.6 billion yuan for 2023, 43.7 billion for 2024, and 534 billion for 2025. Current P/E ratios are 31x, 22x, and 18x for these years, respectively.

Risks are present, including potential delays in capacity expansion and technical advancements.