[Changjiang Electric New] Hengdian East Magnetic: Steady Performance and Low Valuation, AI Magnetic Materials and Chip Inductors Accelerating Development

English summary

1. Ferrite magnetic materials leader, AIDC brings new growth point. Whether in capacity or revenue scale, company firmly ranks global top tier. AI data centers bring market expansion opportunities for soft magnetic materials, expected new market space of 10 billion yuan by 2030, CAGR over 50%. #Company's soft magnetic revenue from AIDC scenarios accounts for about 20%, #connecting with leading AIDC companies such as TD and YD, future expansion of 10,000-20,000 tons of high-end capacity, fully benefiting from AI magnetic materials beta. 2. From materials to devices, chip inductors entering first tier. Company extends from upstream magnetic materials to develop chip inductors and other device businesses; market expansion and technology upgrades bring opportunities for domestic companies. Company is core supplier of chip inductors for domestic computing power leaders, #with product positioning advantages about to break into GG, NV and other customers, #already obtained NV Code, 2027 revenue will substantially ramp, entering industry first tier, chip inductor business will face re-rating. 3. Lithium battery business high prosperity, photovoltaic profitability industry leading. ...